6 Bookkeeping Practices Any Business Owner Should Implement

Bookkeeping is an important aspect of any business. Poor management of bookkeeping services could lead to problems like poor cash flow and wrong tax filings. It is often said that good bookkeeping is the stepping stone to success for any business. In order to ensure that their bookkeeping operations remain in order, business entrepreneurs are using ingenious strategies like outsource bookkeeping etc.

bookkeeping

Below mentioned are some tips which can help in ensuring the efficient execution of bookkeeping practices:   

  1. For tax returns hire professional services– Tax preparation can prove to be a difficult and time-consuming process. This task could create pressure on the in-house accountants and lead to mistakes in the bookkeeping process. By using services of third-party firms offering outsource bookkeeping services, taxation services etc, the pressure on the in-house team with regards to filing the tax returns will be eased.
  2. Don’t leave the bookkeeping tasks completely to a bookkeeping outsourcing company – Bookkeeping is so important that it cannot be assigned completely to a third party firm. You need to keep at least one in-house bookkeeper to keep an eye on the validity of operations. Bookkeeping outsourcing services can be hired for performing a major portion of the work, but at least one in-house person should be kept.
  3. Choose the right software– Nowadays, many efficient software like NetSuite, QuickBooks etc, have emerged which have made bookkeeping an extremely simple task. But every business organization has its own unique bookkeeping requirements. So before purchasing a particular software you must find out whether it is compatible with your requirements. Outsourced bookkeeping services also have access to the latest software for performing these tasks.
  4. Keep a record of the processes– Every time the owner or the accounting team performs the bookkeeping processes, there is something to be gained by the process. The lessons learned can be used for improving the quality of the bookkeeping process.
  5. Keep the record of the expenses and incomes– Keeping a record of the business transactions is essential for a business. All these records can help in making the bookkeeping process simpler. All the invoices whether inbound or outbound should be kept.
  6. Look at accountants as useful business processes– Many business owners make the mistake of looking at their accountants as an unnecessary expenditure. Instead, they should be looked at as useful resources who can offer advice on financial planning.

Cogneesol is among the leading bookkeeping outsourcing services providers in the world. These services are aimed at helping the business firm managements in boosting their productivity by concentrating on their strengths. They have access to high quality, well trained and experienced staff and latest software like NetSuite, QuickBooks etc, for performing these functions. They have earned favorable reviews from clients for their quality service and customer support. Cogneesol has created a special niche for themselves in the world of bookkeeping outsourcing.

Recommended PostWhy is Accurate Bookkeeping Critical for Businesses?

To get more information, contact us at info@cogneesol.com or call us at +16466882821.

How to Make Your Business Stand Out With Retail Accounting Services?

Accounting is among the main functions of any business enterprise. The object of any business venture is to make profits. It is accounting which helps in keeping a proper record of all the business transactions which helps in determining the revenues. Keeping these records also helps in determining the factors which can help in future growth and planning accordingly. But in general the business managements don’t place as much emphasis on this function as much it deserves.

accounting-for-retail-store

Accounting for retail store can prove to be a difficult and time-consuming function due to the huge number of transactions involved. They have the option of hiring in-house retail store accounting staff or outsourcing bookkeeping for retail business services.

The various benefits of using outsourced retail accounting services have been offered below:

Save valuable time– Most of the retail business organizations have a limited number of staff members. So by using the outsourcing option, you can free up the staff from accountancy tasks and employ them on the more important tasks of the organization. Outsourcing can also help in saving the valuable time of the owners or the higher management which would have been lost in interviewing, hiring and supervising the accounting staff. This can help in giving high priority to the planning and execution of the significant functions of the organization.

Cost cutting and enhancing profitability- Outsourcing offers the opportunity to downsize the staff, thus reducing the payroll expenditure of the firm. It also helps in eliminating the need for offering infrastructure to employees. The outsourcing firms only charge for the number of hours they have worked for or for the amount of work assigned. By employing the staff on the productive activities of the organization, you can enhance the profitability of the organization.

Get useful business advice– The outsourcing accounting firm can also offer useful advice on matters related to future financial planning and taxation. They can help in enhancing the revenue and enable cost cutting by reducing the tax by suggesting tax deductions.

Helpful in cases of urgent requirement- There might be certain scenarios in which a firm requires urgent accounting services. In such cases, the firms based in US or Canada can take advantage of the differences in time zones with nations like India, China etc., and get their tasks completed in a prompt manner.

How Outsourcing Bookkeeping Services can prove to be beneficial for your business?

In the present business scenario, the commercial organizations are facing intense competition and are looking for new ways to save time and costs. There are very few business organizations who can claim to be in complete control of their business.

In a business which is expanding and growing, the accounting and bookkeeping functions need to be made stronger. But these functions are obviously not the core activities of the organization. Most of the companies hire in-house staff but outsourced bookkeeping services can be used as an option.

Outsourcing bookkeeping services based in off shore nations like India, China etc., have become very popular for business organizations based in developed nations like US, UK, Canada etc.  The main reason behind this phenomenon is the overloaded work schedule which hardly offers the in-house staff, the opportunity to concentrate on back office tasks like accounting. Gaining access to the latest technology and experienced staff without having to incur infrastructural costs is also an encouraging motive.

Below mentioned are some points which will offer a genuine insight regarding the significance of outsourced bookkeeping services for business owners:

Simplifies the Business Processes, Reduces costs and Optimises Revenue- Using in-house staff for functions like bookkeeping; can only enhance the burden on the in-house staff and increase the overhead costs. You can very well understand the hassles involved with using in-house staff in terms of hiring, training and overhead expenses.

Outsourcing makes the business processes simpler. It offers the opportunity to pay higher priority to the core functions of the organization and maximize the revenue earning potential.  More over there is an old saying in the business world that every penny saved is a penny earned. Outsourcing can certainly help in saving a lot of overhead costs. It eliminates the need to spend on offering infrastructure, pay roll expenditure etc.

Helpful in Future Business Planning– An outsourced bookkeeping team cannot only make the bookkeeping tasks simpler but also offer the much-needed advice related to financial matters to the higher management. The owner or the higher management can take advice on important issues like taxation, future financial planning etc. without having to pay anything extra. In this manner, outsourcing can add value to your business operations by offering you guidelines when you require them the most.

Access to High-Quality Staff and Technology– Companies offering outsourcing services have access to high-quality staff and the latest technology for performing the bookkeeping operations. They offer services of the highest quality as it is their bread and butter. So outsourcing enables a business organization to have access to quality staff without actually hiring them.

Useful in Cases of Urgent Requirement– Suppose your business requires urgent bookkeeping services, then in such a scenario outsourcing services can be of great help. A business firm based in nations like the US, Canada etc. can assign bookkeeping tasks to a third-party outsourcing firm based in India and get the task done by the beginning of next day’s working hours. This is possible due to the 10-12 hour difference between the time zones of the nations.

All these points can encourage a business organization to consider outsourced bookkeeping services.

Cogneesol is among the leading outsourcing companies offering various financial services to business firms all over the world over the past eight years. These services are meant for enabling the business organizations to concentrate on their core activities or the activities in which staff is good at, reduce costs and maximize profits. Cogneesol possesses expert staff and latest technology required for performing the tasks as per customer satisfaction. By offering prompt and quality results, they have earned the goodwill of their clients.

You might also like to read:

Importance of Services of a Bookkeeping Outsourcing Company

6 Qualities Which a Bookkeeper Must Possess

5 Common Bookkeeping Mistakes that Startups Usually Make

To know more, contact us at info@cogneesol.com or call us at +16466882821.

How Outsourcing retail store accounting will change your business?

retail-store-accounting

In every business organization, there are some functions which hold great importance. Accounting is one of them. Despite its significance, this function mostly receives less importance than the core activities.   In a retail store the main functions are marketing and customer relationship management. Though accounting is not directly linked with the revenue earning process in a real store, it plays an important role in the business planning and keeping the financial records.

If a retail store owner is finding it difficult to perform the accounting tasks himself and also considers hiring in-house staff a costly affair, then outsourcing retail store accounting can prove to be good option.

The various advantages of hiring such services have been listed below:

Helps in maintaining proper records of the finances– In a retail store, numerous transactions take place every day. It becomes difficult for an owner to keep a track of each and every business transaction. By outsourcing the accounting services, a retail store owner can easily maintain proper records which can help in conducting a financial analysis of the business and in making future business growth strategies.

Helpful in the taxation process– Like any other firm, a retail store also has to fulfill its tax obligations. By hiring outsourced accounting services, you can easily maintain proper financial records, which can help in evaluating the taxes correctly. More over the accounting firms can also help in preparing your tax returns.

Eliminates the need for hiring in-house staff– Using outsourcing services, eliminates the need for hiring in-house staff. This helps in saving the time spent on recruitment, training and overseeing work.  You will only have to follow the contractual obligations. It also reduces the need to offer infrastructure to employees. So obviously a lot of time and money can be saved.

Access to experienced team– The outsourcing firms are well known for following the accounting laws and stipulations in a professional manner. They are also known for hiring expert staff capable of performing the tasks as per client requirements.

By outsourcing the accounting services, the retail store owner can concentrate on the main activities and optimize their business potential.

Read Also : Top 5 Tools For Financial Success In Your Retail Shop

Cogneesol is among the top outsourcing companies that offer affordable financial and accounting services to retail stores and other commercial ventures. If you’re looking for a dependable retail accounting services, then Cogneesol is among the best option. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

small business accounting

Why You Need to Outsource Accounting Services of Your Small Business?

Small businesses have distinct characteristics far removed from the world of large corporate trade and commerce and hence their needs too are specific and exclusive. This sector is not standardized, in fact, the parameters that define small businesses differ between countries. However, they revolve around a number of factors – quantum of investment in plant and machinery, the number of workers employed and the level of sales and turnover. Given these restrictions, it is imperative that small businesses follow set patterns to optimize their operational efficiencies.

An analysis of these factors throws up one important point. If, as a small business owner, you want to go to the next level, it is necessary that you take the help of external agencies to do so. You’ll not have the means, both in terms of manpower and financial strength to keep every minute part of functioning fully in- house.

Simply setting up sophisticated systems and the costs involved in it can leave you bankrupt with little margin to maneuver for business growth and development. Hence, all aspects that do not directly require decision making on your part or in-depth monitoring from you can be outsourced at much cheaper options while being assured of a very high benchmark of excellence in output.

One of the crucial sides of business that you can definitely spin-off is your bookkeeping tasks to a top of the line accounting services for small business. Not only will you bring in a great deal of professional expertise in your organization, you’ll also get this at affordable rates that will not lead to a crunch in working capital requirements or require you to divert funds from more pressing needs.

What then are the benefits that you will get by outsourcing small business accounting functions to specialized agencies

  • Time to Focus on Business on Hand – One of the perennial problems of small business owners is a shortage of time. This is because they have to oversee various dimensions of business due to lack of qualified and trained personnel which they can ill afford to hire. But once accounting functions are outsourced, a large chunk of your workload is reduced enabling you to focus on core competencies and business growth and development. You can take business decisions based on financial reports prepared by them that you know are not only precise and accurate but have been compiled by the best in this field. On top of everything, you do not have to monitor daily and routine accounting jobs.
  • Increasing Operational Efficiencies – Setting up a fully functional accounts department with state of the art hardware and advanced accounting software is not easy. Substantial investments are required that have to be diverted from more remunerative functions. It is necessary that small businesses maintain minimum infrastructure only that are paying in the long run. When you take the help of accounting services for small business, such outlay will not be required and you can channelize it for new product launches, competitive pricing and creating brand awareness. All these directly impact operational efficiencies by increasing sales and turnover, profitability and ROI.
  • Getting Dedicated And Qualified Accounting Services – Not all business owners are experts in accounting methodology and have to depend on highly paid professionals in-house to brief them on the state of the financials. But when you outsource bookkeeping functions you are getting the services of equally efficient accounting personnel. All outsourcing agencies have on their rolls, bookkeeping experts who can handle any task to your complete satisfaction. Your accounts will be processed on the most advanced software that will blend seamlessly with your existing systems. You will be kept informed round the clock through updated reports whenever required and dashboards that can be accessed anywhere on Internet-enabled devices such as tablets, smartphones and laptop. Crucially, the processing will be precise and accurate and reports customized to meet your specific needs.
  • Preventing Fraudulent Transactions – Even large corporations are often laid low by fraudulent transactions, not to speak of the effects it can have on small businesses. When you outsource your accounting functions, all heads of accounts are regularly balanced so that any error is instantly noticed and brought to your notice for rectification. This is especially true for bank and credit card reconciliation that is compulsorily balanced every month. Reconciling between external accounts – bank statement – and your internal records – cash book – is a sure way to eliminate any error or sham entries. For small businesses, this is a big takeaway of outsourcing bookkeeping to agencies with the necessary expertise.

Given the positive impact that outsources accounting services for small business will have on your company, it is essential that you carry out in-depth due diligence process before deciding on the agency. Put a lot of emphasis on those that have a high level of data security measures incorporated in their systems.

If you need top of the line accounting for small business, opt for Cogneesol. Our trained and qualified accountants can deliver consistently and assured results and will customize reports to your specific needs. Your accounts will be processed on advanced hardware and software to ensure accuracy. For more information, contact us at info@cogneesol.com.

What Does Monthly Bookkeeping Services Comprise Of?

Any time you were the owner of a small business, monthly bookkeeping may possibly have been just about all that you needed to maintain accurate financial records as well as projections. However, now as your business is expanding and monthly bookkeeping tasks such as creating an expenditure report—is just one facet of bookkeeping chores that apparently necessitate attention on a daily basis.

Bookkeeping Services

If you require assistance, Cogneesol has expert bookkeepers on board to take care of everyday, weekly and monthly bookkeeping requirements. Listed below are simply some of the bookkeeping outsourcing services you’ll obtain as a part of your full-scale virtual accounting division each month:

  • Credit Card and Bank Account Reconciliation
  • Reconcile Payroll Schemes (Cafeteria, Impairment Insurance, HRA, Basic IRA, Holiday)
  • Record Individual Credit Card Purchase Activities
  • Maintenance of Vendor W-9 Data
  • Creating Collections Procedure
  • Preparing Sales Tax Return
  • Processing Use Tax
  • Important Month-to-month Bookkeeping Reports

It’s crucial that each one these chores be carried out on a monthly basis in a well-timed way to keep your business heading in the right direction. That’s the reason why Cogneesol has techniques, processes and deadlines in place to make sure that reports are filed—and obtained by you and all relevant parties—on time.

You’ll additionally obtain several essential month-to-month statements that’ll assist you in identifying any kind of “red flags,” areas wherein your business might be at risk or places where you might be in a position to improve. Retaining a close eye on these types of statements can assist you avert company scams, evaluate which projects and investments are performing best for your company, thereby making the desirable alterations to keep your business flourishing.

Month-to-month bookkeeping is probably not everything you require as a larger business—but it’s a mainstay of the bookkeeping practice. Sometimes it becomes difficult to manage bookkeeping in-house, so it’s advisable to outsource bookkeeping services to a reliable and well-renowned company like Cogneesol. We have been serving clients at a global level past 8 years and our clientele spreads across countries like the US, UK, Australia, New Zealand, Canada and a lot more. Get in touch with us at +1 646-688-2821 today and know more about our offerings.