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.

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Important Dates Related To Filing Tax Returns in 2017

The year 2017 has begun and all the business owners and professionals must start preparing for the new tax season. The main objective of this article is to offer an accurate and complete information all the tax filing deadlines of 2017.

All the required information is mentioned below Inforgraphic :

dates-related-to-filing-tax-returns-in-2017

Cogneesol has created a special niche for themselves in the world of taxation outsourcing. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

5 Advantages Of Hiring Third Party Tax Credits Services

Outsourced tax credits services offer great advantages to the CPA firms who are generally assigned the task of performing the tax returns of their clients in a manner which promotes maximum savings. Different clients have different requirements depending on their budget. In order to ensure that all the clients get services as per their requirement, the CPA’s have to devote a lot of time and energy.

The popular CPA firms are generally overloaded with work, making it difficult for them to execute their operations in such a manner that the unique requirements of each and every client are fulfilled.

In such a scenario, outsourcing the tax credit services to third party firms based in developing nations like India, China etc, would be an ideal option. The various benefits of using outsourcing tax credit services have been discussed below:

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Helps in saving valuable time – Outsourcing enables tax consultants to concentrate on the more important tasks by allotting the less important tasks to the third party firms and giving priority to the more important tasks. CPA’s who prefer bookkeeping, accounting tasks over the tax preparation tasks can devote their time to their preferred tasks by using the outsourcing services.

Offer audit support – Audit support is an important factor while assessing a clients claim regarding the tax returns. The outsourcing firms are well known for their expertise in this field. So hiring the third-party services can prove beneficial in this regard.

Helps in covering all the services – There are certain CPA firms which specialize in either accounting, bookkeeping and tax preparation services. By using the third party services, a CPA firm can enhance its customer base by offering services in which they don’t specialize. This can help in enhancing the profitability of the CPA firm.

Helps in fulfilling rare requirements – People might not apply for tax credit services regularly. So giving a regular salary to a taxation expert might not be a viable idea. In such cases, outsourcing services can prove to be a good option.

Helps in reducing costs – The cost of hiring in-house staff in nations like the US, UK etc, is much more than the cost of hiring outsourcing services based in nations like India, China etc. So a lot of money can be saved on salary and infrastructure.

Why Hire Cogneesol to Outsource Tax Preparation Services for CPA’s?

Tax preparation has become a difficult task for small and medium business establishments, tax firms and CPAs all over the world. During the busy tax season, time is the main constraint. Many CPAs, tax firms and businesses are looking for outsourcing services to ease their pressure by allocating some of their less significant tasks to them. This will enable them to concentrate on more productive activities and enhance the revenue earning potential. Some CPA’s opt for outsourcing services for a better work life balance.

Tax Preparation Services for CPA's

Cogneesol is among the best companies offering tax preparation for CPA services. The best points of their service are astute knowledge related to income tax preparation, dedication and commitment to the cause. The services of Cogneesol are ideal for all types of businesses small or medium. By hiring the services of Cogneesol, you will have access to a partner who will help you in everything related to the taxation process. By hiring our services, you can pay complete attention towards more productive activities like building client relationships and marketing. The expert team of Cogneesol has great experience in conducting tasks like tax preparation for CPA and tax reporting. We use the latest software for performing the tasks in an efficient manner.

Advantages of hiring the services of Cogneesol –

  • Before commencing the tax preparation process, we carefully study the balance sheets and financial data to get a fair idea of the financial position of the client.
  • The profit and loss is interpreted in a prudent manner during the process. After conducting through analysis, all the observations are discussed with the client.
  • The team is well equipped in performing its tasks. They remain updated with the latest taxation software and statutory laws of different nations by following the continuous learning process.
  • Your tax preparation costs will go down by about 50% by hiring our services and with the opportunity to concentrate on more significant tasks the profits will also go up.

Methodology followed Cogneesol for tax preparation for CPA 

The clients can send the data for the tax return process in three modes like remote access, secured server and e-mail based. After checking, it is feed into the suitable taxation software. After the processing step is complete, a through audit is completed by our team. The returns are sent back to the   client along with our comments. The clients finalize the returns by reviewing them. The final copy is then delivered by us.

The following tax preparation for CPA outsourcing services are offered by Cogneesol:

Cogneesol offers its services, keeping in mind the unique requirements of clients and diverse procedures followed in nations like US, Canada, United Kingdom and Australia.

United States :

  • Individual: Form 1040, Form 1040A and Form 1040EZ
  • Partnership: Form No. 1065 and K-1
  • Corporation: Form 1120, Form 1120A and Form 1120S (for statutory corporations)

Canada :

  • Individual: Form T1 General
  • Business: Form T2, T4, T4A, T5, T5018
  • GST/HST Filings

United Kingdom :

  • Individual: SA100
  • Business: SA800
  • Corporation: CT600
  • Value Added Tax: VAT100

Australia :

  • GST calculations and returns

The following Tax preparation software is used by Cogneesol:

United States : Intuit’s Lacerte, Creative Solutions’ Ultra-Tax, Intuit’s QuickBooks accounting software, Intuits ProSeries, Turbo Tax, ATX and ProSystem fx ® Suite – CCH

Canada : Profile, UFile, Cantax, Taxnic, Taxprep, TurboTax and Quicken

United Kingdom : Sage (UK) Ltd, CCH Software, IRIS Software Ltd, Thomson Reuters

Australia : Thomson Reuters, CCH ProSystem Tax, Handisoft, MYOB, Taxcat

We also offer the free trial option. You can call us at +1 646-688-2821 for further information.