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.

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.

Why Manufacturing Companies Are Not Outsourcing Their Accounting Services?

The various benefits of outsourcing accounting services are well-known to the business community. They eliminate the necessity to concentrate on tasks which are not among the core competencies. They also remove the necessity to hire various professionals for doing various tasks and offering them a permanent salary. But there is a tendency among the manufacturing firms not to hire third party manufacturing accountants.

banner_2

Below mentioned are some of the reasons for not using outsourcing accounting services for manufacturing companies:

Manufacturing firms require to keep papers- The number of transactions held in a manufacturing firm is huge in number. In order to fulfill their regulatory requirements, they need to keep a record of their various financial transactions. In order to fulfill this requirement the manufacturing companies generally keep in-house accountants for maintaining all the accounting records.

Smaller manufacturing companies don’t require such services- Manufacturing companies who are smaller in size and don’t earn much revenue don’t require advanced accounting services in which usage of latest software or proficient staff is required. In such cases, getting the work done by in-house staff can prove to be a better option.

Owners lack knowledge of technology- There are many owners of manufacturing companies who are not well versed with the latest technology. While using outsourcing services, the latest technology comes into use. For old fashioned people, technology based services are not of use. It can only confuse them and lead to mistakes.

Firms having quality in-house staff don’t like outsourcing- There are manufacturing firms who are more interested in getting quality work done rather than saving costs. So there is always a chance for manufacturing firms having good in-house accountants not preferring outsourcing services.

Firms not believing in change- There are manufacturing firms who don’t want to bring changes to the procedures which are working well.  So if in-house accountants have been performing the operations successfully for years, then they might not look for a change despite its advantages.

Cogneesol is among the leading manufacturing accounting outsourcing services providers in the world. These services are aimed at helping the manufacturing 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 manufacturing accounting. 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:

5-advantages-of-hiring-third-party-tax-credits-services

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 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.

Advantages Of Hiring Healthcare data Entry Outsourcing Services

With rapid advancement in technology the data entry management systems of different types of businesses have undergone considerable changes. Data entry outsourcing has become a popular phenomenon. The health care industry is not an exception in this regard. The healthcare data entry services based in developing nations like India, China etc, are in huge demand. While selecting the services of a healthcare data entry company, people generally look for professionalism and skill. The main reason behind the rising popularity of such services is enhanced speed, accuracy, and reduced costs.

The various benefits of hiring healthcare data entry outsourcing services:

Cost advantage – There is a massive difference in the values of currencies of developed nations and developing nations. Hiring in-house healthcare data entry staff in nations like US, UK etc, is much costlier than hiring outsourcing services based in India, Philippines etc. So clearly outsourcing can help in saving valuable funds which can be diverted towards the more important functions of the organization.

Greater accuracy – The outsourcing healthcare data entry firms have access to highly proficient staff and the latest technology for performing the data entry operations effectively. So the results offered by the outsourcing companies are much more accurate than the results offered by in-house staff. Better data management helps in better business planning.

Proper adherence to security standards – For a business enterprise, the security of the business data is extremely vital. The outsourcing companies are trustworthy and make sure that the data of the clients is maintained properly and kept away from the reach of outsiders. There is no need to have concerns regarding the security of your data while outsourcing services to third-party firms.

Quick turn-around time – There is a difference of about 10-12 hours in the time zones of nations like India and US. Due to this time difference, the work allocated in the evening can be completed by the morning. This unique feature of quick turnaround time makes the outsourcing services extremely useful.

Cogneesol, a leading outsourcing healthcare data entry service provider, will provide strong support to your healthcare business with their exceptional product data entry, catalog data entry services.  Their proficient staff is capable of completing data entry tasks within a short turnaround time at cost-effective prices. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

insurance company accounting

4 Challenges Faced By Insurance Industry With Regards to Accounting

The insurance industry is among the fastest-growing industries in the world. Almost every individual or business venture requires insurance services of one type or another. But like any other industry, it is facing stiff competition and certain challenges which need to be dealt with. The advent of latest technology is among the main reasons. Moreover, in the highly competitive business environment, it is difficult to stay profitable without formulating some ingenious strategies which can streamline the business operations.

Insurance companies accounting is an important function. But insurance firms are finding it difficult to deal with this function due to the increasing demands of other activities which are profit oriented.

Some of the major challenges faced by the insurance industry in today’s scenario have been discussed below:

Latest technology- With the passage of time various technological changes have taken place which impacts the way in which the insurance companies deal with their accountancy tasks. Now much new software are available which can help in performing the insurance companies accounting tasks in a proper manner. In order to compete with the other insurance firms, an insurance firm management should remain in touch with the latest technological innovations.

Finding the right balance between technology and manpower- The insurance companies generally get confused regarding whether they should use manpower or software for the accounting purpose. The software is used for making things simpler for the operational staff. So if software is used for accounting purpose, the utility of in-house accountants should be assessed properly.

Ever changing government regulations- The regulatory environment related to taxation keeps on changing regularly and creates significant challenges for the insurance industry. So in order to succeed the insurance business management should keep an eye on these regulations and make changes to their taxation policy, in order to avoid penalties from the government authorities.

Whether to outsource or not- Many insurance business managements are in doubt regarding whether they should outsource accounting for insurance business or not. Outsourcing these function could help in saving costs and utilizing the time on core activities. But hiring the right outsourcing firm is essential, otherwise, the outsourcing strategy could backfire.

Cogneesol is a well-established provider of outsourced accounting for insurance company services all over the globe. For insurance ventures looking for cost cutting and revenue optimization solutions, their services are an ideal option. Over the last 8 years, they have earned the goodwill of their clients by adhering to deadlines and maintaining desired quality standards. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

data entry services

How To Choose The Right Outsourcing Data Entry Company in 2017?

In the present business scenario, outsourcing has become an important phenomenon. Benefits like time saving and cost effectiveness are the major reasons behind the phenomenal growth of offshore data entry services. Outsourcing helps in focusing on the core activities of the organization and reducing the operational costs. They also offer the unique advantage of fast turnaround time, access to latest technology and experienced personnel.

Data entry services are among the most sought after outsourcing services. These services are essential for business organizations for maintaining their information in a proper manner. But finding the right data entry services is not such a simple task. In order to find the right third party data entry solutions, the following points should be kept in mind:

Assess whether the outsourcing firm has the potential to meet the requirements- Most of the outsourcing firms have a statement of work in which they describe what kind of services do they offer. So before hiring a data entry outsourcing company, you must make sure that the statement of work is checked properly. While providing online data entry services, there are always chances of the third party facing problems. You have to enquire from the outsourcing firm, whether they can handle those situations and what strategies will they use during those situations.

Technological Expertise- For outsourcing firms offering services like outsourcing data entry is bread and butter. So in order to fully satisfy the customer requirements, they should possess the right technological expertise and proficient personnel. The business organizations must ensure that the outsourcing firms possess the right manpower and technological know-how by carefully interviewing them. The outsourcing firms must have access to the latest data entry software and their staff should be capable of using them.

Ensure data security- The outsourcing data entry firms must follow the right confidentiality measures for ensuring the safety of their data. Before entering into a work agreement, the outsourcing firm’s capacity to ensure the privacy of data must be checked during the interview process.

Prefer firms which can offer quick turnaround time- If you are a business owner based in the US, then hiring an outsourcing firm based in India would be a better option than hiring outsourcing services based in Argentina due to the difference in the time zones. A data entry firm based in India can complete the tasks assigned in the evening before the commencement of next day’s working hours.

Flexible options like a free trial- The outsourcing firms which offer flexible options are more useful for outsourcing firms. For instance, the free trial option can be availed for judging the capabilities of a data entry outsourcing firm. The outsourcing firms which offer this option must be considered over outsourcing firms which have stringent contractual obligations.

Cogneesol is well-established provider of outsourced data entry services to business firms all over the globe. For commercial ventures looking for cost cutting and revenue optimization solutions, their services are an ideal option. Over the last 8 years, they have earned the goodwill of their clients by adhering to deadlines and maintaining desired quality standards. To get more information, contact us at info@cogneesol.com or call us at +16466882821

Data Entry Tasks That Can Outsource

4 Back-Office Data Entry Tasks That You Can Outsource Right Away

When you have a considerable amount of data to manage, data entry and processing is necessary. There may be the large volume of data to be handled. The following is the list of the most typical back-office data entry tasks that could be outsourced.

Product Data Entry

The e-commerce businesses are flourishing and a lot of new ones are popping up on a daily basis. There are certain components of this business that must be looked after so as to obtain an edge over the competitors. It is necessary for the e-commerce company to concentrate on their primary job, that is sales and profits, and stay away from any kind of diversions. The jobs associated with product data entry appear easy however normally takes away the concentration of the business. That is exactly why; product data entry services must be outsourced. The outsourcing companies are capable of doing lots of things for the e-commerce business relevant to product data entry such as, although not confined to:

  • Product features
  • Product detailed description
  • Category classification
  • Product categorization
  • Price tagging
  • Catalog catalog data entry
  • Purchase Order as well as Sales Invoice Data Entry

These kinds of tasks call for plenty of attention and a significant setup of infrastructure and labor. However, the burden can be taken away the shoulder by outsourcing these kinds of tasks to the professionals. Data entry tasks related to purchasing orders, CMS updating, invoices, memos for debit and credit, as well as document management can be outsourced to take the stress off your company.

Image Data Entry

There are numerous businesses that have to perform widely on the images on a consistent basis. The quantity of image processing and image data entry could possibly be quite mind-boggling sometimes. For this reason, it seems sensible to outsource the services to the appropriate company. Image conversion, image editing, image data entry, and image indexing are a number of the tasks that can be outsourced conveniently.

Manual Data Entry

We are now inhabiting the world wherein the majority of the data is digital. Nevertheless, there is even now a wide range of data that is in the non-digital form. There is generally a necessity to convert that data into the digital form. There are numerous business concerns that have the handwritten or perhaps printed docs. This kind of data is generally unstructured. For this reason, manual data entry is undoubtedly a critical thing. There are numerous software applications for manual entry. Nevertheless, the task could possibly be fairly laborious and time intensive. Accordingly, it is advisable to outsource to the service provider with the needed know-how in the manual data entry area.

Document Formatting

Usually, it is the publishing businesses that require the document formatting services. Nevertheless, there still exist a number of other businesses that need to manage bulk documentation and thus they might need the document formatting regularly. For example, you will find a few companies that have to deliver the manuals, instructions or perhaps reports to their staff, customers, or clients. These kinds of tasks call for a sound understanding of word processing. Even so, if there is an excessive amount of document formatting, the company will find it hard to handle all on its own. This is the moment they can take the assistance of the outsourcing data entry services.

We at Cogneesol can help you carry out all the data entry tasks efficiently. Call us at +1 646-688-2821 or email at info@cogneesol.com to know more about our back-office outsourcing services.

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.