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.

Importance of Data Mining Outsourcing

Meaning and Importance of Data Mining Outsourcing to a Business?

Data mining is a vital function in almost every commercial venture. This concept was derived from computer science. It involves finding new data from existing business data by conducting research and analysis. Different methods like pattern recognition, Bayesian network, neutral network, classification tree are used for this purpose. This process is essential for the planning and formulation of right business strategies for the future growth of the commercial venture.

data-mining1

But there is a tendency in commercial organizations to offer a complete focus on core activities. So the secondary functions like data mining services are paid lesser attention. Data mining outsourcing is an option which can be utilized by business organizations who want to employ their staff on the main functions.  The various benefits of hiring the services of third party data mining companies are:

  • Access to a Variety of Services – By using the outsourcing option, you can have access to a variety of services like web data mining, social media data mining, e-commerce data mining, SQL database mining, image data mining, excel data mining, financial data mining, healthcare data mining, e-book data mining, data mining for fraud detection, multimedia or text data mining, stock market data mining, data mining for customer segmentation, competitor growth analysis and tracking, data extraction services, meta-data extraction from websites, news stories extraction, market trend monitoring, brand feedback search etc., at affordable costs.
  • Enjoy the Services of Skilled Staff – By hiring data mining outsourcing; you will be assured of high-quality services. The information retrieved can help in formulating strong strategies and help in gaining an edge over competitors.
  • Access to Modern Data Mining Software – A business firm might be reluctant to invest in data mining software but for an outsourcing firm, it is their bread and butter. Outsourcing offers access to latest technology without actually purchasing it.
  • Quick Turnaround Time – In case a business firm requires urgent results, then the outsourcing data mining services can prove to be extremely useful. The 10-12 hour difference in the time zones of US and India can ensure that the tasks assigned in the evening by a US firm can be completed by the Indian firm before the commencement of next business hours in the US.
  • Finance Friendly – Hiring outsourcing services, eliminates the need for offering infrastructure and payroll for data mining staff. Moreover, it also offers the opportunity to business enterprises to concentrate completely on core activities and maximize their revenue.

Going through the above-mentioned information can help a business enterprise in understanding the importance of outsourcing companies and considering hiring them.

Learn More About Similar Topics

An Introduction to Major Data Mining Processes and Their Benefits

Top Factors to Consider When Choosing Data Management Solutions

How can data mining services transform your business?

Cogneesol has emerged as a leading provider of data mining services to business organizations from all over the world. By hiring outsourced data mining services of Cogneesol, the companies can be assured of premium services. Moreover, it offers them the opportunity to concentrate on the primary functions associated with profit generation. For more information contact us at info@cogneesol.com or call us at +16466882821.

5 Most Significant Changes Occurring in the Legal Industry Today

It is a natural phenomenon that various commercial industries undergo changes with time. The legal industry is not an exception. In the recent times, various new trends have emerged which have altered the working style and demographics of the legal industry. Obviously, the emergence of new technology has made a lot of difference.

legal-industry

Below mentioned are some changes which have affected the law office management in recent times:

Paperless Office- In the past, visitors would find piles and piles of files lying in the offices of law firms. With the emergence of electronic technology, a lot of data can be stored in computers, hard disks etc. This helps in saving office space and keeping the office neat and clean. It also ensures the safety of data as there is always a case of paper files getting lost.

The emergence of social media- With the emergence of social networking, the law firms can easily market their services among the target audience and broaden their customer base. Tools like YouTube, LinkedIn, Twitter etc., can prove to be very useful in this regard. It was difficult for law firms to advertise themselves through costly media like television, newspaper etc. Social media offers a cost-effective solution.

Increasing the popularity of outsourcing legal services- Hiring the services of a legal outsourcing company has become a common norm for law firms. These services offer benefits like better management of time, helpful in situations of work overload, helps in cost cutting etc. They offer a variety of services like legal research and writing, contract management and review, e-discovery and document review, document coding, litigation support, paralegal, accounting, data mining etc.

These services have also improved the work-life balance of the lawyers who were earlier suffering from time-related constraints and excessive work pressure. Reduction in work pressure can also help in enhancing efficiency.  Another advantage of outsourced law services is quick turnaround time.

Enhanced communication with clients- With the emergence of mobile phones, emails etc., the communication with clients has become better and easier. Now lawyers can easily contact their clients and vice versa. This has helped in the better workflow and ensuring lesser complications.

The emergence of virtual offices- Hiring a large office and offering infrastructure to employees involves a lot of costs. By offering the option to some of the employees to work from home, law firms can save a lot of funds. The concept of virtual offices has become very popular among the law firms management and has helped them in remaining competitive.

RelatedLaw Firm Management Services – Key to Boost Profitability

 Cogneesol is a leading provider of outsourcing legal support services to law firms looking for cost cutting and revenue optimization solutions. In the last eight years, they have earned the goodwill of their clients by adhering to deadlines and the desired quality standards. They have access to proficient staff and the latest software for fulfilling the needs of clients. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

How to Enhance Accounts Payable Operations for Better Profit

Accounts Payable is one of the most important factors for a business. By ensuring that accounts payable are paid on time, a business can ensure good relations with the suppliers which can help in the long- term success of a business. Handling the accounts payable is not a simple task. It requires a carefully planned strategy and dedicated staff. Like other business aspects, owners are also looking for innovative solutions for handling the accounts payable process in a systematic way.

accounts payable processing

Below mentioned are some steps which can help in handling accounts payable solutions in a better manner:

Instead of paper checks utilize electronic payments- When you make payments by check, you have to bear the cost of paper, postage etc. Electronic funds transfer can help in saving these costs. Moreover, electronic payments can be made at any time as per convenience.

Ask the vendors for PDF Invoice Copies- For a majority of the business organizations, electronic data exchange is not an option for sending or receiving bills. But if this strategy is followed then a lot of time can be saved by eliminating the need to open the documents and copying them. In order to make your accounts payable process better, you can request your vendors to provide you with PDF invoice copies of the accounts payable bills.

Manual Data Entry should be avoided- Using manual data entry for processing the accounts payable documents is an unproductive decision. A lot of time and energy is wasted in this process, which can be utilized for other tasks which are more important for a business. Now days, numerous data entry software are available which can help in performing the accounts payable data entry in an accurate and prompt manner.

Ensure that errors are eliminated- Even a minor mistake while maintaining the accounts payable records can lead to overpayments or underpayments. This could lead to losses and deterioration of relations with suppliers which can prove to be harmful for the business in the long run. Using software can prove to be a good solution in this regard.

Ensure that the deadlines are followed- By strictly following the deadlines given by the suppliers, a business organization can take advantage of the discounts available and escape from the penalties of late payments. More it also helps in building a relationship of trust and goodwill with the suppliers which is beneficial for the long-term health of the business.

Consider the outsourcing option- Outsourcing the accounts payable services can help in ensuring that these tasks are completed in a timely and accurate manner. The outsourcing firms have access to capable staff, latest technology and also charge an affordable remuneration. This will help in eliminating the need to hire people and offer infrastructure.

By following the above-mentioned measures, a business organization can certainly enhance its accounts payable operations.

Read Also : Trend of Outsourcing Accounting Services Growing Rapidly These Days

In the last eight years, Cogneesol has created a niche for itself as far offering outsourcing accounting services to different types of business organizations around the world at affordable costs is concerned. By utilizing these services a business organization can limit its day to day costs and optimize the revenue earning potential. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

How Outsourcing Financial Services Right For Your Business

Financial operations like accounting and payroll are followed throughout the year in a business organization. These procedures are vital for the proper functioning and success of a business. But many commercial ventures find managing these processes extremely cumbersome and expensive. This is the main reason behind the popularity of outsourced financial services throughout the business world.

finance-and-accounting-outsourcing-services

Below mentioned are some points which will help you in understanding the benefits of outsourcing financial services:

Reduces the burden on accounting staff and enhances their efficiency – In numerous companies, accounting staff has to face the pressure of completing huge volumes of work. By outsourcing, some of the accounting tasks to a third party firm this pressure can be relieved and the efficiency of the staff can be enhanced. Moreover, it also offers the opportunity to deploy staff on more important activities and improving productivity.

Ensures proper implementation of guidelines and rules – The accounting rules and government regulations related to taxation can change over a period of time. It is difficult for a business to keep track of all these things. An outsourcing company will ensure that all these factors are given proper importance.

Get your job done by the best talent in the industry – Over a period of time; the outsourcing firms have gained a reputation for having access to excellent staff and completing the assigned tasks as per client requirement. By hiring the services of third party firms you can easily gain access to talented accountants and financial experts without having to actually hire them.

Enjoy the benefits of latest technology – For outsourcing firms offers financial services is bread and butter. They invest in the latest technology which can help them in performing their tasks efficiently. A business enterprise might not be willing to invest in the accounting or taxation software, so outsourcing services can enable a business to enjoy access to them.

Helpful during an economic crisis– During an economic crisis, a business organization might relieve some of its employees from the service to save costs. In such a scenario, outsourcing can prove to be helpful in dealing with tasks like payroll, accounting, taxation etc.

Quick Turnaround– In situations where a business organization requires urgent financial services, outsourcing firms are the best option. The tasks assigned by a firm based in the US in the evening can be completed and submitted by an Indian firm before the commencement of next day’s working hours due to a difference in time zones.

All these tips have been mentioned to help in understanding the significance of outsourced financial services, but it is up to the business owners or the higher management to decide what is good for the business.

Also See :  WHY STARTUP NEEDS FINANCE AND ACCOUNTING (F&A) SERVICES?

Cogneesol is among the best financial services outsourcing companies offering affordable solutions to global business ventures. By utilizing these services a business enterprise can pay full attention to its core activities like production, marketing etc, and maximize its chances of succeeding in the cut-throat business environment. Gain more information by contacting us at info@cogneesol.com or call us at +16466882821.