5 Important facts about Invoice processing Services

Invoice processing services have a huge role to play in the proper and smooth functioning of any business. The importance of these services can be gauged from the fact that in any organization the number of invoices that have to be kept track of literally runs into hundreds and even more for large companies. Thus many man hours have to be allotted for the processing of invoices which are generated when there is a claim on the business for products, supplies or services provided by a vendor.

A lot of caution has to be exercised to ensure that the claim made is correct in all respects and the demand that is drawn on the company has been authorized by competent authorities. All these can be avoided if you simply decide to outsource this activity to agencies that have a lot of professional expertise and experience in this field. Not only will there be a savings in time allowing you and your executives to focus on core activities, there will also be no need to invest in hardware or software to carry out this process in-house. The quantum of investment saved can be better utilized for business expansion and competitive pricing of products.    

   

In the traditional business scenario, invoice processing was done manually, right from the receipt of the invoice through mail, entering it in voluminous ledgers and then having each invoice authenticated by the person who sanctioned this purchase. Finally a track had to be kept of the due date for payment. Any default would result in ruined reputations. All this has been turned on its head by services offering invoice processing.

To know more about it evaluating the 5 important facts about Invoice Processing Services will be in order.

·   One point processing – Outsourced agencies offer a single point processing system. Change the address of the invoices to their address so you are not flooded with incoming invoices every day. There the invoices will be date stamped so that the due date of payment can be set as per the terms given therein. These will then be scanned and sent to you for authentication by the appropriate authorities in your company. Once the invoices are sanctioned for payment, the processing will be taken up. Note that in one stroke, there is a huge reduction a man hours that would otherwise have been required for invoice processing.

·   Constant tracking and monitoring of invoices – Services offered by agencies include constant tracking and monitoring of invoices not only for entering and processing but during its full life cycle. Thus at any point in time you get to know when invoices are falling due and what would be the outflow of funds in this regard. Once you know your total liability, you can make crucial business decisions as the remaining funds position will be very clear to you. Further, the reports given will also include details of the person who sanctioned the invoice. Thus the possibility of fraudulent transactions is lessened to a great extent. 

·   Use of latest and sophisticated software - Invoice Processing Services have the latest software installed in-house to facilitate this activity. This ensures that all invoices are quickly and accurately processed. All fields like date, vendor ID, special instructions, due dates and amounts are captured with advanced recognition tools and transferred to the system. This totally eliminates the possibility of any human error. It also makes sure that there is no controversy or litigation over payment issues at a later stage. You get the benefit having the most modern and innovative technological tools working for you without having to pay for them!

·    Reports tailor made for you – All businesses have different reporting needs and this is largely industry specific. The manufacturing sector will put more emphasis on accounts payable due to large supplies required from external sources to sustain the production cycle. Hence accounts payable must be very precise and accurate as any laxity will result in leakage of funds. Not so with the trading sector where large payouts is not that crucial. To meet specific needs, agencies processing invoices offer reports that are customized to individual requirements. You just have to inform them of the specific fields that you want to be incorporated in the accounts payable reports for better monitoring of your business and it will be done.

·   Maintaining strict business confidentiality – Funds flow, assets and liabilities, business plans and accounts payable and receivables are all confidential information and usually strict security measures are put in place to protect data both in electronic and paper form. This security consciousness is matched by these agencies so you can be sure that all your business operational figures are fully protected. All scanned invoices are received and sent through highly secured systems. The processed data is updated in your system by accessing it on fully encrypted lines.

Now that you are aware of the workings of invoice processing agencies, why not opt for them for quick business growth and development.

Read Also: HOW OUTSOURCING INVOICE PROCESSING HELPS TO ACHIEVE HIGH EFFICIENCY? – INFOGRAPHIC

If you are looking for reputed Invoice Processing Services with a great degree of professional expertise and experience in this field, Cogneesol should be your first choice. For details on what we have to offer, visit www.cogneesol.com.

What to Consider While Drafting Legal Documents?

Legal document drafting is one of the primary components of the total legal system, yet it goes unheralded and unsung. The reasons for this are twofold. It is a complete support service unlike court appearances and client interaction where legal luminaries are directly involved. 

Secondly, it is a tedious and time-consuming process that entails detailed research, interpretation of the finer nuances of the law and an ability to put thoughts and findings on paper in a lucid and clear manner. To cut time and costs most legal firms around the world choose to spin off this activity to top outsourcing firms that approach the whole legal drafting activity in a proficient and effective manner.

The range covered by legal drafting is almost limitless. Any document, agreement or contracts fall in this gambit. Drafting of briefs and memoranda, deposition questions and outlines and discovery documents, as well as prepare interrogatories, subpoenas, and deposition notices, are a few examples. 

This list is only indicative and not exhaustive in nature. 

• Precedent – This is going through a process that has been done before and is a form of the template on which subsequent drafting is based. For example, a lawyer who has done intensive research on particular points of law and has drafted a contract supported by it will re-use the structure when drafting another contract pertaining to a similar subject. Using the same form again to replicate successful agreements or motion is an integral part of legal document drafting.

• Authority – Great emphasis is laid on authority in legal drafting. Every agreement or contract is founded on certain points of law and that should be clearly maintained and established. This increases the credibility and acceptability of the writing. The writer must categorically mention and back up all statements and contentions with reference to the source. So important is this that different countries have laid down norms for legal citation.

• The title of the Agreement – It is not enough just to put “Title”. Spell out in clear terms what the document is all about in a few words.

• Identification of the concerned parties – This should be on the first page itself so that the essence of the draft is quickly understood. Giving the nomenclature such as “vendor” or “purchaser” will help matters.

• Date of Agreement – It is not necessary that this is the date that the parties will be signing the contract. It may be an earlier date written “as of” and denotes the day that the parties agreed to enter into an agreement. But there are instances when the date plays an important role, especially in cases where the agreement expires after a certain definite period or there is a specific date for sending or renewing notices.

• Recital – This part provides the essence of the draft and informs the relevant details of the case. It facilitates understanding of the agreement by those who are part of the agreement, but were not present when negotiations took place. However the wording must be focused on eliminating the obvious, for example, “the Purchaser has agreed to purchase” as it does nothing but wrap the draft in legal niceties.

Proofreading, carrying out legal, nonlegal and medical research and analyzing responses to discovery requests is also broadly categorized in legal drafting. Its importance can be gauged by the fact that not only law firms, but also top blue chip companies around the world today prefer to outsource this activity. They then get the best of legal expertise on one hand and time to focus on core activities on the other.

There are a lot of technicalities involved in legal writing and it is centered around expressing the views of the law in analyzing and determining legal duties and rights and to put forth the client’s perspective. In all instances, top of the line drafting of legal documents is based on while there are many types of documents that require a legal spin, there are certain specific features that need to be considered while drafting legal documents. 

This is because it is an exacting work, framed and limited by the requirements of law. While the content as such will vary depending on the need, a specific format is generally followed in case of all legal drafting. What then are the main clauses in it?

Universal Components of a legal draft–

Apart from these factors, a vital point that should be considered when taking up a legal document drafting is the language of the document. Keep it simple. Putting in complicated legal jargon is not the hallmark of good drafting, the focal point should be on the client understanding clearly what you are placing before him.

Also Read:  Why Hire an Outsourcing Firm for Drafting Legal Documents?

The moot point then is – why should you take up the tedious process of legal drafting when you can outsource it to the legal experts and concentrate on core activities and business expansion? You’ll do well to contact Cogneesol, leaders, in the field of legal drafting. Our team of experienced lawyers has professional expertise in structuring top-end Legal document drafting service. To know more send us a mail at info@cogneesol.com.

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       Restaurant Accounting Services - A Way to Boost Profit Margins from Cogneesol

A Slideshare Presentation designed for restaurant owners, giving a detailed understanding of restaurant management problems, especially the restaurant accounting issues along with their solutions. This Presentation has been sponsored by Cogneesol Pvt. Ltd., A Business Outsourcing Company offering the optimum Restaurant Accounting Services to the restaurant owners throughout the world.

How to do Ensure Smooth Data Entry for Real Estate Businesses?

Why is Data Entry required in Real Estate Businesses?

People who are associated with Real-Estate Businesses better understand the value of real estate data entry. Usually, this kind of Businesses has a lot to do with data entry operating work. With the collected and stored data, a Real Estate Business gets a set of targeted audience, which further can convert into their customers.

This shows Data Entry is nothing but a grounded practice which gives a hike to the business of Real Estate. So, if you are into this business, make sure to gather only relevant and result-orienting data.

Is it possible to manage Real Estate Data Entry along with other business affairs?

A Real Estate Business, generally is seen bombarded with thousands of activities which of course are supposed to be performed with utmost concern. Whether it is about searching out the perfect location for clients or preparing rental invoices, a real estate company needs to get involved everywhere.

But along with all these matters, collecting and processing data becomes a bit clumsy and certainly will show a huge difference in your calculations. 

Why go for outsourcing data entry?

As we have discussed above that not maintaining your data entry may cost you harder, so it is always wise to go for outsourcing data entry services. As they are highly proficient with their providing assistance, this ensures fewer chances of omissions in the data collection process.

Well, another basic reason of going for outsourcing data entry is you need not worry about the data collection and maintenance, as your record keeping goes into safer and trustworthy hands. Along with this, you get all the demanded data collection within a specified time.

It can also prove as a cost-effective solution for you. Yes, whatever you read is absolutely right. Just suppose, if you have hired a data entry staff for you, then you are obviously supposed to pay them salaries, even if there is no work regarding data entry.

But when hiring outsourcing data entry assistance, just pay for the work you are receiving. 

Also Read : Benefits of Outsourcing Data Entry Services for your Real Estate Business

See what kind of services you can get through an outsource data entry for your real estate business.

• Centralization of customers’ detail- Keeping details of each and every customer you have become easy with outsourcing. You easily can get classified details in one place.
• Prime assistance- As we all know, outsourcing always gives an opportunity being served by experts who delivers A-one quality work to ensure a smooth flow of work for you.
• Preparation of property legal documents- Once the deal is final with any customer, the next step is to prepare legal documents of the owned property. Such activities are the responsibility of an outsourced data entry operator. 
• Recording sales history- Upholding a proper record of previous sales is necessary in order to witness the progress of the business. For your business, outsourced employees take this initiative.
• Data analysis- Collection of the data is only done when the details of an individual are thoroughly verified.
• Data safeguarded by right hands- When you are hiring the assistance of an outsourced expert, wave off your worries regarding your data as they work under set terms and conditions which do not permit them to use the information anywhere else.