Friday, 23 September 2016

Tips for Choosing an Outsourcing accounting service provider

Accounting is an important task in almost every business organization. But it is certainly not the core activity in most of the commercial ventures. Generally business enterprises like to spend their time and energy on the more significant activities which are directly related with revenue generation. In such a scenario, outsource accounting services is an ideal option. 
Outsourcing accounting service
Outsourcing Accounting Services
The outsourcing firms offer a variety of services like :
Monthly accounting entries
Bank reconciliation
Statutory dues calculation and payment
Statutory compliances
Monthly closing and 
Monthly management reports etc.

The following tips need to be followed while selecting the outsourcing accounting service provider:  

Pricing- Selecting the outsourcing firm which offers the right price is the first and foremost step. The outsourcing firms based in nations like India etc. generally offer their services at competitive prices. It is up to the higher management of a firm to decide what prices suit them according to their budget. Basically the cost of outsourcing should be less than the cost of hiring in-house staff.  

Proficiency of the team- Before hiring the services of an outsourcing firm, you have to judge the proficiency levels of their staff. You have to make sure that they are capable of performing the accounting tasks which you are looking to assign.   

Carefully check the service agreement- When a firm enters in to an agreement with an outsourcing firm,   they must carefully go through the terms of contract. If the terms and conditions suit them only then they should finalize the contract.  

Flexibility- While undertaking outsourcing services, the flexibility factor must be kept in mind. There is always a chance of work requirements changing over a period of time. So the outsourcing company must have a flexible approach with regards to approaching client demands.  

Communication- Firms based in countries like US, UK etc. generally outsource accounting tasks to countries like India because English is used as official language. Communication is an important factor in the outsourcing process as the third party must be completely aware about the requirements and expectations of the clients.    

Access to the latest software- The third party firm should have access to the latest software like QuickBooks, NetSuite etc. used for performing the accounting operations. This factor must be checked in advance.

By keeping in mind all the above mentioned factors, a business firm can select the right outsourcing company. 

Cogneesol is among the best providers of outsourcing finance and accounting services to commercial enterprises around the globe. The services offered can help in reducing the operational costs and maximizing the revenue earning potential. For more information, you can visit us at info@cogneesol.com or call us at +16466882821.          

Thursday, 8 September 2016

Outsourcing Tax Preparation to India : How Accounting Firms in the US are Making Huge Profits?

The tax service costs in US have gone up rapidly in the last decade. In such a scenario business organizations are opting for outsource tax preparation and processing services based in India to reduce their operational costs and optimize their profits. The Indian outsourcing firms have also earned great acclaim by offering high quality services at competitive costs. They are expert at using the latest taxation software like Intuit's Lacerte, Proseries IntuitCreative Solutions' UltraTax, ATX, TurboTax etc.


The various benefits of outsourcing tax preparation services to Indian firms have been discussed below :

Cost effectiveness - India is a developing nation and there is a huge difference between the currency values of India and US. So by outsourcing its tax preparation services to India,a US preparation firm can save up to sixty percent of the cost which they would have paid to a local firm. This will reduce the operational costs of the organization significantly and enhance the revenue.

Quick turnaround time - There is a 10-12 hour difference between the time zones of India and US. A tax preparation task assigned in the evening by a US firm will be completed by the time the next working hours commence in US. Moreover Indian firms are renowned for adhering to the deadlines offered by the clients. In case of urgent requirement of tax preparation services, Indian firms are the best option.

Opportunity to focus on revenue oriented tasks - By outsourcing all the less significant tasks to Indian firms, the US accounting firms can focus their time and energy on the significant tasks with a free mind and enhance their business potential.

Greater chances of earning customer goodwill - By hiring the services of Indian firms, the US accountancy organizations can easily meet the tight deadlines of their clients and thus earn their goodwill. This will enhance chances of attaining more business opportunities by retaining old clients and getting new clients through referrals.

Access to expert staff and latest software - The Indian outsourcing firms maintain a proficient staff and use the latest taxation software for performing the tasks assigned by clients. So without having to hire, train and retain staff, US firms can have access to a talented team. This also helps them in saving the finances on purchasing software. The costs of hiring infrastructure like seating space will also be eliminated.

All these factors have been offered for the benefit of US firms, but it is up to the higher management of these firms to decide which option is beneficial for them.   

Cogneesol is one of the leading tax preparation service providers in India. It possesses an expert team which remains updated with the latest developments in the taxation industry and offers excellent services at affordable costs.  

For more information contact us at info@cogneesol.com or call us at +16466882821.