Sunday, 5 June 2016

How To Outsource Your Accounts Payable and Accounts Receivable?

In present time, companies are bombarded with the challenges of running their company expenses in the most appreciable and cost-effective manner. This isn't just helping you become the best, but also let you see different sources in order to minimize your expenditure standards.

Basically, with the business expansion purpose, a company, usually, go for performing different kind of transactions with either business houses or clients. In accounting language, these transactions are called accounts payable and accounts receivable.

Companies often go for outsource accounts payable in order to have a better access over the financial affairs. But before we understand the value of outsourcing such services, let’s discuss the basic difference between accounts payable and accounts receivable of a company.

Accounts Payable :

Usually, a company goes for purchasing raw products or any kind of goods (in which they deal) from a vendor. When the company is not financially strong in order to purchase the goods and thus get some credit from vendors, then the amount to be paid by the company is acknowledged as accounts payable. In other words, it can be called as a company liability.

Generally, a deal is signed between the two parties (vendor and company) so that the situation of breach of contract can be avoided.

Accounts Receivable :

It is an amount that the company is supposed to receive from the buyer who purchased the goods or services on credit from the business. Almost every company pays off the amount on behalf of the consumer by signing a deal or agreement where both the parties (customer/buyer and company) are required to mention the certain amount and time frame within which the transaction needs to be paid off.

As per the basic rule, whether it is the account payable or receivable amount, the company and the buyer need to clear it within the set time frame of 30 days. Make sure, if you are practicing any of these transactions in your business, you are maintaining a record of the same. This is important because, it can work as an evidence (if needed).

How to outsource accounts payable and accounts receivable?

Now this can be one basic question that you might be headed with right now. There are a lot of companies who outsource such accounting services. All the company needs to do it is provide a basic financial structure to the outsourced agency which ensures them about the financial condition of the particular company.

These days, tying up with any accounting outsourced company is not that difficult. You can find multiple options for your business, all what is required is a smart and wise choice of outsourcing agency.

Its three necessary steps:

Under the outsourced accounting payable and receivable activities different practices exist. Take a look at what they are-
  • Receipt making  for ERP- Receipt making basically belongs to data creation and entry. Here, the tasks of data entry are accomplished by either digital or manual means.
  • Approving and passing resolutions- Generally, approvals are given by a higher authority after analyzing the financial status of the company. Inquiry procedure from both parties is practiced under this process.
  • Invoice preparations- Automatic invoice preparation is the best part of outsourced accounting services. When use of latest technology is involved, the process becomes easier and we are able to enjoy better and accurate result orientation.
Why companies go for outsourcing accounts payable and accounts receivable?

Every company dreams of being served by expertise of assistance, especially when the matter is relevant to their accounts and finances. In such cases, going for Outsource Accounting Services becomes the first preference. As companies get endless leverages of outsourced accounting services such as-

  • Better access of finances
  • It waves off your worries regarding maintenance of accounts
  • Strong economical groundwork
  • Easier transactions

The list is quite long. Outsourcing provides you the chance of being benefitted with quality services and that too performed in the companionship of the latest technology. This cut offs the headache of establishing different equipments and techniques into your business house.
Check this video on the same :

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Wednesday, 1 June 2016

How Real Estate Data Entry Work Can Be Eased Through Outsourcing?

The Real Estate industry is very complex and has many dimensions all of which have to work in tandem if business is to be successful. An example will illustrate this better. This sector is based solely on land whose prices are always extremely volatile. 

Hence to be ahead of the competition and to get a fair deal, back up documentation is extremely crucial – sales deeds, mortgages, and finding out if every plot of land is free from encumbrances through detailed legal search. All these must function like well oiled machinery with every component contributing its mite in making the real estate scenario a success.

Given this framework, it is imperative that the dynamics of the business be handled with a great deal of caution. For that to happen, you have to be free from taking care of the plethora of back end tasks and be able to focus solely on the business end. However, it is also important that all information be available readily at all times to enable you to take quick business decisions. 

While this is a characteristic of most businesses, nowhere is this more evident than in this industry. Data processing and storage is so crucial that the slightest slip-up can be disastrous. It should be processed in a manner that you can access it at all times. Lack of it can result in huge losses and missed business opportunities.

This is the primary reason why you should avail the services of expert and professional Real Estate Data Entry services. They will comprehensively take over the responsibility of document management, data entry and capture and other allied activities while you remain free to focus solely on your core competencies. And you can be sure that it will be done in a thoroughly proficient manner.

There are many sides to how outsourcing data entry activity can help you – directly by enhancing your decision making capability and indirectly by ensuring that all records are perfectly maintained so that you do not get entangled in uncalled for litigation at any stage of your business. 

These aspects can now be seen in some detail

Maintenance of documents – Perfect documentation and its maintenance is the backbone of the real estate sector and the smallest deviation from set norms can be damaging for you. It is also an area which is tedious, time consuming and without any need for discretionary powers. However, if this is done in-house it will distract you from focusing on business development. Outsourcing this will definitely ease your work to a great extent. 

·      Data entry and data capture – These two are very important in the overall setup of the real estate sector. This is because there are numerous types of documents that play an integral role in its smooth functioning and each has to be processed in a manner that makes retrieval of information very easy. 

     Real Estate Data Entry services will go through all your documents, sales deeds, tax structure, and mortgagees and extract and capture data accurately. These will be stored in formats that make report generation easy. It will help you to evaluate current trends, analyze past decisions and strategize for future growth and development. All data related to past and present customers too will be processed so that they can be easily contacted when new projects have to be pushed through.

·    Quick project finalization – The easiest way to expand your business is to stay one step ahead of the competition. Hence it is necessary that any project or data called for should be in your hands at the earliest. By opting for data entry services this is assured. Upload your requirements and all data that need to be processed at the end of day and the completed task will be with you first hour the next morning. This is mainly due to the time differential between countries and this will work to your advantage. 

·       Savings in Costs – One of the issues related to data entry work is the cost of setting up infrastructure for its processing. Apart from the hardware and software involved, there is also the question of taking highly paid trained personnel on board to man the systems. All these can be eliminated and data entry work made easier and less expensive by outsourcing this activity. The substantial sums thereby saved can be better utilized for offering competitive prices and making business growth and development the focal point.

The question that should arise in your mind now is this – if you do outsource your data entry services, you will be parting with highly classified and confidential business information. Any leak of data can be extremely damaging for your business to the advantage of your competitors. But rest assured that stringent security norms are in place in outsourced agencies during data entry and processing so you have got nothing to worry about on this score.

If you are looking for an outsourcing company with years of experience in real estate data processing, Cogneesol should be your first choice. You can bank on our professional expertise to make this task easy for you. For more details, visit