In 2018, Manage Insurance Policy Management Process with Best Software

The Insurance industry is very vast that goes through a number of policy management challenges and changes with the advent of new technology. Watch out the video below and get to know 6 best policy management software for 2018 that will affect the profitability of insurance firms across the globe.

Challenges Faced in Real Estate Bookkeeping and Accounting

No matter whether you are a property management company, owner of a real estate agency, real estate agent, REIT or an investor group, accounting for real estate industry is challenging. Real estate bookkeeping and accounting process consume a valuable time and efforts of owners, which they can utilize in planning future strategies for the growth of their business.

Some of the real estate accounting hitches faced by entrepreneurs:

1. Understanding the industry-specific accounting regulations

It's the biggest challenge for real estate owners to keep themselves updated with changing rules and regulations that impact the valuations, ownership, taxes, and a lot more. As these regulations change yearly, so it’s important for owners to hire real estate accounting firm who are familiar with such changes and can keep you ahead of the competition. 

2. Issues in Payroll Processing

Payroll process should be precise because most of the real estate agents or brokers or property managers are on a commission basis. For an agency, its little bit confusing in processing payroll every month as the staff paychecks fluctuate weekly. Real estate accounting firms have robust system or software for calculating these commissions, but without human intervention how you can ensure accuracy.

By hiring a virtual accounting firm or accountant you can easily get rid of these process and expect accuracy in the reports that too on time.

3. Difficult to track the expenses

In real estate industry, working by sitting in an office is not possible. The owners or agents or brokers all are in the field on different sites. In such cases, it is not possible to track the agent’s performance and their expenses. 

Cloud-based property management software can help to keep all of your agents connected, so you'll have real-time information on transactions. The most appropriate solution is to outsource real estate accounting services and you can ensure accuracy.

4. Common bookkeeping and accounting mistakes

The most common accounting mistakes done by the real estate clients are n-separation of personal and business accounts, false classification of costs, inaccurate classification of employees, improper record keeping.

By partnering with an accounting company or outsource real estate accounting services, you can focus on core business and generate higher revenue. Call at +1 646-688-2821 or email to info@cogneesol.com for a detailed discussion.

Also Read - 5 Most Typical Real Estate Bookkeeping and Accounting Errors

Integrate Accounting with your Retail Business to Achieve Better Outcomes

Running a retail business is puzzling, as there are many things you need to organize in an efficient manner. In the retail sector, customer service is the key to triumph and when you treat your customers right, they come back and also refer others. But along with this increasing retail business demand, the necessity of a systematic accounting process also increases; that includes inventory, financial statements, payroll, and tax payments. With the constant change in the technology, the retail business is integrating its accounting process to improve business efficiency. Accounting integration is one such tool that connects retailer’s accounting/ ERP system with its e-commerce platform, CRM application or EDI trading partners and online marketplace.

Today’s retail business owners are using accounting integration solution to streamline their process with accuracy, speed and in a smarter way.

But that’s not enough…!

Go through these factors that accounting integration solutions, has brought in the retail business workflow:

Quicker- After adapting accounting integration solutions, retail business owners no longer have to bother about order backlog or crucial order processing. Instead, they are assured that orders will move to and from their ERP/ accounting in actual time, which means that orders can be packaged, processed and shipped out to consumers quickly. So, retailers who were pressurized during peak days like Black Friday and Cyber Monday, accounting integration ensures that no matter how much is the volume of transactions, orders will be processed quickly and efficiently.

Simpler- With the help of accounting integration, the business of selling has become easy. There’s no need to worry about orders getting lost or misplaced, as the software ensures that every order is processed, fastly and accurately. A fully bi-directional accounting integration solution makes sure that your business is running smoothly. It also excludes the need for a manual data entry person, as humans are prone to mistakes. And what if your data entry person is sick or on a holiday?

Smarter- Retail business owners who are using accounting integration knows that it’s a “clever” way to put their accounting process in the hands of integration solution providers that have years of experience. The providers make use of accounting integration and efficiently manage any number of order document volumes. These keen business owners know that they can add or remove connectors as their business changes or grows using a common integration platform that can virtually connect any accounting/ ERP system with the other business systems they are running.

Gather everything at one place- The way your buyer's purchase products keep on changing. Regardless of whether they stepped into your store, or surfed to an online shop, their demands remain high. Disappoint them, and they’ll never come back. Delight them, and they’ll tell their friends. If you don’t know how to integrate accounting in your retail business, then the best way is to outsource retail accounting process to a reliable firm. Their expert team will set up the software for you at an affordable price so that it becomes easy to track your orders.

We at Cogneesol offer the top end virtual accounting solutions. Our range of virtual bookkeeping services covers all aspects of business requirements. For more information get in touch with at +1-646-688-2821 or write to info@cogneesol.com.

Significance of Outsourcing in Insurance Industry - Slideshare Presentation

The significance of Outsourcing in Insurance Industry - Cogneesol from Cogneesol

How Outsourcing plays a significant role in the business growth of an insurance company? Go through this Slideshare presentation by Cogneesol and get an appropriate clarification.

How to find right Outsourced Accounting Services?

 This video will explain in detail how you can easily select a right outsourced accounting service provider who can handle your business accounting effectively.

Capitalizing Accounts Receivable Management

Accounts receivable refers to the payments that are not yet cleared by the clients or it is also used to give a long-term credit to customers/clients. It helps in gaining customer loyalty and allowing them to take product/services on credit basis that helps in boosting sales. Here accounts receivable management plays a crucial role, as this is the responsibility of management to track the history of customer and recover payments on time. Watch this video about benefits and importance of accounts receivable management.

Bank Account Reconciliation: Myths that Pulling you Down

Bank account reconciliation is a very needy task for your business when your periodic reports are not up to the mark or facing discrepancies. Outsourcing your bank account reconciliation is the best option but the only hurdle that doesn’t allow you to outsource is communication and data security which is the main concern for any business. But nowadays, outsourcing bank account reconciliation is much better than an in-house employee without worrying about data security you can outsource bank reconciliation task and save your time and cost with 24-hour support services that too with accurate results.

Outsourced Bank Account Reconciliation: The Right Time to Plunge Into from Cogneesol

What is the Objectives of Cash Flow Management?

Why is proper cash flow management important in business accounting? How can late payment affect your business? And what is the objective of cash flow management & how outsourced accounting services manage cash flow? All answer of these questions available in this Infographic.

Source: https://www.cogneesol.com/blog/objectives-of-cash-flow-management/

How Legal Process Outsourcing Maximize Profitability of Law Firms?

Law firms across the globe work in a severely competitive environment on razor-thin margins and reduced profitability. This is especially true for small firms that have to constantly look for ingenious ways to survive. One of the most accepted methods followed by law firms now to beat the system is outsourcing legal services, tasks that do not require a great deal of discretion and intensive supervision from lawyers and are not directly linked to court appearances. 

These include document review, legal research, contract management services and form preparation. A great deal of money is saved which can be more optimally used for providing legal services at lower rates to rope in more clients as well as opt for business expansion.   

Here are some ways that you can adopt for legal process outsourcing (LPO) of your small firm and the safeguards that should be in place before you do so. 

Set Your Objectives – Have clear goals in mind as to why you want to opt for legal support services. Is it one project that needs fast resolving? Or do you want to opt for outsourcing on a long term basis? Are you looking to simply cut costs or want to avail external professional expertise by hiring top of the line lawyers at affordable rates? Once you are clear in your thoughts you can quickly choose the outsourcing agency that will be just right for you. 

Find the Best for You – Now that you know the type of services required, find a provider that exactly fits the bill. The agency should have legal experts specialized in the aspects of the law that you need. Large providers will usually have lawyers on their rolls with experience in various facets of law. But do not stop there. Have a detailed discussion with them to ensure that they maintain ethical standards. Check financial background and solvency and if possible the worth of the Directors.

Further, the focus on privacy concerns. While general legal matters are all in the public domain, certain areas like immigration, bankruptcy proceedings, and tax cases contain sensitive information of clients and should be treated as such even if being outsourced to the legal support service providers. The provider should be well conversant with Privacy standards prevailing in the USA.   

Advantage of Time Zones – One of the biggest benefits of LPO is the quick and efficient completion of tasks. If you choose to outsource overseas you can take advantage of different time zones. Upload the work at your end of the day and get it in your system the next day at the start of business hours. This is in addition to the lower rates that you can avail of.  

A point has to be considered here. You have to follow ethical standards in billing even when you are outsourcing legal services. The American Bar Associate has decreed that what you are charged by the outsourced attorney should be the same that you charge your client.  

Study the LPO Scenario Thoroughly – Study the LPO scenario thoroughly before selecting a service provider. Emerging countries in this field are South Korea, Sri Lanka, and India. For intellectual property laws, New Zealand regulations are almost similar to the USA so that country too can be tried as an option. You need not look overseas only, explore domestic options too that offer cost-effective solutions.  

Closely Monitor the Work – Outsourcing is not about offloading work and waiting for the processed matter to come back. You have to closely work with the outsourced company as the quality of the work attributed to your firm will be taken as your sole responsibility only.  

A very important factor that should not be missed out while outsourcing any legal work: Ethics demand that you should inform your client that you have outsourced their case to an external agency. Outsource the legal support services with care to ensure that there is no compromise on the quality of work and benchmarks of excellence you wish to set for your law firm.      

If you are looking for a top end outsourcing legal service provider, your first option should be Cogneesol. Our team of dedicated lawyers is well versed with every facet of law. To know more, call at +1 646-688-2821 or email at info@cogneesol.com.

Boost Your Business Revenue By Outsourcing Insurance Services- Infographic

Presently, insurance businesses are going through significant changes due to volatile regulations and a highly complex business environment. The regularly changing business requirement & cut-throat competition is somehow hampering the overall growth of insurance businesses.

Therefore, insurance business process outsourcing services are helping insurance companies to minimize their operating expenditures by streamlining their back-office operations. Furthermore, outsourcing services also facilitate the insurers to carry out their daily functions seamlessly by forming a robust foundation for profitability and growth.

Insurance outsourcing services is an effective option to get rid of time-consuming tasks like policy management, claims, underwriting commission, policy checking, loss runs, etc. With the help of insurance virtual serves, insurance companies get enough time to focus on core business activities.

A large number of business enterprises have derived the benefits of outsourcing and transforming their business models successfully. Outsourcing has become a popular option for both big and small insurance businesses globally. With the help of virtual assistance services, insurance companies can perform all their functions better and at an affordable cost.

Thus, here is an infographic sharing how insurance outsourcing services have become an integral part for insurers to boost their overall performance and business efficiency in this ready market.

Source: https://www.cogneesol.com/blog/boost-business-revenue-outsourcing-insurance/

Read more: Effective ways to Use“Sign in” ForYour Insurance Agency to increase sales

Shape Your Efforts in Right Direction by Flash Reports

Flash reports include the analyses of your ongoing process. With this we can evaluate the performance of strategies. These reports are not meant to be 100% correct, but you can get 80-90% accuracy which is enough to lead a successful business strategy. Here is a perfect presentation on Flash Reports and get complete information how these flash report helps your business.

How Flash Reports Can Help Your Business from Willox Gaulard

6 Financial Indicators That Your Restaurant is Heading in the Right Direction

Based on what exactly is essentially the most commonly reported study by a well-recognized US-based University, 60% of restaurants usually do not survive after the very first year and 80% are unsuccessful with the first five years. These figures bear the question: why is it that certain restaurants achieve success while others fall short?

There is no question that the restaurants that achieve success have a number of crucial points in place: they have got an original concept, that fulfills consumer needs and they present an excellent consumer experience. Nevertheless, irrespective of having all these factors in place, restaurants still can lose out, in case their finances are not structured and correct.

Restaurants that maintain a close eye on their financial situation gain a lot better possibility of success. Listed below are 6 indicators that your restaurant’s financial situation is on the correct track:

Accounting is On Point

Having a suitable accounting program for your restaurant is the answer to restaurant success. It doesn’t make a difference how great your sales are, or perhaps the number of outstanding testimonials you have got – when you don’t have an appropriate accounting program put in place, it’s very much possible that your restaurant won’t be successful. A well-organized accounting program is one which is consistent and that assesses as compared to industry benchmarks. A prosperous restaurant needs to seek the restaurant accounting services from a professional accounting firm that has experienced particularly in the restaurant business and that understands precisely how financial entries must be reported.

Inventory is Accurate

Profitable restaurants handle their inventory in the right way. This implies that inventory is counted on a consistent basis, the numbering is accurate, the costs of products are up-to-date and the prices of goods traded are determined fairly often. The way for a restaurant to essentially understand the true cost of making a meal is by correctly numbering inventory and understanding what the inventory variation is.

Every day and Weekly Financial Reports 

Profitable restaurants collect daily as well as weekly financial reports. It was in the past that just chain restaurants were able to pay for a technology discussion to produce these kinds of reports on every day and weekly basis. Nevertheless, with the progression of cloud-based restaurant bookkeeping systems, each restaurant big or small is able to get daily reports on starting and ending inventory and product sales compared to purchases. By producing easy to read reports, restaurants identify errors instantly, make any kind of needed modification, and make superior food selection choices and recruits correctly.

A Proper Ratio of Assets to Liabilities

In a profitable restaurant the ratio between assets and liabilities is normally 1:1 and by no means drops under 6:1. Restaurants which are heading in the right direction have an increasing number of assets consisting of product sales, inventory balance, money, credit card trades, and accounts receivable versus liabilities which contain: bills, sales tax, rent payments as well as payday loans.

Inventory Levels are Precise

A productive restaurant by no means has a lot of resting inventory, which implies their food prices will never be too much. Restaurants that refrain from having a lot of inventory are not tying up their possessions and are lowering the chance of robbery and wastage. An efficient restaurant understands for each season, what their suitable par inventory ranges must be and when orders must be replenished.

Expenditures are Not More Than Sales

This may appear to be a totally obvious one, however restaurants that thrive cut back on expenditures than they put together in sales. Restaurants that find a way to achieve this recognize the variance between their variable and fixed costs. Variable costs, including acquisitions and labor expenses, must not be more than 67% of a restaurant’s operating costs. Restaurants that flourish discover ways to regulate their variable costs so as to increase earnings by keeping track of their expenditures and making changes, wherever required.

Few Things You Didn’t Know About Cloud Bookkeeping – Find Out Now!

In one of our previous posts, we discussed the most significant reasons that bookkeepers have to discuss with their clientele regarding cloud-based accounting program. Suppose you happen to be a bookkeeper or perhaps accounting professional yourself, nevertheless? Odds are, you might have learned about this type of bookkeeping software on a business website, nonetheless, you possibly won’t know about it from one of your business competitors.

That’s since there are a couple of points other bookkeepers and accountants certainly don’t prefer you to have knowledge of cloud-based accounting program apps:

Cloud-Based Accounting Applications Tends To Make Your Task Simpler

In case you’ve been a bookkeeper for over a couple of months, you understand the toughest aspect of the job IS NOT managing figures, creating reports, or analyzing bank statements it’s remaining atop your clients and obtaining the documentation you require from them.

With cloud-based accounting, these kinds of problems are cut down tremendously and use up way less of your time and effort. Since transaction entry could be automated, choices can be memorized for every particular client or bank account, and file-sharing may be accomplished electronically, a bookkeeper’s greatest time-wasters are flushed out. This implies more flexibility to accomplish your tasks, and lesser issues in the everyday operation of your bookkeeping business.

With Cloud-Based Accounting Program, It Is Easy To Take On a Lot More Clients:

Being an implication of all that time-saving, a bookkeeper or a bookkeeping outsourcing company that employs cloud-based accounting programs might take on more clients as compared to what they could in past times, and basically work lesser hours along the way. How much of a change will it cause in your life to assist more clients, carry out a better job for all of them, and benefit from a better work-life equilibrium?

A number of bookkeepers and accountants are amazed at simply how much they can thrive when they use the appropriate cloud accounting app to do the job. It may be the one key that unlocks a greater, better and more lucrative bookkeeping business for you heading ahead.

As Soon as You Switch to a Cloud-Based Accounting Program, it’s Tougher for Somebody Else to Steal Your Customers:

Generally, bookkeepers and bookkeeping outsourcing companies have to get through issues and challenges that lay far beyond their own influence. For example, you might have clients who seldom present prints of invoices, bills, or tax records at the occasions when they are expected to do so. Consequently, they might be plagued by fees, penalties, as well as other expenditures that cause them to be discontented with you, despite the fact that you did absolutely nothing inappropriate.

It’s not an incredibly far jump from that type of scenario to dropping the client or bank account completely. The truth is, the time your customer hears from a different bookkeeper – an individual who assures to magically resolve these problems that are beyond your control – your long term revenue from that business is at stake.

With cloud-based accounting, nevertheless, you’ll get a more convenient time retaining entrepreneurs and supervisors updated and in conformity. And the accounting procedure starts to feel less complicated for the women and men you work with. That, subsequently, causes it to be a lot more challenging for somebody else to swipe your customers off of you. 

At Cogneesol, we believe the advantages of cloud-based accounting talk for themselves, nevertheless, we don’t envision you’re likely to reveal to your co-workers and business competitors regarding it even after you’ve given it a go. Although it possibly won’t remain a secret for very long, it’s certainly smart to begin making the most of this technology at this time before somebody else makes use of it to try and swipe your clientele.

If you happen to be looking for a reliable company offering outsourced bookkeeping services, your search ends at Cogneesol. We have been in the finance and accounting industry for over 9 years now and can help you with all your finance management needs. To know more, get in touch with us at +1 646-688-2821 or info@cogneesol.com.