Cogneesol

All businesses are required to file taxes for which they either hire tax preparation companies or have an in-house team of tax professionals. Others outsource tax preparation services temporarily, for instance, quarterly, half-yearly, or annually. All in all, a majority of tax professionals remain busy during the hectic and stressful tax season. Auditors usually exceed working hours to more than 70 hours a week for months. 30 % of CPAs work 70-hour weeks while 90% of them work 50-hour…
In general, business development means pursuing great opportunities for a business; the same goes for your law firm. Law firm business development can include building new relationships, identifying various sources of revenue, cross-selling to current clients, adding new services (that are in great demand) to your portfolio, expanding business in different locations, contacting, following up on prospects, and to name a few more efforts. Law Firm Business Development vs. Marketing Marketing should be an essential…
In the aftereffects of the recent worldwide pandemic, remote working and outsourcing will be more popular and relevant to most businesses. These can be the ideal choice to achieve operational continuity and make workplaces safer. This might be the reason why many companies are reconsidering outsourcing these days to practice secure remote working and obtain operational and financial growth. For insurance companies that recently tried different ways in the form of investments and cost-cutting to…
Business expansion often leads to operations getting more complicated; everyday tasks become more challenging to manage and consume more of your time than before. You might also feel that your business is not as much in your control as you’d want. Moreover, you start spending most of your daily time finding solutions to different operational challenges instead of focusing on business growth. This article will guide you on how to identify the problems responsible for…
2020 has been a troublesome year for almost all types of businesses; moreover, the year-end accounting processes add to the stress business owners already have due to operational and financial disruption due to the COVID-19 outbreak and its impacts. Many companies close accounting books at the end of the year, where a sound bookkeeping system makes the entire process a little easier. However, regardless of the business type, the closing process generally includes reviewing your company’s…
Regardless of your experience as an accountant, you might never say tax season is an easy time. It is always challenging to pack the entire year’s work in bulk within a few months, which is not normal at all. It requires tax accountants to work longer days, give up on sleep, and piles of paperwork often take a toll on even the smartest, experienced, and skilled accountants. Similarly, running a CPA firm becomes difficult, especially…
The insurance industry is analogous to any other industry where firms leave no stone unturned when it comes to saving costs. If we talk about the insurance firms, one of the best cost-saving methods adopted by them is that of outsourcing. This is the reason a majority of firms have started to leverage outsourcing to the best of their benefits. These cost-saving benefits manifest when the work is outsourced to low-cost destinations. The Outsourcing Need…
Running a business is not always about boosting revenue, but about lowering expenditure too. Small business owners often work as a one-person army when it comes to handling multiple operational departments, vendors, finances, etc. Several entrepreneurs focus on increasing sales; however, they must not forget to lower expenses where possible because cost-cutting is crucial to obtain or maintain profitability. In any small or big company, lowering daily expenses is essential but not easy; it requires…
Running a business is not limited to selling products or services and gaining revenue; it is way more than improving all operations from time to time and getting people on board. Although business owners often wear multiple hats while taking their business toward the ultimate success, a majority of them consider accounting one of the most demanding and daunting business processes. As a business owner, financial management (which is an integral part of your business)…
Irrespective of the business size, accounting holds immense importance in every business. It is imperative to take care of the accounting process in an efficient manner throughout the year. When it comes to startups/small businesses, they face a lot of accounting challenges owing to a lack of proper resources, especially when it comes to bookkeeping. Most of them adopt the D-I-Y approach that leads to improper record keeping. This, in turn, provides them with little…