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Preparing taxes & maintaining books is challenging. We bring to you a video case study focusing on accounting challenges & their possible solutions. Watch now!

Customer: A food manufacturing company in Southern California.

Manufacturer of agave syrup.

Their finished goods can be sold directly to consumers or to other manufacturing businesses that use them further for making a different product.
So, they needed a bookkeeping solution to record the number of sales, goods manufactured daily under various categories, and for this, they availed a tax preparation service.

Their Requirements Were
Bookkeeping, Tax preparation for Federal and State Tax Returns

Challenges they faced
• Accounting workload and less experienced staff in the office.
• The accounting books were structured on an accrual basis rather than GAAP basis.
• Over Expenditure (due to higher rates of in-house team and cost of training new employees)
• The client was facing difficulties in closing the transactions. The transactions were structured as stock transactions, which were complex.
• Difficulty preparing Federal and State Tax Returns during tax season.

Solutions we provided
• Cogneesol managed their entire work with an experienced team.
• We helped in adjusting books from an accrual basis to GAAP basis.
• The cost was reduced because of the elimination of training and infrastructure expense.
• We completed financial due diligence efficiently and cleared discrepancies between client and inventory information.
• We prepared their taxes for Federal and State Tax, so it became easy to file tax returns.

Impact on the Customer's business
• Staff and related expenses were cut-down significantly
• Tax Seasonal load was managed efficiently
• Better financial control was achieved due to regular management reporting and greater accuracy of financial data. Hence, we were able to meet all the deadlines.

We, at Cogneesol, believe in delivering accur..

Your business financial statements reflect its financial performance. Thus, it is vital for you to check these statements frequently. Watch this video as it describes how you can read these statements and analyze business performance in order to prepare an effective financial plan for the future.

We at #Cogneesol provide result-oriented services, including bookkeeping, accounts payable & receivable, bank reconciliation, payroll processing, tax preparation, and financial reporting.
Contact us at https://www.cogneesol.com/financial-and-accounting
#Accounting #Financial_Statements #Business

Launching a business and smoothly running it, is easier said than done. One study shows that 'lack of cash' is a big reason behind almost 30% of small businesses’ closure. This clearly shows the importance of managing your money wisely and planning expenditures properly.

Guide to Reading Financial Statements

1. The Income Statement
2. The Balance Sheet
3. Cash Flow Statement

1. Take care of the income statement

What it Shows?

It shows your company’s financial performance over a specific period; for example; monthly or quarterly.

The most common method to assess your financial performance (gross margin) is to divide total revenue by gross profit.

- Gross margin = Total revenue/Gross profits

- Revenue: The money you made without taking out expenses.

- Gross profit: Also called as gross income: Gross profit = Total revenue – COGS

- Costs of goods sold: Costs of raw materials, labor, commission paid to employees.

- Operating Profit: Also called operating income: Operating profit = Total revenue – COGS - Operating expenses

- Interest Income: The money earned as interest such as from a savings account.

- Interest Expense: The money paid as interest on borrowed money.

- Income Tax: The money you pay while filing the income tax return.

How to read:

• Start with the top: Is total revenue matches with your expectation?
• Go to the bottom: Is your net ..

This Video is about our client, a law firm that provided legal support to the hospital in order to get the claim amount from the insurance company. A person had purchased a health insurance policy from this insurance company and was being treated at the hospital due to a motor vehicle accident. We helped our client in preparing and filing the case against the insurance company by doing extensive legal research for it and managing its entire back-office tasks, eventually letting our client focus on the case winning strategies.

For More information visit:
https://www.cogneesol.com/legal-services
https://www.cogneesol.com/case-studies

►Like our Facebook page: https://www.facebook.com/cogneesol.company
►Follow us on Linkedin: https://www.linkedin.com/company/cogneesol/

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Who are we? (0:11)
Cogneesol is a leading ISO 9001:2008 certified company offering legal support services to law firms and attorneys. Here, we wish to provide a glimpse to the viewers of Cogneesol’s contribution towards a law firm’s growth.

Our Client (0:31)
In this case, our client was a New York-based law firm. They provide all types of legal services to around 30 hospitals.

Challenges Faced(0:46)
A person had been injured in a motor vehicle accident and was being treated at a hospital. But the insurance agency was not willing to pay the claim amount to the hospital.

Collective Goal(1:02)
The hospital had hired our client to resolve the matter so that they could get their claim amount ASAP.

Solution We Provided To The Law Firm(1:11)
1. Our team of professionals took the case file into their hands and discovered all the answers to the opposing lawyer’s questions.
2. The remote desktop connection was used to connect with the firm's desktop.
3. Once the ‘Answering Discovery’ was over, the case documents were printed at the Law firm’s office.

Overall Impact (1:35)
1. Q..

For More information visit:
https://www.cogneesol.com/legal-services
https://www.cogneesol.com/case-studies

►Like our Facebook page: https://www.facebook.com/cogneesol.company
►Follow us on Linkedin: https://www.linkedin.com/company/cogneesol/

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Who are we? (0:11)
Cogneesol is a leading ISO 9001:2008 certified company offering legal support services to law firms and attorneys. Here, we wish to provide a glimpse to the viewers of Cogneesol’s contribution towards a law firm’s growth.

Our Client (0:31)
In this case, our client was a New York-based law firm. They provide all types of legal services to around 30 hospitals.

Challenges Faced(0:46)
A person had been injured in a motor vehicle accident and was being treated at a hospital. But the insurance agency was not willing to pay the claim amount to the hospital.

Collective Goal(1:02)
The hospital had hired our client to resolve the matter so that they could get their claim amount ASAP.

Solution We Provided To The Law Firm(1:11)
1. Our team of professionals took the case file into their hands and discovered all the answers to the opposing lawyer’s questions.
2. The remote desktop connection was used to connect with the firm's desktop.
3. Once the ‘Answering Discovery’ was over, the case documents were printed at the Law firm’s office.

Overall Impact (1:35)
1. Quality work at the process and delivery level.
2. Reduction client's workload.
3. Reduction of costs and an increase in their efficiency.
4. Strengthening of our partnership with the client.

Know more about our services. (1:59)
Contact us at [email protected] or call us at +1-646-688-2821.

Avail. Collaborate. Succeed.
We help clients achieve their goals.

No doubt, the term “poor cash flow” is one of the major reasons why most businesses fail. So, how do we define a poor cash flow situation? In this video, we’ve compiled the ten most common causes of poor cash flow and provided solutions as to how you can fix them.
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For More information visit:
https://www.cogneesol.com/accounts-payable-services
https://www.cogneesol.com/accounts-receivable-services

#cashflow #poorcashflow #causes #solution #accountspayable #accountsreceivable

►Find us on Facebook: https://www.facebook.com/cogneesol.company
►Find us on Twitter: https://twitter.com/cogneesol
►Find us on Linkedin: https://www.linkedin.com/company/cogneesol
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According to a study by a U.S. Bank, 82% of small businesses fail due to poor cash flow management.
What is the leading cause?
• Clients are not paying the invoices promptly.
As per research, approx. $825 billion constitute of unpaid invoices to American small business owners, which mean $84000 is owed per every small business.

10 Alarming Signs that your Business has a Poor Cash Flow

1. Short-term debt overload

Many small businesses take short term loans (3-18 months loan) to build their business, which needs to be paid timely. And not paying installments on time can lead to an increase in the debts’ amount in the long term.

2. Slow receivable collections

It is the biggest challenge in maintaining cash flow. A wide gap between paying for your materials and being paid by the customers for the end product may result in poor cash flow.

3. You're growing rapidly

When a business experience immense growth suddenly, then there's a need to hire more people, find a bigger space, get more resources, etc. If you don't have cash in reserve, then your business may suffer from a cash flow problem.

4. Y..

A US insurance giant was facing challenges on the technical front, being in the business from last 20 years. They were still struggling with outdated IT systems and prolonged recovery time, which was ultimately affecting their customers. We at Cogneesol worked with them for five years consistently and streamlined everything of their business to achieve maximum benefits. In this summarized case study, you will get to know what challenges they faced and our solutions to resolve them.

Managing accounts payable can become a huge burden very quickly for a real estate business; especially when multi-unit properties are a part of your portfolio. This is a case study that explains how Cogneesol's accounting team handled the AP process of a US-based real estate company efficiently.

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For More information visit:

https://www.cogneesol.com/accounts-payable-services

https://www.cogneesol.com/real-estate-accounting-bookkeeping

#accountspayable #realestate #casestudy #accounting #Outsourcing #payable

►Find us on Facebook: https://www.facebook.com/cogneesol.company
►Find us on Twitter: https://twitter.com/cogneesol
►Find us on LinkedIn: https://www.linkedin.com/company/cogneesol

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CASE STUDY ON- Real Estate Company reaches New Heights with Accounts Payable Services By Cogneesol

Case Study Overview

A US-based real estate company, headquartered in Los Angeles, has 80 properties with 60,000 units in 5 different cities of California, USA.  It handles a number of projects including affordable housing (public-private), historic rehabilitation, low-income rental housing, and public housing revitalization. The firm was facing issues while managing accounts payables (ap) tasks due to lack of an in-house expert staff & high charges from the local accounting vendor.

Project Requirements

A US-based real estate company was facing difficulties in managing accounts payable due to budget and time constraints.
This company decided to opt for a hybrid approach, amalgamating the in-house accounting team with an offshore accounting team in order to save on cost and time and also have proper control over the process.

Project Challenges

1) Short time frame : The client expected to process 5000 invoices of 80 properties in a month.

2) Lack of resources: There was a lack of resources from the client’s end, which means migration, quality contr..

Some businesses face a hard time to get paid, and some get paid seamlessly without waiting for weeks. In this video, we've shared some useful tips to create effective invoices that get paid fast and help you stay ahead of competitors.
For More information visit: https://www.cogneesol.com/invoice-processing-services
#Outsourcing #Bookkeeping #Accounting #invoiceprocessing

►Find us on Facebook: https://www.facebook.com/cogneesol.company
►Find us on Twitter: https://twitter.com/cogneesol
►Find us on LinkedIn: https://www.linkedin.com/company/cogneesol/
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Useful Tips on How to Create a Professional Invoice
An invoice is a method for financial payment for products or services offered.

Now that you’ve sold your products, it's time to get paid.

In the business world, every small interaction with your customers is considered to be an opportunity to strengthen your relationship with them and promote your business.

And a professional-quality invoice is the best way to do so.

According to FreshBooks,
Some industries don’t struggle to get paid on time, and those include:
• the trade and IT sector that get paid within 16 days on an average, and
• it takes 20 days for the legal industry, and
• 21 days for creative genres

We’ll now walk you through the process of creating invoices efficiently:

1. Initiate with an invoice template
You can make use of invoice templates to create professional invoices, enabling your customers to understand the invoice easily.

2. Design your invoice professionally
Your invoices should include brand logo, brand color, defined payment term, an itemized list of services/products, contact information, invoice number, and due date.
If you’re charging tax on the sale, it is crucial to add that as well.

3. Create accurate invoices
Being a business owner, it is your prime concern to ensure your invoices are complete and include all the right information.
Cross-check every a..

Achieving desired business goals is the biggest achievement for any business and restaurants are not excluded from this phenomenon. Keeping your books accurate and dishes delicious can be a little messy, but with outsourcing it is possible. Get to know more on the same through this video.

#Accounting #Restaurant #Business

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Created 3 months ago.

9 videos

CategoryBusiness & Finance

Cogneesol is a global outsourcing service provider delivering finance & accounting,insurance & legal back office and data entry services since 2009 to bring out the best results for businesses.