QuickBooks is one of the popular accounting software launched by Intuit. It is an ideal choice for small businesses and self-employed entrepreneurs. Every year, Intuit comes up with advanced features in QuickBooks. Thus, for 2018 it has introduced AI and machine learning driven innovations; recently in the Fourth Annual QuickBooks Connect Conference. The people gathered in the meeting experienced the actual ways of QuickBooks, which is an ever-growing system that continues to evolve and deliver tailored experiences. It is an open platform that helps to build essential relations between customers, partners, and products.
Sasan Goodrazi who is the Executive Vice President in Intuit said, “QuickBooks is the world's largest self-employed and small business ecosystem, connecting more than 7 million people who work themselves to half a million accountants and 5000 app developer”.
So, here we are going to discuss, how QuickBooks can leverage the collective efforts of all the customers, partners and developers to give small businesses a shrewder way to do business.
Money Management :
Money is the only survival option for human beings in this absolute world. And it is obvious that self-employed and small businesses are putting their efforts to gain profits, but they are striving hard to manage their cash flow on a daily basis as it is the core of any business. They fight to receive timely payments, face difficulties in procuring loans from the bank to develop their business and often tamper in managing payroll. So here are three ways that make QuickBooks the best choice for small businesses and self-employed to streamline their cash flow.
Access to funds - Usually in the first 5 years 70% of new business needs finance to grow, but only 23% are able to access the funds. Therefore, Intuit introduced QuickBooks Capital to eliminate the complications from the loaning process for small businesses. It was built on 26 billion QuickBooks data records to help small businesses overcome the barriers they have faced in requesting lesser loans.
Receive payments accurately - On an average, it takes 45 days for small businesses after sending invoices but still, 64% of small businesses have outstanding invoices in their balance sheet and payments are received after 60 days. To overcome this challenge Intuit's new QuickBooks Payments has enabled small businesses to create a “payments- enabled” invoices in seconds, which automatically save their time and efforts. This gives the customers of small businesses an easy way to pay online by credit cards or free bank transfers.
Payroll process - One of the toughest tasks for small businesses is managing the payroll process, which eventually affects the cash flow. Keeping in mind this pain, Intuit has introduced full-service payroll in QuickBooks that offers 24- hours direct deposits. Now the small businesses can run payroll up to 5.pm PT of the day before the payday.
Making a decision is tough for small businesses and self-employed people because most of the time they don't have relevant information so they just presume the things. Without useful insights on millions of transactions, entrepreneurs take the wrong decision and risk their business assets. So, QuickBooks has embracing machine learning and data-driven insights and became one of the prognostic and proactive tools that wisely helps in critical turning points, which makes the customers cautious and more confident in the decision they need to make.Here are some existing examples of these features:
Predictive assistance- QuickBooks works as a virtual assistant and help small businesses and self-employed customers with accurate financial insights. It is just a game of seconds for QuickBooks to analyze the data of businesses who use QuickBooks Assistant. It helps you analyze how much profits you have earned last month, how much tax you have to owe at the end of the year, how efficient is current cash flow, etc.
Performs the tasks for you - Making use of machine learning help customers who are self-employed in entering their financial data in the QuickBooks that includes income, expenses, etc., easily. So, this categorized form of data assist better for further references and save time and money as well for entrepreneurs.
Intuit understands that the regular people in the business that is your accountants, employees, etc. are the pillars of any business. So, QuickBooks has become a network that is connecting self-employed and small businesses to its customers, in-house team, and clients. This network is driving success by:
Associating accountants - About 89% of the entrepreneurs agree on the fact that they are more successful when they diligently work with an accountant to achieve success. Intuit recently introduced “Find-A-ProAdvisor” platform that now connects almost 1000 small businesses to accountants on a daily basis.
Compatible with Mobile Apps - Generally, entrepreneurs look for compatible mobile apps to run their business efficiently. On average, owners can use 15 distinctive apps, but with Intuit's App store, you will have 500 apps to maintain your workflow with various features. So now accountants can manage QuickBooks online or QuickBooks Accountants for their clients easily.
Future roadmap for small businesses:
QuickBooks is user-friendly software that comes with great innovations every year. QuickBooks accounting for small businesses has impacted every entrepreneur as they have adopted this software in their organization to streamline their accounting process. No doubt it delivers faster and accurate result, which makes it an ideal choice for business owners. But along with innovations in this software, it becomes difficult for an in-house team to fit in themselves with every now and then change that Intuit brings. So companies prefer to outsource QuickBooks to a reliable third party firm to efficiently update their balance sheets and adapt the changes that occur in QuickBooks every year.
The insurance industry is very complex and has a big dependency on customers as they are right at the center of the insurance business. Every person buys an insurance policy, whether life insurance or health insurance hoping that whenever there arises a need, the amount claimed by him or the nominee, the claim is settled without any hassle and in a short time frame. However, claims are not always filed immediately after the issuance of the policies and at times can even take years for claim filing or policy maturing. This is one of the main reasons why insurance firms opt to outsource insurance claims processing to reliable outsourcing companies, rather than investing in the infrastructure and hiring an in-house team for insurance claims processes.
Let's take an Overview Why it is Important to Outsource Insurance Claims Processing Tasks:
Enables focus on core business activities- Claims processing does not fall into a core business activities which consists of selling policies, structuring new policies and premiums, policy issuance, renewals, etc. Claims handling is basically considered as a back office task. Claims settlement is not performed on a daily basis because claims at times come up after decades when the policy is sold, so instead of investing in the infrastructure or expert team, you can easily opt to outsource your claims processing. This helps you to focus on your core business activities which in turn leads to the growth and development of your insurance business.
Increases customer satisfaction- When you outsource your back office tasks you can easily focus on customer demands. Customer satisfaction could be more valuable than $10000 worth of advertising and a satisfied customer is the best business strategy of all. Insurance companies consider their customers as a priority and they strive hard to deliver the best possible policy according to their requirements.
Easy access to experts- When you outsource your back office tasks to a reliable partner you get access to an expert team which is skilled and well versed in the use of latest technology, without investing in the infrastructure or training the professionals or investing in technology. It is a very cost effective solution that enables you to focus on your business efficiency and helps in increasing the productivity of your insurance firm.
Quick Claims Settlement- The main purpose of settling claims is to satisfy your customers. However, it is crucial to manage, but the reputation of the company depends upon its happy customers. When claims are filed, a number of documents need to be processed by the insurance companies which are time-consuming. By outsourcing claims management tasks, an insurance company can easily get the data of previous records, as they make use of the latest software for handling claims and tracing the records. They verify the actual facts of the incident and consequently evaluate the claims process.
Accurate Claims Disbursal- Once the claims are settled by the insurance company the team of auditors and experts verify the process, track whether the amount paid to the customer is correct or not and whether the disbursal made is to the actual claimant, because there are many frauds that may lead to any future litigation for insurance firms. So by outsourcing, you can bring accuracy in the disbursal process of claims and avoid any kind of fraud.
Outsourcing now plays an important role in insurance sector today. It has transformed the business process of insurance companies by delivering them the quality services and solutions to increase the growth of their firm.
Check out this #Youtube video sponsored by cogneesol, that covers the complete information on how insurance outsourcing is playing an important role in the insurance industry in terms to boost the productivity of the insurance entrepreneurs and help them to manage their all core and non core tasks effectively.
The increasing workload of insurance agency functions in today's world has imposed a heavy burden upon businesses nowadays. Insurance agency owners are always looking to increase efficiency while maintaining a low resource input. Many business tactics help in achieving it, but one often overlooked strategy is to outsource insurance agency management services. If you're running a large-scale insurance business or a small scale one, outsourcing can help take your profits higher.
Outsourcing isn't just something business should look to unless circumstances force them to and there are many reasons why. Let us have a look at a few.
Top Reasons to Outsource Insurance Agency Management
1. Minimize Costs & Free Up In-House Staff
There are many highly skilled workers around the globe that will work for cheaper than local resources, especially if you're in the US. This freed up money can be allotted to a different location, thereby getting you more for less. Furthermore, outsourcing insurance agency management frees your in-house staff that can be focused on other core aspects of business allowing for a more accelerated growth.
2. Hire the Best Experts
There is high competition among the outsourcing firms with each of them going head to head to provide a client with the best services for the lowest cost. As there are a lot of outsourcing service providers, it is important to be careful when picking one as you might end up picking the wrong one. Ascertain which component of your organization needs to be outsourced and have a clear picture of what you're looking for in a provider. Do your research regarding provider reliability and reputation and reach out to all your connections when choosing a provider. Do it right and you'll be able to take advantage of dedicated professionals that will boost your business' efficiency.
3. Growth Prospect for both Large and Small Businesses
It is not only the large insurance businesses that can benefit from outsourcing. Small businesses can also take advantage of the affordable, skilled professionals to help their businesses grow. There's is a wide range of expert, experienced individuals out there waiting to be hired for a low cost. This comes with the added advantage of spending less on payroll taxes and employee benefits, lower space needs and access to competent and reliable professionals.
4. Take Advantage of Time Zones
Imagine a scenario where your employees didn't need rest and could work something like 20 hours a day. That would do wonders for productivity, wouldn't it? Well, a similar scenario can be created by taking advantage of time zones. There is a plethora of offshore providers that can be delegated tasks while you're sleeping. This lets your business functions to continue for a longer period of time daily, negating a lot of the time restrictions of working regularly. Outsourcing insurance agency administration is a wonderful idea, look into off-shore solutions. Research well and you can benefit greatly.
5. Shift Focus8) to Core Business
In-house staff is often too tied up in standardized, menial tasks such as claims management or policy administration, which can be outsourced to allow for said staff to be freed up and focused on core business. Other tasks such as insurance data entry which are too intricate for instance can be delegated to third party providers to free up in-house resources. Allow your internal staff to maximize their efforts towards the heart of your business.
6. Maximize Profits
You're going to be seeing much better results in terms of profits if you outsource. Why? Your productivity will go up, your customers will be much more satisfied, and the quality of your services will go up as the efficiency of your business' functioning goes up. Being able to take advantage of preexisting infrastructure and manpower provided by the outsource provider means you won't have to invest into developing these aspects domestically, saving you money.
Even though outsourcing insurance agency administration is so advantageous, it can backfire if done incorrectly. Choose the insurance BPO providers wisely with proper research and make sure all your paperwork is legitimate. Maintain a proper line of communication with the provider so that you can overlook the work. Establish legal control over potentially confidential documents so that security is not compromised. If everything is done right, you're sure to see your business blooming :D.
The main purpose of litigation support services is to aid the law firms in successfully dealing with the complex legal proceedings. It is important for the law firm management to decide when the litigation support specialist services are required. Now days, hiring the litigation support company or outsourcing litigation support services has become a common trend in the legal industry.
Below mentioned are some situations in which law firms require litigation support services:
Cases, where Multiple Witnesses have to Testify-There are lawsuits which involve hundreds of eyewitnesses who have to depose during the legal proceedings. In such situations, litigation support services can be hired for getting access to extra attorneys and administrative staff for assistance.
Shortage of Time- In cases of overwork load, the lawyers have lesser time for formulating a legal plan and checking the evidence. In such cases, additional litigation support services can be hired for easing the situation.
Handling Difficult Information- Lawyers often struggle while decoding intricate data. While handling such cases the lawyers can hire additional litigation support services so that they can concentrate on tasks in which they are good at and the tedious data interpretation tasks.
Cases with Huge Importance- There are cases in which huge amount of money or some other important consideration is involved. These cases are painstaking as they require a lot of time for indebt analysis. By using the services of third-party litigation support provider, such cases with higher importance can be handled properly.
So it is quite clear that litigation support services can help law firms in dealing with complex legal cases and in situations where the workload is extremely high. The litigation support firms generally charge a considerably lesser remuneration as they are based in developing nations like India, China etc., thus making them a cost effective option. They also have access to the latest software and experienced staff for performing these functions. Moreover, there is the added advantage of concentrating on core activities.
Cogneesol has more than 8 years of global experience in delivering outsourced legal support services. With access to proficient staff and latest software, it has enjoyed a 99% success rate in its projects. You can be assured of quality services at affordable costs within the allocated time frame. Contact Us or Call Us: