Monthly Archives: February 2014

Entering a New Market? Use Business Translation Services

Posted on February 28, 2014

Most companies, irrespective of the size or nature of their business, always have long-term goals.  If your business plans on taking over an overseas organization or entering a new country/market, then what you need is an expert business translation of your website and other marketing material.

Why is business translation important?

Business translation is important area that you cannot afford to ignore. If you were to expand your business into a new country, then translation services becomes integral, as more than one-third of your prospective customer base would be speaking a different language. If you do not translate your advertisements or website, then you may miss out on a huge chunk of possible revenue.

Going the extra mile by translating your business material can also help you promote and establish your brand. When potential customers see that your company is making an effort to reach out to them, they will be more likely to respond to your brand and may even speak positively about your company to their family, friends and co-workers.

Being able to reach out to new customers in their native language is critical to the growth of your business. Prospective customers are more likely to have a positive response towards your product/service if they understand what is being sold to them. Your advertising campaign (online or print) is likely to be more successful if you use a translation service. If you are to hire native workers to work in your company, then they need to be aware of your expectations. The best way to describe your requirements is again by translating your documents. Continue reading

5 Reasons Why Bookkeeping is Important for your Business

Posted on February 21, 2014

Let’s face it! Bookkeeping is integral part of any business (small, mid-size or large). However, this accounting process is very often neglected. In fact, according to recent surveys, some businesses fail to make a mark mainly because of poor financial management, improper bookkeeping or having no accounting records/books at hand.

Have you been paying little or no attention to your books? Failing to balance your books can have a direct adverse effect on how your business performs.  Here are the top five reasons why your business needs to get the focus back onto bookkeeping:

1. Improved financial analysis and management

Cash flow management is something that your business should start focussing on right away. Once your invoices are delayed, there will be zero follow-ups on customer payments. Falling out on the supplier’s list of customers will eventually crash you down. However, all this can be corrected with bookkeeping. With accurate bookkeeping, you can systematize your follow-ups and invoicing, while making on-time payments to suppliers.

2. Fulfil your tax obligations on time

Bookkeeping can help you keep a track on all the information and documents required to accomplish your annual taxes. When the time for tax comes, you will no longer need to rush everywhere to hunt for your bills or try to remember your expenses. An organized Balance Sheet, Profit & Loss and Cash Flow also makes filing your Tax Returns a lot easier. Your tax advisor can also finally give you some sound tax advice instead correcting incorrect entries in your financial statements.

3. Enjoy easy reporting to your investors

With regular and accurate bookkeeping, you will no longer need to worry about reporting to your investors and sharing the financial status of your company. From graphs to charts and the lists of data, you can easily present everything to your investor right from your accounting books. Continue reading

Four Critical Success Factors in LPO

Posted on February 14, 2014

If your Law Firm or Legal Department has tried outsourcing legal services in the past, then you will know that establishing a working partnership with an LPO service provider is a process. Regular communication and good understanding are critical to a successful working partnership. Here are four critical success factors that can ensure that you enjoy a successful LPO outsourcing partnership with your service provider:

1. Identify your legal requirements: Discuss with your team and understand exactly what you need to outsource. Based on your requirements, you can finalize on a service provider who can match your expectations. For example, if your law firm wishes to reduce your legal spend, but does not know what exactly to outsource, you will first need to discuss about the various legal functions that are costing your firm the extra dollars. Once, you understand your pain points, you can come up with a perfect legal solution that exactly fits your needs.

2. Avoid scope creep: Every time you hire a legal service provider on a project, you will need to scope the project thoroughly.  This will help your legal firm to avoid scope creep. A scope creep is when a client asks for a per-document rate without defining exactly what they mean by a “document”. Is it a master service agreement or a single piece of paper? By scoping thoroughly right from the first meeting and by working closely with the service provider, your legal firm can ensure that there are no surprises.  Continue reading

Top 4 Advantages of Outsourcing Legal Services

Posted on February 7, 2014

In the recent past, the legal services industry has seen a huge shift in the delivery model for legal services. With the emergence of LPO or legal process outsourcing, attorneys, paralegals and other legal professionals are sending their legal work overseas. The year of 2013 witnessed more and more legal firms outsourcing in order to increase flexibility, reduce cost and expand their in-house capabilities. The following is a list of the top four advantages that your legal firm can leverage by offshoring legal work to India:

1. Effectively minimize cost

One of the biggest advantages of outsourcing legal services is the huge cost savings. By outsourcing legal services, firms can reduce their cost structures through labor arbitrage (the difference in wages between outside vendors and in-house legal personnel) and reap the benefits of low costs. For example, hiring an in-house attorney might cost your legal firm $150 an hour while an external vendor might cost you only $75/hour.

2. Get access to external talent

Outsourcing legal services paves the way for firms to get access to high level legal talent and nice expertise that otherwise does not exist in the firm. For example, if your firm lacks the expertise in litigation support, you can easily outsource litigation support like document reviewing and coding. Accessing external legal talent is also very useful for small firms to fill in their gaps and tap into global legal expertise. Outsourcing locations like India and China boast of a large pool of skilled legal professionals. Continue reading