Financial Controller vs. CFO: 6 Key Differences
Business operations, regardless of their size, require financial management. While small businesses initially rely on accountants for financial insights, a dedicated professional is required to take charge of financial affairs after the business hits considerable growth numbers. This is precisely where Chief Financial Officers (CFOs) and Finance Controllers step in. Although both CFOs and Financial […]
Remote Bookkeeping Services in India: Everything You Need to Know
The global accounting sector’s value in 2023 is projected at $675.14 billion. Even though remote accounting is a rather new phenomenon, it is now playing a big role in helping accounting firms and CPAs meet client expectations. Still, some CPAs and accounting firms hesitate before exploring the world of remote bookkeeping. That’s majorly because they […]
Import Policy Updates: Welcome Relief for Tech Enthusiasts and Importers
In a recent announcement that brings smiles to the faces of tech enthusiasts and importers alike, the Directorate General of Foreign Trade (DGFT), operating under the esteemed Ministry of Commerce and Industry, has introduced a series of amendments that significantly ease the import process for certain high-tech gadgets. The latest directive, Notification No. 23/2023-DGFT, dated […]
Accounting for Law Firms: Best Practices and Processes
The legal sector in India is a dynamic and vital component of the country’s socio-economic framework. And as the legal sector continues to evolve, the efficient management of financial matters within the law firms becomes increasingly important. That’s why Finsmart Accounting – one of the leading accounting outsourcing companies in India – decided to explain […]
8 Best Accounting Practices for Nonprofits: NGO Recommendations Included
Accounting forms the bedrock for any organization’s financial health. For non-profits, this aspect is even more critical. While dedicated to noble causes, they often grapple with the complexities of financial management alongside their altruistic pursuits. Since most of them have no idea about the best practices to face unique NGO accounting challenges, we have decided […]
Ethics in Finance and Accounting: Insights for Young CAs and Accountants
In the dynamic world of finance and accounting, ethics play a pivotal role in shaping how professionals conduct themselves. Especially for young accountants stepping into the realm of books, understanding the significance of ethical conduct is paramount. Not only it safeguards their reputation but it also establishes a strong foundation for their long-term success in […]
Ultimate Guide in E-invoicing in 2023: Process, Software, Amendments, and More
E-invoicing, a revolutionary digital transformation in the realm of tax compliance and accounting, has emerged as a game-changer for businesses in India. It represents a significant stride towards simplifying the tax ecosystem, reducing tax evasion, and enhancing transparency in financial transactions. The Indian government, in its quest to streamline the taxation process and curb tax […]
11 Methods of Budgeting for Effective Financial Planning and Growth
According to a 2021 survey by the National Foundation for Credit Counseling, 56% of the general population did not have a budget. While everyone struggles in the absence of budgeting, the survival rate of businesses can take a hit in the absence of the same. Why? Because lack of budgeting makes it hard for decision makers to […]
Role of Financial Analysis in Decision-Making for Small Businesses & Startups in India
Financial analysis plays a pivotal role in the success and growth of small businesses and startups. It enables these entities to make informed decisions, evaluate performance, manage risks, and plan for the future. However, conducting comprehensive financial analysis internally can be challenging for small businesses and startups due to limited resources and expertise. In such […]
Accounting for Manufacturing Businesses: Challenges and Opportunities in India
Accounting plays a pivotal role in any business, and manufacturing enterprises in India are no exception. Manufacturing businesses face unique challenges and opportunities when it comes to accounting practices. In this article, Finsmart Accounting – trusted globally for accounting and compliance services – explores the specific challenges faced by manufacturing businesses in India and highlights […]