Incremental Budgeting: Everything You Need to Know
In the last decade, incremental budgeting has emerged as a dynamic strategy that enables businesses to adapt to changing circumstances while maintaining financial stability. Today, we will delve deep to gain a broader perspective on financial planning. In this comprehensive guide, Finsmart Accounting – one of the leading accounts outsourcing services providers in India – […]
Dematerialisation of securities of Private Limited Companies
Recently, by way of a notification dated 27 October 2023 (Amendment), the Ministry of Corporate Affairs (MCA) amended the Companies (Prospectus and Allotment of Securities) Rules, 2014 (PAS Rules), inserting a new rule[1], to require every private company (other than small company and government company) (Private Company) to dematerialise all its securities, issue securities only […]
Auditing in Accounting: Here’s Everything Worth Knowing
In the world of accounting, where precision and transparency are paramount, auditing emerges as a critical process that ensures the accuracy and reliability of financial information. Auditing in accounting serves as a systematic examination of financial records, statements, and transactions to validate their integrity and compliance with established standards. It is not just a regulatory […]
Internal Controls and Accounting: Importance, Types and More
Imagine working in a bustling kitchen. Orders fly in, pans sizzling, and the aroma of delicious food fills the air. But what if there’s no one keeping track of ingredients? What if no one’s maintaining a hygiene check? Absolute CHAOS! That’s the importance of internal controls in accounting for businesses in India. The situation is […]
7 Common Accounts Payable Challenges + Solutions from Finsmart
The Accounts Payable (AP) department serves as the financial backbone of an organization, managing the crucial tasks of processing payments, maintaining vendor relationships, and ensuring financial accuracy. However, this integral function is not without its share of challenges. In this blog, Finsmart Accounting – an accounts outsourcing company – will delve into the intricacies of […]
Year End Tax Planning for Global Businesses: 10 Strategies and Tips
As the year calendar draws to close, a lot of businesses operating globally find themselves in a crucial juncture for strategic financial planning. Year-end tax planning strategies can significantly impact operations, allowing businesses to access the fiscal positions in front of competitors. Still, a lot of businesses operating on a global scale are not familiar […]
Accounting Software for MNCs: 5 Popular Recommendations
There is no dearth of accounting software that claim to support MNCs with core finance operations. However, it’s still hard for young multinational organizations to choose the right accounting software. Here are some questions that often trouble them: – What are the features to look into an MNC accounting software? – Which accounting software is […]
Payroll Data Security: 10 Must-Haves From Top Accounting Firms
Do you know the average cost of a data breach was $4.45 million in 2023? Everyday use of software, smart devices, and work technologies during business operations acts as a gateway for cyber attackers and increases the risk of data breaches. With the increasing number of data breaches and cyberattacks, securing payroll data has become […]
8 Tips to Choose Bookkeeping & Accounting Services for Small Businesses
For small businesses in India, every decision carries significant weight. Effective bookkeeping and accounting services form the bedrock upon which small businesses can build their financial stability, ensure compliance, and gain insights vital for growth. However, for many small business owners, navigating the space of financial management can be a daunting task. That’s why Finsmart […]
Paytm Compliance Fiasco: RBI Notice, Financial Issues, and Tips for Businesses
In the past week, a lot has been written about the Paytm-RBI issue, and the virtual bank’s compliance challenges. Since there’s a lot of noise around this case, we are here to break it down. On January 31st, the Reserve Bank of India ordered Paytm Payments Banks, a restricted bank and subsidiary of Paytm to […]