Payroll Fraud Prevention: Best Practices for MNCs
Payroll fraud is a growing concern for multinational companies (MNCs) in India. According to a 2023 study by the Association of Certified Fraud Examiners (ACFE), payroll fraud accounts for 8.6% of total fraud cases in large corporations globally, with the average duration of such fraud lasting around 24 months before detection. In India, where large […]
Decoding Payroll Management: Revealing Key Priorities for MNCs’ Success
Payroll management is a critical function for any organization, but for multinational corporations (MNCs) operating in India, it presents unique challenges. The complexity of the Indian payroll system, coupled with the diverse regulatory landscape and the scale at which MNCs operate, necessitates a strategic approach to payroll management. In this blog, we will explore the […]
Accounting Outsourcing vs. Local CA: What to Consider for MNCs
In the rapidly evolving business landscape of India, multinational corporations (MNCs) face significant challenges in managing their accounting and financial processes. With the increasing complexity of regulations, the need for accuracy, and the demand for real-time financial insights, MNCs must choose the best approach to handle their accounting needs. The two primary options available are […]
The Strategic Boon of Contract Staffing Agencies in Payroll Management
Payroll management remains a critical challenge for businesses worldwide, with complexities spanning wage calculations, tax withholdings, and compliance with diverse employment laws. As companies navigate through fluctuations in workforce size to meet market demands, these variables often transform payroll into a daunting administrative burden, consuming both time and resources. According to recent statistics, nearly 40% […]
Transitioning Your Accounting and Payroll Systems: An Essential Guide
In India, many businesses still rely on outdated accounting and payroll systems. A recent survey found that nearly 70% of small and medium enterprises (SMEs) use manual processes or antiquated software for their financial operations. These outdated methods can lead to numerous challenges, including data entry errors, compliance issues, and inefficiencies that ultimately affect […]
Top Accounting Challenges Small Businesses Face
According to a study by [APS], a staggering 82% of small businesses in India consider accounting a major challenge. This isn’t surprising – juggling finances, keeping accurate records, and complying with tax regulations can be a daunting task for any entrepreneur. But fear not! By understanding the common accounting pitfalls, you can equip yourself with […]
Overcoming The 10 Biggest Payroll Challenges In 2024 In India
In today’s dynamic business environment, these challenges have become even more complex, driven by evolving regulations, technological advancements, and the ever-changing workforce landscape. Accounting firms, entrusted with ensuring accurate and timely payroll processing for their clients, are at the forefront of tackling these hurdles. Statistics reveal the gravity of the situation: 73% of businesses experience […]
10 Common Accounting Errors in India and How to Avoid Them !
Accurate accounting is the backbone of a successful business. However, even the most diligent entrepreneurs can fall victim to common accounting errors that can impact their financial health and decision-making. Most CEOs are starting and leading businesses without the financial expertise that formal training in bookkeeping, accounting, and financial management provides. As a result, leaders […]
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 […]