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 […]
Financial Year-End Checklist to Close Books Right in 2024
As the Financial Year 2023-24 is about to end, it calls for certain checkpoints that each business shall ensure before they close their books. We have listed below points to ensure accountants and management are on top of the year end checklist and the same have been listed below for your perusal. In this blog, […]
Accounting Firm for MNCs: What to Expect and More
Managing accounting can be a daunting task for MNCs operating in India. Given they have numerous responsibilities on their plate, they often find themselves struggling with this crucial function. And we all know what happens if accounting oopsies occur. Errors, penalties, and unforeseen challenges! So, what’s the solution? *Enter the concept of hiring outsourced accounting […]
FASB Accounting: Everything You Need to Know
The sea of accounting and financial management is endless. Every day, MNCs in India while navigating their business ship come across a plethora of accounting terms and regulations. However, one term that has spared heightened curiosity in many is FASB accounting. Questions around this have arisen a lot: – What is FASB accounting? – What […]
Outsourced Restaurant Accounting: Benefits, Hiring Tips, and More
Success of a restaurant hinges on more than just the quality of the food and service. The tracking of revenue, expenses, payroll, taxes, and endless accounting paperwork becomes a daunting task for restaurant managers while simultaneously striving to provide an exceptional dining experience. This is where Finsmart’s outsourced accounting services can prove to be a […]
ESG Accounting: Everything You Need to Know
Environmental, Social, and Governance (ESG) accounting has emerged as a critical framework within the realm of corporate responsibility, reshaping the landscape of financial reporting. As businesses increasingly recognize the profound impact of their operations on the planet, society, and corporate governance, the integration of ESG considerations into accounting practices has become imperative. That’s why Finsmart […]
Month-End Closing Guide for Businesses: Accounting Procedures To Follow
At the end of every month, businesses in India find themselves at a crucial juncture. It’s the time when they have to replenish essential supplies, assess performance, and most importantly, close the accounting books. Month-end closing is not just a routine; it’s a strategic move that can’t be overlooked. Picture this: Imagine you’re running a […]
How to Analyse Income Statement: Tips and Recommendations
In the intricate world of finance, mastering the art of interpreting financial statements is a crucial skill for investors, analysts, and business leaders alike. Among the trio of financial statements (including the balance sheet and cash flow statement), the income statement is a dynamic snapshot of a company’s performance over a specific period. Analyzing this […]
Best Multi-Entity Accounting Software for 2024
As businesses navigate an increasingly competitive and globalized market, the right multi-entity accounting software becomes a strategic asset, providing the financial infrastructure necessary for sustained growth, compliance, and operational efficiency. That’s why Finsmart Accounting – one of the leading accounts outsourcing services providers in India – decided to delve into the unique capabilities of the […]
Rental Property Accounting & Bookkeeping: Meaning, Importance, and Best Practices
Accounting, for rental properties, works very differently from other industries. For real estate entrepreneurs, following the standard accounting rules and practices can translate into missed deductions, compliance issues, and even financial instability. Finsmart – trusted for finance and accounting outsourcing – is here to demystify everything about rental property accounting /bookkeeping and explore all crucial […]