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 […]
6 Accounting and Corporate Frauds Everyone Should Watch Out For
Over the past decades, numerous high-profile scandals have sent shockwaves through the global economy, eroding investor trust, and exposing vulnerabilities within regulatory frameworks. While big accounting frauds are widely talked about, accounting frauds and corporate deceits of small degree often go unchecked. That’s why Finsmart Accounting – one of the leading accounting outsourcing companies in […]
7 Emerging Trends in Accounting and Bookkeeping: 2023 List
Over the last couple of decades, accounting practices have evolved a lot to meet client expectations and business needs. New bookkeeping challenges, industry trends, and technology advancements have also revolutionised the way we manage business books. The pandemic accelerated the adoption of technology in accounting and bookkeeping in its own right. In short, many accounting […]
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 […]
7 Accounting KPIs for Measuring Financial Success
In the world of finance, measuring accounting success is of major importance for businesses and new accountants alike. However, many are unaware of specific Key Performance Indicators (KPIs) that can significantly aid in this endeavour. Finsmart – trusted globally for outsourced accounting services – believes that understanding and utilizing these metrics can pave the way for better […]
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 […]
Cloud-Based Accounting: Empowering Indian Businesses with Seamless Financial Management
In today’s digital age, cloud-based accounting has emerged as a powerful tool for Indian businesses, providing them with seamless financial management capabilities. With the rapid advancements in technology, cloud-based accounting solutions like Zoho and Tally have revolutionized the way businesses handle their financial operations. This article by Finsmart Accounting – trusted in India for outsourced […]
Navigating Outsourcing Accounts Payable and Receivable – Checklist for Businesses
Outsourcing accounts receivable and accounts payable services has become a popular trend among businesses in India. By outsourcing these services to a third-party provider, businesses can focus on their core competencies and free up their internal resources. Outsourcing AR/AP services also helps businesses reduce costs, increase efficiency, and improve cash flow management. In addition, outsourcing […]
Accounting for Inventory: A Guide for Small and Medium Businesses in India
Inventory is a critical component of many small businesses in India. Whether you are a retailer, manufacturer, or distributor, inventory is likely to be one of your most significant assets. As such, accounting for inventory is a crucial aspect of financial management for small businesses in India. According to a report by the Federation of […]
Accounting for Service-Based Businesses: Key Considerations
From the Indian government’s perspective, service-based companies refer to businesses that provide services as their primary source of revenue. This can include a wide range of industries such as IT services, consulting, healthcare, hospitality, education, salon, and more. The government has recognized the importance of service-based industries in driving economic growth and has implemented policies […]