Managing Finances in Service-Oriented Businesses
Service-oriented businesses, whether they operate in the Knowledge Process Outsourcing (KPO), Business Process Outsourcing (BPO), software, consulting, marketing, travel, manpower services, or any other sector, face unique financial and accounting challenges, especially when the parent company is not based in India, but has a subsidiary there. As financial leaders who understand accounting and finance but […]
Financial Reporting Requirements in India: A Comprehensive Guide
Managing financial reporting for subsidiaries in India can be a challenging task for global finance leaders. With its complex regulatory environment, dynamic laws, and detailed compliance requirements, India demands a nuanced approach to financial reporting. Global VPs of Finance, especially those managing Indian subsidiaries, must navigate a regulatory maze while ensuring accuracy, transparency, and timely […]
The Financial Impact of Neglecting Regular Accounting Clean-Up
In accounting, there can be several bottlenecks. But nothing compares to the state of a business when you have bad books. Inaccuracy, incompletion, and disorganization in financial practices are the leading symptoms of bad books. This is not just bad for the audit times, it also impacts strategic decision-making and regulatory compliance. Bookkeeping is daunting, […]
The Impact Of AI On Financial Reporting
In modern accounting and business processes, financial reporting holds a high ground. With the increasing importance of data, it has become fundamental in analyzing the broader picture of the current financial status of a business. The accuracy of the financial reports is important as they influence investment decisions, credit assessments, and regulatory compliance. While this […]
Healthcare Accounting: How to Works, Differs, and Expert Industry Tips
Healthcare accounting covers the accounting, financial management, and reporting practices specific to the healthcare industry. It involves managing revenue, expenses, and compliance with a complex regulatory environment. Since it becomes hard for young accountants and internal teams to manage accounts properly due to limited knowledge and guidance, Finsmart Accounting, the leading team of outsourced accountants […]
E-Commerce Accounting: How it Works, Differs, and Expert Industry Tips
According to Statista, global online sales reached a whopping 5.8 trillion US dollars in 2023. This number is expected to surge by 39% in just a few years. While more and more businesses in India are setting up shops online, there’s a crucial aspect that’s often not talked about much. It can’t simply be ignored […]
Outsourced Accounting for Government Contractors: 8 Insights and Strategies
In the world of government contracting, there are countless rules and compliance requirements. You have to navigate a complex maze of accounting for government contractors. Government contracting, indeed, has a complex landscape where finances should be accurately managed to meet regulatory standards while supporting operational goals. Outsourcing accounting services can offer a strategic advantage for […]
Accounting in Education: How it Works, Differs, and Expert Industry Tips
Education as an industry has never been flourishing as much as it is now. From bustling schools to booming universities, knowledge has become a major growth industry globally. But just like any successful business, even educational institutions need to keep a watchful eye on their finances. That’s where education accounting comes in! You might be […]
10 CFO Skills to Confirm Before Making a Hiring Call
Bringing diverse financial expertise, strategic thinking, leadership abilities, and effective communication skills are some of the key aspects that make a CFO great. These are key to driving the financial success of an organization. But there is more to it. Since Chief Financial Officers are critical for growth, it is important to make sure they […]
8 Common Financial Mistakes And Money Errors Made by Startups
Most startups face a lot of financial management challenges in their journey to success. While staying attuned to market dynamics, and embracing sound financial principles help startups enhance their chances of achieving long-term success, very few can dodge common financial mistakes. In this blog, Finsmart Accounting – one of the leading accounts outsourcing services providers […]