By now almost everyone is aware or at least heard the term of MIS reports. These are basically reports from the Management Information System that gives you the essential information with respect to the functioning of your firm which assists you in making an informed decision. MIS reports have...
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Accounts Receivable of any firm is basically when you do things on credit. Many firms have this practice with old and trusted clients and credit is given based on trust in the professional relationship. However, for a start-up or a growing business, this area may become problematic if the...
Account outsourcing is picking up pace in the markets as companies prefer to have an outside firm managing their accounts, which grants them various benefits as compared to an in-house accounting department! This type of operation is not only an efficient way to manage the accounts but it is...
A capable accounting department is very essential for any business; be it a startup or an established firm. However, like we have discussed in our previous blogs, startups usually prefer to outsource their accounts to accounting firms for various reasons So how do you determine if it is the...
The month-end closing process is one task that is dreaded by almost every person in the accounting department. Several processes are involved like depreciating fixed assets, reconciling inventory discrepancies, settling work in progress material, posting billing documents and payroll. This process can be a tedious one. But there are...
When we talk about accounting, in a broader sense, it involves a spectrum of varied aspects. It is basically a process of summarizing, interpreting and communicating the financial transactions that are recorded in the Books of Accounts. Bookkeeping is a part of this vast umbrella of accounting. There are...
Accounts outsourcing is a very common practice in the accounting world. Many small firms and mid-sized companies opt for this option to the ease their operations and isolation from the normal business chores. It is however understandable that submitting the accounts of your business isn’t an easy decision. To...
Tax season comes only once in a year, but it is a big deal for every business owner. Many companies leave it to the last minute and this procrastination costs a lot because books closed in a haste tend to have errors; both procedural and regulation wise. Every year,...
Outsourcing has become a popular trend in this hectic lifestyle, and it is a win-win situation for everyone who is involved in it. It allows CPAs a little extra time if someone else is taking care of their routine work. Accounts outsourcing has been a looming industry in India....
Start-ups in India have been the key in attracting foreign investment into the country. However, everyone is aware about the difficulties that the start-ups face due to red-tapes and other hurdles. The Indian economy has never been nourishing enough for start-ups. Strict scrutiny, documentation and operational costs along with...