An Employee Self Service Module(ESSM) is a common Human Resource practice that firms use to increase the transparency/efficiency of the employees with respect to payroll related questions, holidays and other issues. For the management of any company, answering these frequent questions of employees can be a time consuming task...
Read More
Being a new entrepreneur is a very exciting feeling! A lot many times this very exciting feeling drives our decisions and we end up making not so clever decisions! Money is an asset that is limited with the new entrepreneurs, the money rotation in the new business grows slowly,...
Payroll processing is one of the most important processes. It is the most exhausting time for the HRs and the most anxious for employees as it decides how much they will finally get at the end of the month! So, there is no room for even a tiny error...
Taxation is one of the most integral parts of any business. But paying tax does not always go hand in hand with your finance. For a small business, tax amounts can always be a little scary as you are paying it out of your business income! And let us...
Funding is when money is provided for a particular purpose. With firms it is the same, when money is poured into the firm by an outside source, the firm is said to be fundraising. There are various types of fundraisings like angel funding, venture capitalists, crowdfunding etc As a...
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...
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...