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New Wage Code And its Impact

New wage code and its impact

New Wage Code And its Impact Background During 2019 and 2020, as many as 29 labour laws amalgamated, simplified, rationalized into 4 labour codes as below: The code on Wages 2019The Industrial Relations Code 2020The code on Social Security 2020The Occupancy Safety, Health and Working Conditions Code 2020 These four codes are likely to be implemented soon as around 23 states have already come out with draft rules (as Labour is Concurrent subject) How New Labour Code Impact Employees? The four codes, if implemented, will drastically

Best Accounting Practices for Small Businesses

Best Accounting Practices for Small Businesses

Best Accounting Practices for Small Businesses Starting a business and managing it is very challenging. Small businesses at their nascent stage have a host of issues to manage. There are several aspects you as a business entrepreneur need to pay extra attention to, Accounting is one of those key aspects to take into consideration while growing your business. Accounting for small businesses requires extra attention as in case of any mistake, the small-scale firms have to bear heavy losses. We have listed

Benefits of Demat of Shares

Benefits of Demat of Shares

Benefits of Demat of Private Company Shares Dematerialization (also known as Demat) is the conversion of shares held in physical form to electronic form for the same number of holdings. It enables the shareholder to get its physical certificates converted into electronic balances. Below are the benefits of demat of private company shares. 1. Safety and Security – Elimination of Loss or Theft of Shares The most important advantage of a Demat of physical shares is the safety and security that it offers.

Benefits of Outsourced Accounting and Bookkeeping Services

Benefits of outsourced accounting and bookkeeping services

Benefits of Outsourced Accounting and Bookkeeping Services Many small businesses, start-ups, and entrepreneurs find it challenging to hire an accountant. Especially with the right skills to prepare outgoing invoices, manage bank account operations, prepare company’s financial statements, review & analyze financial data. It is even more challenging to find a qualified and competent person at an affordable rate. More than 1/3rd of small businesses are outsourcing their accounting. Most small companies that outsourced accounting were not efficiently doing the accounting on their

Why Outsource Financial Accounting Services?

Why Outsource Financial Accounting Services

Why Outsource Financial Accounting Services? Engaging services of Outsource Business Accounting Partner would provide requisite financial reports timely for effective business decision making apart from improving operational efficiencies, establishing best practices and support system for strengthening corporate governance. The following major advantages identified by various research organizations when the decision is arrived with necessary due diligence includes: 1. Focus on Business Strategy and Operational Excellence By outsourcing accounting operations, available additional time of organization can be better spent on business strategy and Operational

How Virtual CFO Services Solve Financial Challenges for Small Scale Companies?

Virtual CFO Services Solve Financial Challenges

How Virtual CFO Services Solve Financial Challenges For Small Scale Companies? The journey of every small business in the first five years is generally saddled by effective funds management. Put simply, not enough money is seen coming in to pay employees or cover other expenses. The financial challenges of running a small business can quickly escalate and soon become the reason for closure. We list few of the financial challenges that businesses face and how to overcome them: 1.

What to Look When Engaging With A Virtual CFO?

engaging with virtual cfo

What to Look When Engaging With A Virtual CFO? All growing businesses have financial challenges that cannot be addressed by Accountant or expensive CFO. Most Start-ups or SME fall behind in the first thirty-six months of operation due to financial incompetence. The importance of accurate book-keeping, maintaining budgets, tracking profits and loss, and managing your cash flow could determine the survival of your business. Virtual CFOs are commonly hired to provide a financial perspective to business owners as

Expanding Role of CFO

Expanding role of cfo

Expanding Role of CFO Today’s CFO are digital enablers and strategic partners to the business. The role is ever evolving to reflect how business and people get their work done when finance & digital world intersects each other, in modern times, on the backdrop of social & environmental issues, regulatory compliances and the accelerated adoption of technology. The major pointers on new role of CFO that we come across are: The CFO relationships is now global and often virtual. All decisions are now

PAPERLESS FINANCIAL ACCOUNTING

Paperless Accounting

PAPERLESS FINANCIAL ACCOUNTING The advent of technology has revolutionized businesses and has done away with paperwork in offices. A lot of space has been saved as files are now stored in electronic gadgets and virtual storage. Paperless accounting involves transaction processing that is entirely electronic, with almost no paper involved in any business process. The intent is to streamline processes, reduce transaction error rates, and eliminate document storage. Every business, from small scale to large scale companies are going paperless to keep

The New CFO Mandate: Reshaping a new finance function for the post-pandemic new normal

New CFO Mandate

The New CFO Mandate: Reshaping a new finance function for the post-pandemic new normal The pandemic-driven upheavals have caused several broader disruptions in the business world with human-stress and economic-turmoil having the largest impact on the CFO fraternity. In the fall-out, CFO have lost jobs, taken early retirement or started looking for alternate opportunities. The business world is now evolving a new mandate for CFO with the background of persistent worries about the pandemic, economic recovery & anxiety about the durability of