September 19, 2017

GST Digitization need For SME

September 19, 2017

Benefits of Outsourcing Bookkeeping & Accounting services

For a business to be successful, it is crucial that it has a proper bookkeeping and accounting system in place, Business owners can hire the services of professionals in order to stay peaceful and focus on other business operations. Well, What is Bookkeeping? The process of recording financial data of a company or an organization is known as bookkeeping. The process involves observing and maintaining the books and records of a business enterprise. It covers transactions such as purchase, sales, income and payments. Therefore bookkeeping and accounting services are considered essential functions of businesses. Only a proper system in place can assure that financial operations are on track and managed within company, it also helps to take significant financial decisions. It is not always easy for business owners to find time and maintain accounting and bookkeeping records amidst their busy schedule regardless of whether their business is large, medium or small scale. But as per law it is mandatory that companies keep proper records of their accounts in order to play safe and get some […]
September 19, 2017

Process Consulting: Where should process consulting stop?

While doing process consulting, key question arises where should we stop, do we need to stop our work at documentation of Standard Operating Procedures (SOP) or should we travel the distance till the implementation of these SOPs with customer? Is there any right approach to decide on this? I also ask myself that, whether my customer is realizing the value in getting a world class SOP documented for their organization or do they need support in realizing the value of SOP through appropriate & timely implementation of SOP. I have seen so many Consulting firms talking about approach & methodology of doing process consulting, but have never seen any consulting firm trying to highlight the real risk of business in terms of ensuring implementation of solutions provided by process design or SOP. A mid-sized firm who plans to go for SOP development because of broader vision of senior management, always faces a challenge, that they get most comprehensive documents defining, process, Roles & Responsibilities, Review Mechanism and MIS by some of the firms and yet […]
September 19, 2017

Attention: Director, CFO’s and Auditors – Are you aware that you need IFC defined and operating effectively.

Are you ready to be complied for IFC or ICOFR for 2015-16 which has been declared mandatory as per the amendments from Companies Act 2013 by 31st March 2016?? Where as per section 134 Board of Directors Responsibility states that directors, have laid down IFC to be followed by company and that such controls are adequate and operating effectively. As per Section 143: The auditor’s report should also state whether company has adequate IFC system in place and operating effectiveness of such controls What is IFC or ICOFR/IFCFR? As per Companies Act 2013, the term Internal Financial Control (IFC) (for listed companies) and ICOFR / IFCFR (for Unlisted companies) has been defined as per policy & procedures adopted by the companies to ensure orderly & efficient conduct of its business, including adherence to company’s policies, safeguarding of its assets, prevention & detection of fraud and error, accuracy and completeness of accounting records, and the timely preparation reliable financial information How outcome can help, Outcome has designed a Rapid Program for Assessment, Implementation, Documentation & Review […]
September 19, 2017

Can a company outsource the Risk Function ?

Changes and reforms in the Governance and Compliance norms have made stringent requirements related to good internal governance and control, stand out in particular – place higher demands on both management and control functions of companies. Managing risk efficiently and effectively can be a determining factor in the overall success of any organization. Most of the company tries to develop a risk management plan on their own and some outsource this function. Outsourcing risk management function is not a new concept globally, but the scenario is new for Indian organizations. However, contracting out risk does not guarantee an organization’s success at all but yes; there are greater chances of success. Reason being, the program is designed, developed, implemented and reviewed by risk management professionals and therefore, can improve the quality of your overall Enterprise level and Operational risks. Outsourcing of risk function may or may not be necessary. There are several factors influencing this decision including Nature of company’s business Types of risk/li> Company’s current financial position/li> Compliance norms in the country &/li> In-house knowledge/ […]
September 19, 2017

Behind-the-scenes challenges e-commerce companies face

Everyone is running to either open an e-commerce company or work with one! But little is known of the pain a large e-commerce company faces. While most of us see bright images and the big discounts of e-commerce, there are only a few who know the challenges these companies regularly run into behind the scenes. There are a number of challenges keeping prospects away from exploring what could otherwise be the most attractive market in the globe. The following can be e-commerce companies’ external challenges: Product and Market Strategy Customer/Digital Experience Payments and transactions Fulfilment But, in this article we will focus on internal challenges faced by these companies, which impact their overall business prospects. Some of them are: Compliance framework: Compliance framework and adherence of local laws is the most basic need of any business. Many e-commerce companies are funded and governed by global laws of tracking compliance. Some of the key areas to look for are: Whether the company has defined processes with identified risks and controls and how these controls are tested. […]
September 19, 2017

ERP laga to liyaa par Maja Nahee Ayaa

Have you ever heard this statement, Yes I’m sure you have heard this infamous statement from your friends in the Industry. The statement is supported by various surveys which suggest that globally 56% of all ERP Implementations fail to meet management expectations, and the figure is close to 70% in India. So the numbers put their weight behind the statement as well, but the real question for me is, how do we define the success and failure? What do we mean by management expectations? Does it mean that the technology used for ERP is not good, or does it simply implies that the screen do not look great? are we doubting the basic calculation and reporting generated from the ERP? For majority of the implementations, its turns out to be that management were expecting moon(or were sold one), but they abruptly landed on earth and that to exactly the same place, along with another crying baby on their laps! Does this sounds familiar ? If it does, then spare me 3 more minutes, I will […]
August 9, 2017

Just another “paper compliance” – Will IFC spirit die in coming years?

One of the key thought regarding future of Internal Financial control (IFC), which is teasing most of lawmakers is the way IFC is shaping up in India. Most of company have taken it as an item in the checklist for year-end books closure, even as per industry experts large number of companies who have implemented IFC, have actually started implementing post 31st March 2016, whereas as per law it has to be implemented and tested before that date. While year 1 was when most of companies having awareness about IFC reacted to its existence, but the prospect in coming years is looking bleak. Year 2: historically for companies for following internal control requirements, this is the year when companies choose internal control activity as real value adding activity or just a compliance paper work. But, looking at scenario in India, very few companies are looking IFC as a value adding activity and there are more chances of it being followed as just a paper work activity than adding value.  This year just few samples will […]