SBS Global

Outsourced Accounting, Finance & Compliance Services via Cloud Computing – The Future of Accounting & Finance Functions Preamble The rapid of globalization & advancement in technology which led to rise in internet-based applications, leading to the emergence of a new concept of virtual cloud-based accounting. Accounting which an essential component of the framework that sustains any enterprise’s activity. The article focuses on throwing light on the concept of virtual cloud computing, cloud accounting, the concept of outsourcing the accounting, finance & compliance service, its benefits & ongoing trend. Overview As most of Small & Medium Businesses are either trying to establish a finance department to meet the future needs of accounting, compliance & finance functions. It is clear that Cloud Computing is where the profession is heading; in fact, one can argue that it’s where the profession is!! Accounting & Finance function is a critical &a time-con

 As the old verse goes, “make new friends, but keep the old. One is silver while the other is gold”. It is well recognized that this applies to the business domain as well as it applies to the personal domain. And, Financial Accounting Outsourcing (FAO) industry is no exception. Perhaps, it is more relevant in such domains which are highly competitive and where the lifetime value of one single client can potentially have a significant influence on the value created by the organization. The continued changes that alter the business landscape time and again throw up new opportunities and pose new challenges alike. These have an impact on Client Relationship Management as well. Gone are the days when sending out greetings on festival days and important occasions, along with a customary annual dinner, were good enough to manage Client Relationships. Today, it's more of a partnership between the service provider and the client. And, therefore, the expectations, as well as the approach

 As an entrepreneur one will come across various challenges in managing a business, however, financial aspects top the list and rank most critical. One needs to pay utmost care and attention in carefully planning and monitoring aspects that affect the financial health of the business. There are steps to guide you in better management of your finances so you can see your dream to its end, without getting trapped in a financial mess. 1. Understand the Key parameters of your business: Just as we keep check on the vital parameters of our personal health, it is equally important to understand the key financial parameters of your business. Keep close watch and check on the revenue inflows and outflows to understand what is coming in and for what purpose it is spent. Though it is basic, it is very critical. Have a structured dashboard with the help of your CFO Services for regular review and understanding 2. Prudence in spending: Spending less than what you earn is the wisest action one can

Business organizations today are very vast and complex. If keeping track of their daily activities itself is a challenge, managing their daily activities is an even greater challenge. Numerous transactions happen, new clients are acquired, additional engagements with existing clients are commenced, contracts are renewed/terminated as well as payments are received and made, on a daily basis. A large number of employees – having diverse character, age experience, etc.- join; employees leave, take casual leaves and change roles every day. A reputed company cannot afford disruptions in its service or deterioration of its reputation because of the daily changes that take place within the organization. That is where Standard Operating Procedures (SOPs) come into play. SOPs are a set of procedures, relevant to an organization’s domain and composed by the organization itself. They guide the organization on how to carry out its complicated day-to-day activities and what to do in case of an emer