SBS Global

  Direct Taxes Partial relaxation with respect to electronic submission of Form lOF by select category of taxpayers in accordance with the DGIT (Systems) Notification №3 Of 2022. Reference is invited to Notification №03/2022 dated 16th July 2022 issued by Directorate of Income Tax (Systems) New Delhi in the exercise of powers conferred under Rule 131(1)/(2) of the Income-tax Rules mandating, inter alia, furnishing of Form 10F electronically. On consideration of the practical challenge being faced by non-resident (NR) taxpayers not having PAN in making compliance as per the above notification, and with a view to mitigate genuine hardship to such taxpayers, it has been decided by the Competent Authority that such category of Nonresident taxpayers who are not having PAN and not required to have PAN as per relevant provisions of the Income-tax Act,1961 read with Income-tax Rules, 1962, are exempted from mandatory electronic fil ing of Form lOF till 31’t March 2023. For the sake of clar...

  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. Cash Management Simply put, collect receivable in advance or on time and settle payables on longer credit terms gives enough room to manage funds. Usual tools include adherence to cash-to-cash conversion cycle, extend credit terms to customers, establishing clear payment terms, invoicing effectively, offering discounts for early payment are means to maximize liquidity. 2. Budgeting Technique Every business has their share of Fixed, Variable, One-time costs that must be captured on a budget. Develop and stick to a flexible budget. This will help management to plan for f...

The New CFO Mandate: Reshaping a new finance function for the post-pandemic new 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 the economic boom, new normal and need to manage the transition to a world reshaped by trends like hybrid work and digital transformation. According to the latest McKinsey Global Survey on the role of the CFO,1 finance leaders are deeply involved in determining how businesses adapt to these trends — particularly in those places where digital and finance intersect. The new mandate will include the following main thrust which a CFO/ Virtual CFO may have t...

Technology is synonymous with development and modernizing the business landscape. Even in the pandemic state, Technology growth helps to transforms systems and processes, converting manual tasks into automated functions to operate businesses more efficiently and effectively. Latest accounting trends mainly revolve around this growth of automation and high-tech systems covering various accounting process that are being automated like approval workflows, bank reconciliation, journal entries, inter-company consolidation, revenue recognition, lease accounting and depreciation. The financial accounting trends are not just about processes, digital transformation, and standards but also about the people in it. In 2021, the attention turned towards a greater focus on the hopes and aspirations of those in the industry affected by pandemic and concern for talent retention. Accounting is undergoing significant change as we move forward. We summarize below the various financial accounting trends ...

Every organization is it a Large Corporation or a Start-Up or a Mid-Size requires a Chief Financial Officer (CFO). Most small & mid-sized organizations hire a Controller & NOT a CFO & mostly are unaware of the services carried out by a CFO & the different skill sets required to carry out the CFO Services . One of the more popular facts is that 90% of the Start-Ups fail, out of 10% businesses that survive, fewer than 50% of these businesses make it their fifth year & further only 33% of them make it to their tenth year & another interesting fact to note is 40% of failure is due to Cash Flow Problems. Thus one of the main problems keeping the business from growing into a profitable venture is FINANCIAL MANAGEMENT & a typical Controller would not be completely equipped for financial management functions & thereby putting the Organization at huge Risk. A Controller is highly skilled to tackle your book-keeping & establishing Internal Controls & compl...

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 ...