SBS Global

  Background During 2019 and 2020, as many as 29 labour laws amalgamated, simplified, rationalized into 4 labour codes as below: The code on Wages 2019 The Industrial Relations Code 2020 The code on Social Security 2020 The 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 alter the way industrial houses treat their employees and also impact the working hours, take home salary and other rights of employees. Once the wages code comes into force, there will be significant changes in terms of salary restricting, basic pay, provident fund, gratuity of employees are calculated. A key change is that it would impact take-home pay, but increase retirement savings—something that a section employers are opposed to as it may increase their employee costs. As...

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, Outsourced Accounting Services in India ,  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 down some of the best accounting practices for small business owners to follow. 1. Separate Business and Personal Expenses Most common mistake by an early stage business owner is spending business expenses from personal account. This makes it very difficult to track the money spent on business and evaluate cash flow and profitability of the business. A separate bank account should be opened and inflow and outflow of money should be routed through such account. Advantages of separating business and...

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 CFO s are commonly hired to provide a financial perspective to business owners as they are aware of business drivers, dangers and best practices to help management to grow business to the next level. 1. Cash Flow Management This is the single most important hurdle for most companies who are likely to run short on cash for next round of funding as business is not stable but opportunities are plenty. The virtual CFO will help in limiting expenditures, budgeting costs, ensuring money in the bank and allocate funds according to business needs. cash flow management 2. Creating An Efficient Infrastructure Creat...

5 Things to Look for Before Outsourcing Once you decided to outsource, the next step should be to choose an outsourcing company that will be a great fit with your goals and objectives, but most importantly, would be able to match your needs and requirements. We believe, that when outsourced bookkeeping services in India  and accounting services, the service providers’ experience, quality of resources, and track record must be the top priority. However, a few more essential factors must be considered, as well. 1. What Accounting and Bookkeeping Services do you Need? Is it to prepare the end of the month reports, balance sheet, payroll services, tax compliance, or taking care of your account payables and receivables? You may need someone to prepare your bank reconciliations and analysis or just enter the data into the accounting software? Whatever it would be, you need to be clear on what you will do personally, what’s your in-house staff is responsible for and what you want someone ...

  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 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 up with the modern age technology. A business that wants to operate economically and efficiently in the tech world needs to transit to a paperless operation. The methodology is to adopt best Document Management tool to support the activity. Document Management system for any organization should prioritize features such as index and search, optical character recognition (OCR), enhanced security measures for access, data back-up, document trail, and email management so that ...

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...