SBS Global

  Why Business Owners Should Outsource Bookkeeping And Accounting Services? Introduction to Outsourced Bookkeeping & Accounting Services If you’re a business owner, you know that time is money. You also know that being organized and efficient can make all the difference when it comes to running your business. That’s why it’s important for bookkeeping and accounting services to be outsourced. Here are some reasons why: 1. Outsourcing is an Effective Strategy Outsourcing your bookkeeping and accounting services is an effective strategy for business owners. The main reason for this is that it can help you to focus on your core business, instead of being distracted by the day-to-day operation and management of your finances. Outsourcing also allows you access to real-time data which is essential in order for you to manage cash flow effectively. Without accurate financials, it’s impossible for business owners to make informed decisions about their operations and growth potentials. 2...

An Accounting Dashboard (AD) is a powerful digital tool for business intelligence on accounting data. The best Accounting Dashboards let accounting and finance professionals save time by tracking key KPIs, reducing massive, real-time data down to vital insights at a glance, and customizing reports for an instant, robust financial understanding. With the right Accounting Dashboards in place, the Finance Manager can see revenue, costs, profit, loss, and many other guiding stars laid out at the fingertips that will help to make accurate decisions for times ahead as well as to change course promptly, if need be. The right dashboards will give the team the power to spot trends, opportunities, and growing problems and effortlessly visualize large datasets. With easy-to-parse graphical representations, the team can deliver crisp, concise C-suite presentations, and quickly analyze business performance, operational statistics, and key metrics with minimal effort. These 5 steps must be followed ...

  All businesses must adopt efficient expense tracking and reporting system to bring financial discipline across the management team. As the business volume surges with growth, streamlining and improving the process of collecting and organizing receipts, invoices & other supporting documents becomes a constant challenge. The need for management for handling large volumes of expenses to create accurate and easy-to-read reports, verify and approve reports, and then add results to make settlement of expenses does become time-consuming. Today, businesses are fortunate to have cloud-based solutions, which are not very expensive, and are capable of handling expense tracking and reporting, controlling employee business expenses with ease and less tiresome. Use of mobile apps and smartphones to scan and photograph receipts, quick and easy methods for organizing and submitting expense reports online for timely settlement all help to enhance a uniform and transparent work culture. Any Ex...

  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 ...