Author Archives: Aristotle Consultancy
In this competitive era of vast modernization, maintaining your existence in the business industry is a tough task. In every vertical whether it be services, education, legal or business; there is an arduous competition. Every organization is trying to step on its rivals to move ahead and stay at the curve. In this world of prodigious opportunities and complexities, business organizations are looking forward to establish new connections and are finding new ways for innovation.
Running thriving business these days has become a grinding and a frustrating experience. The good news is that it doesn’t have to be the same way now. With adequate advisory services at every step, running a successful business is turning to be a fruitful and exciting adventure. Excited, right? Well you’d be.
Before diving deeper let’s have a closer look to what advisory services are:
Advisory services are provided with the goal to support undertakings and overcome weakness in specific areas like finance, business, legal etc. A range of business advisors are bestowing best-in-class services to help organizations perform up to the ballpark and become a sovereign. Nowadays, start-ups are showing rapid growth in the industry, but the thing they lack is advisory service. Proper advisory services are required by every organization out there to leave a blemish on the audiences mind and the stakeholders too.
There are a plethora of advisory services like business advisory services, finance advisory services, legal advisory services, investment advisory services, corporate advisory services and much more.
Now that you’ve came across what advisory services are, you must be wondering about. Who business advisors are? So, we’ve got you covered!
What are business advisors?
Business Advisors are proficient and independent experts who use their old-hand techniques and practices to guide and support you in specific business verticals which make a huge difference to your business success.
Importance of Advisory services for your business:
Advisory services are the keys to unlock your success!
Are you aware where your business is going? Are you aware who your target customers are? If you said no, it’s high time. You should definitely look for advisory consultants in order to save your sinking boat.
These days it’s arduous to talk about accounting profession without incorporating the words “business advisory services”. Advisory services are a huge need for every business organization out there. No mater you are a corporate giant or a just born start-up, you need advisory services at every step towards your success.
We’ve listed up some major factors that show how advisory services can help your organization to perform next level.
• Advice on Financial aspects:
Financial aspects are the backbone of every business organization. Whether you want to invest in your previous infrastructure or looking to expand your venture, you need proper financial strategies to remain at the top. Some financial advisors are offering services like investment advisory services, accounting advisory services and numerous others.
• Increase the profit:
If your organization’s profits were good but are suddenly facing downfall, it’s good time to get assistance from business advisories. Business advisors will re-imagine your business structure and with their strong ideation they’ll help you to manage and re-organize strategies to thrust your business like never before.
• Structure and effective business plan:
Business Advisory services will help you to prevent some crucial mistakes that your company often makes while trying to expand its venture. Expanding your venture is a major decision. In some cases, the urge to increase profits forces business owners to take early decisions which in-return brings huge losses and destruction. A proper planning is indispensable before taking such huge steps.
• Identifying market growth:
For business possessors it can be very fruitful, when their business thrive and they’re able to expand their business. But they lack somehow in identifying the market growth. The rigorous pace of growing market is really volatile and business owners face difficulties to cope up with the changing needs and requirements. A reliable business advisory firm can help business organizations with formulated techniques and strategies to conquer the difficulties.
• Technology-driven Solutions:
Technologies are revolutionizing every sector with its fast pace of evolution. Some businesses fail to take the advantages of technology and start losing their customers to others, who are more technologically advanced. Business advisors not only help you to cope with financial difficulties but also muster you for technological advancements to again hold the grasp and rule the market.
Having a reliable advisory firm at your side is a plus point. There are several companies offering best-in-class financial advisory services in Delhi and other regions and you should definitely avail one to charge up your business.
The corporate environment is dynamic involving uncertainties and risks. These uncertainties and risks drive business organizations to take complicated decision to survive in the market. Since the primary goal of any organization is to improve its profitability and sustain in the long run. Hence, any business establishment cannot afford to ignore the importance of MIS.
What is MIS?
Management information system or MIS is a set of procedures that provides essential data and information to the management for making an informed decision. The Management information system involves:
- Collection of appropriate data from various reliable sources.
- Processing of such data to extract the relevant and useful information.
- Delivering this information to the respective department.
Why are MIS Reports so crucial for business decision-making?
MIS report of a company is prepared after proper analysis of current data and recent trend prevalent in the market. The primary purpose of MIS reporting system is to provide critical business information to the management for complex decision making. Since, it is essential for the administration to have reliable information related to the current market trend and relevant business data for making a quick and informed decision. Management information system report plays a crucial role in improving performance, productivity, and profitability of the organization.
Thus, MIS reporting system serves as a backbone of the company, and it helps the organization to stand firm against the competitors.
Advantages of MIS and reporting
1. Helps in managing data
MIS helps in maintaining and managing crucial business data for assisting in complex decision-making by the management. The critical information is stored in an organized manner, and it can be accessed by the administration quickly whenever required.
2. Analyses trends
Management needs to prepare forecasts for strategic planning and determine future goals. Thus, to create such a strategy, it is essential to have accurate reports on prevailing market trends. MIS uses various mathematical tools for analyzing the current market trend and predicting future trends based on such information.
3. Helps in strategic planning
MIS reports play a significant role in the strategic planning of the company. It helps in determining the future needs of the company and assists in formulating goals and strategy based on such information. Management information system report is also helpful in identifying resources required to meet the company’s objective. Thus, it is vital that the information provided by MIS and reporting is accurate and reliable.
4. Goal Setting
For any organization, setting up a goal is very crucial matter, and it requires lots of research and development. Since the information provided in MIS reports is based on current data analysis, hence it is considered suitable and material for determining the goal of an enterprise. Also, MIS reporting includes the current market trend analysis and prediction of the future trend. Thus, it is quite difficult for any company to neglect MIS and reporting.
5. Problems identification
MIS report provides information related to every aspect of activities taking place in the company. Hence, in case any problem arises in front of the management, MIS reports are quite helpful in identifying the source of the problem. Also, MIS and reporting are really useful in finding the solution to such an issue.
6. Increases efficiency
The relevant information provided by MIS and reporting is utilized in formulating goals and strategy of the company. Also, the performance of the business can be assessed with the help of MIS reports. Hence, MIS plays a vital role in increasing the efficiency of the company.
7. Comparison of Business Performance
The relevant business data and information of the company is stored and maintained in the MIS database. Since the MIS database can be accessed at any time; hence, the current performance of the firm can be compared with its previous year’s achievement to measure the organization’s growth.
How to prepare MIS reports?
MIS reports are very important for business decision-making thus it must be prepared with due care. Since an inaccurate MIS report can cause the business to suffer severely, therefore, the accuracy of the statement must be ensured. A firm can either hire staff for creating MIS reports or outsource the process.
Hiring staff for MIS and reporting is quite expensive for a company, and also, it does not ensure the accuracy of reports. It is better to outsource the process as the company will receive the services of experts at minimal costs as compared to hiring staff for MIS reporting. Also, outsourcing MIS reporting process is cost-effective and saves precious time of the management.
Today, India has evolved as one of the top outsourcing destinations in the world. According to a survey conducted by NASSCOM, India is among the leading outsourcing countries across the globe.
India’s growing popularity in outsourcing industry can be attributed to its highly talented human resource, finest quality services, cost-efficiency, and professionalism.
At present, India offers a wide range of outsourcing services in different industries such as IT, Accounts, Finance, etc. Today, the trend of accounts outsourcing to India is gaining momentum due to various factors such as access to the accounting experts at lower cost, top quality services, and an ideal time zone.
What is outsourcing?
Outsourcing refers to the business practice where companies hire other firms to perform their internal business activities on contractual basis at affordable costs. Companies prefer outsourcing its various business processes to cut down their overall cost and save time to focus on its core business activities. Services like finance and accounting outsourcing , payroll services , virtual cfo and many more are outsourced by Aristotle Consultancy.
There are various benefits of outsourcing such as:
India offers high-quality accounts outsourcing services at flexible prices as compared to other countries. By availing accounts outsourcing services from India, a company can reduce its cost significantly and save time to focus on its core business activity. Also, by saving time and money, companies are in the position to take risks for improving productivity.
The time zone of India is favorable for foreign countries since IST is 5:30 hours ahead of coordinated universal time (UTC). This time gap allows outsourcing services in India to deliver the project within the specified time limit. Thus, it accelerates normal working of a company which in turn improves productivity.
Infrastructure and technology performance
India has a well-developed infrastructure and facilities such as good cellular connectivity, latest technology, etc. These facilities enable outsourcing industry in India to provide services without any disruption. Also, the availability of advanced tools and technology ensures the standard quality of service
Although Indian accounts outsourcing firms offer its services at the affordable price range, the quality is never compromised. That is why outsourcing services in India are gaining popularity day by day. The accounts outsourcing companies employ highly skilled individuals to ensure that essential data of clients are treated with due care and accuracy.
Economy and political environment of India
The economics of India is stable, and along with it the political environment of the country is favorable for the growth in the outsourcing industry. The nation’s legal system is sound and supports trade and commerce activities. The taxation policy, specific reforms, and significant investment policies are the key factors that help in strengthening Indian economy. Therefore, the possibility of default by Indian outsourcing firm is fewer.
The accounts outsourcing firms in India are well-known for their professionalism and top quality service. Thus, clients need not worry about the performance, confidentiality, and quality while dealing with Indian outsourcing firms.
The top MNCs in the world prefer to avail outsourcing services in India. The primary reason for choosing Indian firm is good quality service, professionalism, confidentiality, and cost-effectiveness. Also, the time zone of India is favorable thus ensuring the delivery of service on time.
The Indian population is equivalent to approximately eighteen percent of total world’s population. Every year huge number of students in India completes their graduation. It means that country’s workforce is getting stronger and therefore India has the potential of offering high-quality service at flexible prices.
Large Pool of Talent Resources
The countries like US and UK prefer to hire Indian companies for outsourcing various business processes. The Indians are famous worldwide for their talent and hard work which makes them more desirable on a global level. Whether it is IT industry, Healthcare industry or Accounting and Finance industry, Indian talent has proved itself in every field. Thus, India has a large pool of talented individuals in every sector.
No Communication Barriers
The significant portion of India speaks English as compared to any other country in the world. Therefore, communication is not a barrier while dealing with Indian firms.
Accounting is considered as one of the most vital parts of the company that plays a crucial role in its day to day working. The recent technological development has transformed the traditional accounting industry to a significant extent. With the latest tools and techniques, accounting industry offers irrefutable solutions for the smooth working of an organization.
To be successful in the corporate world, it is essential to identify the emerging accounting trends and adapt it timely to stay one step ahead of the competitors. Let’s have a look at the favourite accounting trends of 2018.
The technological advancements have changed the way companies prepare their payroll. Today companies have the option to choose the best-suited payroll technology for their organization. Unlike the traditional payroll system, the latest payroll technology offers more flexibility, efficiency, and accuracy. Companies can go for:
• Cloud-based payroll technology
• Mobile Payroll technology
• Integrated systems
By using cloud-based payroll technology, a company can reduce its cost effectively as there will be no need to spend a penny on an in-house method for preparing payroll. For its innumerable benefits, cloud-based payroll is gaining popularity in the corporate world. Read more about Payroll Services.
Cloud-based accounting is one of the top emerging trends in the accounting industry. It offers better alternative solutions for various in-house functions. Also, it helps in reducing expenses of the company efficiently.
The significant benefits of using cloud-based accounting are:
• Accounts can be accessed and edited from any device whether it is smartphone, laptop or tablet; just connect the device to the internet.
• Latest Accounting tools are just one click away.
• Data can be accessed from anywhere, thus location will not be an issue while working.
• Crucial accounting data of the company is completely secured from various online and offline threats.
• It is cost-effective since the company need not spend a penny in installing an in-house accounting infrastructure.
Every company has to maintain lots of valuable data for the purpose of audit and taxation. It is essential that data is stored safely and securely so that it can be referred when required. Also, loss of data can hinder the process of legal compliance which can attract the penalty for non-compliance.
The technological advancement has enabled the companies to store such valuable data more securely. Now, businesses prefer network drives instead of traditional ways for storing the crucial data. Network drives offer security and easy access anytime anywhere.
Outsourcing of accounting and financial services is one of the top accounting trends of 2018. The trend of accounts outsourcing is growing day by day. Its growing fame can be ascribed to various advantages of accounting outsourcing services, such as:
• Companies can reduce the expenses since there will be no need for setting up a separate accounts department.
• By using the accounts outsourcing services, the company gets access to the team of experts at very reasonable cost.
• By utilizing the benefits of outsourcing services, companies get enough time to focus on core business activities.
• The risk of fraud is minimized as the professionals handle the accounts at accounts outsourcing services.
Outsourcing services is a desirable option available today, but before choosing the outsourcing service, companies must verify the reputation of a firm offering the service. It is essential to check the experience and reliability of the firm to avoid any possibility of fraud.
Automation tools are becoming favorite day by day, and one of the main reasons for its growing fame is that it saves a significant amount of time which otherwise would have been charged as overtime by the employees. Since manual data entry is a time-consuming task and the risk of inaccuracy is quite high. Thus automation tool saves time, money and effort of the business. These tools are handy in generating complex financial reports in few minutes, therefore; companies now prefer to use automation tools.
Personalized & Customized services
The trend of using personalized and customized services is also becoming popular among corporates. Companies creating accounting software are now providing customized accounting software based on the needs of the client. Thus, companies need not spend money on the features of the software they don’t require.
When it comes to hiring CFO for your organization, the first question that comes to the mind is whether you should hire an In-House CFO or a Virtual CFO?
Certainly, it depends on the size and requirement of your business. Therefore, it is important to assess the need of your business first and then decide whether you want to opt for a Virtual CFO or an In-House CFO.
What is a Virtual CFO?
Virtual CFO is outsourcing the service that provides financial assistance to an organization. As compared to an In-House CFO, it is more economical and equally efficient. Therefore, by opting for Virtual CFO Services, you can avail the services of highly skilled financial experts to improve your cash flow and profitability without spending too much.
Let’s have a look at the best features of Virtual CFO that makes it more favourable than an In-House CFO.
Virtual CFO offers flexibility according to your business requirements. They have a vast experience of working with multifarious organizations in various industries. Therefore, they are able to handle complicated financial challenges more efficiently.
In case of an In-house CFO, the ability to cope with financial issues is restricted to the knowledge of an individual. Thus, if your organization encounters with any complex financial issue, it will be a challenging task to get through it.
Virtual CFO Solutions act as catalysts for speeding up the productivity of your business. When a new employee is hired, normally they will take 4 to 6 months for understanding and adaptingthe work environment of the company. The productivity of company is nearly stagnant during such period.
Since the experts at Virtual CFO Services have diverse experience in the field of accounts and finance. They are competent enough in providing best solutions in reasonable time; thus, improving the overall productivity of your business.
A Virtual CFO can also assist in fact-based decision making. It’s a critical and complicated task for any organization to make a decision regarding investing and procuring funds. The outsourced CFO services have strong networks of key investors and experts in the industry which enables you to make an informed decision. Hence, it provides one with better options as compared to an In-House CFO.
Focussed Decision Making
A team of VCFO will weigh upon focusing on the core areas instead of indulging into day to day activity like an In house CFO. This ability of an outsourced CFO gives them an edge over the conventional in house CFO by facilitating better decision making, prompt problem solving and smooth implementation of processes ensuring better functioning of the organization.
Team Effort for Problem Solving
A Virtual CFO brings knowledge of a professional team;however,an In house CFO brings only individual experience. A team thus can provide myriad of solutions for a single problem, not limiting the scope of solving for the same which cannot be leveraged by having an in house CFO.
The services offered by Virtual CFO are less expensive as compared to an In-house CFO. Although bigger organizations are capable of affording In-House CFO, when it comes to start-up and small companies, they cannot afford to hire a full-time CFO. For smaller and mid-sized companies, utilizing the benefits of Virtual CFO Services is a much better option. By opting for outsourced CFO services, the companies can reduce its expenses considerably.
Standardized Reporting Format
The experts at Virtual CFO services have good exposure in the field of finance. They understand the importance of widely accepted reporting format thus; they bring reporting in a standard format. This, in turn, helps you in presenting tax reports in best way.