Why do small business failures occur? In their first five years, most small businesses fail to enter the market, and their bankruptcy is the leading cause of their failure. Small business managers without much experience lack a sense of direction, and their inexperience causes the company’s poor planning, which pushes it into insolvency. All small…
The Indian financial reporting process is about to revolutionize thanks to the new Ind AS standard. The Indian Accounting Standards (Ind AS) are a set of accounting principles and standards developed by (ICAI) the Institute of Chartered Accountants of India to bring Indian accounting practices in line with global standards. This new standard is anticipated…
Are you feeling overwhelmed by your financial situation? Do you want to take a more active approach to managing your money but need help knowing where to start? Financial planning and analysis could assist you to achieve your financial goals and gain greater control over your finances. Financial planning and analysis (FP&A) are critical for…
When starting up your own business, you’re the owner, accountant, and chief financial officer. Once your business grows to the point where you have employees, it can take time to keep track of everything in your company and ensure that finances are being done correctly. That’s why many companies undergo an audit from time to…
The future of IA lies in technology and data analytics Technological advancements have made the internal audit process more efficient and effective. Internal auditors can now use technology to analyze data better, detect potential risks, and assess the effectiveness of their organization’s internal control system. Data analytics provide a more detailed analysis of an organization’s…
Internal Audit teams have traditionally been tasked with preventing and detecting fraud, waste, and abuse within the scope of their organization’s financial controls. However, the increasing number of cyber threats becoming more prevalent in today’s business world has forced Internal Audit teams to expand their focus from simply protecting financial data to helping businesses detect,…
Initiating an official entity and incorporating your business can initially seem overwhelming, especially when you must consider adhering to the many regulations surrounding incorporation. Of course, there are numerous benefits to incorporation as well, such as limited liability if your company is sued or decides to hire staff. But it’s crucial to know what you…
The Income Tax Return, or ITR, as it’s commonly known, is an official document that you should file every year as per government regulations. While it might seem like another tedious government requirement, filing your ITR is necessary if you want to avoid some severe consequences. If you desire to learn more about this topic…
Non-resident taxpayers are required to furnish a Tax Residency Certificate (TRC) issued by the tax authorities of their country of residence as proof of their residence in the said country. TRC provides information such as nationality, status, tax period, tax identification number, and address of the non-resident taxpayer. If any of the prescribed information is…
One of the most prominent contributors to our economy, but also one of the riskiest, is the manufacturing sector. The products these companies make are often highly perishable, and there are many moving parts in the manufacturing process. As a result, manufacturers face various operational risks daily, whether monetary, production-related, or both. There are different…
