Outsourced Accounting Services Versus Hiring

Finsmart Admin

In today’s highly volatile business scenario, scalability and flexibility are crucial. At Finsmart Solutions, we have often seen small businesses struggle with ramping up or downsizing their accounting resources to keep in sync with business spikes and troughs.

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Streamlining Payroll

Finsmart Admin

“Payroll” could mean different things to different individuals. For some, it could mean a complete list of the company’s employees. It could also be used by HR for attendance and used by accounts to manage the financial data of the employees. Payroll processing is the processing of salaries for all your employees, taking into account various factors. Though a tough and tedious task at hand payroll processing is an important function of every organisation.

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14

Get rid of payroll issues: Know how?

Finsmart Admin

The core objective of businesses is to generate revenues and profits, but they often get bogged down by several administrative processes involved. One such process, which is critical yet very cumbersome and time consuming is payroll processing. Payroll processing involves tedious and  routine work. Processing payroll for employees can be a complex task, especially taking into account the financial and legal implications.

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5 common myths about payroll outsourcing

Finsmart Admin

As organizations chart their growth plans, they decide to outsource several of their functions. One of the functions that definitely makes sense to be outsourced is payroll.  Still, some firms hesitate to outsource because they have different perceptions about it.  This is partly due to several myths related to outsourcing payroll.

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Challenges organizations face while planning year-end activity

Finsmart Admin

It’s that time of the year again, where organizations need to collect investment proofs from employees and reconcile against the investment declarations that have been made earlier by them. They need to know the relevant regulations to verify and approve documents that employees are submitting to claim the benefits under Income Tax Act. Once all of this activity is completed, then tax deductions for the months of Feb & March need to be revised to deduct the incremental tax amounts from the employees. 

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Budget Highlights for F.Y. 2017-18

Finsmart Admin

Provisions applicable for Business Entity:

 

  • In case of companies with turnover up to 50 crores – income tax rate is reduced from present rate at 30% to 25% 
  • Cash expenditure now allowed only up to amount of Rs.10000/- per transaction instead of Rs.20000/- per transaction 
  • MAT credit is allowed to be carried forward for 15 years as against 10 years permitted presently
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