What You Need to Know About Accounting Practices in India
With the new strict regulations, rising competition and the advent of clouding computing, accounting firms must stay ahead of the curve to win clients. They must also keep up to date with the technology and innovation to provide their clients with the best services. In this article, we look at some of the accounting practices in India in this “new era” of accounting.
Offer Clients with Distinct Business Insights and Reports
The work of an accountant is to provide more value to their clients. In India, firms like 3E Accounting competently provide accounting business solutions to the best of their abilities. Currently, accounting software can generate particular reports custom-made to the client’s business. Each of the clients will require reports such as financial ratios, ageing reports etc. In other instances, you may go further and deliver to your clients’ cost-tracking report, especially for startups. By doing so, you give your clients an option to concentrate on other things while you offer the extra services. Accounting firms should always be ahead of the competition. By going into deep analytics and gathering important, insightful information, it makes you stand out.
Reporting By the IFRS Accounting Standards
Reporting by the International Financial Reporting Standards (IFRS) forms part of the accounting practices in India. As companies expand globally, it may be significant to some clients for their financial books to conform to internationally recognized accounting standards. By doing so, organizations sit in a comfortable position to acquire additional funding from donor investors or expand in other jurisdictions away from their country. In case you’re a firm offering accounting service, you can advise the client further in situations where the law requires filing in IFRS in addition to U.S. GAAP for additional compensation.
Global Tax Management Services
The majority of clients typically would want to get a one-stop-service for tax services, especially if they have different markets in different countries. Therefore, if you manage to offer your clients international tax management services, you’re bound to attract many clients.
Accounting in the Cloud
The advent of cloud computing is transforming how we do our accounting. Today, clients are always on the move, and with that, they need to get their data wherever they are, not only in their workplaces. Accounting in the cloud is gaining grounds as accounting practices in India for 2020. Business solution provider such as 3E Accounting India receives more clients because they apply such new technologies. The good thing about preparing clients in the cloud is that both of you can access information while working from home. This is possible when you connect the client’s systems with yours and share reports.
Since modern accounting is changing the accounting business solution provider must avoid certain things:
Pay Attention to ROI instead of Tax Savings.
As the accountant offering services to your client, your role should not be only about tax services but how you can reach higher returns on investment. By offering the necessary advice to obtaining better returns, it gives you more recognition as an accountant.
Stay on the Look-out on Client’s Suspicious Activities.
The cost of hefty fines and penalties may not be unattainable by small or mid-sized firms which it’s crucial to never overlook on client’s questionable activities or illegal deals. As an accountant, you can be held equally liable as the CFO or CEO of an organization for illegal economic activities.
Today, accounting practices in India are evolving to keep up with technological advancement. Accountants need now to scale up their service provision to attract more clients into their services. And with the existence of 3E Accounting India, you’re bound not to get disappointed. The level of professionalism is relatively high and faster.
You can always contact us for any inquiries regarding our services.