Fixed Asset Record (FAR)
'Is an FA register available? Does it contain individual asset level details? Can we track the original purchase records like Purchase Order and vendor Invoice with the help of the register? Does it contain Gross Block Value of the asset and the date of addition? Does..
I am referring to Competitive Bidding as a part of Procurement Process. Procurement may be of goods or services. Procurement being one of the important processes in a business organization, knowledge of best practices relating to this process can help young and budding Chartered Accountants, in bein..
By Spreadsheet I am referring to software tools like MS-Excel, Google Sheets and so on, pages organised in columns and rows, in which data is entered or stored and is manipulated using suitable formulae to achieve the desired result.
Ever since they got invented, sometime in the 70s (VisiCalc) fo..
What are Virtual CFO Services?
Small and medium enterprises usually cannot afford a whole time professional accountant to head their finance function. They engage a part time accountant, or outsource the activity to a professional firm, which offers accounting services. While the term accounting ..
Business organizations are set to achieve objectives, which are based on what is contemplated by the promoters. To realize these objectives, organizations develop policies, frameworks, processes, procedures and systems are implemented. Here policies to procedures act as enablers in systems implement..
In one of my earlier articles, 'How to improve Productivity in F&A function' published on 6th January 2015, issues relating to productivity of Finance and Accounting have been discussed. In this article, the attempt is to extend these concepts to overall effectiveness of the F&A function. Fo..
Planning is an important tool in the hands of management, which is commonly deployed for achieving Organizational Objectives. Is there a comprehensive plan which can address all performance issues and achieve results? Is it possible to take plans close to the situation on the ground? Is it possible ..
This is a concept note on MIS, which attempts to cover many types of Business Models we normally see. Accordingly, to any particular organization, only some of the modules covered here would be relevant.
As you see in the chart below, an organization could be in Manufacturing, Infrastructure Busi..
Companies Act 2013, referring to the Directors’ Responsibility Statement, explains Internal Financial Controls (IFCs) as“the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the..
As professional accountants, or as consultants or as internal auditors, when we receive any enquiry for an assignment, to know about the organization and to assess the possible scope of an assignment, we prepare a Diagnostic Review Report (DRR). Information we seek largely depends on the objectives ..