Challenges Ahead

  1. Today a standard business outfit has to cope up with a never ending cycle of statutory due dates around the year. Any default, attracts interest, penalties and/or disallowances. On the other hand, costs of engaging competent personnel to mitigate such challenges are often prohibitive.

  2. With frequent changes in law, norms and guidelines, businesses often get outwitted either owing to lack of timely knowledge or proper advice and guidance. It’s not rare to see entities paying the price for deficient monitoring of its TDS liabilities, improper or inaccurate ascertainment of its tax liabilities, omission of input credits, missing out on statutory dues, etc.An entity, regardless of its form & structure or profitability in the line of its business, more often than not slides unsuspectingly, owing to its accounting processes and systems having remained inadequately attended. Any business, gains its strength and stability from a robust accounting framework embedded with well placed internal controls and checks. At the end of the day, it’s only a sound and tested accounting system that could generate the financials and reports reliable enough to make critical business decisions correctly.

  3. New accounting standards are becoming more disclosure oriented, older standards are being upgraded, and few more standards are on the cards. The credibility of a business in the eyes of an outsider, especially in cases of significant financial transactions, business collaborations, partnerships or joint ventures, would be judged by the degree of its compliance with newer and applicable standards.

  4. Any business owner would strive to make its business stable, sound and long term. However, how many entities have the resource, or even the knowledge, to perceive the way near future would be shaping up for them and to be adequately ‘future-ready’?

 


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