With the advent of Ind AS regime in India by way of a MCA notification , a roadmap has been laid down for implementation of Ind AS converged with IFRS. Ind AS are required to be adopted in a phased manner for the financial year beginning on or after 1 April 2016 with comparatives for the year ending 31 March 2016 for certain class of companies.
Many companies are now gearing up this change considering their eligibility phased implementation. This requires robust knowledge of various GAAPs and leads to resource constraints in finance function.
Information is key to management decisions. It is generally observed that with increase in the scale / locations of operations, having key data on timely basis is of vital importance, Review of operations, identifying pain areas and timely actions would save the organization from further financial / operational problems.
A Management Information System (MIS) focuses on the management of information systems to provide efficiency and effectiveness of strategic decision making. The concept may include systems termed transaction processing system, decision support systems, expert systems, and executive information systems.
We help clients built MIS systems either in excel formats or in simple dashboard formats the way management wants. This includes
We can also help clients improve the timelines , accuracy and effectiveness of their existing MIS models and help improve overall efficiency levels in MIS reporting
MIS professionals help organizations to maximize the benefit from investments in personnel, equipment, and business processes
It is quite possible that an area that is being audited may throw some concerns about effectiveness of controls in place and may need a detailed review of the same to enable appropriate auctioning. To help solve this detailed review problem, deep dive a complex internal audit category comes to play. Deep Dive is to perform more granular substantive procedures and provide management with an increased level of comfort over the controls present in the new system. This review will often take place much later in the life cycle of the new system, once the new system and processes have been bedded down
It is also possible that the internal audit team has to cover many areas in a relatively shorter time frame. We help in getting a detailed review of the key/pain areas by way of data analytics. Data with larger time frames is pooled together to analyze the performances / deviations / exceptions. Results are reported to management as ‘risk flag offs’ where management can assess the risk alter the decisions improve risk appetite
Multinational organizations have various global audits in addition to the statutory compliance audits in India. The rating of these global audits helps organization in India establish its stability to the global management. However the organization may not have eared up to face these auditors or may require a local comfort so as to avoid surprises in the global audit
We help in performing mock audits based on our experience coupled with repository internal controls required to be complied with by the company. The test results acts as a health check for Indian management and be prepared for the global audits.
Companies have policies; what they lack is detailed procedures to help meet objectives laid down in the policies. These standard operating procedures (SOP) play a vital role to ensure effectiveness in operations especially when the organizations grow leaps and bounds and multiple hands are at work. Standards are written and hence actual then become comparable
We help companies write these SOPs in standard formats for various functions of the organization. This is done by conducting walk through, preparation of Responsibility matrix (RACI chart). This is all done to make the company process dependant and not person dependant.
Many organizations do have finance and an accounts team but not a CFO to lead the team. There are many challenges involved namely audits, compliances, establishing process, working capital management’s to name a few. Hiring a full time CFO may be a costly affair for small / medium enterprises
Ankekshan helps you face all these challenges by effectively providing appropriate consulting, analysis and MIS / support to the key management. The team is mentored, reviewed and in turn made effective to face all challenges.
Finance and accounts departments’ needs functional support in various areas like debtors, vendors, fixed assets, treasury, etc. This may be on account in reduction in existing manpower, requirement for professionals considering the complexity / volume of transactions or any other reason that facilitates outsourcing jobs.
We work as an extended arm of your team to perform the activities which you think can be outsourced and can managed be managed effectively by external agency.
Activities that can be performed include bank/debtors/vendor reconciliations, Ledger scrutiny, Support in statutory compliance services i.e. Income Tax and VAT, support in multiple projects/ drives taken by companies.
In order to encourage the dispersal of industries to lesser developed areas of the State, the Government has been giving package of incentives to New Industrial Units / Expansion Units set up in the developing regions of the State since 1964 under a Scheme popularly known as the “Package Scheme of Incentives.”
The State has recently declared the new Industrial Policy -2013 to ensure sustained industrial growth through various innovative initiatives so as to further improve the conducive industrial climate in the State and to provide global competitive edge to the industries in the State.
A revised Scheme of incentives was hence introduced by the Govt of Maharashtra to provide various subsidies under Package Scheme of Incentives 2013. Brief Features of this scheme are as follows:-
The Scheme aims at facilitating technology upgradation by providing upfront capital subsidy to SSI units, including tiny, khadi, village and coir industrial units, on institutional finance (credit) availed of by them for modernisation of their production equipment (plant and machinery) and techniques.
Capital subsidy at the revised rate of 15 per cent of the eligible investment in plant and machinery under the Scheme shall be available for projects, where terms loans have been sanctioned by the eligible Primary Lending Institutions
The maximum limit of eligible loan under the revised scheme is Rs. 100 lakh. Accordingly, the ceiling on subsidy would be Rs.15 lakh or 15 per cent of the investment in eligible plant and machinery, whichever is lower.
C. Various other subsidies as declared by the state and Central Government.