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The MCA has announced further relaxation of additional fees and extension of last date  upto 31 May 2018   for filing of AOC-4 XBRL E-Forms by Companies adhering to Ind AS Rules under the Companies Act, 2013. AOC-4 XBRL Due Date Extended upto 31st May,2018 In continuation of this Ministry’s General Circular No. 13/2017 dated 26.10.2017, General Circular No. 01/2018 dated 28.03.2018 and upon consideration of requests received from various stakeholders for extending the last date of filing of ADC-4 XBRL E-Forms using Ind AS under the Companies Act, 2013, it has been decided to extend the last date for filing of AOC-4 XBRL for all eligible companies required to prepare or voluntarily prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 for the financial year 2016-17, without additional fee till  31st May, 2018. To Know More , Visit the website : xbrl.beyondsquare.com  ...

…and why you should automate your management financial reporting. Excel is one of the world’s greatest desktop tools and many people love it because it is familiar and easy to operate. If you want to analyze a lot of numbers or do some complex modelling on a static dataset, it's hard to beat.I personally am a power user of excel and love the flexibility and ability to model various scenarios easily, and then analyse it. However, running a company involves collaborative, multi-department processes like planning, budgeting, forecasting, and reporting. It involves collating data from multiple source systems and people, curating & transforming it before it is ready for consumption. And that’s where the power of Excel falls short. Weeks are wasted every year, manually consolidating a mass of individual spreadsheets. Errors in cross-linkages, formulae getting converted to hard-coded numbers, manual errors, manual data entry, individuals having to laboriously search their computer...

3 steps to improve financial performance management  Large organisations benefit from higher investments and adherence to systems, processes and controls. Small businesses have shorter command chains and thereby higher transparency and control. Mid-sized businesses lie somewhere in between. The complexity of their business is rapidly increasing, and systems that may have been appropriate for a smaller organisation are no longer adequate. While most mid-sized organisations acknowledge this problem, they don’t necessarily know how to get themselves out of it. Setting up the required systems, controls and processes for monitoring the financial and business health of a mid-sized business is not just important, it is mandatory. Step 1: Identify your measures for business success While the broad aspects of financial performance management remain the same across organisations, it is important to understand what sets your business apart, and define the measures accordingly. A s...

The main purpose of Financial Planning & Analysis (FP&A) teams is to drive execution of the organizational strategy. They start from where the accounting team stops. These teams focus on what may happen in the future, by using data from the past, make assumptions and explain variances to the forecast so that management can maximize value creation and take better decisions. The FP&A teams support the finance controllers by turning information into knowledge, and knowledge into actionable insights. They are less focused on day to day transaction processing and more focused on forward-looking analysis for the business. With the speed and complexity of businesses constantly increasing, the prominence of FP&A teams has vastly increased. Apart from doing the budget, FP&A answers strategic questions, forecasts for the future, ensures a timely accounting close, prepares board reporting packages, preps the executive team, divests a division, analyzes product line prof...

“Measurement is the first step that leads to control and eventually to improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it.”                                                                                                                              ...

Recently I have been talking to owners of fast growing small businesses to understand a number of things: At what point of their growth should they hire a CFO If they are small enough not to have a CFO, do they hire external help (a virtual CFO) for financial insights & decision making How deep do small business owners get into the numbers of their business In the absence of a CFO, can a software tool to some extent bridge the gap, and provide actionable insights and aid decision making? What are the top 3 financial metrics/KPIs that a small business owner should track? Are there good and affordable financial intelligence tools available to serve this segment? If such tools are available, do business owners think it is important for them to invest in them? How much would they pay for such software? I have had interesting responses. A fellow entrepreneur was trying to get deep into numbers, and had created an impressive, if somewhat complex, reporting mechanism o...

Let’s say you got up this morning with a headache. You know from experience that it’s a small niggle, and it will go away on its own. But what if you got up tomorrow morning, and the headache got worse? If an aspirin doesn't help, you will surely go to a doctor, and most likely get some diagnostic checks done. A KPI (key performance indicators) dashboard is like a diagnostics report of various parameters that reflect the health of your business. KPI’s help you measure your business’s financial health. You can define KPIs for different areas of your business, from HR, Finance, Marketing to Operations. You can combine these KPIs to arrive at an overall health for your business. The Finance function is like the blood flowing through your body; it affects each part of it and keeps it healthy and oxygenated. Similarly, your company’s financial performance has a direct impact on every aspect of your business. Remember, that KPI’s and dashboards are not just for CFO’s...