IFRS were issued in 2003 by IASB. IFRS was issued with the objective of providing transparent and comparative information to the stakeholders- Institutional Investors, Retail Investors, government, etc to enable them to make informed capital decisions. Over the period business opportunities have expanded and service delivery has become quicker due to the use of information technology. This has resulted in a dramatic increase in companies establishing offices in multiple countries. Also, cross-border transactions have increased manifolds. The world’s capital markets operate more and more freely across borders due to these business complexities need was felt by the International Accounting Body –IASB ( Formerly known as IASC) to develop a single set of global standards which lay down the conceptual framework, principles, rules, scenarios, and guidelines for accounting of business transactions.
Currently, 140 countries across the world permit use of IFRS of which 90 countries have laid down regulations for the companies domiciled there to mandatorily adopt IFRS In India, the ICAI on request by the Ministry of Corporate Affairs developed Ind-AS ( Indian Accounting Standards ) with few carve-ins and carve-outs. Ind AS has emerged from IFRS to enable Indian companies to attract global investment. Ind As Accounting is mandatory from FY 19-20 for

• Listed Co.s and the companies in the process of being listed or
• Companies having a Net worth greater than Rs 200 crores.
• Group companies- Applicable to holding, subsidiaries, joint ventures, or associates of the companies covered in (1) and (2) above

We at Tax Planet proudly announce the addition of IFRS Services to our portfolio. Ms. Kanika Bali, FCA, DISA, and Dip IFRS –ACCA UK with over 20 years of work experience in the Industry will be taking the lead to handle IFRS Advisory business

Gain financial control

We can help you control your finances.

It is difficult to keep track of your financial standing and when businesses or individuals try to take on this responsibility by themselves, they often wear out. Often, the burden becomes too much, and business owners lose perspective. This is where our experts help you with your financial journey providing valuable insights that help you stay on track. Speak to an expert.

Our support gives you the peace of mind that everything is under control and allows you to focus on what you do best – running your business! Here’s how we help individuals and businesses gain financial control and answer your business growth needs.

Cost Management

Help control costs by analyzing expenses, identifying areas of inefficiency, and suggesting cost-saving measures, helping in optimizing the allocation of resources to maximize profitability.

Internal Controls

Help establish and maintain internal controls, which are processes and procedures designed to safeguard assets, prevent fraud, and ensure accurate financial reporting. 

Business Performance Evaluation

By analyzing financial data, assess the performance of various business units, products, or services. This evaluation helps in identifying strengths, weaknesses, and areas for improvement.

Cash Flow Management

Monitor cash flow patterns and advise on strategies to maintain healthy cash reserves. 

By providing these valuable services, we could contribute significantly to financial control and help individuals and businesses make informed decisions, optimize financial resources, and achieve their financial objectives.

How we can help?

Our specialists will guide you and your company through every stage of the business life cycle, from start-up, through Series A and beyond. With various services under one roof, we work collaboratively with you to provide a one-stop-shop service for all your financial requirements. 

Our financial service includes :

• Support in arranging corporate finance
• Management accounting and Outsourced bookkeeping
• Business valuations
• Preparing your financial statements
• Audit
• Reclaim R&D expenditure
• Corporation tax filings
• Sales Tax compliance
• Payroll services

Setting up a benefits structure and staff rewards system

You can focus on and grow your business by outsourcing your finance needs to our expert team

Finance operations

Reducing Costs, Increasing Revenue Streams, and Refreshing Business Processes: Unlocking Business Advantage for SMEs

Small and medium-sized firms (SMEs) encounter multiple challenges in the current economic climate. SMEs often struggle to thrive due to limited resources, modest budgets, and evolving client expectations. However, with the right tactics in place, SMEs may unleash substantial economic upside and drive long-term growth.

This article discusses three critical considerations for SMEs: lowering operational costs, boosting revenue streams, and modernising company processes.

Reducing Operational Costs

Reducing operational costs is one of the most successful approaches for SMEs to increase their bottom line. Here are a few techniques for cost reduction :

• Leverage - Small and medium-sized enterprises (SMEs) ought to leverage technology to automate manual procedures and streamline operations. Implementing cloud-based solutions, customer relationship management (CRM) systems, and accounting software can cut administrative burdens and human error tremendously.
• Maximize resource - SMEs should thoroughly examine their resource allocation and identify areas of waste. Improve inventory management, negotiate better terms with suppliers, and look into possibilities for outsourcing to save money while maintaining quality.

Increasing Revenue Streams

Increasing revenue streams is vital for SMEs to achieve long-term growth. Here are a few ways for revenue diversification and maximisation:

Identify untapped customer segments or geographical locations through market research. SMEs can modify their products or services to attract new clients and generate additional money by knowing the particular demands and preferences of diverse markets.

Product/service innovation - Consistently spend in R&D to improve existing offers or develop new products/services. Innovation can provide a competitive advantage, attract a larger consumer base, and enhance income possibilities.

Strategic alliances - Form alliances with complementary enterprises to create mutually beneficial relationships. SMEs can tap into new consumer bases and offer bundled products or services by pooling resources and expertise.

Refreshing Business processes

To remain competitive in a continually changing business world, SMEs must examine and enhance their internal processes on an ongoing basis. Here are some ideas for revitalising company processes:

Lean methodology - Implement lean concepts to remove waste and streamline procedures. Identify bottlenecks, remove superfluous stages, and encourage staff to share process improvement suggestions. This method has the potential to increase productivity, lower costs, and provide better client experiences.

Customer-centric approach - Rethink how your company interacts with customers. Implement feedback tools, conduct surveys, and actively listen to the demands of your customers. SMEs can develop loyalty and drive repeat business by understanding and responding to client preferences.

Ongoing learning and development - Promote staff growth and development by offering training programmes, workshops, and seminars. Employees will perform better and contribute more effectively to the success of the organisation if they are equipped with the appropriate skills and information.

To unlock company value for SMEs, a mix of cost reduction, income diversification, and process improvement is required. By following these guidelines, SMEs can position themselves for long-term success, overcome obstacles, and capitalise on possibilities in their respective industries. Remember that adaptability and embracing change are critical to sustaining development and being competitive in today's dynamic business environment.

How we can help ?

Our specialists will guide you and your company through every stage of the business life cycle, from start-up, through Series A and beyond. With various services under one roof, we work collaboratively with you to provide a one-stop-shop service for all your financial requirements. 

Our financial service includes :

• Support in arranging corporate finance
• Management accounting and Outsourced bookkeeping
• Business valuations
• Preparing your financial statements
• Audit
• Reclaim R&D expenditure
• Corporation tax filings
• Sales Tax compliance
• Payroll services

Setting up a benefits structure and staff rewards system

You can focus on and grow your business by outsourcing your finance needs to our expert team.

IFRS were issued in 2003 by IASB. IFRS was issued with the objective of providing transparent and comparative information to the stakeholders- Institutional Investors, Retail Investors, government, etc to enable them to make informed capital decisions. Over the period business opportunities have expanded and service delivery has become quicker due to the use of information technology. This has resulted in a dramatic increase in companies establishing offices in multiple countries. Also, cross-border transactions have increased manifolds. The world’s capital markets operate more and more freely across borders due to these business complexities need was felt by the International Accounting Body –IASB ( Formerly known as IASC) to develop a single set of global standards which lay down the conceptual framework, principles, rules, scenarios, and guidelines for accounting of business transactions.
Currently, 140 countries across the world permit use of IFRS of which 90 countries have laid down regulations for the companies domiciled there to mandatorily adopt IFRS In India, the ICAI on request by the Ministry of Corporate Affairs developed Ind-AS ( Indian Accounting Standards ) with few carve-ins and carve-outs. Ind AS has emerged from IFRS to enable Indian companies to attract global investment. Ind As Accounting is mandatory from FY 19-20 for

• Listed Co.s and the companies in the process of being listed or
• Companies having a Net worth greater than Rs 200 crores.
• Group companies- Applicable to holding, subsidiaries, joint ventures, or associates of the companies covered in (1) and (2) above

We at Tax Planet proudly announce the addition of IFRS Services to our portfolio. Ms. Kanika Bali, FCA, DISA, and Dip IFRS –ACCA UK with over 20 years of work experience in the Industry will be taking the lead to handle IFRS Advisory business

Gain financial control

We can help you control your finances.

It is difficult to keep track of your financial standing and when businesses or individuals try to take on this responsibility by themselves, they often wear out. Often, the burden becomes too much, and business owners lose perspective. This is where our experts help you with your financial journey providing valuable insights that help you stay on track. Speak to an expert.

Our support gives you the peace of mind that everything is under control and allows you to focus on what you do best – running your business! Here’s how we help individuals and businesses gain financial control and answer your business growth needs.

Cost Management

Help control costs by analyzing expenses, identifying areas of inefficiency, and suggesting cost-saving measures, helping in optimizing the allocation of resources to maximize profitability.

Internal Controls

Help establish and maintain internal controls, which are processes and procedures designed to safeguard assets, prevent fraud, and ensure accurate financial reporting. 

Business Performance Evaluation

By analyzing financial data, assess the performance of various business units, products, or services. This evaluation helps in identifying strengths, weaknesses, and areas for improvement.

Cash Flow Management

Monitor cash flow patterns and advise on strategies to maintain healthy cash reserves. 

By providing these valuable services, we could contribute significantly to financial control and help individuals and businesses make informed decisions, optimize financial resources, and achieve their financial objectives.

How we can help?

Our specialists will guide you and your company through every stage of the business life cycle, from start-up, through Series A and beyond. With various services under one roof, we work collaboratively with you to provide a one-stop-shop service for all your financial requirements. 

Our financial service includes :

• Support in arranging corporate finance
• Management accounting and Outsourced bookkeeping
• Business valuations
• Preparing your financial statements
• Audit
• Reclaim R&D expenditure
• Corporation tax filings
• Sales Tax compliance
• Payroll services

Setting up a benefits structure and staff rewards system

You can focus on and grow your business by outsourcing your finance needs to our expert team

Finance operations

Reducing Costs, Increasing Revenue Streams, and Refreshing Business Processes: Unlocking Business Advantage for SMEs

Small and medium-sized firms (SMEs) encounter multiple challenges in the current economic climate. SMEs often struggle to thrive due to limited resources, modest budgets, and evolving client expectations. However, with the right tactics in place, SMEs may unleash substantial economic upside and drive long-term growth.

This article discusses three critical considerations for SMEs: lowering operational costs, boosting revenue streams, and modernising company processes.

Reducing Operational Costs

Reducing operational costs is one of the most successful approaches for SMEs to increase their bottom line. Here are a few techniques for cost reduction :

• Leverage - Small and medium-sized enterprises (SMEs) ought to leverage technology to automate manual procedures and streamline operations. Implementing cloud-based solutions, customer relationship management (CRM) systems, and accounting software can cut administrative burdens and human error tremendously.
• Maximize resource - SMEs should thoroughly examine their resource allocation and identify areas of waste. Improve inventory management, negotiate better terms with suppliers, and look into possibilities for outsourcing to save money while maintaining quality.

Increasing Revenue Streams

Increasing revenue streams is vital for SMEs to achieve long-term growth. Here are a few ways for revenue diversification and maximisation:

Identify untapped customer segments or geographical locations through market research. SMEs can modify their products or services to attract new clients and generate additional money by knowing the particular demands and preferences of diverse markets.

Product/service innovation - Consistently spend in R&D to improve existing offers or develop new products/services. Innovation can provide a competitive advantage, attract a larger consumer base, and enhance income possibilities.

Strategic alliances - Form alliances with complementary enterprises to create mutually beneficial relationships. SMEs can tap into new consumer bases and offer bundled products or services by pooling resources and expertise.

Refreshing Business processes

To remain competitive in a continually changing business world, SMEs must examine and enhance their internal processes on an ongoing basis. Here are some ideas for revitalising company processes:

Lean methodology - Implement lean concepts to remove waste and streamline procedures. Identify bottlenecks, remove superfluous stages, and encourage staff to share process improvement suggestions. This method has the potential to increase productivity, lower costs, and provide better client experiences.

Customer-centric approach - Rethink how your company interacts with customers. Implement feedback tools, conduct surveys, and actively listen to the demands of your customers. SMEs can develop loyalty and drive repeat business by understanding and responding to client preferences.

Ongoing learning and development - Promote staff growth and development by offering training programmes, workshops, and seminars. Employees will perform better and contribute more effectively to the success of the organisation if they are equipped with the appropriate skills and information.

To unlock company value for SMEs, a mix of cost reduction, income diversification, and process improvement is required. By following these guidelines, SMEs can position themselves for long-term success, overcome obstacles, and capitalise on possibilities in their respective industries. Remember that adaptability and embracing change are critical to sustaining development and being competitive in today's dynamic business environment.

How we can help ?

Our specialists will guide you and your company through every stage of the business life cycle, from start-up, through Series A and beyond. With various services under one roof, we work collaboratively with you to provide a one-stop-shop service for all your financial requirements. 

Our financial service includes :

• Support in arranging corporate finance
• Management accounting and Outsourced bookkeeping
• Business valuations
• Preparing your financial statements
• Audit
• Reclaim R&D expenditure
• Corporation tax filings
• Sales Tax compliance
• Payroll services

Setting up a benefits structure and staff rewards system

You can focus on and grow your business by outsourcing your finance needs to our expert team.