Warren Buffet said, “Accounting is the language of business”. We say, “If Accounting is the language of business, then accounting standards are the grammar rules of it and Assurance is its proofreading.”
I have heard many of my clients saying that 2020 is the worst year for their business due to COVID crisis. Now, I am an optimistic yet practical person, 2020 is the worst year, but 2021 and 2022 can be the best year for business. How? 👇🏼
Assurance in Post-COVID India
Many small and micro scale businesses due to the falling demand and cash crunch because of Corona crisis will have the opportunity to salvage their business by merging with incumbent organisations and ensure their survival. Investors will also be looking for companies to acquire at economical prices for the expansion giving small and mid-scale business owners a chance for a fresh start. Some businesses will try to raise money from the market by means of IPO, FPO, Equity restructuring, etc.
But, there is one catch to it. For sure, a lot of Mergers and Acquisitions (M&A) will be taking place but due to thousands of options available to investors, they will prefer companies with reliable financial records to opt for the least risky options at an optimum price. Same is true for IPOs/FPOs, where public sentiments are largely affected by the authenticity of the accounting and financial records furnished by the company.
Meaning, for any kind of business expansion and diversification and in the light of present timings, even for survival, Assurance of accounting and financial records is a prerequisite and indispensable. I have hundreds of stories where corporations have lost investment worth millions or acquisition talks couldn’t work out because they were unable to provide a balanced scorecard to the investors.
This is not limited to the external operations like securing investments and getting the best price in M&A, even for ensuring robust internal operations (both, financial and non-financial), executives demand data that is genuine in real-time and not altering the data hindsight for the financial prognosis of the company and manoeuvring the business operations accordingly.
Assurance service requires vetting all the accounting records of the organisation and making intelligent conclusions for optimum financial decisions. Meaning, converting Accounting data into useful information for business is what a competent Certified Public Accountant delivers. Assurance service enables your business to convey the right message of transparency, firm practices, well-governed, ethical and relevant to investors, public and analysts.
We take immense pride in saying that we have a rich 5+ years of experience in providing Assurance service to multiple organisations of various sizes which tremendously helped them in reduce compliances’ cost, satiating contractual obligations, catering marketplace through the induced flexibility in operation, imbibe trust in stakeholders by transparency and proactively tackling risks to mitigate plausible loss.
We have the fortune to serve some of the top-notch Indian entrepreneurs who paved their way to glorious success in the USA, to name a few Paperboat Apps, Numiv Research, VSV Wins Group, etc. We have been entrusted with work for more than 2,000 companies and we have never disappointed a single one of them.
We provide assurance services, along with a range of other services to take full accountability as the virtual CFO to your business.
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