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Legal, Accounting & Statutory Compliances

Statutory compliances:

Adhering to statutory compliances is necessary for all big and small companies in the world to keep their businesses safe from the legal trouble. Fingrow takes care of all the compliance requirements and statutory deductions required in India. We help you to manage your PF and ESI preferences, professional tax, salary heads, TDS through investment declarations and automatically calculate salaries after TDS deduction while processing payroll.

Legal Management:

Fingrow Capital Management Consulting services were developed by lawyers in collaboration with experts such as mainstream management consultancy, risk advisory, and tax management consulting. Fingrow is a collection of models, frameworks, and systems, designed to help in-house lawyers run their departments more efficiently, and meet their business needs. It is an attempt to capture countless person-hours of management and consulting experience into a set of services and tools. Fingrow focuses on operating models, technology, work-sourcing, and cost management.

Legal Operating Model:

An array of events can trigger the need for a legal operating model transformation: a merger, the appointment of a new team, a cost challenge, or a change in business strategy can force organizations to re-evaluate aspects of their legal functions. Fingrow Legal helps organizations seeking to change their legal operating models, whether with a large-scale, end-to-end transformation or with a targeted assessment of a particular area. Depending on each client’s needs, we can map out and coordinate full-scale legal operating model transformations or smaller, targeted changes to specific areas.

Our solutions can:

  • Drive efficiency via process improvements and technology adoption
  • Improve service delivery and reduce bottlenecks
  • Modernize risk-management protocols
  • Reduce legal spend
  • Enable the legal team to focus on critical and strategic initiative

Legal Process:

The internal and external factors animating change for organizations present legal departments with an opportunity. Fingrow expert Legal helps clients evaluate and, where appropriate, reconfigure their internal legal processes. Our legal process advisors help clients develop systematic, intuitive, and efficient processes. In recent years, organizations have been especially eager to refresh their processes in the following areas:

  • Client contract management
  • Supplier contract management
  • Dawn-raid readiness
  • Compliance protocols
  • Corporate management
  • Litigation management

Legal Risk and Matter Management:

For many companies, legal risk is not clearly identified and assessed. This can create bottlenecks, resulting in legal teams preoccupied with extinguishing fires instead of defining a risk framework developing strategies to pre-empt critical legal risks. Working in close collaboration with our clients’ in-house legal professionals, Fingrow Legal delivers a current-state risk-management assessment, a gap analysis, and a roadmap they can follow to close that gap, including potential technology solutions. We help companies with best practices and industry standards to manage their legal risks in significant areas such as:

  • Litigation/disputes
  • Legislation changes
  • Contract management
  • Data privacy

Accounting Management:

By sourcing, analysing and communicating the relevant financial and non-financial information, management accounting has the tools and techniques that are essential to watertight decision-making – and the long-term value that depends on them.

Management accounting adheres to and delivers the Global Management Accounting Principles across 14 core practice areas, covering all appropriate parts of your business. 

By giving management accounting a framework to benchmark against, both in the business and in what happens beyond it, the 14 practice areas set high standards. They are as follows:

COST TRANSFORMATION AND MANAGEMENT

It sounds simple, but cutting waste enhances value generation. By identifying and reducing waste generation, finances can be freed up and diverted to areas of the business that will drive value generation.

EXTERNAL REPORTING

This is defined by clarity of information. To predict future performance, management accounting provides a comprehensive view of financial and non-financial performance, business models, risks and strategy.

FINANCIAL STRATEGY

By closely scrutinising the organisation’s financial strategy, management accounting can identify opportunities for re-allocation of resources in the implementation of a robust, rewarding financial strategy that achieves agreed business objectives.

INTERNAL CONTROL

Through comprehensive documentation of an organisation’s policies, systems, processes and procedures for risk management, management accounting can maximise value generation within the established framework.

INVESTMENT APPRAISAL

This practice area takes into account strategy, prioritising options, affordability and acceptable returns in assessing potential investments.

MANAGEMENT AND BUDGETARY CONTROL

From people and projects to sales volumes and revenues, management accounting controls performance against agreed targets, at all levels of the business.

PRICE, DISCOUNT AND PRODUCT DECISIONS

Management accounting works with the business in deciding the most business-beneficial products or services to provide, determining the selling price and potential discount structures.

PROJECT MANAGEMENT

Full integration of all aspects of a project means the project delivery team have everything they need, when they need it, to meet the project’s objectives on budget, on time – and to the required standard.

REGULATORY ADHERENCE AND COMPLIANCE

Management accounting ensures that all statutory and regulatory obligations are met. This prevents penalties, naturally; but more than that, it’s simply the good practice management accountants pride themselves on.

RESOURCE MANAGEMENT

Organisational decision-making relies on proper, timely resource management. By aligning resources with strategic objectives, management accounting can help the business continually improve, efficiently and effectively.

RISK MANAGEMENT

This practice area takes internal and external factors into account, to identify, assess and respond to risks that arise from an organisation’s activities.

STRATEGIC TAX MANAGEMENT

By examining the role of tax in the financial analysis and decision-making processes, management accounting can proactively manage the organisation’s tax position, to meet legal and business requirements.

TREASURY AND CASH MANAGEMENT

Management accounting aids the handling of all financial matters, whether that’s generating funds internally, managing currency and interest rate risk, or simple fund and cash management.

INTERNAL AUDIT

While not strictly part of the management accounting function, this is included as a practice area because management accounting makes such a significant contribution to the parts of the business examined by an internal audit.

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