Banking, Financial Services and Insurance (BFSI) Trends

Accounting and budgeting software helps manage financial data and records, track expenses and income, and simplify complex financial processe s such as budgeting, forecasting, invoicing , bookkeeping , cash flow, payroll management, and other functions. It helps plan, manage, and control financial resources by enabling the users to monitor spending patterns and analyze the variable projected and actual costs , which increase the efficiency, accuracy, and transparency of finances.     All types of organizations, be it small firms, medium -sized enterprises, or large multinational companies, use accounting and budgeting software for accurate record keeping, comply with financial regulations, gain insights, plan accordingly, and make strategic decisions. Accountants and finance professionals use these applications to streamline workflows and gain real-time financial insights . These help business owners and managers evaluate performance, control and optimize operati...

Factoring services aim to improve cash flow within the businesses. These are solutions opted by businesses to sell their accounts receivable to a third-party. They are opted to maintain the working capital of the business. They help provide immediate access to a particular amount, reducing the wait time for the customer. Thus, they are majorly used by small and medium-sized organizations. In the process of factoring , businesses submit their invoice to a factoring company, which provides the amount between 70% and 90% to the business. The remaining balance is transferred after service fee deduction. The service fee of the factor depends on risk involved and the volume of the invoice received from the business.   Factoring services allow businesses to convert credit sales into instant cash without taking any loans . The cases where the business is responsible for customer failure of invoice payment are termed as recourse factoring. The cases where the factor accepts the ...