Technology
UNMATCHED INDUSTRY KNOWLEDGE
Change is the only constant in tech industry and it is rapid. To progress on your innovative front and keep focused on your vision, adapting to market’s ever-changing dynamics is the key.
Ingenuity is the Key to Success.
High-tech business faces unique challenges hence demand creative solutions whether implementing their strategies, planning for future expansion or dealing with ever-changing regulations and business paradigms.
In today’s world, tech industry is continuously evolving and to cope with such diverse business requirements you need sound fiscal practices not only for better insight and proper record keeping but to have the ability to acquire capital for company’s advancement to achieve new milestones.
This has become ever more important for this industry to maintain compliance with varying regulations because the nature of business can be changed by introducing a new idea or product and that called for new legislation. Emergence of new technologies, patenting rules, growing regulatory oversight and global competition requires that tech companies must modify their business models and prepared to face any challenges that may lie ahead.
Cloud computing has significant benefits, but it brings its unique challenges when it comes to accounting. Recent changes introduced in accounting to accommodate SaaS, have made it more appealing to businesses. New guidelines states that to capitalize the implementation costs of a CAA, a client will apply the similar criteria as it would for an on-premise license.
In August 2018, the FASB amended accounting standards that has changed the costing model for deployment, configuration and other upfront charges incurred for adopting a cloud computing solution.
Switching from an on-premise setting to a cloud-based environment will not only reduce your capital expenditure and admin cost but will also help create a modular IT setup. Nevertheless, firms should consider the connotations of financial reporting and wide-ranging tax considerations because of the new accounting guidance.
Let us help you navigate through the challenges of Technology industry uncertainties.
Services for the Technology Industry
At HRSS, we supply a complete array of Assurance, Tax and Advisory services to various sectors of the technology industry, comprising of IT services providers, software, hardware, telecommunications, e-commerce, healthcare related life sciences, and digital device manufacturing. We are here to assist you every step of the way with our teams of professionals that are led by an experienced partner.
Following are the key fields of our expertise.
- Internal audit
- IT audit
- M&A Advisory
- Accounting process
- Tax Planning and Consulting
- Federal and State tax
- Financial Reporting and Regulatory Matters
From planning to execution, HRSS technology industry specialists will work with you as trusted advisor to lead the path of profitability and absolute compliance. Venturing into new markets, launching new products, mitigating risks, dealing with regulatory and compliance issues whatever it maybe, HRSS will find a solution that will contribute to your growth and success.
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