Accounting Service for Small Business

Lot of small business sees Accounting services as necessary evil, something which has been imposed on them by Government and they have to pay for it. Unfortunately nothing can be farther from truth and small businesses are the ones who suffers most if they do not keep their accounting properly.

Small Business runs with tight finance and seldom have room to manoeuvre during bad times. Some of the way small business could get help from online bookkeeping services are:

1- They can keep tab on account receivable and follow up for any delay on payment

2- They can book expenses like mobile bill, restaurant bill, petrol bill and get GST Credit

Coming to second part of accounting service which scares small business is the cost attached with it. This fear is also uncalled for as online bookkeeping services comes starts with Rs 1,200 per month (a small price for all the benefits it brings).

Thirdly account services helps a business to continue complying with all government regulations.

Last but by no mean the least, accounting services helps you to plan for future. If small business gets a month on month figure on growth and have all the compliances in place, the chances of raising funds goes up substantially.

The other facet of having online bookkeeping for small business is that all the cost are accounted for at all times.

If small business is having revenue less than Rs 5 Lacs per month (or less than 300 transactions per month), there are various online bookkeeping tools which are really cost effective. On the other hand if the business has revenue of over 5 lacs but less than 1 Crore, they business should hire a professional accounting service provider.

All the entrepreneurs of small business or start-ups, please do remember that even Dhiru Bhai had a small business once upon a time!!!

All you need to know about GST return filing

                                                               

All PrivateLimited Company, LLP, Firms, Individual having GST Registration must file GSTR-3B in the month of August and September by 20^th of the month.  We are trying to simply put the GST Return Filing process in this article. In this sense GSTR-3B is a temporary provision till October 2017.

Q: Who should file GSTR-3B return (GST Return)?

A: All companies and individuals having GST Registration must file GSTR-3B until the normal schedule for filing of GST return commences in the month of October 2017.

Q: Due date for filing GSTR-3B return?

A: GSTR-3B return is due on the 20th of August and 20th of September 2017. After that, from October onwards all GST Registered entities would be required to file GSTR-1, GSTR-2 and GSTR-3, as per normal schedule.

Q: Penalty for not filing GSTR-3B return?

A: There is no penalty for not filing GSTR-3B return. Though for not filing GSTR-1, GSTR-2 and GSTR-3 returns from the month of October, there is a provision of penalty of Rs.100 per day.

Q:  Details to be provided in GSTR-3B return?

GSTR-3B is a simplified GST return but it is advisable to use service of a professional to file the returns accurately to help fulfil your compliances.

Though for the companies with GST Registration, they would need the details of outward supplies/invoices and inward supplies/invoices.​

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Is your PAN Card Activated?

Government of India had asked for linking of Aadhar Card to PAN Card and after the exercise was done there were about 1.1 million PAN Card which were made unactive. The PAN Card were of Individuals or Firms (Not Private Limited Company or LLP).

If you are wondering whether your PAN Card is still active, you can find out yourself in 4 simple steps:

Step 1: Go to the Income Tax Department's e-filing website (http://incometaxindiaefiling.gov.in/)

Step 2: Once you reach Income Tax Website, Look into Left side panel under category ‘Service’ wherein you will get click on the 'Know Your Pan' option. This opens to a page where you need to fill in you details. For instance, name, status (Company, Individual, Hindu Undivided Family), gender, date of birth and phone number

Step 3: Confirm the details are correct and then click the submit button

Step 4: You will receive an OTP or one-time password on your mobile. Enter the number in the given space to 'Validate.'

If your PAN Card is OK, in next page you will see a message your PAN is 'Active' and you can also see the jurisdiction under which the PAN is active. For instance, WARD 5(1) Patna.

Hope this helps you to get the status of your peace of mind and know whether your PAN Card is active or not. Infact even if you have a Private Limited Company or Limited Liability Company (LLP), you can check the status of your PAN Card.

Start-Up India (5 reasons Start-Up India is failing to elicit favorable response)

Visit us at www.ca4you.in

http://ca4you.in/blog/2016/07/08/start-up-india-5-reasons-start-up-india-is-failing-to-elicit-favorable-response/

Start-up India was launched with humongous fan fare and high expectations but the result till now has been ‘lukewarm’ to say the least. Less than 600 applications were received and as per latest figure only 1 made the cut. According to a Company Registration Consultants in Delhi, there are thousands of Online Business Registration and Registration of Company in India every month and hence it requires scrutiny to understand poor response for a project so vital. We evaluate some of the key reasons for it:

1-    Bureaucracy: Right from DIPP to Commerce ministry to IT ministry to almost every government department is involved and we all know that government people has a very distinctive style of working which not only complicates the process but also slows it down. With fast moving environment where first movers have huge benefits, embroiling in bureaucracy is not something what entrepreneurs want.

2-    Ambiguous definition: No one has any idea how to define a start-up under this scheme. Anything which is so ambiguous and open ended and comes under realm of Government is the ideal recipe for disaster.

3-    Lack of Procedural Clarity: Single Window System is require to felicitate the project which has so many stake holders. Interested parties are clueless as to where to go if they want to take advantage of start-up policy

4-    Limited Advantages: The advantages like Tax Exemption etc. is not enticing enough for entrepreneurs to take all the pain (Paying Income Tax on Profits is last thing on mind of entrepreneurs)

5-    Basic Ecosystem: There is lack of basic ecosystem for Start-Ups like support in patent filing, fast process for LLP Registration or Private Limited Company Incorporation and Start-Up India campaign fails to address

In our next blog we will suggest some of the factors which could help revive this project and allows new business registration to really benefit from Startup India Campaign.

Hope this blog was informative for you. Get further updates on not only Accounting/Book-Keeping/Government Compliances but also about all new rules and regulations/opportunities for funds which will be your industry specific

You can like us on Facebook: https://www.facebook.com/ca4youindia

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Or on Google Plus: https://plus.google.com/u/0/116912762078646426621

We are available on Call @844-7265-465 or at vivek@rrs-group.in

www.ca4you.in (Company Registration Services/Company Formation Services/Company Registration Consultants in Delhi)

Delhi-NCR, the new FDI Capital. (5 Reasons to start your business in Delhi-NCR)

Visit us at www.ca4you.in

http://ca4you.in/blog/2016/09/18/delhi-ncr-the-new-fdi-capital-5-reasons-to-start-your-business-in-delhi-ncr/

Delhi-NCR is home to various biggies in e-commerce space and is home to multitudes of VCs. Infact Banglore and to some extent Mumbai are the only 2 options for any serious start-ups. Last Year the influx of funds was highest in Delhi-NCR. Here are 5 reasons to register Private Limited Company in Delhi and NCR:

1-      A population of 20 million + ensures a ready made market and a start up need not expand geographically just for the sake of increasing sales

2-      Large talent pool available and large eco system for startups

3-      Office infrastructure available in different cost range

4-      Availability of funds….both debt and equity

5-      Large number of company registration consultants to guide you about right process of company incorporation and compliances

Hope this blog was informative for you. Get further updates on not only Accounting/Book-Keeping/Government Compliances but also about all new rules and regulations/opportunities for funds which will be your industry specific

You can like us on Facebook: https://www.facebook.com/ca4youindia

Or Follow us on Twitter: https://twitter.com/ca4you01

Or on Google Plus: https://plus.google.com/u/0/116912762078646426621

We are available on Call @844-7265-465 or at vivek@rrs-group.in

www.ca4you.in (Company Registration Services/Company Formation Services/Company Registration Consultants in Delhi)

Time to file Annual Returns for your Pvt. Ltd. Company (5 Reasons to File Annual Returns for your Private Limited Company)

http://ca4you.in/blog/2016/09/13/time-to-file-annual-returns-for-your-pvt-ltd-company-5-reasons-to-file-annual-returns-for-your-private-limited-company/

Visit us at www.ca4you.in

Hope you have filed your Individual Tax Returns. The next step for us entrepreneurs, the future business leaders of India, is to get Annual Returns filed for our Company. A necessary evil, it is a statuary requirement and we are bound to follow it.

We would enumerate some of the advantages below for filing Company Compliances on time:

Why to file Company’s Tax Return on Time?

1-      Peace of Mind: We have seen in our professional career that in 95% of cases, defaulters end up getting Tax Notices sooner or later (In some cases, notices are served as late as after 4 years). Hence it is a prudent practice to file Tax Returns on time.

2-      Assistance in getting Loans: If you are looking for corporate loan, your Tax returns are the most important piece of documents Banks ask for. The better your Tax Record History, higher are the chances of getting loan.

3-      Once a year exercise: You pay your returns once a year and can relax for next 12 months.

4-      Mandatory for Companies: Proprietor-Partners of Firms/ Directors of Private Limited or LLP companies are liable to do annual compliances for their business and are liable in case of any default. If you are not doing any business in your registered firm, please close down the company rather than risking a notice later on

5-      Balance Sheet: Get the pleasure of having Balance Sheet of your company in your hand and see the fruit of your labor!!!

Hope this blog was informative for you. Get further updates on not only Accounting/Book-Keeping/Government Compliances but also about all new rules and regulations/opportunities for funds which will be your industry specific

You can like us on Facebook: https://www.facebook.com/ca4youindia

Or Follow us on Twitter: https://twitter.com/ca4you01

Or on Google Plus: https://plus.google.com/u/0/116912762078646426621

We are available on Call @844-7265-465 or at vivek@rrs-group.in

www.ca4you.in (Company Registration Services/Company Formation Services/Company Registration Consultants in Delhi)

Virtual CFO for your Start-Up (5 Reasons your virtual start-up needs a virtual CFO)

http://ca4you.in/blog/2016/08/19/virtual-cfo-for-your-start-up-5-reasons-your-virtual-start-up-needs-a-virtual-cfo/

Visit us at www.ca4you.in

Raising Finance, Managing Cash Flow and keeping Accounts compliances in order is as important as any other function in a Start-Up (even more so!!). There is a small glitch though…..most start-ups cannot afford a CFO!!!.

Frugal Innovation (Jugaad) has been the backbone of Indian Start-Up eco system and the concept from west of having a part time Chief Financial Officer also popularly known as Virtual CFO. In this blog, we will discuss the reason for having a Virtual CFO in the system

1-      Fund Raising: A start-up, be it in e-commerce space or any traditional business, requires funds to settle and later expand. Funds can be in Equity form or Debt form. Raising Fund requires lot of planning and terms & conditions and it requires a CFO who has experience in all these aspects. Hence even a start-up requires Virtual CFO (part time). Lot of virtual CFO works on small token amount and some equity as compensation without putting too much pressure on resources of start-up.

2-      Cash Flow: Cash Flow planning is much more complicated than what lot of people thinks. Many a companies have gone bankrupt despite making profits just because of poor cash flow management. Virtual CFO ensures that Cash Flow management is done in right way keeping in mind all the idiosyncrasies of business.

3-      Right Valuation: Lot of entrepreneurs are not sure about the right valuation to ask for their venture and they end up asking either too large a valuation or too small a valuation (both of which are detrimental). With help of virtual CFO, start-ups knows the right expected valuation of company and chances of fund raise increases.

4-      Work Capital: Business have regular working capital requirement and Start-up/SME really struggle on this front. But fortunately various options are now available to avail working capital and a virtual CFO sure would be a help to everyone in this regard.

5-      Compliances: Having a virtual CFO enables a company to continuously be on the right side of statuary compliances. Last thing an entrepreneur need is any hassle from government agencies!!!

Hope this blog was informative for you. Get further updates on not only Accounting/Book-Keeping/Government Compliances but also about all new rules and regulations/opportunities for funds which will be your industry specific

You can like us on Facebook: https://www.facebook.com/ca4youindia

Or Follow us on Twitter: https://twitter.com/ca4you01

Or on Google Plus: https://plus.google.com/u/0/116912762078646426621

We are available on Call @844-7265-465 or at vivek@rrs-group.in

www.ca4you.in (Company Registration Services/Company Formation Services/Company Registration Consultants in Delhi)