Accounting consultant in Delhi-NCR

Accounting is a serious job. Anaccounting consultant can save lot of money for their clients through Tax Advisory, can help raise money through proper accounting and due diligence compliance and keep their client safe by proper regulatory compliance.

There are various accounting firms in Delhi and hundreds of accounting consultants in Delhi but it is important to know how to make best use of the immense knowledge an accounting consultant possess.

Tax Optimization: 

An accounting consultant helps a client to optimize their taxes properly and in the process saves a lot of money for their clients. There are various ways to optimize your tax like booking the expense, taking credit on GST etc. etc. In a survey, it has been found that a company can save up to 5% of their operations tax with correct advice from accounting consultants.

Fund Raising:

 Correct accounting practices and proper due diligence is a pre-requisite for raising any form of funds, be it equity or debt. One of the major way an accounting consultant can help you is to ensure that you are always covered on this front.

Regulatory Compliances: 

Accountancy firms helps a company to always ensure that they are compliant and there is no chance of any unwanted notice from any government department.

Hence it makes sense for owners/founders/managers to opt for best accountant firms and use their accounting consultant proactively to grow the business.

Accounting company in Delhi-NCR

Accounting is mainstay of any business. Apart from the mandatory government compliances, accounts helps the founders/owners/managers of the business to understand the direction in which company is going, issues with accounts receivable, financial health etc. etc.

Hence it is paramount to have the best accounting company looking after your finances. Next question which arise is how to select the right accounting company for your business. Choosing an accounting company is not an easy job and there hundreds of accounting companies in Delhi alone. ‘One size fits all’ principle does not apply with accounting company and every business has different requirement and should select the right accounting company for them.

For start-ups with less than 1 million of Revenue or less than 200 transactions a month::

Such start-ups should maintain their accounts on their own in excel, keep tab on all the bills received and try to spend maximum through Bank Accounts. It is also mandatory to get the Audit done by year end from an Accounting Company. Also, they should speak to CA once every month to understand if there has been any changes in the regulation.

For companies with 1 million-5 million of Revenue or doing 200-1000 transactions a month::

Such companies should have an accountant company visit their office once a month, and do all the accounting inappropriate software. They have to do various tax registrations as well as deposit taxes. Such company should opt for accounting company which is in their city (like for someone in NCR, they should go for accounting company in Delhior NCR).

For companies with 5 million-50 million of Revenue or doing 1000-10000 transactions a month::

Such companies should have an in house accountant (fresher or with less than 2 years of experience) and the accountant should be supervised by professional from accounting company. These companies should look/opt for accounting company whose CA can give personalized service as the business is growing and regulations would matter for such companies

For companies with over 50 million of Revenue or doing more than 10000 transactions a month::

Such companies should have at least a team of 2-3 people in accounts department (with a senior accountant heading the team) and a professional from accounting company having quarterly audit and directly reporting to the owner.

Accounting Services for Start-Ups and SME in Delhi

Accounting is one of the major challenges for any Small Business or Start-Ups. For any business, whether it is a a multi dollar MNC in Manhattan or a bootstrapped e-commerce venture in Gurgaon, the basic principle remains the same viz,

1- Increase Revenue

2- Optimize Cost

3- Focus on expansion (geographically or otherwise)

And the problem faced by founders, promoters and Top executives also remains the same, They lose the sight of above mentioned cardinal principle. It has been observed and ratified by various experts across globe is that founders/executives do not normally pay attention to planned budget and monitor them regularly leading to such issues.

Best habits are inculcated young and we very strongly advice to all entrepreneurs is to focus on their accounting and book-keeping right from Day 1 and keep an eye on the various parameters on monthly basis (if not weekly).

Some of the key parameters they should have an eye on are mentioned below:

Revenue: Revenue is the ‘actual’ amount which hits your accounts. (Even if you are bitten by GMV bug, an eye on ‘actual’ revenue is an absolute must)

Cost of Operations: This will include Salary, office Rent, Electricity, Admin cost etc etc.

Cost of Marketing: You can consider including salary of marketing employees of you have dedicated marketing employees

Accounts Receivable: A lot of ‘profitable’ businesses have gone bust just because their account receivable management was poor. Please remember that money which sits in your bank is ‘real’ money

Cash in the account: If your bank account shows cash of less than 10 months(bare minimum) amount of cash equivalents of the amount you need to run the operations at same level, it is time to panic. So increase your revenue, optimize your cost or start looking for funds (And Pray Hard!!!)

Regular Accounting and Book Keeping helps companies to ensure that all government compliances Like TDS Returns, GST Returns are complied with (Another advantage of regular accounting and Book-keeping services is that helps to manage Tax more efficiently. Just to enumerate few points:

1- TDS deducted by clients are accounted properly

2- GST Credit is utilized properly

3- All the expenses are properly accounted (Petrol Bills to Mobile Bills to Restaurant Bills could be booked as expense)

If your business is small in size (Revenue of less than 5 Lacs per month or Less than 300 Transactions per month), you can easily manage accounting and Book-keeping in-house. But beyond that it is strongly advisable to take a professional help. There are various professionals who provides accounting service in Gurgaon or in Delhi.

To choose accounting service consultants, following points should be kept in mind

1- Experience of service provider

2- Location (for eg. It is better to have a Delhi accountant for company in Delhi and Gurgaon accountant for company in Gurgaon)

3- Cost

Accounting Services in Delhi or Gurgaon starts from Rs. 1,200/- per month.

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

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