Category: Blog

Basics For Incorporating A Startup

Now that you have understood the basics of CFO Services for Startups and the Payroll Services and the advantages of payroll for startups, our blog 3 in the series is all about Incorporating a startup, the options and categorization as sanctioned by the Ministry of Corporate Affairs.

To help you understand the requirements, following are the types of Incorporation as laid down by the Ministry of Corporate Affairs and other government authorities in some cases. Anyone who is interested in Incorporating a Startup can choose to launch business from the following categories:

1. One person Company

Anyone can incorporate “one person company” as a corporate body. He or she is only one entitled shareholder and Director of the company. The pre-conditions for one person company include:

  • Shareholder and Director Must be citizen or resident in India
  • Only One Director at a time
  • Nominee for shareholder is must

If you are planning of incorporating a startup which is home run, family run or service oriented you can probably begin with one person company and once you get established you can think of expansion.

2. Private Limited Company

A private limited company is the one with two directors and two shareholders. This is the basic requisite to incorporate private limited company. The maximum number of members in a private limited company can be 200. Company cannot invite general public to subscribe its shares or debentures. A private limited company can

  • Register with MCA as body corporate
  • Business governed by board of directors
  • Limited liability of members
  • Can not accept deposit from Public

People incorporating a startup which involves product, delivery and revolves around mass consumption or even which involves a number of stakeholders involved from the beginning should go for private limited company. This adds credibility to your idea at the launch stage itself.

3. Limited Liability Partnership (LLP)

LLP is a corporate structure that combines the flexibility of a partnership and the advantage of limited liability. Owing to flexibility in structure and operation, it would be useful for small and medium enterprises, in general and for the enterprises in service sector professionals.

  • It is body corporate and legal entity separate from its partners
  • Limited liability of partner.
  • Minimum two partners
  • On LLP, the Partnership Act 1932 not applicable.

There are pros and cons attached but entrepreneurs who are in the process of incorporating a startup which involves further licensing and compliances with other government authorities opt for LLPs. This is mostly a preferred option for startups entering the BFSI sector.

How we can help as an Agency for Setting Up a Business in India

Gapeseed Consulting Pvt Ltd is a financial services company with a team of experts coming from the Accounting and Legal backgrounds. Startups usually have reservations with the set of services, registration protocols etc and they find it complex to execute. We are here to simplify business functions and thereby multiplying the possibilities.

Our set of services include, Incorporation, Accounting, Tax and Company Law compliance, consulting, drafting agreements, Payroll and CFO Services.

Financial Services for Startups

The challenge to startups is not just to manage and grow business, it is also about managing in the right way. Entrepreneurs need advice on regular basis so that all compliances are met right from the day of incorporation of business.
We at Gapeseed Consulting provide virtual CFO Services to support your business. We understand that Startups usually do not hire a senior Chartered Accountant or Finance Professional at initial stage because it is very difficult situation for entrepreneur and Senior Financial Professional to do full time job in Startup. Therefore Virtual CFO Services is win-win situation for both.

Virtual CFO or Interim CFO Services in Delhi from Gapeseed Consulting can offer the follow-ing solutions:

  • Business Plan
  • Investor Relations
  • Financial Analytics
  • Budgeting and forecasting.
  • Cash Flow Management
  • Board & Management Reporting
  • Accounting Team Search
  • Transaction Accounting

Gapeseed Consulting has also launched Financial Services Startup Packages to make it more suitable for the startup requisites.

Allied Services

One of our startup client who will be soon celebrating their first anniversary felt dramatically low at a point when they realized about the compliances and regular taxation norms. Apparently those were nor considered at the planning stage and hence they felt the pressure to perform as per law & guidelines.

Since we had helped them with the Registration process, they asked for our help and Gapeseed Consulting readily deputed our in-house chartered accountant Mr.Jain as the Interim CFO to manage the Liquor Import Compliances for Incorporating a Business in India while setting up a business.

Some of our basic allied services include the management of compliance, taxation and other procedures that include:

  • Tax Deducted at Source- TDS is to be deducted by company at the time of booking or making payment exceeding prescribed limits. TDS to be deposited every month before 7th day of next month. TDS return is to be filed quarterly before 15th of each quarter.
  • Service Tax- Presently Service tax rate is 14%. Service Tax is to be deposited before 6th day of every month by company and before 6th of every quarter in case of individuals. Return is to be filed half yearly.
  • Advance Tax- Advance tax is to be calculated every quarter and to be deposited by company before due date. It is payable before 15th June, 15th Sep, 15th Dec and 15th March.
  • Income Tax Return- Income Tax Return is to be filed annually after accounts are adopted by Board and Audited by Chartered Accountant” – we provide help to startup prepare complete accounts so that auditor can audit without any problem. We provide all information, details required for audit.
  • Transaction structuring/ Opinion – Our experts give opinion on transaction structuring on any matter of accounting, taxation, debt or equity.
  • MCA Filings- Returns to be filed with MCA for shifting of registered office, change in directors, increase in share capital, filing of Board and EGM/AGM Resolutions.
  • RBI matters for filing FCGPR, or any other matter.
  • Drafting Shareholders Agreement and Debenture Agreement for Private Limited Companies.
  • Drafting of contracts, patent and trad mark registration and other services

We hope that this post helped in understanding the launch procedure and also in ascertaining the best suitable option for your startup idea. Our next post will be around the documentation that is required to complete the registration process for a startup or new business.

In case of any query pertaining to startup series or services that we offer, please send in an email to info@gapeseedconsulting.com

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Payroll Services for Startups

Our love for startups is forever increasing. And with our experience of working with them, we have realized that, Startups are natural rule breakers you got to come out of that comfort zone if you want to be the next big thing in the industry.
But there is one area where you wouldn’t want to mess around with the rules and that is payroll and HR. To avoid any legal and financial litigation you must comply with payroll and HR laws. Some of your actions might drive you out of the business as well. Keeping this in mind we offer Payroll services.

Like other business strategy and planning, payroll services for startups need to be taken seriously and keeping our client in mind the following are the important consideration on the basis of which we provide our services.

1. Convenience

Payroll services for Startups should not be a problem. It should be a cake walk that’s easy to do and one that can be done on any computer or mobile device. To achieve these tasks we make sure that our clients aren’t confined to their office or required to phone in hours manually every time they want to run payroll. Having the ability and the technology to run payroll from anywhere in fraction of minutes is something that we focus on to provide our services to our clients.

stration and will also manage it for you with the shared admin rights so that you can keep a tap on how Gapeseed Consulting is managing the Payroll Services for Startups.

2. Set Up

Gone are the days of paper-based payroll system, move on to a more advanced paperless system it would not require an immense learning from your side or big task, time-consuming training sessions. The transition should be smooth, quick, and easy. The software should be simple, straightforward, and well, user friendly to use.

We will provide you the demonstration and will also manage it for you with the shared admin rights so that you can keep a tap on how Gapeseed Consulting is managing the Payroll Services for Startups.

3. Cost Advantage

For many small business owners, cost cutting is a major thing, the payroll services they choose is often based on one thing – cost. But, when they get their monthly invoice, the amount owed can be significantly more than what they expected to pay. Unfortunately, hidden fees are common in this industry, but luckily not all providers “follow the rules.” A payroll provider’s services and pricing structure should be completely transparent so you know exactly what your invoice is going to be based on how many employees you have and the services you select and we assure you to give a transparent service. As we understand that Payroll Services for Startups are managed as they are having small teams and optimism resources.

4. Service Options

Many a times payroll providers just offer few payroll services, where as we offer a whole host of services designed so as to make your job easier. These services include

  • Payroll Accounting,
  • Attendance Register (Controls),
  • Online employee access to payment records,
  • Direct deposit,
  • Wage garnishments,
  • Easy CTC calculations,
  • Compliances,
  • Manage Employee Information Efficiently,
  • Define the emoluments, deductions, leave etc.,

Other Payroll Services for Startups include, Generate Pay-Slip at the convenience of a click, Generate and Manage the Payroll Processes according to the Salary Structure assigned to the employee, Generate all the Reports related to employee, attendance/leave, payroll etc., Manage your own Security.

5. Partners & Integration

You have to stay away from payroll providers who are not willing to partner and integrate with other HR and accounting systems. When a payroll system is easily matched with other types of accounting services, you own a great flexibility, more control, and better results. Similarly, it is important for us to understand small business needs in order to provide the most complete payroll package possible.

In order to achieve these goals, the government has simplified the business registration process as well as the rules that govern the process. Now, entrepreneurs can start a company in India easily. Even, simple licensing application can be done through self-certification or third part certification system. With the integrated online portal and less paperwork system, entrepreneurs do not have to worry about the administration burden and are able to focus more on running the companies. With initiatives like Make in India, Startups have ocean of opportunity and with such a situation Gapeseed Consulting can be a perfect choice for your business to outsource the payroll services.

To know more about the Payroll Services at Gapeseed Consulting, please connect or write to info@gapeseedconsulting.com

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Outsourced CFO Services for Startups for Winning edge

At Gapeseed Consulting, we love startups. Having been associated with number of startups we understand the unique requirements and hurdles any startup would come across. The series of blog posts is designed to help startups with various set of services that should be inculcated in any business from the beginning.

This is blog 1 of the startup series. The idea is to help you with CFO services, basics of CFO services so that you can either plan or outsource accordingly. We intend to help the startups thereby becoming their Outsourcing and hence functional support partners to allow them to concentrate on their revenues.

The focus of Gapeseed Consulting remains same, we want to ‘multiply possibilities’ for our associates to help them grow their business. Let, us understand the significance of CFO Services for Startups – the edge and benefit of the same.

How Outsourced CFO Services for Startups and Finance Team would help?

    • Outsourcing CFO services for Startups will you give an edge over the others. Strong financial situation of any startup will give an early leg up as compared to the competitions and will also offer a sound standing among the existing players.
    • It will ensure legal & accounting compliances and will also minimize mistakes.
    • The CFO level wisdom will help in identifying the good and bad about valuation increase and will also help succeed in raising capital.
    • An outsourced team is also beneficial as it provides equally competitive results but at lower or variable costs.
    • Outsourced CFO and Finance team will also help you concentrate on business and growth.
    • With Gapeseed Consulting, your CFO team is always scalable and ready to grow with you.
    • You need not plan any sick days or vacation days as outsourced team work on timelines and only they shall not be mismatched.
    • In low budgets, you get better controls and better trained staff. Also they help you with taxes and offer more accurate financial statements.
    • By outsourcing the financial & CFO services to Gapeseed Consulting, you can actually invest your early stage capital & investments in business generating activities and we have the following services to help you understand the cost-benefit of outsourced accounting & financial services. These will also allow you to invest your time and resources wisely.

What CFO & Financial Services do we offer at Gapeseed?

For startups we offer the following services:

Retainer CFO Services

1. We understand that Startups cannot always afford to pay fixed compensations. That is why we have retainer CFO Services. Under this, we help startups in creating contracts, also help them build a financial model and raise equity and/or venture debt.

2. Retainer Services are available for a time duration of 6 months or above.

Project Based Hiring

1. In case you need CFO or Accounting services from an expert on some particular subject or to assess & help you with the in-house accounting services, we can help.This would be a one time exercise with detailed report and follow-up action.

2. This would also be the subscription package for those looking to hire an Interim CFO

Basic Bookkeeping and Accounting Retainer

1. Maintaining your books at each & every stage. We can either use existing systems or provide the one we recommend, we invoice your clients, follow up, collect cash, pay bills and handle everything from bank reconciliation to month-end reporting.

2. You see the report, review, approve or discuss.

Taxes

1. We manage the tax filings – quarterly, annually.

2. We work on reduce your tax liabilities and we ensure that you get the advantages out of best managed taxation services.

Remember, our startup packages start from INR.25,000/- onwards.
Get in touch with us now at info@gapeseedconsulting.com or call up: +91-9599444630/9 to know more.

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Taxation for Expatriate

The idea of this post is to streamline the taxation process for an expatriate. Expatriate taxation is variedly provided as a service from taxation firms, CAs, CFOs. The edge we have over others is that we have been dealing with expatriates across the country that Continue reading Taxation for Expatriate

Outsource Your Bookkeeping and Accounting Services

Most successful business owners understand that if they really want to manage their business, they need to get comfortable with the fundamentals of bookkeeping and accounting. Many entrepreneurs who launch their own businesses start out by wearing the accountant’s hat and doing their own taxes,

in addition to doing just about everything else in the business, too. A lot of Entrepreneurs who handled bookkeeping and accounting usually discover they weren’t doing nearly as well on their own as they thought they were. Gapeseed offers recognized bookkeeping outsourcing services solutions that support end-to-end functions of bookkeeping services for Small Business & start-ups.

Some start-up incubators purport to go beyond office space and provide more diverse support services, such as bookkeeping and accounting, legal and management advice, and intellectual property assistance and is an essential part of “start-up India’ program recently launched by Indian Govt at Vigyan Bhawan in New Delhi. Ask any successful business owner or entrepreneur and they will tell you.

Cash (flow) is king
A healthy cash flow statement and a driven sales department are the life of any organisation. Your financial books can change from a positive to a negative balance, and your debt commitments, which were reasonable when you started, can rapidly become your worst nightmare.

Pro Tip: Debt should be used for generating more income (buying products on credit), and never to fund your lavish lifestyle. Outsource an authorized bookkeeper to handle your books.

Though in today’s world, it’s become easier for a layperson to keep track of a business’ finance with the advent of simple online bookkeeping services software’s, such as QuickBooks, Quicken, and Microsoft Office Small Business Accounting. But there comes a time in a growing enterprise when it makes sense to hand over responsibilities for taxes, accounting, and the rest of the financial functions to specialists.

 

Signs you need to outsource your bookkeeping services:

Maybe you want to better the financial function of your business.
Or perhaps your accounting software isn’t providing the type of data you need to grow your business. Having trouble switching from cash to accrual accounting?
Are your financial statements inaccurate or incomplete?

These are all good reasons to look for a qualified bookkeeping services firm.

Also, companies have seen cost savings of up to 40% by finance and accounting services outsourcing

 

Before hiring a firm to fix your bookkeeping and accounting services do analyse firms.

Industry expertise – Previous experience in your industry makes things much easier for both the parties involved.
Size – Size and exact need of your requirement for a proper brief and guidance.
Complexity– Nature of service required from your firm.

With access to skilled resources available on a short notice, small business can venture in to larger business ventures by unlocking their liquid capital which is locked in hiring in house staff and paying company over heads in infrastructure investments. The right accounting and bookkeeping services firm can help a business with not only tax returns, but with longer term tax planning, business planning, networking, and even personal tax planning if your still the major stakeholder in your business

Duties and responsibilities usually include:

General ledger/chart of account maintenance
Responsibility for daily transactions
Financial statement preparation and analysis
Cost accounting and variance analysis
Treasury and cash management including bank reconciliations
Payroll and fixed asset accounting

Click to know detailed list of accounting & bookkeeping services provided by Gapeseed Consulting

Further to this if you seek any further clarity , feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

 

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Outsource Bookkeeping Services and Simplify Taxation

Gapeseed Consulting is a professional services firm dedicated to the success of businesses – big & small, which is why we offer our Outsourced Bookkeeping Services. This service is designed so that we become your internal accounting department and thereby helping in Outsourced Bookkeeping Services.

You turn over all your time-consuming bookkeeping tasks to us—including paying bills, recording deposits, reconciling bank accounts, and more. With our advanced technology platform, we can manage all your bookkeeping activity online. You simply send your scanned source documents to us via a secure Internet connection, email, or fax. Once received, our bookkeeping experts process your documents and then deliver all the required financial documents to you online. You can enjoy a completely web-based process!

The Value of Outsourced Bookkeeping Services @ Gapeseed Consulting:

The benefits to you are immense. Consider the following:

1. Frees you to focus on your business, not time-intensive administrative tasks.
2. Eliminates vendor late fees—we ensure that all your bills are paid on time.
3. Saves you money by eliminating the need for onsite staff.
4. Provides assurance that all your bookkeeping needs are met—our experts take care of everything for you.
5.Offers ultimate convenience because all documents are exchanged online.
6. Ensures security of data—processing documents within our online platform is more secure than sending documents via email.

 

The Process is Simple

Everything is handled online, so you don’t incur the extra costs associated with delivering paper documents or scheduling pick up of monthly reports and financial statements.

 

Take a look at our simple process:

1. When invoices and other bookkeeping documents come in to your office, either scan and upload the electronic copies to your portal, email, or fax them to us.
2. Your documents are received in our office electronically.
3. Our experts process all documents.
4. Our experts deliver management reports, financial statements, tax planning and cash flow reports, and more to you via your portal or email.
5. It’s a completely paperless and convenient process.

 

Our Bookkeeping services include:

• Assets / equipment ledger maintenance
• General ledger maintenance
• Expenses ledger maintenance
• Accounts receivable services
• Accounts payable services
• Preparing ageing reports & summaries
• Bank account reconciliation services
• Credit card reconciliation services
• Inventory reconciliation
• Payroll reconciliations
• Cash flow management

 

Outsourced Bookkeeping Services– using today’s technology

We are familiar with and have experience in using most of the standard financial packages, including:
• MYOB
• Quickbooks
• Handisoft
• Account Right
• Xero
• Excel
• Arrow
• BGL
• Bank link
• ERP

In addition to this, the team are capable of quickly learning any other accounting, client relationship management, and payroll or data processing software – often at no cost to the client.

 

Why do you need a bookkeeper?

You may have discovered that by owning your own business you spend hours upon hours trying to keep track of the accounting paper trail instead of doing what you enjoy. Wouldn’t you rather use your strengths and skill set to build your business rather than having to worry about accounting issues?

 

Outsourcing bookkeeping helps you answer the following questions:

• Who owes me?
• Who do I owe?
• Did I make enough money this month?
• When was that financial statement due anyway?
• Am I meeting my filing deadlines?
• How do I accurately process payroll?
• What about taxes (sales, property, income)?
• Am I keeping up with corporate record compliance?

 

These questions reveal the fact that there is a lot more to keeping a proper set of books than just knowing how to write a check.

Outsourcing your company’s bookkeeping to a certified bookkeeper can save you staffing overhead, operating costs, and management time, freeing up essential capital and increasing your capabilities so you can run your business more efficiently. The misconception is that by outsourcing bookkeeping the owner might lose control but with the right system in place the management decisions remain under the control of the Owner.

 

Tax Advantages of Book Keeping:

Tax preparation is a key reason to maintain a detailed set of books, but there are other factors at play. A company’s books are used to determine the amount of taxes the company must pay. They are also used in preparing tax returns.

Sometimes, a tax agency may decide to investigate the information reported on a tax return or other type of tax-related document. In such cases, business owners are required to present accurate records for the tax agency’s inspection.

 

Why Small Businesses in India Should Outsource Accounting Services?

Start-ups and small companies face the dual challenge of growing their business and controlling costs. Once considered to be done by large corporations, outsourcing a non-core function such as accounting and bookkeeping is now being done extensively by many small businesses. Not only is accounting time consuming, it is also more and more of a specialty trade. Professional service providers know the rules and can keep you out of trouble. They are highly efficient because they do this work on every day basis.

Reasons to Outsource Accounting Services –


  • 1) Improved work efficiency    Bookkeeping and accounting are effort taking activities. You not only need to put in long hours but also have to ensure accuracy. Hiring an in-house business accountant involves additional cost of keeping a full-time employee and chances are that he may not be specialized with every aspect of accounting and taxation. Outsourcing gives you an edge. You get benefits of domain expertise and advanced accounting software, assuring productivity and accuracy.
  • 2) A cost-effective solutionAs discussed in the above point, keeping a full-time in-house accountant involves cost of paying him year round. While accounting and bookkeeping is more ‘seasonal’ in nature. Accounting outsourcing companies offer customized solutions and charge fee only for the services availed. Hiring an in-house employee means you will pay out a monthly salary regardless of the amount of work he has completed. With outsourcing, you only pay for the work done.
  • 3) Access to domain expertise and advanced systemsOutsourcing your finance and accounts activities means you have expertise and advanced bookkeeping and accounting systems on your side. On the other hand, if you hire an in-house team, you will have to arrange and pay for training and new software, in addition to monthly salaries. Small businesses are usually not in a position to pay for highly expensive accounting software. Outsource accounting services let you have the benefit of such tools and the expert knowledge of industry professionals.
  • 4) Enhanced business operationsAmong several things to consider, outsource accounting services can help a company get a better handle on its pay-to-procure process. Powerful analytic lead to a better understanding of spending through the entire supply chain, and help control budgets and standardize procedures throughout the company.
  • 5) Facilitates business productivityFor being successful a business must have an eye on tomorrow and readiness to accept and implement change with strategic planning. Engaging outsource accounting services can increase company revenue by cutting down costs and by providing owners with flexibility to devote their time and effort on more important revenue generating functions.


Summing It Up:
With a certified bookkeeper on your side, Gapeseed helps your businesses to become more profitable, more efficient, and more competitive. You’ll get accurate reports reflecting your business activities so you can make decisions that will keep your business moving forward. And all those deadlines – they are met without you giving them a second thought.

We also offer consulting services, tailored to meet your needs. We’ll be glad to give you a competitive quote that fits within your budget.

 

Further to this if you seek any further clarity, feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

 

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5 Steps for Setting up a Business in India

Startups and India are rhyming well together and 2016 seems to be bringing opportunities in abundance. That makes a perfect reason to bring last post of this year as the ‘5 Steps for Setting up a Business in India’

With Gapeseed Consulting, you can climb the steps smoothly when Setting Up Business in India!!

The current economic scenario of India is growing towards the trend of individuals getting ready to start up their own business enterprises. Opportunities are opening the doors and people are rushing to enter through those doors. Unlike hunting for a job, setting up a business requires a winning idea in the first place. But besides that a lot of groundwork has to come before the actual act of opening up a business. Now, such groundwork includes creating a workable business plan, thorough market research, finalizing funding sources and pinning down the business model. Once you have validated your idea with these steps, it is time to delve into the legalities and paperwork involved in setting up a business in India. And that’s where we enter. We, at Gapeseed provide our clients Business Setup Solution based on a methodology which takes care of approvals, legal compliances, registrations with authorities etc. to provide a ready to operate business setup in shortest time period.

In this post, we will not only guide you with the steps of setting up a business in India processes but also with the tips of how smoothly you can walk past it.

 

Industrial Approval for Business Investment

Although in today’s time setting up a business and investing in India generally do not require any approval. However, in case of some Industries approval is required for setting up business in India. Gapeseed provides services for obtaining approvals from Foreign Boards or Indian Boards (read Reserve Bank of India), as may be required. We also provide services for formulating strategies for mode of business setup i.e. Foreign Branch Setup or Liaison Office setup or Setup of Subsidiary Company as required.

See more at: http://www.gapeseedconsulting.com/blog/liquor-import-compliance-for-setting-up-a-business-in-india/
Incorporation of Your Enterprise

For setting up business in India through limited liability company involves registration with Registrar of Companies under the Companies Act. Foundation of company involves several steps including name approval, digital signature of directors, and preparation of Memorandum of Association etc. Our Business Setup Solution takes care of all the required compliances and procedures for incorporation of a company and endeavours to provide our clients ready to operate business setup as smoothly and as quickly as possible.

 

Get. Set. Register.

A business to be fully functional requires registration with various authorities. For instance, a trading company needs to get registered with Sales Tax/VAT Authorities, Income Tax Department, Excise Department, Custom Department, Service Tax Department, Registration with Shops and Establishment Act etc. Our Business Setup Solution provides services for registration with various authorities immediately after incorporation. This leads to reducing burden from client’s end with matters related to tax, labour and other relevant authorities.

See more at: http://www.gapeseedconsulting.com/resources/

 

Brand yourself and advertise

What’s the point in getting things right if people don’t come to know about your company? Gone are the days when people used to spread the word verbally; Now-a-days one has to find the right kind of customer first and then think of many ways to reach out to them. In order to create an identity, create a logo, and then create a company website and social media profiles to mark your presence and through social media windows spread the word about your brand. You can not only promote your business through digital channels but can get hands-on feedback from your customers which will further help you improve.
Move ahead with your business

Once you start up, you should think of growing your business with each passing day. In order to make profit, you have to be ahead of what you received out of your business yesterday. And to do so you can think of collaborating with more established brands of your genera. You can even reach out to other companies and request them for your business promotion in exchange of a free service, product etc. You can even partner with other lines of business and build a mutual relationship to promote each other’s brands.

Setting up a business can be challenging but if you follow these steps and reach out to us, you can not only set on the path of entrepreneurship smoothly but can make your business more profitable and more successful.

 

Further to this if you seek any further clarity, feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

 

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Benefits of HR and Payroll Software

A critical part of any organization is managing the human resource functions and payrolls of employees, whether it’s a small firm or a big business house.

And to manage proper functioning of HR and Payroll procedures, companies require appropriate technology whether hardware or software. It’s often a misconception that small business can do away with such a system but since the net worth of a company and its taxation is affected by the payroll of the employees, data integrity and accuracy is vital as they are subjected to audits from the law of the land. Hence the size of the company doesn’t matter.

What if a small business can’t afford to shell out money on the latest software?

What if making a purchase is going to have a major impact on the balance sheet?

Despite budget restrictions and limited IT resources, small businesses still need to centralize workflows and be efficient. To help you out with such a dilemma, we will not only discuss about the benefits of having standard HR/Payroll software but we’ll also help you pick the best for small business in this post.

 

Benefits for HR and Payroll software to regulate the functioning of HR and Payroll procedures:

Manages Task

With the help of automated software, calculating the payroll of employees gets not only easy but logical programming gives results within few clicks. The task could otherwise get lot complicated if done manually as it involves lot of procedures – calculating the productive hours of the employees, calculating tax, deductions, documentation of employee leaves, attendance etc.

Manages Time

Manual inputs and payroll calculations for each and every employee is often a time consuming process. Whereas the software automated system does the backend calculations and produces periodic reports and pay checks in no time whatsoever.

Adds Accuracy

Manual inputs and management of data is not only time consuming but can also invite errors. Having HR and Payroll software assures that the data is 100% accurate and the data integrity is maintained at all levels. One can rely on the information to make better decisions based upon it.

Safeguards Data

Another advantage or rather benefit for HR and Payroll software is that it has tools which restrict the accessibility to the software. Once can set up visibility parameters to allow selected persons to access the data which reduces the risk of misuse of critical information.

 

Key HR/Payroll Software Features

HR/Payroll software can help to increase the productivity of small businesses by automating administrative tasks, record-keeping and by giving HR coordinators tools to find and keep the best talent. There are many different ways to package standard software. Beyond deployment models, there are three primary classes of HR software structured around usage:

    • Core HR: Helps businesses perform the administrative functions of managing a workforce—payroll, benefits administration, time and attendance tracking, workforce planning, and regulatory compliance. Employees can also access their work-related data and enter updates and requests which form an integral feature for most core systems.
    • Strategic HR: This solution mostly addresses recruitment, performance management, training and development, and succession planning. Some solution may even be customized to address a specific aspect of talent management, such as the hiring process.
    • Integrated HR suites: This solution provides end-to-end functionality across most or all areas of management including administrative aspects as well as recruitment, talent management, and e-learning of management systems. Some product suites are sold in modules, so one can purchase them according to the specific need of the company.

The intention of the post was to give you a brief idea of how important it is to have specific standard software for the better functioning of a small business and also the benefits for HR and Payroll software. If you want us to find the right solutions for your set of business, write to us and we would address your query in no time. You can even write to us if you want to avail our HR, Accounting or any other service.

For more information on Payroll Software, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

 

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Gapeseed’s Accounting Services for Small Businesses

Small businesses often face the challenge of growing their business and having to cope with rising costs. It takes a lot of effort to run a small business successfully wherein the time, resource and energy must be optimally used. It is also crucial to ensure proper accounting practices for any particular business, regardless of its industry. Once considered to be done by huge companies, now-a-days accounting is a fundamental necessity for any business, be it small or big.

Apart from handling business challenges, financial challenges can become too great to handle without expert help. Reasons could be many – May be the company’s accounting software isn’t providing the type of data required to grow the business, one may be facing trouble while switching from cash to accrual accounting, may be someone wants to better the financial function of the business. Whatever the reasons are, for complete solutions you can certainly rely on Gapeseed’s Accounting Services.

 

What is special with Gapeseed’s Services?

Our primary goal is to make accounting hassle free for our small business and start-up clients. Our expertise as accounting professionals has helped hundreds of small business clients to achieve their financial goals and we work hard to help all of our clients succeed. We offer a full range of accounting services and create custom accounting solutions if need be for businesses based on the specific accounting needs. Our solutions help our clients save time and money, so they can utilize those resources on other aspects of your business. And not just bookkeeping, payroll or auditing services, depending on a particular need, we even work towards achieving financial goals for our clients and their business.

4 reasons to consider Gapeseed’s Accounting Services for Small Businesses:

    • Pace up productivityAccounting is a task that requires long hours and accuracy on the job. If you opt for hiring a small business accountant in-house, it might add an additional cost burden. Whereas if you hire Gapeseed, we will not only provide expert accounting but we are always willing to put in the extra hours to increase productivity and efficiency of businesses which are small & settling up.
    • Keep your books clean & up to dateMaintaining an accurate book of accounts is important to any small business as it necessary to keep a check on the expenses and cash inflow. And you need expertise in order to maintain an error-free bookkeeping operation. Our accounts clean up services include tallying account items with actual expenses and inflows, classifying items in the correct category and removing any dead transactions. With such a systematic record keeping like ours, you can not only maintain accuracy but lessen your burden during the financial year end and tax seasons.
    • Keep your books in safe handsBookkeeping in small businesses is often seen as chore that must be given good amount of time and importance in order to stay in business. Gapeseed can relieve you of this chore by taking up all the painstaking work of maintaining your bookkeeping operations. Right from maintenance of ledgers to reconciliation of accounts to preparing cash flow statements, we will handle them all.
    • Grow your small business with usMany entrepreneurs who start their own small businesses start out by wearing the accountant’s hat. With simple bookkeeping software coming handy, one might even keep a good track of business’ finance. But when the business starts growing, it no longer appears to be an easy task. It totally makes sense to hand over responsibilities for taxes, accounting, and the rest of the financial functions to specialists. Gapeseed can help your business not only with tax returns but with long term tax planning, business planning, networking, and even personal tax planning.

If four reasons aren’t good enough and if you want more, you can visit us to get the details of Gapeseed’s Accounting Services for small businesses or call us on +91-9599444639 | 9599444630. We at Gapeseed are purposed to empower our clients through our services as strategic growth partners.

 

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7 Qualities for Recruitment Process Outsourcing

 

Hiring the right recruitment process outsourcing (RPO) provider is a major organizational decision, one that will have a direct impact on your organization’s talent. If you’re not sure exactly how to hire the right Recruitment Process Outsourcing provider, you’re not alone. The other day we headed to a mall just to grab some quick bite on our way back from a meeting.

Our ‘Happy Hour’ moment was soon put to an end after my teammate took the first bite of his burger. Apparently he is allergic to mayonnaise and he specifically asked to do away with it while ordering. When he went to complaint about it, the boy who took his order bluntly replied that they can never make these kinds of mistakes. Anybody would get furious to such comment and my teammate wasn’t any different. After much argument, the manager came forward to apologize for the whole situation and made the boy do the same. Later we learnt that the boy has joined only a couple of weeks back and he has made such mistakes for over a couple of times. Now post this incident, I don’t know whether the boy was fired but the outlet definitely lost two of his customers – me and my team member.

There are a lot of factors to consider when choosing an RPO provider. Zeroing down to the right one is a good challenge. In my years of involvement in the RPO industry, we have been able to identify some key considerations companies should take when hiring an RPO.

They Do the Homework, Customize & Train

A reputed brand definitely needs the right provider who can assess the skills of the employee, train them accordingly and then make the right placement. If they keep hiring people who don’t fit the requirement, the outcome could be worst for any given brand or organisation. So picking up the right RPO is as important as getting the right people to work for your business.

You need to ascertain that the agency is not offering existing packages, they are doing the homework to understand your business and the consumer insights before giving an RPO proposal for your business.

Good packages come at a good price

Although price is a significant factor in hiring an RPO provider, it definitely shouldn’t be a deterrent. The RPO experience is based on improving any current hiring weaknesses in the company while playing to the company’s strengths. The price is simply what you pay in order for you to ultimately see greater returns when all is said and done. What you should consider is how much more effective and efficient an RPO will make your hiring process. When an RPO provider brings the proper resources and experience to bear on your recruiting process, you should expect overall improvement and a significant return on your investment.

Not just a provider, work like partners

The provider can’t just work alone. The relation between your company and the provider must be like partners. Though you may not get an opportunity to get actively involved in the recruitment but you must follow up regularly. The system of the provider should be flexible enough so that it lets you sit with their team to discuss the situation, work out a schedule and do regular reporting and reviews. You can’t leave outsourcing firms hanging; you must make sure you are there with them like partners.

Security check for a secured process

Since you will be sharing confidential business information with the provider, checking on security is something that you must foremost find out. Ask for a detailed description of how they have protected their facility from outside intrusion; ask if they have a recovery plan in case of a security breach. Find out about the firewall and other security measures taken by the provider. Also ensure if the provider’s data center is staffed with qualified, experienced and committed resources.

Specific services for specific needs

You need to asses if the RPO provider is simply trying to sell you their services by over promising or if they are genuinely committed to tailoring their services to meet your unique needs. The best way to evaluate a prospective service provider is to examine their service track record from multiple perspectives. You can get in touch with the provider’s existing customers if their needs were accommodated. Before bringing them on board, check if they demonstrate a willingness to clarify your needs and map those onto their service offerings.

Know about customer satisfaction directly from customers

You can always request the service provider to provide you with their customer list either former or existing. After receiving the contacts, you can speak to those customers who have a similar industry profile/business needs as yours. Request them for detailed and honest feedback about the provider’s strengths and weaknesses. Find out how satisfied they were with the provider’s service levels and systems management expertise. If everything falls in place as you expected, you can take you decision easily.

Structure out the infrastructure

In order to find out how reliable a provider is, get information about their infrastructure, technology partners, internet providers, data centre etc. Even making an on–site visit can give you confidence in the provider’s management expertise and physical infrastructure. You can also ask details about the provider’s quality assurance methodologies, procedures and processes in order to find how scale able they are.

Hope this post will help you find the right RPO provider for your firm. The other way to find the right one is to get in touch with us. We at Gapeseed, not only fit well into the above mentioned considerations but we keep working on our skills to keep pace with the growing demand. So talk and walk with us before hiring us and we are sure you wouldn’t have to look anywhere else.

For more information on Recruitment Process Outsourcing, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

 

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