Activities to Be Performed after Incorporation Of Company

If you have recently incorporated your private limited company or under the process of incorporation then you must get yourself familiar to the new provisions of Companies act 2013.

The most important things that every promoter or director of a newly incorporated private limited company should know after getting certificate of incorporation or before getting into the process of incorporation.

Checking Company’s Master Data after Incorporation

Certificate of incorporation for a private limited company is the last step in the process of incorporation. Once you received the certificate of incorporation, it means, all legal formalities required for company registration are completed in India.

At Gapeseed Consulting, we have legal consultants like chartered accountants and Company Secratories who help us in the process of company incorporation and do all such things that are required to complete the registration process.

Now the question is how to cross check to know that the company is incorporated with correct details like authorized share capital, registered office, category, CIN, paid-up share capital, status and date of incorporation etc.

These are the most important thing that every company should keep it right.

We suggest you to check these details in company’s master data by visitingthe website of Ministry Of Corporate Affairs after getting certificate of incorporation.

If you find any changes or incorrect details then immediately inform to your chartered accountant or Company Secretary to take necessary actions for its correction.

You need to check following things in company’s master data;

Authorized share capital
Paid up share capital
Registered office address
Status i.e. Active or Inactive
Date of incorporation

File E-Form INC22 For Situation Of Registered Office

Situation of registered office has to be intimated within 30 days from the date of incorporation to the registrar of companies. This can also be filed at the time of incorporation along with other e-forms if registered office of the company is going to be the director’s residence or owned house.

If it’s not filed at the time of incorporation then within 30 days from the date of incorporation, then it is a Non-Compliance u/s 22 of the Companies Act,2013

As per section 12 of Companies act 2013, a company shall, on and from the 15th day of its incorporation and all times thereafter shall have a registered office. This means the company should enter into a rent or lease agreement within 15 days from the date of incorporation and within 30 days from the date of registration should file INC-22 with ROC.

Display Company’s Identity And Other Details

After incorporation, it’s the duty of the company to display following things outside the company’s registered office;

Name of the company
Registered office address of the company
Corporate identity number or CIN
Telephone number, email ID
Website address and fax number if any

These details are also required to be printed in all business letters, bill-heads and in all other official publications.

Putting CIN or corporate identity number in all official publications is a new requirement in Companies act 2013. This provision was not there in old Companies act 1956.

In case of failure to quote CIN number, penalty of Rs. 1,000 per day shall be imposed on the defaulting company and on every officer in default for every day during which such default continues up to a maximum limit of Rs. 1,00,000.

If company has changed its name in last two years then it shall paint or affix or print, as the case may be, along with its name, the former name or names so changed in all official publication including letter head and bill-heads.

Appointment Of Company Auditor

As per section 139(6) of Companies Act 2013, company has to appoint its first auditor within 30 days from the date of incorporation in a board meeting. If board of directors are not able to appoint then it has to be appointed within 90 days in a general meeting of members.

First auditor as appointed is required to hold office till the conclusion of first annual general meeting. Companies Act 2013 does not require any form to be filed with ROC but this is a requirement of law and it has to be complied within time.

Open A Bank Account And Issue Shares To Subscribers

Companies Act 2013 requires the company to allot and deliver share certificates within 2 monthsfrom the date of incorporation to all subscribers of MOA. It’s also mentioned that each subscriber will deposit subscription money as specified in MOA to company’s bank account by cheque or through net banking.

We suggest to open a bank account with the help of MOA, AOA and certificate of incorporation and then takecheque from each subscriber and deposit it in company’s bank account.

File Audit Report, Financial Statements And Annual Report Before Due Date

A private limited company is required to file its balance sheet, profit and loss account, auditor’s report and annual return every financial year before the due date with the registrar of companies. Non compliance to this provision will attract additional fee in addition to the normal fee that are charged while filing the e-Form.

Now you know mandatory things that promoter or directors of a private limited company should remember after incorporation of a private limited company. In case of any doubt or clarification please contact us by using our comment form.

For more information about Activities to Be Performed after Incorporation Of Company, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Procedures and Documentation For Startups,
Payroll Services for Startups.

Importance of Accounting for Startups

Significance of Accounting for Startups

Accounting must be given prime importance in any business entity as it is most required, especially for controlling and for providing financial reports at the end of the year. Accounting will help a Startup to determine its productivity and its profit from the initial stages of the company. This provides entrepreneurs a method for maintaining accounting information. The accountant hired by the company will keep track of the money spent for business use as well as for personal use, this will help in strategizing on how the money can be saved. In the initial stages of a Startup, the company must hire consultants or interim CFOs to maintain simple accounts rather than spending more on in-house professional resource.

Benefits of Accounting for Startups in Initial Stage

Forecasting Financial Estimates

Every Startup needs to provide information regarding its financial estimates to banks, investors or lenders to obtain funds in return from them. Accounting helps the business to make a business plan which includes estimated monthly expenditure, economic forecast, projected rate of growth of the Startup. This information is really important for a Startup to lure more and more investors to invest in their idea. The investors also ensure that the entrepreneur has a reliable projection of its company’s financial expectations.

Determine Profitability

Accounting helps an entrepreneur to determine its profitability in the future. It helps in monitoring the progress of the company and also to make necessary amendments where necessary. Through accounting, entrepreneurs will get to know where they need to use their assets to generate profit. An entrepreneur also needs to provide financial information to its investors to ensure them that they will be paid in a timely manner. A monthly statement such as a balance sheet and an income statement shows how if a business is blooming or not, these statements helps in determining a business general profitability.

Budget Expenses

Accounting helps an entrepreneur in setting up a Budget for expenditure on various aspects affecting a Startup. Accounting helps in maintaining records of the cashflow in the business, capital is used in hiring of employees, advertising, purchasing of inventory, petty items. Budget helps an entrepreneur is reducing expenditure on not so essential items and by saving the capital for future purposes.

Payroll Accounting

Accounting for startups help an entrepreneur to record its employees’ compensation such as salaries, bonuses, commissions and any other means earned by an employee. It also maintains employees’ portion of Health insurance premium, Social security taxes, paid holidays. This creates a database for the company consisting of all of its employees. Entrepreneurs must consult accounting professionals during the incorporation of its business. This is a must for an entrepreneur as outsourcing will help a company to grow much faster with the help of a trained professional. Outsourcing helps in many ways such as:

Tax Specialization

Taxation is a main aspect where a Startup may face some difficulties beyond the areas of fund raising and finance. This is where trained professionals like Chartered Accountants play a crucial role in the growth of the Startup. A trained professional who knows the tax laws whether it may be direct tax, indirect tax or any other tax involved will smoothen the working of the business. Well managed and transparent taxation is one of the most required aspect in Accounting for Startups.

Focus on Business

An accountant helps an entrepreneur by letting them focus on their product rather than worrying about the finance. The entrepreneur can create partnerships, create relationships, market its product with the help of an accountant. It will provide valuable information to the business to make it grow and earn profits. An accountant will also help in covering the cost as well as reducing the expenses incurred by the company.

Secretarial Duties

A professional accountant can also perform duties of a company secretary as they are specialist in company law. They also see to it that the company is complying and adhering to the laws laid by the Company Act, 2013. Start-ups strictly need to follow these rules from the start as it may result in the dissolution of the company.

Valuable Business Partner

Outsourcing accounting gives a huge importance to start-ups as these outsourcing firms have wide range of expertise working under them. This support from such firms will be very valuable for the Startup as it has a lot more experience when it comes to raising funds, financial planning, financial reporting. It is better to get financial assistance from trained professionals at the early stages of a Startup as it makes the business develop and grow faster. Many entrepreneurs lack accounting skills and tend to make wrong decisions regarding accounting which acts as a negative aspect in accounting for startups.

For more information on Importance of Accounting for Startups, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Excerpts from GST Council’s 8th Meeting

What were the main points in the GST Council’s 8th meeting?

The main points of discussion in the 8th GST council meeting were as follows:

1. ISSUE OF DUAL CONTROL
In the 8th GST council meeting, the group of members didn’t have any common agreements on the issue of dual control. This issue made people think differently as many had different views on this topic. The State does not want the Centre to have the authority over all the small tax paying entities whereas The State does not have any problem in having Dual Control with the Centre for the authority of all the bigger tax payers. The Council also cannot decide the turnover to defy a small taxpayer from a bigger one, for some a company having a turnover below 5 crores will be a small tax payer whereas as per the Centre a company having a turnover of 1.5 crores will also be a small tax payer. The centre is not ready to accept the demands of state for access over 1.5 crores in case of small tax payers. The council wants to consider a high cut off rate and wants the Central Goods and Services Tax to be administered by the Centre and the tax payers below that cut off should be administered by the State.

2. CESS
CESS will be charged on many more goods such as luxury goods, aerated drinks, tobacco products and on high-end cars. The ultra-luxury goods and sin goods will have a GST cess for a period of 5 years. The major part of CESS will depend upon the current incidence of tax, if the clause of GST cess for 5 years raises any profit, then the council will decide on how to use these profits to compensate any other losses incurred by the State or Centre. Only the Clean Environment Cess will be retained and all the funds will be used to compensations.

3. INDUSTRY REPRESENTATION
The Government is deliberating all representation from Trade and Industry in the implementation of the GST bill. The Commerce and Industry sectors has given representation from officials to the GST council. The banking and insurance sector also has given representation to understand the impact of GST on products.

STATE WISE SCHEDULE FOR GST REGISTRATION

State	Start Date	End Date
Puducherry	08-11-2016	07-12-2016
Sikkim	08-11-2016	07-12-2016
Maharashtra	14-11-2016	07-12-2016
Goa	14-11-2016	07-12-2016
Daman and Diu	14-11-2016	07-12-2016
Dadra and Nagar Haveli	14-11-2016	07-12-2016
Chhattisgarh	14-11-2016	07-12-2016
Gujarat	15-11-2016	07-12-2016
Odisha	30-11-2016	15-12-2016
Jharkhand	30-11-2016	15-12-2016
Bihar	30-11-2016	15-12-2016
West Bengal	30-11-2016	15-12-2016
Madhya Pradesh	30-11-2016	15-12-2016
Assam	30-11-2016	15-12-2016
Tripura	30-11-2016	15-12-2016
Meghalaya	30-11-2016	15-12-2016
Nagaland	30-11-2016	15-12-2016
Arunachal Pradesh	30-11-2016	15-12-2016
Mizoram	30-11-2016	15-12-2016
Manipur	30-11-2016	15-12-2016
Uttar Pradesh	16-12-2016	31-12-2016
Jammu & Kashmir	16-12-2016	31-12-2016
Delhi	16-12-2016	31-12-2016
Chandigarh	16-12-2016	31-12-2016
Haryana	16-12-2016	31-12-2016
Punjab	16-12-2016	31-12-2016
Uttarakhand	16-12-2016	31-12-2016
Himachal Pradesh	16-12-2016	31-12-2016
Rajasthan	16-12-2016	31-12-2016
Kerala	01-01-2017	15-01-2017
Tamil Nadu	01-01-2017	15-01-2017
Karnataka	01-01-2017	15-01-2017
Telangana	01-01-2017	15-01-2017
Andhra Pradesh	01-01-2017	15-01-2017
Enrolment of Taxpayers who are registered under Central Excise Act but not registered under State VAT	05-01-2017	31-01-2017
Enrolment of Taxpayers who are registered under Service Tax Act but not registered under State VAT	09-01-2017	31-01-2017
New registration under VAT/Service Tax/Central Excise after August 2016	01-02-2017	20-03-2017

For more information on GST or for Registration under GST, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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GST, AN OVERVIEW

The Goods and Services Tax is destination based indirect tax, levied at the time of consumption of goods and services by the ultimate consumer. It also aims at simplifying the present tax structure in India. It subsumes taxes like Central indirect taxes – Service Tax, Additional Customs Duty, Special Additional Customs Duty, Central Excise Duty, and Countervailing Duty, and Sale indirect taxes – Sales Tax, Central Sales Tax, Entertainment Tax, Luxury Tax, and Octroi/ Entry Tax.GST is just like a duty just on value addition at every stage. The end consumer subsequently bears the GST charged by the last merchant in the Sales Network, with set-off advantages at all the past stages. With the GST all set to be rolled out, we look at the registration procedure.

GST REQUIREMENTS

Any person carrying on any business who has a taxable supply of over Rs.10 lacs in case of Northeastern States Of India and Rs. 20 lacs in the rest of India would be required for registration of GST in India. A mechanism is available for voluntary GST registration to help claim ITC(Input Tax Credit). It must be obtained under 30 days of exceeding the Rs.25 lacs turnover limit. A procedure would be announced for migrating the VAT or service tax registration as a GST registration.

According to Schedule III of the Model GST Law, the following shall be registered compulsorily, disregarding the total turnover of their respective businesses:

• Every person/entity who is registered or holds license under any earlier law, is liable to get migrated under this Act;
• Every person shall be liable to be registered under this Act if his turnover in a financial year exceeds the taxable threshold limit.
• Every person making any inter-state Supply, irrespective of taxable threshold limit;
• persons who are casually taxable i.e. any person who occasionally undertakes transactions involving supply of goods and/or services in the course or furtherance of business;
• Every person who are required to pay tax under reverse charge;

GST REGISTRATION NUMBER

It is expected to be provided based on PAN. One of the major advantage of implementation is that the same GST registration number can be used across all states of India against the VAT regimen in which a dealer needs to obtain VAT registration in each of the states (with additional cost and compliance formalities).

DOCUMENTS REQUIRED FOR GST REGISTRATION

For Private limited company

• Certificate of Incorporation
• PAN of the company
• List of Directors along with their personal details
• PAN Card of Directors
• Adhaar Card of Directors
• Passport size Photo of Directors
• Board Resolution
• Address proof of company

For Proprietorship

• PAN of the proprietor
• Address proof of the proprietor
• Photo of Proprietor
• Address proof of Entity

For Limited Liability Partnership

• Certificate of Incorporation
• LLP Dead
• PAN of LLP
• PAN of partners
• Adhaar Card of partners
• Letter Of Authorisation
• Address proof of Entity

For Partnership Firm

• Certificate of Registration
• Partnership Dead
• PAN of Partnership
• PAN of partners
• Adhaar Card of partners
• Letter Of Authorisation
• Address proof of Entity

ONLINE GST REGISTRATION PROCEDURE

GSTN maintains a portal for the online GST registration procedure. The applicant is required to submit an online application for GST registration along with the entire and specific details of the goods and services to be dealt. A temporary GST registration number would be provided post the submission of application and the online payment of registration fee.

A copy of the application must respectively be printed, attached with the other mentioned documents and then couriered to the GST department. A final GST certificate would be issued by the concerned officer post the verification of the application along with the documents.

ADVANTAGES OF GST REGISTRATION FOR BUSINESSES

On the registration of a business it will get various advantages of the implementation of GST. Business will legally be approved to gather charge from buyers and pass the tax credit on to the buyers or beneficiaries and will be legally perceived as a provider of goods and services. The business shall thus be having a proper bookkeeping of expenses paid on the input goods or services which can be used for payment of GST due on supply of products or services by the business.

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

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Limited Liability Partnership and its Incorporation

Limited Liability Partnership and its Incorporation (LLP)

It is an association of 2 or more persons who have set up this business structure for carrying on a lawful business with a view to profit, with the partners having a limited state of liability. LLPs are governed under the Limited liability Partnership Act, 2008. It can be said that LLP is a combination of Partnership and Private Limited Company as it encompasses features of both. Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries, the LLP is more suited for businesses in which all investors wish to take an active role in management.

How to Incorporate a New Limited Liability Partnership

A Limited Liability Partnership may be incorporated as per the procedure explained below :

Registration

Register yourself on the website of Ministry of Corporate Affairs, developed for LLP services . Fill in the registration form then select your user name and password. Therein, upload digital signature certificate.

Designated Partners Identification Number (DPIN)

All designated partners of the proposed LLP shall obtain “Designated Partner Identification Number (DPIN) / Director Identification Number (DIN)”.

Digital Signature Certificate

Partners/Designated partners whose signatures are to be affixed on the e-forms has to obtain class 2 or class 3 Digital Signature Certificate (DSC) from any authorised certifying agency.

Name reservation

Log on to the LLP portal. After login, click “E-Forms” link. Open Form-1 for reservation of name and fill in the details. Choose the name of the proposed LLP (upto 6 choices can be indicated). After this attach the digital signatures and submit the e-form and pay the necessary fee.

Details of minimum two designated partners of the proposed LLP, (at least one of them must be a resident of India) is required to be filled in the application for reservation of name. Only individuals or nominees on behalf of the bodies corporate as partners can act as designated partners.

Incorporation of LLP

Once the name is reserved by the Registrar, log on to the portal and fill up Form-2 “Incorporation Document and Statement”.
Pay the prescribed registration fee as per the slab given in LLP Rules, 2009, based on the total monetary value of contribution of partners in the proposed LLP. Statement in the e-form is to be digitally signed by a person named in the incorporation document as a designated partner having permanent DPIN and also to be digitally signed by an advocate/company secretary/chartered accountant/cost accountant in practice and engaged in the formation of LLP . On submission of complete documents, the Registrar after satisfying himself about compliance with relevant provisions of the LLP Act can register the LLP, maximum within 14 days of filing of Form-2 and will issue a certificate of incorporation in Form-16.

Incorporation documents must be filed with the following attachments.

1. Copy of authorisation where the partner is a limited liability partnership, or company, or a limited liability partnership incorporated outside India or a company incorporated outside India.
2. Proof of address of registered office of limited liability partnership.
3. Details in respect of names of partners/witnesses and their signatures.
4. Attachments in respect of details of individuals/bodies corporate where the number exceeds five.
5. Optional attachments as may be required.

LLP agreement must be filed in (E-Form 3) with the Registrar within 30 days of incorporation.
The LLP Agreement must be stamped in accordance with the stamp Act.

CHARACTERSTICS

Separate legal entity : Like a company LLP also has a separate legal entity. So the partners and the LLP are distinct from each other.

No requirement of minimum capital : In case of companies there should be a minimum amount of capital that should be brought by the members or owners who want to form it. But to start an LLP there is no requirement of minimum capital.

Minimum number of members : To start a limited liability partnership at least two members are required initially. However, there is no mentioned limit on the maximum number of partners.

No requirement of compulsory audit : All the companiesare required to get their accounts audited. But in case of LLP, there is no such mandatory requirement.

BENEFITS

• It is flexible to organise the internal structure of an LLP
• There is no maximum limit for the no. of partners in LLP
• Raising and utilisation of funds depends on the partners will
• LLP is exempted of Dividend Distribution Tax (DDT)
• The partners have limited liability
• There is no requirement of minimum capital
• One can easily become a Partner or leave the LLP
• An LLP can easily attract finance from PE Investors, financial institutions, etc.

DEMERITS

• Any act of the Partner without the other partner , may blind the LLP
• LLP cannot raise money from public, unlike a company.
• Angel investor or venture capital firm does not prefer LLP

Save Tax through the following Tax Exemptions

Did you know that it is possible to save your income tax out flow by far a large amount?

Do you want to know about Tax Planning through Tax Exemptions?

Did you know that we can help you with this year’s Tax Filing? Are you wondering about redeeming some of the previous year’s tax which you filed and weren’t aware of exemptions.

Then this is the post for you. Read further to understand how you can save tax through following tax exemptions. All this is possible legally under the Indian Income Tax Act which allows certain deductions which can be claimed to save tax at the time of filing of Income Tax Return by all classes of taxpayers . All you need to do is a proper tax planning which would allow certain deductions from your gross total income and income tax would be levied on the balance income as per the income tax slabs. Here are certain year-end tax tips to get smarter with tax management.

House Rent Allowance (HRA): It is the best tax saving tool which a taxpayer can use. Under this you can save upto 50% of your salary if you are staying in a metropolitan city like Mumbai, Delhi, Chennai or Kolkata else 40% if you reside in non-metro. Apart from this if actual rent paid is lower than 10% of your basic salary received then there is no exemption. Be aware that you cannot claim any exemption under this section if you love in your own home or of you are not paying rent to anyone.

Medical Reimbursement: If your employers provide you medical reimbursement facility for your medical expenses you can get tax exemption. No income tax on medical reimbursement is levied up to Rs. 15000 provided all bills for the same are produced by the employee to the employee. This also includes premiums that your company might be paying for your health insurance schemes and on treatments of any critical diseases. It is to be noted that no income tax on medical reimbursement is levied upto Rs. 15000, the amount received as medical allowance would be fully taxable.

Deductions on Section 80C, 80CCC: Under Section 80C a deduction of Rs.1,50,000 can be claimed from the total income you earn. In simple terms you can save up to Rs. 1,50,000 from your total taxable income under this section. Please note this deduction is allowed to an individual or a HUF. Under Section 80CCC it provides deduction to an Individual for any amount paid or deposited in any annuity plan of LIC or any other insurer. The plan must be for receiving pension from a fund referred to in Section 10(23AAB).

Leave Travel Allowance (LTA): It is the most common element of compensation which the employers use to remunerate employees due to the tax benefits attached to it. An LTA is the remuneration paid by an employer for Employee’s travel in the country, when s/he is on leave with the family or alone. LTA amount is tax free. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Please note that The total cost of the holidays is not covered, only the travelling cost is covered.

Spend more: Increasing expenses, such as paying off bills or other debts or paying out bonuses to employees, it will help increase your deduction for the current year. If you’ve delayed major purchases for your business, you should go ahead and buy it. Not only can you find great deals as businesses try to clear out inventory, you’ll have more deductions. In general capital improvements and new equipment should be capitalized and depreciated over 5, 7 or 10 year period.To know more about tax planning, tax exemptions and to get smarter with tax management for this financial year, drop us a line here and we will be happy to provide you our Tax planning services . You can also write us at info@gapeseedconsulting.com or, call us for Tax Advice at, +91-9599444639.

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The Evolving Role of Internal Audit in Growing Companies

Without any doubts, today’s organizations face a global economic crisis of historical proportions. In response to that, management, board of directors and leaders throughout the organization are taking fresh look at virtually all aspects of the business to assess how to enhance productivity, processes and systems, yet still stay “in control.” They are starting, and very likely will continue, to think and respond differently as they determine how to operate their businesses successfully and maintain plans for long-term growth in today’s unique business environment.

As the mandate and role of internal audit continue to evolve, managements are increasingly counting on internal audit functions in their efforts for managing fraud risks and keeping organisations protected. Increasingly, the internal audit function is not to monitor and detect but also to investigate fraud incidences when they arise. The role of internal audit in fraud risk management by way of preventing, detecting and investigating fraud has amplified as a result of economic uncertainty and increased focus of certain organisation’s management on fraud risks.

Internal auditors traditionally look beyond financial risks and statements to consider wider issues such as the organisation’s reputation, growth, impact on the environment etc. The fundamental function of an internal audit team are Assurance, Assessment and Recommendations, Oversight, Advisory Services.

The changing role of Internal Audit

Internal auditing professionals not only must understand these challenges and their organization’s key objectives, but also ensure that amid the many organization wide changes taking place on almost a daily basis, key controls and processes are adequately addressing these changes and the new risks that emerge, and are functioning as intended. Internal audit plays a critical role in helping companies successfully “manage the change” by providing assurances that with every new process, procedure and initiative, any significant new risks that emerge are identified, monitored and managed effectively, so that the enterprise is protected on an on-going basis and to a level that satisfies management and the board.

An effective audit planning process that focuses on organisational strategic imperatives and key business risks will identify an appropriate blend of advisory and assurance reviews. The updating of the audit plan can no longer be an annual process. The audit plan must be refreshed regularly (e.g., quarterly) and with triggering events. Leading functions are developing a ‘3 + 9’ plan — a three month frozen window and nine month fluid plan. For those that do not, the risk of unpreparedness, of being too slow to react to the changing risk environment or market events is simply too great, leaving organisations perplexed to react to events, some of which include:

Transactions (mergers, acquisitions, carve-outs or divestiture)
New product launch or retirement
New market entry
Patent expiry
Litigation

Mandate for Internal Audit

Strategic and valued advisor:The Internal Audit function serves as a subject-matter resource to business management around strategic initiatives, challenges and changes in the organisation. The function has the people, knowledge and experiences to effectively provide this level of service.
Business insight: In addition to covering the ‘basics,’ the Internal Audit function is designed to provide high-quality, relevant business insight as an integral part of its activities. Business insight is not a by-product, but an explicit outcome from the function’s activities.
Control and compliance monitoring structure:Internal Audit functions should be focused on evaluating the design and the effectiveness of internal controls in the areas outlined, in their charter or mandate. This also includes focusing on compliance with key regulations and policies.

Also, internal audit must think expansively when seeking ways to add value to the organization. Too often, we find internal audit functions stop short of making recommendations that could create value for the organization for fear of overstepping their place. However, “consulting” is part of the Institute of Internal Auditors’ definition of internal auditing, and we believe that appropriately empowering this function provides management with greater opportunities to create value without compromising independence.

At Gapeseed Consulting we work with your organization, virtually of any size to assist you with your internal audit activities. We believe the Internal Audits are now required to find different ways to increase shareholder value and increase the attractiveness of the company to investors, senior executives, especially the risk officers and advisors on board.

Internal Audits are required for all set of businesses which are emerging as progressive business units, our Internal auditors partner and build relationships with the client business in order to keep a finger on the pulse of the organization and thereby act as your growth partners.

To know more about our Internal Auditing services click here or get in touch with our team at, ranu@gapeseedconsulting.com

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Tax Accounting Services for start-ups and small businesses

Tax accounting for start-ups and small businesses has started to be regulated due the increase in number of start ups and small businesses which has scrutinised the regulatory norms this has also brought up many other flaws in the system of other companies.

The change in the environment of tax accounting services has been constantly changing and growing which has brought upto a situation where tax laws have evolved which has rapidly impacted the tax planning as well as the tax preparation. This has made impact on the company’s financial reporting.

At Gapeseed Consulting we offer our client Tax accounting services to start-ups and small businesses. We can help to make changes in the way of tax planning and reporting which helps in increased efficient results at quarter-end and year-end. Apart from this at Gapeseed Consulting we offer other accounting services which can help you manage your taxes and business better like Bookkeeping services where we specialize in budgeting and account reconciliation and will actively balance your books. We offer payroll services as well in which we’ll take the payroll process off your plate and ensure you are always compliant. The services provided by us for tax accounting to start ups and small businesses are as follows.

Tax provision outsourcing and support:Many companies continue to struggle with the appropriate amount of internal tax resources to employ. Some companies want to own the entire tax function, while others want an experienced tax firm to be entirely accountable and responsible for their tax needs. Some want a mix of both. For more than two decades, Gapeseed Consulting has developed and delivered the people, process, and technology to provide an integrated, cost-effective approach to operating tax departments. Clients in industries such as life sciences, retail, manufacturing, banking and utilities have realized the benefits of Gapeseed Consulting tax accounting services.
Accounting for uncertain tax positions assessments:We help clients minimize the risk of forfeiture and maximize future benefits via a wide range of tax process and operations management solutions. We design, transform, and run intelligent operations that provide comprehensive tax compliance support for corporate and transactional taxes. In addition, we prepare premium tax returns for insurance businesses, assist in VAT filings and associated reconciliations property tax returns, and provide information.
Actively Managing Your Tax Department:Our tax department outsourcing services also include managing and assisting with operational matters that arise on a day-to-day basis such as establishing procedures and reporting practices, proactively communicating with company management, maintaining a corporate tax calendar, and assisting with examination support. Gapeseed Consulting establishes effective communication protocols, serves as a tax liaison to external auditors, and responds to tax inquiries from internal business units.
Tax Preparation:It can be a tedious task to prepare your own tax return which might even leave you with more doubts. We constantly check and recheck your tax returns our teams plans up the filing either offline or efiling which will help you get your refund back quicker. Combined with our payroll services we can help you with the withdrawal which can help you get more money back and low interest loans. In addition we will help you with a sheet of commonly overlooked deductions to limit the year’s tax liability.
Tax Planning: Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations to help our clients with the latest trends.Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

If you would like to know more about our tax accounting services for start-ups and small businesses you can drop us a line here.

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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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