Tag: Business travel management services in India

What Are The Things Great Managers Do Differently?

Have you tried to prove yourself as a good manager? Do you sometimes feel you need to get the best out of your position and those working with you?

Here are 7 tips on how you can exploit your subordinates’ and your own potential to the fullest.

• Discover your employees’ strengths It’s very important to know when people are clearly enjoying what they’re doing. Their talents, their values, their hard work, their interests, their distractions, everything plays an important role in assessing an employees strengths and what are they more likely to do better. This way, they could enjoy the work they do for the mutual benefit of the employee and the organisation.

• Offer guidance for their development All the work assigned to the employees should regularly be checked, and any guidance sought should be offered to them. The employees should be focused more on their strengths, and on developing them. It is the duty of the manager to check on it and offer help as and when required for development. If they had the opportunity to do what they do best each day, what would they be doing more of? What development support, on-the-job experiences, coaching or training, off the job trainings might they need to develop these strengths further? These are some important things you should keep in mind for their overall developments based on their strengths.

• Give strength-based feedback – You should look at how your employees are using their strengths for their duties. Tell them when you’re proud of good results that you get after they apply their strengths. Help them to understand when they’re overplaying a strength and how to dial it back in these moments. Encourage them to stop underplaying specific strengths when you see them hesitating or holding themselves back. Your feedbacks play a crucial role in their development.

• Set Clear expectations – The outcome of work, from every input should be pre planned and well defined. Every employee under you must know what is expected out of their work in a defined time period. If this is not clearly defined and agreed upon both ways, there will be lots of confusion when the deadline comes, the atmosphere in the work place would prove to be against benefits and you’ll find unhappy faces and blame games all over the place. This is why it’s very important to discuss in detail with the whole team and clarify wherever needed.

• Identify Uniqueness – Great Managers try to learn what is that one thing which is unique about every employee and work on it. They tend to use the unique factor for the benefit of the organisation.Everyone is good at something. It helps improve the over all productivity in work place with satisfaction. Such identification works wonders if done with each and every employee in any environment.

• Appreciate Subordinates – Some managers are quite reluctant to appreciate their subordinates because they think it will make them overconfident and complacent. But, this is opposed to what is the ideal way of treating and behaving with subordinates. For development and confidence boost, they need appreciation, recognition and appraisal from time to time when they do work that demands these. Everybody likes to get appreciated for the things that they do.Excellence needs praise. Great Managers never make it too late to appreciate.

• Care about subordinates – If you are a manager, you need to take care of people you’re managing. Sometimes, your employees might have certain personal problems coming in the way of organizational duties, you need to care for them, and understand the circumstances through which they are going. They might need an extra leave, they might need your inspirational and motivational words when they are morally down, they might need a boost when things are not going on well and so on.If you prove to be a good manager in this respect, so will they turn out to be good employees.

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

 

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How to apply for TDS Refund?

TDS is deducted by the client at the time of payments and is deposited with the Income Tax Department as tax deducted on behalf of the person/entity to whom the payment is being made.

Most of the service providers do not object to TDS deductions, as it is allowed to be claimed as a credit after filing the Income Tax return. The only condition to this is that the balance amount after filing the income tax return is required be to taxable and TDS refundable.

Let us now understand the Procedure for applying for TDS Refund

TDS Refund is not a preformat based application. A taxpayer becomes eligible for TDS refund once s/he files his income tax return and in that, they should be able to detail out the calculation of his payable income tax and also the total TDS which is been deducted over the period for which income tax return is filed.

Once the books are updated and the above details are refurbished, any accounting software will automatically reflect the refundable amount of TDS and the same will be refunded in a certain period of time.

On filing the income tax return, when a tax payer mentions about any dues in the form of TDS refund, the income tax officer takes time to sanction the refund. However, the refund comes with an additional interest of 6% per annum in the cases where payable refund is more than 10% of the total tax payable in the same financial year.

An intimation is sent to the tax payer under section 143(1) with the refund with the details of the computation of interest. The tax payer can connect with the income tax officer in case of dissatisfaction with the interest paid.

Previously some cases were noticed where some agencies asked the taxpayers for their bank details on approval of income tax refunds. Such cases were reported as scam and the Income Tax department alarmed the tax payers to not indulge into such emails or phone calls. The Income Tax department maintains that once a refund is approved, it is automatically credited to the provided bank details.

Some of the discrepancies occur due to the mistakes in return filing, the bank account closure, a wrong branch or may be typo error in your IFSC details etc., are the only reasons for delay.

Learn how to check the TDS Refund Status?

One can easily check the TDS refund status online with the help of the PAN number and the year for which the return is sought. Banks like SBI also provide status of TDS refund thru email and a toll free number.

Other significant points regarding TDS Refund include:

  • 1. You need to file income tax return to assess the refund.
  • 2. You can expect a TDS refund as soon as you file your ITR.
  • 3. Deductions made as TDS reflect in Form 16 and 16A.
  • 4. Consolidated TDS deductions reflect in Form 26AS.
  • 5. Incase, you fear that deducted TDS amount can surpass the taxable amount that year, s/he can file Form 13 in advance for Nil/Lower Deduction of TDS.

Further more, you can get in touch with us to understand the TDS Refund status and also for other Taxation related and Accounting related services. Feel free to connect to us at, info@gapeseedconsulting.com or call +91-9599444630

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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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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 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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Contract Staffing for fulfilling Global Business Aspirations

Many business enterprises/companies find the employee search and placement process to be time-intensive and challenging. The level of challenges increases many times more when foreign companies try to set up offices in India.They often experience disappointment when they are unable to find the right people for their company or have employees that don’t end up working out. At this critical point, contract staffing solution barges in. Contract staffing represents a choice for your organization to do smart hiring that provides instant value to the overall output. Through this the employers can not only save time and money but they can easily eliminate the dilemma in finding the right candidate for the job. With the rising demand of growing businesses, companies are increasingly concentrating on contract staffing to ensure that they get the best of talents that allow them to expand their business and meet future goals.

How our RPO Services can help in Contract Staffing?

Gapeseed specializes in recruiting professionals for a variety of fields including Information Technology, Engineering, and Executive Search etc. Gapeseed’s years of experience provide the employers/clients a true partner who can manage a company’s permanent or temporary staffing needs. Gapeseed Facility & Management Services also customizes solutions to meet client’s varied requirements. With the company’s contract staffing solutions, clients can delegate the ever-important task of hiring quality and skilled talent for immediate needs and can be rest assured that all their needs will be met by the best of talents.

For those of our clients who are in the process of Setting up a Business in India – RPO is a value adds, since we understand their business intent and are already helping them with Office Management and Business Support Services.

Let us now understand the Benefits of Contract Staffing with Gapeseed Consulting:

Speed up the Hiring Process

We can fulfil crucial staff requirements within days of vacancy or while setting up offices. With Gapeseed, you can easily tackle resource crisis almost immediately after requirements arise. And you can recruit highly skilled workers for as long as you require i.e. for a particular time frame without worrying about Payroll, Contract Management, Legal checks etc.

Get access of highly skilled Talent

With years of experience in the recruitment field, Gapeseed oversees and provides the best talents in any given field. The best of talents can be used according to your particular requirements. If you need technical staff for shift jobs or you need them for extra hours, Gapeseed can provide the middle-way to your organization’s resource problems.

Cut Over-Head costs

If you take Gapeseed on board, we will take care of the add-ons related to hiring a full-time staff such as payroll taxes, insurance benefits, workers’ compensation etc. This helps in cost cutting. Moreover, since we will take care of all the legalities related to unemployment claims and payroll taxes, you can avoid all the liabilities that come with recruiting an in-house staff.

Manage Special Requirements

We offer the flexibility and ready-to-order contract staff. This will augment your organization’s capacity while balancing the burn-out for in-house staff in case of special project requirements or peak period pressure.

Gapeseed – Your contract staffing partner

With Gapeseed as your contract staffing partner, we will ensure that we:

Manage all the aspects related to hiring and contracting
Takes care of resource requirements through highly skilled staff for positions in industries such as IT, Engineering, Management and Healthcare
Offers flexible staff augmentation and offshore staff augmentation models across categories of contract staffing, permanent staffing and contract to hire staffing
Allows seamless integration of hired staff into the workplace/remote location
Ensures quick response and speedy hiring for your immediate requirements

Besides contract staffing, Gapeseed provides various other solutions/services like setting up an office in India, event staffing, business support services, payroll management etc. To get details of each of these services, visit our website. And to avail them, simply e-mail us and our representative would get back to you with appropriate quote for the services offered.

 

For more information on Contract Staffing for fulfilling Global Business Aspirations, feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Liquor Import Compliance for Setting up a Business in India

Setting up a Business in India is considered a challenge but it is not the difficult when you know the facts right, possess the required documents and work as per the defined procedures.

 

In this post we will be covering the details of liquor import compliance for setting up a business in India with a perspective on Import and Trade of Alcoholic Beverages. We will be detailing the Treatment of Excise Duty for Import and Trade of Alchoholic Beverages in India.

 

india is a looked upon market for International Trade. And that is the reason many F&B International Brands are interested in understanding Liquor Import Compliance for Setting up a Business in India: be it an Indian Office/ Branch or subsidiary. Export/ Import Business also called as International trade is the exchange of capital, goods, or services across international borders or territories. The Government of India amends formalities and procedures from time to time for Setting-up an Export/ Import business in India. For setting-up an Export/ Import firm India, numeral documentation and registrations are required, which are explained below:

 

Rental agreement / or own property

After registering the firm’s name, a rental agreement with the premise owner must be established. Necessary stamp duty is paid for executing the rental agreement. This agreement is furnished to various government authorities for the firm’s address registration.

 

In case the premise is self-owned and the firm is a proprietorship concern, no separate rental agreement needs to be arranged; the sale agreement deed of said premise is treated as a proof of address. However, in case of running a partnership firm in self-owned premises, a rental agreement with other partners must be entered into with.

 

PAN – Permanent Account Number

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application.

 

Separate permanent account number for individual and firm is required to be registered with income tax department. PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.

 

The manner of applying for PAN is laid down in Rule 114 of the Income-tax Rules, 1962. This rule, amended in 2011, also specifies the copies of documents required to be submitted along with the PAN application (in form 49A or 49AA, as the case may be) as proof of identity and address of the PAN applicant. Rule 114B lists down the documents in which PAN is required to be quoted while entering into specified transactions/activities. Persons who do not have PAN are exempted from quoting PAN on furnishing a declaration in Form 60. Rule 114C lists the persons to whom section 139A does not apply. These are persons who have agricultural income by furnishing declaration in Form 61, non-residents, and Central Govt. /State Govt. and Consular offices, where they are payers

 

Is individual PAN number sufficient for firm name? How to obtain a PAN number for Proprietor, Partnership or Private limited company?

 

This is one of the most common questions among the people who are setting up a business.

 

In case the business is a sole proprietorship, the PAN number of the individual/ proprietor is sufficient. In case, the firm is a partnership firm, a separate permanent account number – PAN in the name of firm is required to be obtained from Income Tax Department. While applying for the said PAN number in the name of company, a copy of individual PAN number of each partner has to be furnished in the application form.

 

And if you are setting up a private/ public limited company, a separate PAN number in the name of the firm is required. While applying, a copy of PAN number of each director of the company must be furnished along with the application form.

 

PARTNERSHIP agreement

If your firm is engaged in a partnership, you need to a have a partnership agreement between partners with terms and conditions as per partnership Act. The complete details of terms and conditions among partners with share of profit are mentioned clearly in the agreement. For safekeeping, the partnership agreement must be registered with the authorities to settle dispute among partners if arises in future.

 

BANK ACCOUNT

For Setting up a Business in India, a current account is the type of account which is should be opened by any company in order to operate as per the Companies Act, 1956. An account for availing the inward/ outward remittances must be opened in such a bank which has Trade Service expertise with a deep understanding of regulatory requirements.

 

How to obtain an IEC number with DGFT with branch code?

Since this post is about the Import- Export aspect of Setting up a Business in India. Let us check the details on that.

An IEC or “Importer Exporter Code” number is mandatory to import or export in India. No person or entity shall make any Import or Export without IEC Code Number which is obtained from Director General of Foreign trade within the jurisdiction office of the company. Without an IEC code, no movement of goods from/to the country to outside is allowed.

 

Directorate General of Foreign Trade (DGFT) issued a Policy Circular No.15 (RE-2006)/2004-2009 Date: 27th July, 2006) for New System for issuance of Importer-Exporter Code Number.

 

Eligibility condition and Legal Provisions are given for IEC Code Number Application in Foreign Trade (Regulation) Rules, 1993 Ministry of Commerce, and Notification No. GSR 791 (E), dated 30-12-1993.

 

An application for grant of IEC number shall be made by the Registered/Head Office of the applicant and apply to the nearest Regional Authority of Directorate General Foreign Trade, the Registered office in case of company and Head office in case of others, falls in the ‘Aayaat Niryaat Form – ANF2A’ and shall be accompanied by documents prescribed therein. In case of STPI/ EHTP/ BTP units, the Regional Offices of the DGFT having jurisdiction over the district in which the Registered/ Head Office of the STPI unit is located shall issue or amend the IECs.

 

Only one IEC would be issued against a single PAN number. Any proprietor can have only one IEC number and in case there are more than one IECs allotted to a proprietor, the same may be surrendered to the Regional Office for cancellation.

 

DGFT procedures to obtain an IEC number are too liberalized now days. As per the recent notification, the following documents are required to obtain an Import Export Code:

1. Bank receipt / demand draft against application fee. This fee is INR 1000.00 while writing this article. You may re-clarify with DGFT before applying.

2. Application form in prescribed format issued by DGFT for issue of Import Export Code number. This application for is prescribed in Appendix 21B.2.

3. Please attest the application for IEC with you banker where in you have opened current account in the name of firm to operate export import activities.

4. Self attested copy of Permanent Account Number PAN issued by income tax authorities.

5. Two copies of passport size photographs of the applicant. You need to attest the said passport size photographs with your authorized bank.

6. If any partner or partners are non resident interest or holding in the firm or company exists with repatriation benefits, you need to attach a self certified copy of Reserve Bank of India approval on the same.

This was briefly about the treatment of Excise Duty and Liquor Compliance for Import and Trade of Alcoholic Beverages in India. We have already talked about various steps involved in Setting up a Business in India and how Gapeseed Consulting can help

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

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Why Audits are important for business?

Because they serve important functions for the company and add value for its people.

When we refer to start-up or small businesses, in order to keep the budget low, they prefer to hire individuals to take care of their accounts and finances

But most of the time, they miss out on the fact that auditing is an important means of evaluating the effectiveness of a company’s internal controls and it is of utmost importance to let an expert conduct internal audits for financial records and an external one to review books. Performing audits of individual departmental finances or overall accounting function is necessary to determine if your business numbers are accurate to become aware of – obtaining reliable financial reporting, preventing fraud, learning to improve processes and procedures, minimizing the cost of the capital. And not only audits are important for the overall growth of the company, the process is essential in order to gain a fair perspective on the company’s financial statements. In fact potential investors and creditors look into these financial statements before deciding to invest in a particular business. This very aspect is very crucial for small business holders. In short internal and external audit processes contribute to a company’s audit system in important ways. It’s time we find out how.

Cut the business cost

In the beginning as we mentioned, for small businesses, managing the finance and cost cutting is the most important reason why they don’t consider a proper audit system to take care of the finances. It’s a wrong perception. The cost of capital is important for any company, big or small. And a strong audit system actually reduces various forms of risk in an enterprise which can add on to the cost of the company. Audit systems help to reduce the risk of material misstatement in financial reporting, the risk of fraud and misappropriation of assets, the risk of optimal management due to insufficient information on its operations and other forms of risks.

Meet your business goals

When we run a business, we keep certain goals and work hard to pursue and attain them. Having an effective audit system ensures you meet them consistently. Business processes need various forms of internal control to facilitate supervision and monitoring, prevent and detect irregular transactions, measure ongoing performance, maintain adequate business records and to promote operational productivity. A skilled audit system not only helps to take control of all this but helps to learn ways to improve business processes and procedures. A team of experts can help to improve cash flow, reduce debt-service interest, depreciate assets etc. which further improves the overall capital management process of the business.

Authenticate your business deals

If you need credit or loan or want investors/creditors to invest on your business, a potential audit system can make the process smooth because such transactions require accurate financial statements of the company. When it comes to business deals like preliminary loan or investment request, specific financial reports can be presented with the help of an internal audit system. Others, such as a negotiated business sale, might be contingent on the results of an external audit. This system lets you present financial data verified by an independent third-party professional accounting person or firm that shares or explains your numbers with others only as you direct.

Safeguard your business from frauds

Business deals and transactions are vital to any company and preventing them from getting misplaced or protecting them against frauds can be a task but not when you have an audit system functioning for you. Recurring analysis of a company’s operations and maintaining rigorous systems of internal controls can prevent and detect various forms of fraud and other accounting irregularities. Audit professionals assist in the design and modification of internal control systems the purpose of which includes fraud prevention.

These were some of the key features of how an audit system helps to uplift the overall growth of the business. If you want such a potent system to manage the finances of your business, you simply need to get in touch with us.

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

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