Tag: CFO services for startups in India

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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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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