IMPORTANCE OF WORK LIFE BALANCE

WHAT IS WORK LIFE BALANCE?

Work life balance is all about creating and supporting a healthy work environment which will enable a worker to have balance between work and personal responsibilities. This will help in maintaining and strengthening employee loyalty and productivity towards the company. Workers have many responsibilities to take care of, such as work, family, housework and many more little things that matter to them. Balancing between work and life has become a major issue between workers as this conflict has been associated with numerous physical and mental health problems. Work-life conflict impacts workers, employees and their communities as well. A worker can only be productive when there is balance between its work and life.

COMPONENTS OF WORK-LIFE BALANCE

TIME MANAGEMENT

Time management is one of the major components to achieve work life balance. It is a way of organizing and planning effectively the time required to complete certain activities, it also helps in efficient use of your day. Time management can be done on the basis of your work, whether it is urgent or important. It helps in greater productivity and efficiency, less stress and better professional reputation.

STRESS MANAGEMENT

Stress management is a technique to reduce stress suffered by workers. As the world is growing and changing faster every day, work becomes more complex over time. Competition arises between workers to excel in the company. Workers then start working under pressure of promotion and preference, this results in stress of work. Workers must not come under stress while working rather than stressing over deadlines.

SELF-MANAGEMENT

Self-Management is a way of managing one own self. A worker must take care of its body, hygiene and nutrition. A worker must develop talents and potential to enhance their quality of life. A worker must get enough sleep and exercise to be productive and work effectively and efficiently for a company. If a worker excels in managing one own self, then they will become more capable of managing tasks.

CHANGE MANAGEMENT

In this growing world, change has to be adopted no matter whatever the consequences may be, continuously adopting new methods and re-adapting others is vital to a successful career and a happy home life. Effective change management involves making certain changes in your work and everyday life.

IMPROVING WORK-LIFE BALANCE

Role of an Employer

An employer must direct an employee towards the organisational goal and support them by providing them with necessary resources. Employers can arrange special workshops on this major issue and also programmes, initiatives for the betterment of the employees. Here are some decisions an employer must take to eradicate this problem.

Employer must see to it that the employee is not given any extra work after they have left their worksite. It means restricting number of hours which are expected of an employee in a given week. They should also see to it that their e-mail servers should stop after the working hours.

Employers must concentrate more on the outcome rather than the number of hours a working is working. A productive worker can complete its worker well before 8 hours and may not need to waste time.

They should also increase number of brakes while working, keeping in mind the stress factor of an employee. Lunch breaks, rest breaks must also be kept in mind while making such decisions. Also; providing breaks to workers increase their productivity which means effecting work.

Employer must also inform its workforce regarding work-life balance and its importance. This will help them in taking extra care of themselves and their families, resulting in less health problems both physically and mentally.

An employer must let the employees do certain things which make them happy and satisfied at work. This will help the employee in improving its mental state by providing them with happiness.

Getting inputs and feedback from employees keeps them connected to the company and makes them feel that they are a vital part of the organisation. This will keep them motivated and satisfied while working for the betterment and growth of the company.

Motivating its employees by fulfilling their basic needs, social needs and esteem needs. An employer must appreciate the work done by its employees and guide them if they go wrong.

Understanding the needs and problems of a worker must be kept in mind. Offering maternity leaves to new parents will help the employees to feel better about the organisation and make them believe that the organisation really do care for them.

The organisation must also provide employees with more number of vacation days so that they get to spend more time with their family and help them self-manage themselves.

Some examples of good work life balance in the world are:

1. Family is given more importance than work in the Danish Culture. The country focuses on fewer working hours so that workers get more time to spend with their families.

2. In Madrid, workers are allowed to have mid-afternoon breaks to avoid the sun and this cuts down their hours substantially.

3. Workers in Germany take an average of 29 days’ holiday every year just to celebrate Oktoberfest and be with their families.

4. In France, workers get mandatory pay leaves of 40 days and the government is forcing them to not use smart devices after work hours, also no checking and responding to e-mails after work.

5. In Netherlands people work an average of 27.6 hours a week. It is one of the few countries in the world to have such a low work week cycle but yet they have a very good GDP. It is also said that Netherlands has a 4-day work week.

6. Bulgaria is the best place for the people to work in who have kids as, the workers are given up to 410 days of paid maternity leave at 90 percent of the mother’s salary.

Work-Life balance is very important in a workers’ day to day activities as performing certain tasks may drain out their energy of doing other tasks for their family or for themselves. Balancing will help a worker to be productive and grow as a person. Good management of time, stress and change in the environment by an employee leads to effective and efficient work.

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

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8 Tips to retain the best of your employees

In any business, big or small, one of the major tasks is to retain the best and most skilled employees. There’re a lot of things a person must keep in mind, when handling employees. For a long term stay in an organisation, any employee would have certain expectations from the organisation. Let us check the,

8 tips on how to retain the best of your employees

Gapeseed Consulting emphasizes on Employee Motivation, Engagement and Appreciation as the prime factor in retaining an organisational culture. Any culture is defined by the people, the employees and the teams. And to turn people into employees and then team, you need to create a culture and the following tips shall help:

• Reward, Recognition and Appreciation

If an employee works up to the standard, or does something out of the box for organizational benefit, he / she in return expects and deserves appreciation. This appreciation could be done in the form of rewards, like increments, trophies, bonus, monetary awards, additional perks. The employee should get due recognition for the hard work and dedication.

• Equitable treatment

Every employee, working on the same level, putting the same amount of effort deserves equal opportunities and equal treatment. For example, if in an organisation, ‘A’ is paid more than ‘B’, working on the same level because he’s connected to the senior, it will automatically pull B’s morale down. If there’s any discrimination against an employee, he would probably start finding other opportunities for growth.

• Proper Supervision

People leave managers and supervisors more often than they leave companies or jobs. The expectations for employees should be well defined to prevent confusions and agony in the future.
There should be clarity about expectations,earning potential,feedback about performance, scheduled meetings.

• Freedom of expression

Any employee wouldn’t want to leave an organization where he is free to express his thoughts and ideas, sometimes employees can come up with brilliant strategies and ideas and when they are left unheard or ignored, it lowers the employees morale. Their expression can prove to be very beneficial.

• Don’t threaten employees’ job or income

A threat to an employee’s job or income makes him feel as if he needs to search for a new platform to exploit his potential. Under any circumstances, this shouldn’t be done to the hardworking and dedicated employees.

• Clean out the dead weight

This sounds tough, but works for an organization’s benefit. There may be people in the organisation who hold other employees back in certain ways like negativity, unethical work, politics, gossips etc. Great people need to work with other great people. Do the hard work of removing those who slow everyone else and the organisation down.

• Friendly Competition

Employees can be put into friendly competition; this could be done by building teams and framing equal time spans for completion of certain tasks. These tasks could fetch the employees awards in form of monetary rewards, trophies etc. Such competitions, help employees work harder to increase their potential and opportunities.

• Above market Standard Rate

When some employees work beyond their boundaries, beyond their comfort for the benefit of the firm, they deserve more than the rate established by the market. This doesn’t imply that they need to be given sky high salaries, somewhere 20%-30% above the standard rate for the job so that they value doing it in the firm.

The above are 8 tips to retain the best of your employees, the same can be picked individually or one at a time. The idea is to make stronger and more approachable workplaces by creating an appropriate environment. You can connect with Gapeseed Consulting for processes or interim HR services through consultants to create HR Systems and align them with your organisational goals.

Feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Employee Provident Fund.

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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EMPLOYEES PROVIDENT FUND

Employee’s Provident Fund is a scheme which helps in providing financial assistance to the workers by saving their own money for future use after retirement. This scheme of Employee Provident Fund has been carried forward by the government for the welfare of its retired citizens and also for those who are disabled to work. The employees and their employers have to contribute a fixed amount of money from their salaries at a constant rate within a particular time interval in the Provident Fund to get interests after retirement. When the Provident Fund matures, it provides a good return and interest of the invested money as the money received will be Tax-free. The Employees Provident Fund can also be used before retirement in case of an emergency such as when a person is unfit for employment, this provides a type of monetary security to the employee. This scheme is growing at an increasing speed and is backed by many intellectual people in the business and finance industry.

APPLICABILITY AND ELIGIBLITY IN IMPLEMENTATIONOF PROVIDENT FUND

APPLICABILITY

• A company or any other Business entity having 20 or more employees working for the business must register for the Employee’s Provident Fund.
• The employers and the employees have to issue an amount of Rs.1800 per month into their Employees Provident Fund.
• When the amount has been transferred into the Employees Provident Fund, a small contribution is also made to the Pension, Insurance and Administrative Cost account.
• In case of a company which has more losses than its entire net worth can contribute 10% of their compensations in their Employees Provident Fund.

ELIGIBILITY

• An employee working under any company is qualified to participate in the scheme of Employees Provident Fund.
• Any company having 20 or more employees is eligible of participating in this scheme.
• Whenever an employee exceeds the amount of Rs.6500 in their salaries, then they have the eligibility to join the scheme with the permission of its employer.
• When a person becomes the member of this scheme, they have to contribute 12% of their rewards in the Employees Provident Fund.

BENEFITS

Insurance

In most of the organisations employee’s insurance schemes are not available to the employees of the company, Employees Provident Fund provides that scheme for the security and stability of the employee in the future. For getting insured, the business entity just need to provide a sum of Rs.6500 on a monthly basis to ensure an insurance premium benefit. Insurance helps an employee in case of an emergency, also provides a good amount of money after maturity for the survival of their family.

Pension

When an employee has retired, and does not have any source of monetary income, pension provides that source for the employee. A part of the employees pay also goes into the Employee’s Pension Fund, which provides an employee a sense of security after retirement.

Tax Free

Upon maturity of the Employees Provident Fund, the interest received by the employee’s will be tax free. This results in proper stability and security of employees as they get vast interest on their invested amount.

Financial Security

The Employees Provident Fund provides financial security for the employees at the time of retirement, emergencies and at loss of income. Employees Provident Fund provides a source of financial assistance to the retired personnel as well as gives funds to the employee to meet their requirements in case of an emergency, early drawings are allowed only in case of an emergency. When an employee cannot work, or has any disability to work, provident fund helps them to overcome their loss of income and provides means to survive. Also, if the employee has passed away then the funds are passed on to their applicant to provide them with financial assistance.

Long Term

The Employees Provident Fund allows the employees to have some kind of monetary security in the long run, it also ensures that the employee can have certain investment or any other goal after retirement. Resources can also be borrowed in the Long Run for marriage, education, medical reasons and also for housing purposes.

Withdrawal

Employees Provident Fund also provides the benefit of withdrawal to the employee. An employee can withdraw their money only when they are unemployed, self-employed or have left the current job to work in another company. In case of any emergency, an employee can withdraw the amount in its provident fund before the time of maturity. Pre-mature withdrawal can also be treated as a loan as an employee can use the money for education, marriage, medical expenses. These withdrawals must not be more than 50% of the amount in the provident fund.

Transfer

An employee can also transfer its provident fund account rather than closing it whenever they are leaving their current job and joining a new employer. Transferring of the funds from an old account to a new one is a better option because if an account is closed before 5 years then the money contributed in that account will then become tax deductible whereas by transferring of funds, an employee will get the money in full at maturity.

REGISTRATION PROCEDURE FOR EMPLOYEES PROVIDENT FUND

The Employees Provident Fund registration is now mainly done Online as it is more convenient and accessible for an organisation. A business entity having less than 20 employees can apply for the scheme voluntarily, but an organisation having more than 20 have to register their company for this scheme to avoid penalties in delaying the registration. The procedure for registering for the Employees Provident Fund is as follows:

• The company must provide the name, address, branch details, head office details and the Date on which the company was established.
• The organisation must also provide the total strength of employees working as well as the services provided by the company.
• They must also provide the legal proof that if the company is a partnership, private limited company or a public limited.
• The total salary distribution to the employees of the company must be provided with the details of the bank in which the company has its account.
• The Directors or the owners of the company have to provide legal documents to prove that the documents are verified. The address of all the owners must be given with the details of all the employees including date of joining, salary.
• A copy of the partnership deed must be given to prove that the company is registered with the Registrar of Companies.
• PAN details of the Business entity must also be provided.

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

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Simple Tips to Design a Salary Structure for an Employee

Having an absolute salary structure makes it easier to manage your salary expenditure. Not to mention, it can help you retain your current employees, as well as make your recruiting, hiring and promoting efforts more focused and easier to execute.

If you’re considering creating a salary structure, here are a few tips to help you get started.

Benchmark jobs

It should start from here, you need to know the value of each position you offer in your organization. Know the market, know your competition and see what others are paying for similar jobs. There are a variety available salary survey sources that can provide you with data related to salary information for various positions and different industries. You could easily know about benchmark jobs, but this mostly works out for jobs in which duties and responsibilities are generally defined. Once you have identified the benchmark jobs you can compare the market rate according to your budget, you could use statistical procedures to plan it up. Or you can simple get in touch with our HR department.

Consider company’s competitive position

The competitive position of company is its overall salary level compared to market average when compared with the benchmark jobs. This helps you answer if the salary rates for your employees currently above, below or comparable to the rates of your competitors. You should decide what competitive position suits best to your company. Some other things which could be solved by doing this could be if you need to pay at a higher-than- market level so to retain your current employees? Pay according to the market level which attracts better quality candidates or pay according to your budget.

Set-up compensable leverage

Compensable leverage refers to how much more or less salary rate increases in your company, overall, compared to the market rate increase for higher-paid positions in the organizational hierarchy. See this for an example, when employees are promoted to a higher position within the organization, will they receive an increase in salary rate that is similar to, greater than or less than the rate increase provided, on average, in the market. It’s important to determine the desired compensable leverage for your company. This will allow you strike a balance between providing attractive salary increases to employees for promotional opportunities and maintaining an affordable salary practice.

Develop a salary structure

Now that you have the data from the market and your internal and external resources together using this information, you can develop the salary structure for your company. You should also decide if you want to offer a specific salary range – with a minimum and maximum rate – for each position, or if you want to create pay grades in which multiple positions with similar market rates are grouped together within the same range.

Get your current employees up to par

Once you have established a salary structure, possibly with pay grades, then you’ll want to look at your current employees’ salary rates compared to the range to see if anyone is being paid below the minimum rate or above the maximum rate. This involves determining whether the salary rates of any employees should be adjusted to achieve market alignment to have competitive position as created through the structure. If an employee is being paid below the range minimum, it’s recommended that you increase the salary rate, either immediately or incrementally over time, until it hits the minimum rate. If an employee is being paid above the range maximum then it’s recommended that you suspend the person’s next salary increase until market movement warrants an adjustment.

Sometimes these practices are acceptable if the positions in question have a significantly greater or less of strategic importance to an organization than it has to competitors. You’ll want to do a systematic analysis of all of these things mentioned in above steps. This will help you have a good basis for creating your salary structure.

If you would like to get your organization’s salary structure in place feel free to drop us an email at info@gapeseedconsulting.com or you can also call us +91-9599444630 else drop us a line here.

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Online Tax Filing

The forms for the (ITR) Income Tax Return for Financial Year 2015-2016 i.e. Assessment Year 2016-2017) have been released by the Income Tax Department. These are applicable for your income tax
return for income earned from 1st April 2015 to 31st March 2016.

If you’re looking forward to get some assistance on filing your Income Tax Return Gapeseed Consulting can help you with knowing different ITR Forms and filing the same. You could read more on our website here.

To figure out which ITR you need, read below to know more.

ITR-1

The following people need this return form whose total icome for the assessment year 2015-2016 include

Income from Salary/Pension
Income from One House Property
Income from Other Sources which does not include Winning from Lottery and Income from Race Horses

Who cannot use this Return Form

If you own any asset for any financial interest or have an account located outside India you cannot use this return form also if you have exempt income which is more than Rs. 5,000, you cannot use ITR-1.

ITR-2A

This tax return form can be used under the given condition:

Income from salary and has more than one house property but does not have any capital gains.
People with long term capital gains securities on which transaction tax is paid.
NRIs if they do not have any foreign assets.

If you fall under any of the category below you cannot file through ITR 2A

If income is from capital gains
Income from Business
If you have claim of relief/deduction under section 90, 90A or 91
If you have any asset which lies outside India.
If you have an earning source outside India.

ITR-2

If you lie under the category of Hindu undivided family you need to file your tax by filling up ITR-2 under the following circumstances:

If the Income is from Salary/Pension
Income earned from house property
Income from Capital Gains
Income from Other Sources which includes winnings from Lottery and income from Race Horses.

The Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes Income from Business or Profession or if you receive remuneration as a Partner in a Partnership Firm or LLP. If you lie among anyone if the following categories you need to declare these types of incomes under ITR-3, ITR 4 or ITR-4S.

ITR-3

This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a Partnership Firm or LLP and where income chargeable to income-tax under the head, profits or gains of business or professional does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to or received by them from such firm.

Only this form is to be used in case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm and not Form ITR-2.

If your total income is from Business or Profession under any proprietorship then this Return Form should not be used.

ITR-4S OR SUGAM

This Income tax Return to be filed by individuals, HUF and small business taxpayers having presumptive business income, salary/pension, one house property or income from other sources.

You cannot use this form if the individual has more than one house property, speculative income, agriculture income more than Rs 5000, capital gains.

ITR-4

For individuals and HUFs having income from a proprietory business or profession.

ITR-5

For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)

ITR-6

For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)

This return has to be filed electronically only.

ITR-7

For persons including companies under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
Return under section 139(4C) is required to be filed by every
1. scientific research association;
2. news agency ;
3. association or institution referred to in section 10(23A);
4. institution referred to in section 10(23B);
5. fund or institution or university or other educational institution or any hospital or other medical institution.
Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

Click here to drop us a line if you have any questions regarding tax filing online.

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Outsourced CFO Services for Startups for Winning edge

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

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

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

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

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

What CFO & Financial Services do we offer at Gapeseed?

For startups we offer the following services:

Retainer CFO Services

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

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

Project Based Hiring

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

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

Basic Bookkeeping and Accounting Retainer

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

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

Taxes

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

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

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

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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 efficiencyBookkeeping 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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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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