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Outsourced CFO Services for Startups for Winning edge

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

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

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

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

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

What CFO & Financial Services do we offer at Gapeseed?

For startups we offer the following services:

Retainer CFO Services

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

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

Project Based Hiring

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

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

Basic Bookkeeping and Accounting Retainer

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

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

Taxes

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

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

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

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Taxation for Expatriate

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

Outsource 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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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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