Chartered Accountants, widely known as CA, are experts with the skills to check and review companies’ financial records and reports. This is a crucial step as it ensures that the company’s financial statement information is accurate and trustworthy.
Being Startup from the field of hardcore engineers, medical, or other background, you may not be much aware about finance and tax planning, like GST, Income Tax, ESI, PF, Professional Tax and much more. Here, CAs play a crucial role to comply with rules, save taxes and prepare healthy Financial Statements for Investors to invest in Startups.
With the CA consultation online, chartered accountants ensure that businesses in India thrive and contribute to the country’s growing economy. So, how do they do that? Let’s find out in detail.
Role of Chartered Accountants in Financial Planning
With regular updates to the financial and tax laws in India, there is an increased demand for chartered accountants. Experts predict that there will be many opportunities for CAs in the future years. After all, these experts are the ones who know forex, stocks, taxes and finance.
Chartered Accountants (CA) are crucial in decoding the tax rules and regulations. The market needs CAs with specializations in tax planning, arranging startup funding, IPOs, mergers, equity, acquisitions and more.
Here’s how CAs can help you in all of these.
How can CA help entrepreneurs in their Startup Journey?
Being a CA is not just easy. It comes with a load of responsibilities. So, here’s what the typical role of a CA looks like:
- Accounting & Bookkeeping: CA consultation online needs to handle everything related to the company’s financial records. They must ensure accounts must reflect all figures and numbers are accurate and reconcile with government databases such as Income Tax AIS, 26AS, GST data like GSTR-1, GSTR-2B,etc. They keep things transparent in case the company’s financial statements are under scrutiny either from investors, banks or the government tax departments and avoid unnecessary penalties and harassment.
- Tax Planning: CAs keep us in tandem with the tax always so companies always pay the right amount of taxes. CA analyzes your sale, purchase and expenses of the business and forecast estimated tax burden earlier before the finalization of the accounts and provide online CA consultancy. Being a business owner, this valuable information will help you decide how much taxes you want to pay to meet your goals like availing business loans, impressing investors with numbers, etc. Accordingly, CA do tax planning for you and brings some solutions as per your desired goals.
- GST Tax:- You must be aware of why Kitkat is considered as Wafers (not a chocolate). Minor changes in product terminology save hundreds crores of taxes for Nestle. Here CAs play a crucial role to register your GST (Goods and Services Tax) with the right HSN/ SAC Code for your product so that you pay least GST tax on your product sale. Furthermore, CA helps you in regular and timely filing of GST so that you do not face any non-compliance penalties. With a regular watch of GSTR-2B, CA can help you identify default suppliers/vendors who are not depositing taxes on time so that you do not face trouble claiming input tax credit while filing GST.
- Cost Accountancy: With online CA consultation, you can determine the cost of producing goods or delivering services. The company can set prices accordingly so they are competitive for customers and profitable for the business.
- Preparation of Financial Statement: CA will help you prepare accurate and clean balance sheet and profit & Loss Statement as per the prevailing laws. This will help you to accept your financial statement without fail before government authorities, investors or banks.
- Tax Filing : After tax planning and preparation of books of accounts, CA will definitely help you file, accurately and timely, all kind of taxes such as Income Tax, GST, ESI, PF, TDS, Professional Tax, ROC filing. This will help you focus on your core business as well as avoid penalties and unnecessary non-compliances.
- Pitch Deck & Funding: CA can prepare a professional pitch deck, prepare startup business and revenue model which will be self explanatory for investors and other stakeholders. Furthermore, with the help of networking, CA can connect startups with potential investors for quick funding and also help you complete all formalities before fund credited to a bank account.
Hiring an online CA consultation for your financial planning has its benefits.
Benefits of Online CA Consultation for Startups
Online CA consultation offers startups a modern, flexible approach to managing their finances. With the convenience of digital communication, startups can access expert financial advice without the constraints of location or time. Here are some key benefits:
- Accessibility: Startups can connect with skilled CAs from anywhere, eliminating the need for in-person meetings.
- Cost-Effectiveness: Online services are often more affordable, helping startups manage their budgets.
- Flexibility: Consultations can be scheduled at times that suit the startup’s needs.
- Personalized Advice: CAs provide customized strategies tailored to the startup’s specific financial situation.
- Time Efficiency: Digital platforms enable quicker communication and decision-making.
- Access to a Wide Network: Startups can choose from a global pool of CAs with diverse expertise.
Conclusion
A Chartered Accountant is invaluable for startups, providing essential guidance in financial planning and tax savings. Leverage the expertise of CA consultation online with E-StartupIndia to ensure your startup’s success.
