Why is Outsource Accounting Required in Business to get Benefits?

The long-term success of your business will be based on how well you maintain your finances today, and how do you plan for the future. This is where the role of accounting outsourcing services in India becomes essential. There are numerous benefits of outsourced accounting services for keeping your business on the right track. These include greater efficiency, security, and long-term cost savings, etc. 

Here mentioned are the benefits of accounting outsourcing services in India:-

Helps save time and money

You might think that it would be expensive to outsource your accounting. However, the cost of cleaning up a major financial mistake could be far more expensive than preventing it.

Enables to streamline your operations

Conducting your everyday financial tasks all by yourself can really eat up precious hours of the day. So, instead of chasing after unpaid invoices or manually issuing checks, you can automate these processes so you barely even have to think about them. Thus, seek the assistance of outsourcing accounting firms in Chennai.

Help with real-time access to financial data

In the current times, cloud accounting software by outsource accounting companies has transformed finance and accounting for businesses of all sizes. All the Real-time financial data is available merely at the touch of a button, virtually anytime, anywhere. 

Provides reliable and accurate financial records

Having an accurate and up-to-date financial records with the help of accounting service in Chennai can be a total game-changer for your business. 

Helps you stay on track with payroll

An outsourced accounting service team can help you to issue accurate, on-time paychecks to your employees. Also, make sure your payroll taxes are kept up to date. This is because the success of your business relies heavily on the happiness and well-being of the people behind it. So, you need to always take care of your employees and make sure they are paid on time.

Helps remain calm and easy in times of crisis

Having a rock-solid support of an outsource financial accounting team is quite important in times of crisis. This would help you to remain worry free about your financial dealings. So, do not hesitate to seek the support of accounting outsourcing services in India.

Always remember that when the day-to-day accounting and bookkeeping tasks aren’t needlessly sucking up your time and energy, you can focus more on improving your core business.

Career Opportunities for Chartered Accountants under Business & Jobs

 

Often after the Chartered Accountant results announced, most CA aspirants are, will start wondering which path they should take, whether to begin working as an employee at a firm or start their own private business which can be done on a professional website that can manage the whole work on the online platform.

Don’t worry CA can give just so many career options? Each final exam subject can be chosen as one of the main career options for the students.

Firstly, if you are wondering which to career option to choose, then there are some important terms and conditions you must consider before the start of the private business.

Hard work and patience are the two keys that can take you to the zenith of your business and help you reach the position of the best chartered accountants in Chennai or other parts of the country.

Top Job Options for Chartered Accountants

1. Start a Tax Consultancy Service

The tax consultant is actually tax advisers. They are an expert in tax law, planning and compliance.

They are a pro in tax law, planning, and compliance. They understand the various rules and regulations of different taxes and then offer consultant the clients on how to comply with both federal and state tax constitution.

Beginning a Tax counseling will help empower you to meet with a number of worldwide clients of the customers and offers the adaptability and security you merit. The tax consultancy is usually a business that can help with small money security.

2. Audit Expertise Services

In the training process, if you are good at accounting and auditing matters, then auditing expert service will offer you a good option for you to start-up your own business.

Audit experts are those who ensure that the client’s organization is provided with dependable financial information.

This career option will up the believability quotient of the organization with financial specialists, moneylenders, and customers.

3. Outsourcing Services

Outsourcing service is a great startup right from the beginning of the business.

These services are great options for the accountant as well as for the companies/firms. These services are great options for fresher students, who have completed their article-ship and the threshold of getting their final result.

These services are one way of finding the perfect startup of their career and getting recruited in recognized firms. They also help large accounting firms to outsource their work to small or medium-sized firms.

4. Open an Academic for Chartered Accountancy Course

Opening an academy is an excellent startup business.

The institutes of ca are mushrooming rapidly. The faculties, centralized location, and the positive result will help the business to grow.

5. Finance Line-Function

If you choose your career in this field, then you will be provided with an option- either you can work with the manufacturing sector, or you can the firm as a finance person.

In this position, your subordinates will do the data entry and you will be appointed therefore finalizing and MIS reporting to the management, statutory filings and so on.

6. Statutory Audit

In this career alternative, you have to visit the client, where it is located. Sometimes you have to do the statutory audit and roam all over India. Here, you can learn various things such as finalizing the accounts, going over various company financials and concentrate more on the financial figures than the process.

Best Bookkeeping Services for Startups - A Quick Guide

Accounting for new businesses is totally unique to that of other independent venture. The direction of a CFO guarantees that it is prepared for a review at the ideal time. Re-appropriated bookkeeping administrations can furnish a startup with the correct level of skill and unwavering quality that causes you streamlines tasks and guarantee development.

Points of interest of Bookkeeping Services

With the assistance of QuickBooks Online Edition, it will help keep up an Audit Trail for every exchange. You can collaborate with your bookkeeper who will assist you with observing data exchanges. You will effortlessly have the option to measure who keeps a tab on books and what data they can clutch.

The framework helps your representatives together with the specialist co-op to work couple and access to ongoing organization information, in the event that you are in any piece of the world, you can sign in together. You won't need a specific programming or support keep up a convoluted system or servers, which will assist you with setting aside both time and cash.

Accounting outsourcing administrations in Chennai  or various pieces of the nation and accounting work can take a lot of an entrepreneur’s time. In the event that you attempt to adjust your organization's bookkeeping and the various undertakings also, it can demonstrate to be a mammoth test. Some startup proprietors illuminate these niggling issues by procuring an in-house bookkeeper, which can demonstrate to be costly as you need to buy a particular electronic bookkeeping programming, which may add to the issues in view of a lofty expectation to learn and adapt that includes with utilizing some of these projects. Rather than being submerged by an ocean of numbers, you can consider taking assistance of Vramaratnam specific startup accounting administrations.

 For what reason would it be advisable for you to require the Services of QuickBooks from Vramaratnam?

 · You will have the option to get to books whenever with the assistance of QuickBooks on the web.

· QuickBooks brags of somewhat more than 60 moment business reports and dashboards.

· Customers can get receipt proclamations through email.

· QuickBooks is able enough to deal with changed bookkeeping capacities.

· It is a protected and secure assistance

· You need least archives.

· Last yet not the least it is anything but difficult to keep up and affordable also.

 

Vramaratnam with their master contracted bookkeepers in Chennai offers incredible redistributed accounting administrations for new companies. They represent considerable authority in helping new companies to accomplish monetary benefit. Vramaratnam's internet accounting firm is exactly what you need that will help arrive at your business objectives regarding development and obligation decrease. Their group of specialists considers your organization something other than an asset report with different charges and credits. Truth be told, their confirmed clerk who works for you, performing regular everyday bookkeeping work that is important to work your business.

Importance and differences between direct and indirect taxes?

Taxes are implemented by the administrations on their residents, it is an automatic charge imposed on companies or people by an administration element, regardless of whether national, provincial or neighborhood so as to back government exercises with funds.

Taxes are a money related weight laid upon people or land owners to loan their help to the administration. The taxes are not a deliberate installment rather they are an upheld commitment towards the administration.

Taxes gathered are used by the administration for different costs, for example, safeguard, medicinal services, training and distinctive foundation offices, for example, streets, dams, thruways, etc.

The Two types of taxes:

Fundamentally, there are two types of taxes to be specific Direct and Indirect taxes. Indirect taxes really can move the weight to the end taxpayer. Direct taxes, then again, enable the administration to gather the taxes directly from the purchasers. Indirect taxes enable the legislature to get steady and guaranteed returns by means of the general public.

Distinction between Direct Tax and Indirect Tax:

There are various ramifications of direct and indirect taxes on the nation. Notwithstanding, the two kinds of taxes are significant for the legislature as taxes incorporate the significant piece of income for the administration.

Key contrasts among Direct and Indirect Tax are:

A direct tax is demanded and paid by the people, firms, Hindu Undivided Families (HUF), organizations and so forth though the indirect tax is at long last paid for by the end-customer of products and enterprises.

If there should be an occurrence of direct taxes, the weight of tax can't be moved while weight can be moved the extent that the indirect taxes are concerned.

Tax avoidance is conceivable in the assortment of direct taxes while tax avoidance is beyond the realm of imagination to the extent the indirect taxes are worried as the taxes are charged on products and enterprises.

A direct tax is instrumental in decreasing expansion, while indirect tax may build swelling

Direct taxes have better allocative impacts when contrasted and indirect taxes as direct taxes put a lot lesser weight over the assortment of indirect taxes. This is the place the assortment is dispersed over the different gatherings and purchasers' inclinations of merchandise are mutilated on account of the value varieties in light of indirect taxes.

Direct taxes helps in diminishing disparities and are undeniably more dynamic than indirect taxes which improve imbalances and are thus viewed as backward.

Indirect taxes include far lesser managerial costs inferable from the steady and advantageous assortments, while direct taxes incorporate various exclusions and furthermore bring about higher regulatory expenses.

Indirect taxes are veer towards development and progress as they debilitate utilization and help increment reserve funds. Direct taxes, then again, lessen reserve funds and furthermore demoralize ventures.

Indirect taxes have a bigger inclusion as various individuals from the general public are taxed on the closeout of merchandise and enterprises, while direct taxes are gathered uniquely from explicit individuals in separate tax sections.

Extra indirect taxes are imposed on adverse to-wellbeing wares, for example, cigarettes, liquor, etc. This deters over-utilization and consequently helps the nation in a social setting.

Both the direct and indirect taxes are significant for the nation as they sway the general economy. Direct tax incorporates personal tax, riches tax, partnership tax and so on. Indirect taxes, then again, are applied to the deal and production of merchandise and ventures. Both direct taxes and indirect taxes are gathered by the focal and individual state governments and it relies upon the sort of taxes to be required.

Budget 2020 – Key Takeaways and Highlights

The Budget 2020 in India has been presented by the Finance Minister Nirmala Sitharaman who presented the Union Budget 2020 in the Parliament today. Sitharaman’s Budget speech included many key announcements. At the start of her speech, Sitharaman paid her respects to late Finance Minister Arun Jaitley. She mentioned, “GST resulted in Rs 1 lakh crore gains to consumers, removed inspector raj and helped transport sector.” Talking about employment, Sitharaman reiterated: “Our people should be gainfully employed, our businesses should be healthy; for all minorities, women, and people from SCs and STs, this Budget aims to fulfill their aspirations.” The Finance Minister was all for a Budget 2020 that would mean boosting income and increasing the purchasing power of people. Sitharaman further said that Modi govt is trying its best to doubling farmers’ income by 2022. She listed out key initiatives that the Centre took for farmers in the last few years and that included the PM Kisan.

Finance Minister Nirmala Sitharaman came up with a long speech in six years of the Narendra Modi government. She went on to announce several reforms that tried to address both the economic and social aspects of the country. See more details visit: https://www.vramaratnam.com/

Key Budget takeaways

·         Govt will help raise funds via a listing of LIC.

·         Deposit insurance raised up to Rs 5 lakh.

·         FY21 fiscal deficit target is pegged at 3.5% of GDP.

·          FY20 fiscal deficit pegged at 3.8% of GDP as against the earlier target of 3.3%.

·          Companies Act will be amended to decriminalize civil offenses.

·         FY21 nominal GDP growth pegged at 10%.

·         To introduce new education policy; allocating Rs 99,300 crore for the sector in FY21

·         Initiating the development of 100 more airports by 2025 to support UDAN scheme

·         To introduce a new simplified personal tax regime aiding the middle class.

·          No income tax levied for income up to Rs 5 lakh.

Do Taxpayers in India is Getting any Benefits from the Government?

The income tax department gives out detailed data on tax return filers each year. It has been going on from the assessment year 2012-13, or AY13, onwards. The data for AY1 has been recently published. AY19 dabbles in income earned during the fiscal year 2017-18, or FY18, (i.e. the period between the months of April 2017 and March 2018).

The data provides a number of key insights about the great Indian taxpayer.  You can get the details of the same from the auditors in Chennai. As per the data, only around ₹37,400 crores is generated as far as income from house property in a year (via rents after adjusting for home loan interest and so on) in the entire country, which shows that most of the transactions are still cash-based and outside the paradigm of the tax net. The declared salary income, however, is more than double the size of the declared individual business income, which puts a wrench in the theory about the purview of the salaried middle class.

When it comes to individual income tax, there are different types of income that are taxed. This includes salaried income, the income coming from the house property, business income, and interest income. The individual-declared total income during the AY19 stood at Rs.34.1 trillion. Of this RS 20 trillion, or the bulk of the income was declared by the salaried income. 

The government announced an income tax rebate for the salaried people to be Rs 12,500 under Section 87A of the Income Tax Act. Earlier, the rebate was Rs 2,500. This available rebate is Rs 5 lakh a year.

This spells out zero tax for annual income up to Rs 5 lakh. There is an exemption from income tax on annual income amounting to Rs 2.50 lakh. This exemption can extend up to Rs 3 lakh in the case of senior citizens.

The standard deduction by the government was up to Rs 40,000 to Rs 50,000 and it increased the income tax rebate under Section 87A income-tax Act.

Besides, there is another deduction up to Rs 1.5 lakh under section 80C for investments made in instruments such as Public Provident Fund and the expenses incurred on children's education fees and stamp duty paid for the house registration.

Investment up to Rs 50,000 in the national pension scheme makes for additional tax deduction Section 80CCD(1B) of the Income Tax Act.

However, the income tax slabs were not changed until February's interim budget. There is zero tax on income amounting to Rs 2.5 lakh, beyond this tax rate it is 5 percent on income up to Rs 5 lakh amounting to Rs 12,500.

But with the government providing a rebate of the exact amount, there is no tax payable on income up to Rs 5 lakh. But such assessees are required to file their income tax returns every year. If they don't, the Income Tax Department may send notices for the same.

Twenty percent income tax is levied if the amount comes to Rs 5 lakh but not exceeding Rs 10 lakh a year. Income tax liability may turn out to be Rs 1 lakh in this slab.

An annual income of more than 30 lakhs calls for a 30 percent income tax. Plus, four percent cess on income tax is levied.

Changed jobs? How to Deal With Multiple Form 16s

Changing jobs is a common thing among individuals. People change jobs either for a better pay scale or for acquiring new skills, and when you continue to do this for one financial year (FY), you will have more than one Form 16. This may create confusion and whether your income taxes are in order or not. Try out the best-chartered accountant firms to sort out issues.

1. Inform your current employer about the previous employment

There are several individuals who do not inform their new employer about the previous salary structure. As a result, the new employer has to calculate income tax based on the income earned from him in the FY. This results in a miscalculation of taxes for the financial year. To avoid this confusion you must declare your previous salary structure to your current employer with the help of the Chartered accountants in Chennai.
To avoid this miscalculation of taxes, you should declare your previous salary to your new employer as soon as you join the new company.

2. Include all the information of every employer in your tax return form

Ensure you receive your Form 16 from all the employers you have worked in the previous financial year. Form 16 is the most important document you require to file your income tax returns. You require name, PAN of the employer, TAN of the employer, and the address must be reported for each employer in your tax return.

3. Consolidate salary from all employers

You will need to consolidate the salary earned from all the employers while you file your tax returns. In case you miss reporting any such salary, the department may send you a notice about the non-reporting of income.
Remember your salary is taxable irrespective of whether TDS is deducted or not, so remember to include this amount in your return.

4. Adjusting exempt allowances

Usually, when it comes to job change, the salary structure must change. This may lead to changes in your allowances specifically your house rent allowance (HRA). Do remember to claim HRA exemption from all your employers. You must submit the rent receipts, in case stay rented apartment.
If you have missed submitting the rent receipts to your employers on time, you can claim the HRA while you try to file your income tax returns. In such a case, you can recalculate your HRA exemption for the entire year, adjust your salary accordingly and get a refund if the excess tax is deducted.

5. Claim all the tax deductions

The employers begin the exercise of collecting proof of tax-saving deductions around February or March every year. Many individuals quit their job before the stipulated period and the employers fail to provide them with a slew of various deductions.

6. Check your Form 26AS

Form 26AS is the tax credit statement that involves the details of TDS by various deductors. A salaried individual can get all details of his salary credited every month and the tax deducted thereon from each employer in Form 26AS. This form is very important for filing your income tax returns as you can take the credit of all the tax deducted against your total tax dues in a financial year.
One can cross-check the TDS entries appearing in the Form 26AS with his payslips or bank statements. In case there is a mismatch of entries, he must report to the employer and resolve it before filing the tax returns.