Understanding The Impact of GST On Small and Medium Enterprises (SMEs) In India
The Goods and Services Tax has transformed the way businesses operate in India, particularly for Small and Medium Enterprises (SMEs). As they are designed to simplify the taxation system, GST has brought opportunities and challenges alike for this vital sector of the economy. How has GST transformed compliance for SMEs? Has it made operations smoother or added extra to the burden? From streamlining taxes to reshaping cash flows, GST’s impact on SMEs is enormous. In this post, let’s explore the impact of GST on Small and Medium Enterprises in India: Unified Taxation System The major effect of GST is the streamlining of India’s tax system. Before the implementation of GST, SMEs had to deal with multiple types of taxes, including VAT, excise duty, service tax, and others, all of which were administered by separate bodies. This complexity frequently resulted in compliance issues and significant costs. GST unified various taxes into a single, countrywide tax. SMEs now have a more streamlined process for registering, filing returns, and paying taxes. This unified tax structure avoids complexity, saves time, and provides transparency, allowing SMEs to focus on growth rather than administrative tasks. Increased Market Reach GST eliminated interstate commerce barriers by removing the cumulative impact of taxes between states, resulting in increased market reach. Earlier, firms faced entry taxes and tax rates that differed by state, making it difficult for SMEs to expand their reach. GST’s consistent tax rate across the country has established a level playing field. SMEs can now expand into new markets outside of their native state without worrying about additional tax costs. This enhanced market accessibility enables SMEs to compete with larger enterprises and participate in the growing e-commerce ecosystem. Lower Tax Burden With the old system, SMEs frequently faced substantial challenges due to high tax rates. Multiple levels of taxation imposed a significant financial strain, particularly for small enterprises with low margins. GST’s input tax credit system allows firms to claim credit for taxes paid on inputs, lowering the overall tax burden. This has offered relief to many SMEs, allowing them to reinvest savings back into their operations. Reduced Logistics Costs Before GST, the logistics sector was inefficient due to state border crossings and different tax schemes. Inspection and paperwork delays resulted in greater transportation costs and longer delivery times, which directly impacted the SME’s profitability. GST improved the logistics process by eliminating state-level taxes and establishing a standardized tax structure. E-way bills, which were implemented as part of GST, have made it even easier to move goods between states. SMEs now benefit from shorter delivery times, lower gasoline costs, and greater supply chain efficiency. These cost savings lead to increased competitiveness for SMEs in both home and international markets. Easy Access to Finance Small and medium-sized enterprises have historically struggled to obtain financing. GST increased financial transparency by encouraging good invoicing and record-keeping. With GST compliance, SMEs establish a credible financial trail, making it easier to demonstrate their business performance to banks and financial institutions. Lenders now use GST data to evaluate the creditworthiness of SMEs. This has resulted in more loan approvals and attractive credit arrangements for compliant enterprises. Also, government schemes related to GST compliance provide extra incentives to SMEs seeking growth funding. Bottom Line GST has a great impact on Small and Medium Enterprises (SMEs) in India. GST has increased customers for expansion and success by simplifying the tax system, making it easier to enter new markets, lowering tax costs, reducing logistical charges, and assisting firms in obtaining finance. Although the transition to GST was difficult initially, the long-term benefits enable SMEs to develop, save money, and remain competitive. To take advantage of these benefits, SMEs must adhere to GST requirements. With SMEs playing an important part in India’s economy, implementing GST will help them remain strong, expand, and excel in the future.
How to Prepare Your Business for an IPO: Advisory Services and Insights
Taking your business public through an Initial Public Offering is a transformational milestone that can fuel growth, provide liquidity and expand your company’s market reach. The process of preparing for an IPO is complex and demands extensive planning, coordination and expertise. Advisory services play an important role in guiding companies through this journey which ensures that readiness for both the public offering and the life of a public company. Here you can see some important steps to prepare your business for an IPO. 1. Prepare for the IPO Journey An IPO is a one-time event and also the beginning of a new phase for your company. The process requires significant internal readiness, operational adjustments and a strategic vision. It is important to recognize that the post-IPO period demands ongoing effort, long-term planning and adaptability. Preparing for an IPO begins with a deep evaluation of your business including financial health, scalability and corporate governance. Businesses must establish a clear plan for growth, market positioning and investor relations. It is essential to create a robust business model capable of meeting public market expectations including transparency, compliance and continuous shareholder value. 2. Assemble an Expert Team The journey to an IPO requires the collaboration of a skilled team of advisors, executives and professionals. Strengthening your leadership team is crucial to ensure your company has the vision and operational capacity to manage life as a public entity. This may involve augmenting your management team and aligning compensation structures to retain and motivate top talent. Additionally, external advisors such as investment bankers, legal counsel, underwriters and accountants are essential to help navigate the intricacies of the IPO process. They will guide your company through due diligence, legal compliance, regulatory filings and financial reporting requirements which ensures that the IPO goes smoothly and aligns with the market’s expectations. 3. Strengthen Internal Processes and Infrastructure For a successful IPO, your company must demonstrate operational stability and effective governance. This includes strengthening internal processes, financial reporting systems and IT infrastructure to support public market requirements. Public companies must meet stringent financial reporting standards including quarterly earnings reports, SEC filings and compliance with Sarbanes-Oxley regulations. Advisors can help streamline your company’s financial operations, integrate systems and ensure the appropriate controls and documentation. Companies should undergo thorough internal audits and financial assessments to address any weaknesses or inefficiencies that might hinder their IPO readiness. 4. Assemble a Strong Board of Directors A crucial step in preparing for an IPO is ensuring that your company has an experienced, diverse and independent board of directors. Public companies face heightened governance expectations and investors scrutinize the strength and composition of the board when making investment decisions. A balanced board should include individuals with expertise in corporate strategy, finance, law and governance. Having experienced directors with public company experience meets regulatory requirements and enhances credibility with investors. Advisory services can assist in identifying and recruiting board members who add value to the company’s strategic vision. 5. Prioritize Readiness While many believe that the key to a successful IPO lies in timing the market, readiness is the critical factor. Companies that are ready internally through robust financial systems, a clear business plan and experienced management are used to succeed in attracting investors, regardless of market volatility. IPO timeline should prioritize internal readiness over market conditions. A company’s scalability, growth potential and the ability to meet investor expectations will determine its IPO success more than the exact timing of the market cycle. To Conclude Preparing for an IPO is a multifaceted process that requires careful planning, strong leadership and expert guidance. By assembling a team of experienced advisors and focusing on internal readiness, businesses can navigate the complexities of the IPO journey and position themselves for long-term success in the public market. Engaging in thorough preparation and maintaining clear communication with investors is important to turning the IPO process into a stepping stone for continued growth and value creation.
The Importance of Corporate Governance for Startups: Legal and Financial Implications
Starting a new business is exciting, but in a rush to grow and succeed, many startups forget one key factor, which is corporate governance. It is not just for big companies, and having good governance helps startups build trust, stay on top of finances, and avoid legal troubles. Why is it important? Corporate governance isn’t only about following rules. It is about creating a strong foundation that keeps your business organized, transparent, and ready to attract investors. Without it, even the best ideas can face problems. In this post, let’s explore why corporate governance matters for startups in detail: What is Corporate Governance? Corporate governance is the set of rules, procedures, and processes that guide and control a company. It ensures that choices are made in a transparent and responsible manner, balancing the interests of founders, investors, employees, and other stakeholders. Governance is important for companies because it lays the groundwork for ethical principles, financial accountability, and legal compliance. Why Corporate Governance Matters for Startups? Below are some reasons why corporate governance matters for startups: Startups must follow local laws and industry rules. Without a governance framework, it is simple to ignore essential legal requirements, resulting in penalties or lawsuits. Good governance ensures business startups comply with tax rules, employment regulations, data privacy standards, and intellectual property rights. Investors want assurance that their money will be used effectively. A well-run firm demonstrates professionalism, openness, and responsibility, making it a more appealing investment. Corporate governance provides trust that the organization is being managed with care and foresight. Without governance, startups may have financial mismanagement, like overspending, insufficient budgeting, or a lack of financial planning. Governance structures ensure accurate financial reporting, audits, and resource allocation, which helps businesses avoid cash flow problems and insolvency. Startups frequently rely on quick choices, which can lead to blunders if not properly monitored. Governance frameworks specify roles, duties, and approval processes, allowing for informed and purposeful decision-making. Good governance promotes trust among employees, partners, and customers. It promotes an ethical culture in which stakeholders feel valued and secure, which is essential to a startup’s reputation and growth. Corporate governance enables businesses to identify and reduce potential risks at an early stage. A solid governance framework ensures that companies have mechanisms in place to deal with financial, operational, and legal risks. This proactive approach reduces disruptions and ensures seamless corporate operations, especially in difficult circumstances. Legal Consequences of Poor Governance Failure to establish governance might pose legal problems, like: Startups can defend themselves from legal issues by employing good governance measures. Financial Impacts of Poor Governance Poor governance can cause financial instability through: Strong financial governance guarantees that accounting is correct, audits are conducted on a regular basis, and expenditure is reasonable. Summing It Up Corporate governance is essential to a startup’s success. It helps in the development of trust, compliance with legal requirements, and financial management. With good governance, businesses can attract investors, manage risks, and lay a solid platform for future growth. In today’s competitive market, effective governance is not an option, but it is essential. Starting early with defined protocols and appropriate practices can make all the difference in your startup’s growth and success.
Top 5 Accounting Mistakes Small Businesses Make and the Ways to Avoid Them
Nowadays, 60% of small business owners spend over 10 hours per week on accounting tasks and also 70% of small businesses fail within the first 10 years due to poor financial management. One of the leading causes of these failures is simple accounting mistakes that can lead to costly errors in taxes, cash flow and financial reporting. Avoiding these mistakes is important for the long-term success of your business. In this post, you can see the top five accounting mistakes and provide strategies to avoid all these mistakes. 1. Failing to Separate Personal and Business Accounts One of the important mistakes small business owners make is combining personal and business accounts. If it is depositing business income into a personal bank account, this lack of separation can lead to major accounting problems. Why it’s a Problem: How to Avoid It: 2. Not Keeping Track of Cash Flow Many small business owners face issues with cash flow management. Even profitable businesses can face financial difficulties if they don’t monitor the flow of money in and out of the business. Why it’s a Problem: How to Avoid It: 3. Inaccurate Record-Keeping Inaccurate record-keeping is a common mistake that can lead to financial discrepancies and tax issues. This mistake may result in failing to log expenses or ignoring receipts for business-related purchases properly. Why it’s a Problem: How to Avoid It: 4. Neglecting to Budget for Taxes Many small business owners underestimate their tax obligations. About 43% of small business owners report that they don’t set aside enough funds for taxes. This can result in late payments, fines or underpayment penalties. Why it’s a Problem: How to Avoid It: 5. Failing to Reconcile Accounts Regularly Account reconciliation is used to compare your internal financial records to external statements. Many small business owners neglect this step which can lead to errors or missed fraudulent activity. Why it’s a Problem: How to Avoid It: Final Words Accounting mistakes can have a serious impact on the financial health of your business. By avoiding these common mistakes, you can set your business up for long-term success. Implementing good accounting practices and using the right tools will help you make informed decisions and prevent costly mistakes.
Debunking Common Tax Myths: What You Really Need to Know
Tax season can be confusing for those who aren’t well versed in tax laws. With conflicting advice from friends, social media and even family members, it is easy to fall victim to tax myths that could cost you money or lead to penalties. According to a 2023 National Taxpayer Advocate report, 68% of taxpayers stated that they were unsure about the details of tax laws and 40% of small business owners make costly tax mistakes due to misinformation. Misunderstanding your tax responsibilities can lead to missed deductions, overpaid taxes or even trouble with the IRS. In this post, you can see some common tax myths and provide the accurate information you need to manage your taxes effectively and avoid common mistakes. Myth 1 Many people believe that if they are self-employed or running a small business, they don’t need to file taxes unless they reach a certain income threshold. The Reality: If you want to make money, the IRS requires all self-employed individuals to file taxes. Even if you don’t owe any taxes, tax filing is necessary to avoid penalties. Self-employed individuals must report all income if it comes from freelance work. Not filing tax can trigger penalties and interest from the IRS and failure to file for multiple years can lead to serious consequences. If you are self-employed, it is important to file taxes every year. Even if you didn’t make much income, tax filing ensures you remain in compliance and avoid future issues with the IRS. Myth 2 Many people think that claiming as many deductions as possible will automatically reduce their tax bills, regardless of whether those deductions are valid or not. This leads to claim deductions for things they are not permitted to do. The Reality: While deductions can lower your taxable income, they must be valid by IRS rules. Falsely claiming deductions can result in a red flag for the IRS which can lead to an audit and possible penalties. Some deductions only apply if you meet certain criteria such as business-related mileage or specific home office expenses. Myth 3 It is common for individuals to believe that if they earn money through side jobs that aren’t officially reported, they don’t need to report it to the IRS. The Reality: The IRS requires you to report all sources of income including freelance work or payments that weren’t processed through a formal paycheck. If you received cash, you are obligated to report this income when filing your taxes. The IRS has sophisticated methods for identifying unreported income including cross-referencing bank accounts and third-party payment processors. Failure to report all income could result in penalties, interest and an audit. Myth 4 Many taxpayers believe that tax software can automatically find every deduction and tax break. The Reality: While tax software is a great tool for simplifying tax filing, it is unsafe. These tools can miss deductions or credits that require specific input or manual adjustments, and they can’t provide personalized advice for unique tax situations. If your tax situation is complex such as owning a business, having multiple sources of income or claiming specific credits it is a good idea to consult a tax professional to ensure you are taking full advantage of the tax laws. Myth 5 Some people think they won’t be penalized for filing late or failing to file their returns on time if they owe no taxes. The Reality: Failing to file your tax return on time can result in penalties and interest charges even if you don’t owe any money. The IRS charges penalties for both late filings and late payments. If you miss the tax filing, the IRS can execute a penalty of 5% per month up to 25%. Even if you owe no taxes, it is important to file on time to avoid these penalties. To Wrap It Up Accurate knowledge is important to understand your tax filing responsibilities as a self-employed individual and know the reality of tax deductions and refunds. The IRS has clear rules for tax filing and staying informed can help you maximize your deductions, avoid penalties and improve your financial situation in the long term. You can seek professional advice if you are unsure about your taxes.
Year-End Accounting Checklist: Prepare Your Finances for the New Year
As the year ends, small business owners face some critical task of ensuring their finances are in order. Over 60% of small business owners spend over 10 hours per week on accounting tasks, and 30% report issues with keeping their finances organized and tax-compliant. This underscores how vital year-end accounting is to business success. Failing to close out your financials properly can lead to costly mistakes and missed opportunities. Here you can see a complete year-end accounting checklist that will ensure you finish the year strong and position your business for success. 1. Reconcile All Accounts Reconciling your accounts ensures your books are accurate and consistent with your bank and credit card statements. Inconsistencies between your internal records and external statements can lead to errors that affect your year-end financial reports. Steps to Take: 2. Review Accounts Receivable and Payable Managing your accounts receivable and accounts payable properly ensures that your cash flow is in good as you move into the New Year. Unpaid invoices and outstanding bills can cause financial strain. Steps to Take: 3. Prepare for Tax Filing Year-end accounting is your last opportunity to reduce taxable income for the year and ensure you are ready to file taxes on time. Over43% of small business owner’s state that they struggle with taxes and miss deductions which leads to overpayment. Steps to Take: 4. Conduct a Physical Inventory Count For businesses that deal with physical products, an accurate year-end inventory count is essential to your financial statements. An incorrect inventory count can lead to overstated or understated profits, affecting your year-end balance sheet. Steps to Take: 5. Plan for the Upcoming Year The end of the year is the perfect time to set financial goals and strategies for the coming year. Whether it is growing your business, managing cash flow better, or expanding into new markets, a financial plan will guide your efforts and keep you on track. Steps to Take: 6. Review Your Business Structure Business structure has tax and liability implications. If your business has grown in the past year, it might be time to reconsider your structure for tax savings or enhanced liability protection. Steps to Take: 7. Implement or Update Accounting Software If you are still using manual methods or outdated software, you have to implement or upgrade to a more robust accounting solution. Modern accounting software can save time, reduce errors and improve financial health. Steps to Take: Bottom Line Preparing your finances for the New Year is one of the most important tasks you will tackle as a small business owner. By following this year-end accounting checklist, you will ensure that your financial records are accurate, your tax obligations are managed and your business is aware of growth in the coming year. The above mentioned steps will help you avoid costly mistakes and position your business for success in the upcoming year.
The Future of Finance: Emerging Trends and Opportunities
The financing industry is dynamic and frequently unpredictable but can also be profitable. To effectively navigate the many career opportunities in finance, you must strengthen your mathematical skills and understand the new trends in this field. The banking sector is developing quickly. Due to rapid technological improvements, the future of this field holds a wealth of professional opportunities. Here are the emerging trends and opportunities in the financing industry: Private companies will look into novel investment opportunities: The financial sector has faced significant difficulties recently. In light of the extraordinary changes occurring in this sector, private companies are searching for novel avenues for investment. Nonetheless, it is critical to recognize how crucial it is to make creative and well-informed investing selections. Creative approaches to investing in private markets can help businesses connect with different sources of capital and attract a wide range of investors. Because of blockchain technology, venture capital and private equity firms can now access new investment opportunities. They can build decentralized investment platforms, giving private businesses additional avenues for capital raising. Their investors can also access a variety of assets. Cryptocurrencies and blockchain: Blockchain technology and cryptocurrencies in finance are major significant technological trends. Blockchain technology provides a secure transaction ledger, eliminating the need for intermediaries like banks. As an alternative to fiat money, cryptocurrencies like Bitcoin have grown in popularity and seen a sharp increase in value in recent years. Artificial intelligence and machine learning: The financial sector is often changing due to advances in AI and machine intelligence. With the use of AI-powered solutions, financial institutions can detect fraud, automate repetitive processes, and give clients individualized financial advice. Machine learning algorithms can analyze large-scale data to find patterns and trends that can guide investment choices and assist organizations in better risk management. Cybersecurity in integrated ecosystems: Although modern technology offers opportunities, a certain amount of danger is involved. As banks continue to migrate services to the cloud, outsource internal processes, and engage with clients through various digital channels, the variety and number of vulnerabilities are also increasing. Concern should also be expressed about internal fraud, particularly given the lengthy discovery timeframes. Simultaneously, more advanced criminal groups with enhanced cyber skills target financial institutions. So cybersecurity plays a major role. The finance industry will move towards open banking: Through open banking, users can safely disclose their financial information to permitted and verified third parties. Open banking gives users access to various financial services and products, and it can alter the financial landscape significantly in the future. These services include budgeting tools, money management software, and individualized financial guidance. Furthermore, open banking can facilitate real-time account aggregation, resulting in cheaper costs and more comfortable conditions for clients. Open banking is undoubtedly one of the most significant trends in the financial services industry. It has the potential to create even safer future financial systems. Environmental, social, and governance investing: As more investors look to fund businesses that have a beneficial influence on the environment, society, and governance, ESG investing is becoming increasingly popular in the finance sector. Growing awareness of how businesses affect the world and a desire to invest in companies that share one’s values and views are the main motivators of this trend. Bottom line: The financial sector has a bright future but is also evolving quickly. Financial institutions will need to adopt new technologies, adhere to changing regulations, and adjust to shifting customer demands to stay ahead of the curve. The emergence of fintech startups and other new competitors is disrupting the sector but also opening up new avenues for innovation and expansion.
Unlocking Your Business Potential: The Role of Financial Planning and Analysis
In the fast-paced commercial world, data-driven judgments are more important than ever. Financial planning and analysis, which assists firms in forecasting, evaluating, and creating value, is critical to strategic decision-making. This is essential for helping companies manage expansion challenges, guaranteeing long-term viability, and optimizing earnings. Here cited are the role of financial planning and analysis: What is FP&A? Financial planning and analysis are crucial steps in any organization’s decision-making process since they help them effectively monitor and regulate their money to accomplish their goals. The primary goal of this function is to make well-informed decisions based on precise data analysis rather than depending only on gut feeling or conjecture. FP&A’s contribution to financial performance: Giving insights into the company’s past, present, and future financial state is the main aspect that finance planning and analysis drive financial performance. Analyzing past data to find trends and patterns that might guide decision-making is one way to do this. Moreover, financial planning and analysis teams employ sophisticated forecasting methods to anticipate prospective hazards or openings that can present themselves later. Budget and Forecasting: Financial planning and analysis’s main duties include planning and forecasting. This entails developing comprehensive budgets for various departments or functions using past financial information and anticipated future trends. To produce a realistic budget that aligns with the company’s objectives, financial planning and analysis specialists can identify potential risks, opportunities, and trade-offs by employing sophisticated approaches such as trend analysis, regression analysis, or scenario planning. Variance analysis: Organizations can discover areas of underperformance or overperformance and make necessary modifications by comparing actual outcomes to budgets and forecasts. This ongoing assessment process can help businesses stay on course and make necessary course changes to meet their financial objectives. Key performance indicators: By monitoring particular measures, organizations can assess their progress toward strategic goals and pinpoint areas for development. Key performance indicators must align with corporate objectives and be evaluated frequently to ensure they are still applicable and useful. Cash flow management: The organization’s capacity to maintain stability and sound finances depends on its ability to manage cash flow effectively. To ensure that the company is solvent and can take advantage of new possibilities, financial planning and analysis teams can examine cash inflows and outflows, spot possible gaps, and implement measures to optimize cash flow. Evaluation of potential investments and growth opportunities: Financial planning and analysis are essential in assessing possible investments and opportunities, weighing the financial risks and benefits, and offering suggestions to direct strategic decision-making. Financial planning and analysis significance in business strategy Financial planning and analysis provide several advantages and is essential to developing and implementing corporate strategy. Accurate financial data and insights can help organizations drive growth and profitability by making well-informed decisions that align with their strategic goals. Financial planning and analysis assist organizations in creating backup plans to prepare for unforeseen obstacles by recognizing potential risks and weaknesses. By closely monitoring key performance indicators, organizations may assess their progress and make the required corrections to stay on course to meet their goals. To maximize returns on investment, financial planning and analysis assist companies in making the best use of their resources, including money, labor, and technology. By sharing financial insights and performance measures with stakeholders, financial planning and analysis promote a transparent culture that helps them comprehend the organization’s progress and make wise decisions. Wrapping it up: To maximize your company’s potential, you must take a thorough approach to financial planning and analysis. It is critical to promoting growth and profitability because it offers precise financial insights, directs strategic choices, and guarantees effective resource allocation. To fully utilize the power of financial planning and analysis, invest in strong financial planning and analysis procedures and technology, assemble a knowledgeable workforce, and promote cooperation.
Streamlining Your Financial Operations: Tips for Efficiency and Growth
Every organization’s ability to effectively handle financial tasks determines its level of success. Your financial operations will go more smoothly if your process is more efficient, saving time and lowering the possibility of mistakes. Businesses can save time, cut expenses, and enhance their decision-making ability when financial procedures are optimized. There are a few tactics to help you optimize your financial processes to be effective and promote expansion. Let’s focus on those tips: Implement automation: Automation has been revolutionizing the financial operations industry in recent times. By automating repetitive and time-consuming operations like payroll, invoice processing, and data entry, businesses can lower human error and allow workers to concentrate on more important responsibilities. Using tools like accounting software, payroll management systems, and cost monitoring applications can drastically reduce the time spent on financial administration. Automation guarantees real-time data updates, resulting in timely and accurate financial information. Streamline procedures: An organization’s many moving components easily confuse established procedures. This raises the possibility of inaccuracy and misunderstanding, resulting in a lack of compliance. The best defense against this is to standardize financial procedures. Policies that have been decided upon and developed must be followed to optimize accuracy and efficiency. By doing this, guidelines are established for how partners and employees should conduct workflows and communication. VPs of Finance can greatly benefit from financial procurement technology when standardizing important procedures across all departments. Determine the requirements for purchases. Determining departmental requirements informs stakeholders of the requirements they need to fulfill to make capital expenditures. For instance, your finance department can have specific contract guidelines, including not accepting bundled services or single-year discounts. Define your requirements to minimize conflict and time wastage throughout the approval process. This is particularly true when contract negotiations occur with a new or non-preferred supplier. Anticipating what you want from a negotiation will prevent you from starting over in the middle, which might save you, your sales representative, and your approvals team work hours. Make use of cloud-based technologies: Cloud-based financial management solutions offer some benefits compared to conventional systems. Firms with various sites or remote staff can access economic data in real-time from any location. Scalability is another feature of cloud solutions that makes it simple for companies to expand and update their systems. Furthermore, these platforms frequently have improved security features that lower the possibility of data breaches and guarantee adherence to legal requirements. Provide a variety of payment options: Restrictions on the number of approved payment methods might hinder financial efficiency and profitability. Providing a variety of payment options can increase the likelihood of successful sales. Financial technology systems can optimize a business’s acceptance of payment methods, leading to higher earnings and improved customer satisfaction. Customers would appreciate multiple payment options. Consequently, substantially quicker payment times result from this convenience. Strengthen financial management Establish a system of checks and balances, such as regular internal audits and the need for two approvals for large transactions. Boost your cybersecurity defenses against breaches and unwanted access to critical financial data. Strong financial controls protect the integrity of your financial operations and foster stakeholders’ trust. To make well-informed decisions, financial reporting must be accurate and timely. To get thorough insights into your financial performance, spend money on reliable financial reporting tools that work with the systems you already have in place. Final thoughts: The above-mentioned tips can help your businesses lower expenses, increase productivity, and foster long-term growth. In recent times, the world is evolving faster than ever. Ensuring the smooth functioning of your financial processes implies that your company is ready to face global competition.
IMPORTANT DUE DATES IN July 2024
Particulars Due Date Payment of TCS/TDS for the month of June-24 7th July TCS Return for the month of April to June-24 15th July Form 15G/15H (for Apr-June 24) 15th July TDS Return for period April to June 24 31st July Income Tax Return for FY 2023-24 (AY 24-25) non-audit cases 31st July Form 10BBB (Intimation in Form 10BBB by a pension fund in respect of each investment made) 31st July GST Particulars Due Date GSTR 7 – TDS Return and Payment under GST for June-24 10th July GSTR 1 – Outward Supply under GST (Sales) for June-24 (Turnover is more than 5 Cr.) 11th July IFF – QRMP – Outward Supply under GST (Sales) for Quarter 1 (Turnover is less than 5 Cr.) 13th July GSTR-6 for INPUT SERVICE DISTRIBUTORS (ISD) 13th July CMP-08 (For Composition Dealer) 18th July GSTR 3B – Summary Return for month of June-24 (Monthly filling) T/o 5Cr and above 20th July GSTR 3B – Summary Return for month of June-24 (Monthly filling) up to 5Cr 22nd July and 24th July PMT 06 – Deposit of GST of June 2024 under QRMP scheme 25th July OTHER DUE DATES (LABOUR LAW, COMPANY LAW ETC) Particulars Due Date Payment of Provident Fund for month of June-24 15th July Payment of ESIC for month of June-24 15th July Annual Return of Foreign Assets and Liabilities for FY 23-24 15th July Note:Above mentioned due dates are only important due dates and not all due dates. Please comply or provide data to consultant well in advance for timely completion of filling. Thanking YouTeam ANG