What is the role of a Chartered Accountant in setting up a new business?

A Chartered Accountant are not helping only to plan their taxes and other compliances, but also to assist at various stages of setting up business. Their expertise in major fields related to business like laws, finance and taxes, agreements, can be an integral part while formulating the strategies, applying for business loan, maintaining accounts, the software to be installed, the grants/subsidies it can receive, etc.

Therefore, consulting with a CA while planning a startup can really be beneficial as one can get clarity on major aspects early rather than getting trapped later. CA experts in India can help in preparing the perfect accounting structure of your company.

Let us discuss in brief a CA’s role in setting up a business:

Business plan

Because of his expertise, a CA is able to estimate the financial predictions based on studying the market for the related product and the taxation policy of the government. CA’s can make use of the best talent and in-depth knowledge to help their clients in boosting their profit margins from the very beginning.

* Company registration and legal structure

There are different types of registration ie. Limited companies, limited liability partnerships or corporations, others could be sole traders or proprietors. Each has different laws attached to it. Company registration in Delhi has different governing laws, compliances and tax laws applicable to it, which a CA can easily elaborate and hence let you decide as to what will be the best practice for your business.

* Assist you in applying the business loan or overdraft

Knowing that a CA is responsible behind your documents and loan application, your chances of getting the credit enhances. They’ll also be able to answer any questions your bank might have ask regarding revenue projections and expenses. Also he can guide you on the type of loan and the interest rate attached to it.

Conclusion:

Professional CA firms can also help you deal with the complicated tax compliances, which may lead to huge penalties if ignored. Also, they represent your case in front of the tax officers and tribunals on your behalf. They can also inform you about anything that you need to know about such paperwork and documentation. Moreover, they assist you in various other business aspects like getting Digital signature, guide you while external audit of your company, raising a red flag before any discrepancy caught by the auditor or tax officer, Subsidies and penalties issued by the Government, etc.

In nutshell, a CA can lead to the growth of your business, consulting him should be inevitable for the long term benefit of you company

"Get expert guidance from Chartered Accountants for setting up and growing your business. Consult with us today!" at info@manishanilgupta.com

Disclaimer: The information provided in this blog is for general purposes only and should not be considered as professional advice