Why is it important to have a Chartered Accountant while setting up a new business?

A well educated Chartered Accountant can not only help one to plan their taxes and other compliances, but also at various stages of setting up business. Since he is an expert in major fields related to business like laws, finance and taxes, agreements he can be an integral part while formulating the strategies, applying for business loan, maintaining accounts, the softwares to be installed, the subsidies that one can receive, etc.

Therefore, consulting a CA while planning a start up can really be beneficial as one can get clarity on major aspects early on 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 fir 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 customers in boosting their profit margins from the very beginning.

Company’s registration and legal structure

There are different types of registration like 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 have completely different company laws, compliances and tax laws applicable to it, which a CA can easily explain to you, and then you can decide as to what will best for your business.

Also, read “What is the role of a Chartered Accountant in setting up a new business?”

Helps you trademark your product

A CA knows the technicality and the procedure involved in trademarking your unique product with the required authority. One can get the trademark even before the Company is registered. Therefore, it will not be time consuming for him to trademark registration in Delhi, and your business can function smoothly at the same time.

Guides you in application for a business loan or overdraft

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

Helps you in ROC filing

Every Company needs to file the annual accounts and annual returns of the company within a certain time frame as dictated by the Company’s act, 1956. A CA easily handles the various forms and details that need to be incorporated while ROC filing in Delhi, while you focus on taking the important decisions in your business.

Also, Read “Why ROC Annual Filling Is Important for New Startups“

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.

For the above and many more benefits that a CA can provide to the growth of the business, consulting him should be inevitable for the long term benefit of your company.

"Unlock the full potential of your business with the guidance of a professional Chartered Accountant. Consult for expert advice on taxes, legalities, financing, and more to set up a successful venture." To connect with us, mail us at info@manishanilgupta.com

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