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Key Benefits of Outsourcing Bookkeeping and Accounting

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Bookkeeping and Accounting is some of the trickiest aspects of any business. With reporting and compliance being dynamic in nature, there has to be more than one tweaks in the bookkeeping and accounting practices. The biggest benefit of availing Bookkeeping and Accounting Services is that the professionals or service providers are updated with those latest tweaks. This makes it easier to file various returns and also makes it a lot easier to comply with other possible disclosure rules and regulations. Apart from this major benefit, there are some additional benefits in considering Accounting and Bookkeeping Services . These can be listed as follows:- • Client Reports Often, businesses think accounting and bookkeeping only from the perspective or reporting, taxation, and compliance. However, accurate bookkeeping can also help in identifying the most profitable clients and also the most burdening clients to the business. A client might seem burdening or profitable on the naked
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Compliance and Bookkeeping Comprehensive Package

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Income Tax Compliance and Bookkeeping is one of the biggest headaches for a company. Whether a new company or an established one, the income tax compliance and bookkeeping/accounting based on the latest tweaks every year can be a challenge. Hiring people, buying a subscription for cost accounting and bookkeeping software and then making the statements compatible with income tax filing. These are complex issues that most businesses today face. This stress can be reduced by availing a comprehensive package that provides for Accounting and Bookkeeping Services with Income Tax Compliance . What does Income Tax Compliance? Most people might think partnerships and sole proprietors might not have any income tax compliance. They might be only partially correct as of the partnerships and sole proprietors are regarded as flow through and the income is subject to be realized by the sole proprietor and/or partners in case of a partnership. Income Tax Compliance services offer income tax
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Location: India
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Income Tax Compliance and Consulting

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There are two forms of taxes broadly, direct and indirect taxes. The income tax forms a major portion of the direct tax portion. Income tax as the name suggests is a portion of tax based on the income of the company/individual or any business entity or any entity which is recognized in the eyes of law. Income tax filing may be subject to certain thresholds and while some people might have a filing requirement, it is always a best practice to file one anyway. With the more and more electronic inclination of the taxing authorities and the Government of India, e-filing has been something that one should be used too. E-filing Income Tax People or businesses not up to date with technology certainly have a tough time getting through the e-filing procedures and the medium. However, it makes the process more transparent, less cumbersome and cost-effective in many ways. This is why it is beneficial to consider e-filing even with paper file options still available. However, it might not
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Location: India
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Partnership Firm and its Major Compliances

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The partnership firm is a very reasonable alternative to sole proprietorship that allows better access to funds, resources, and manpower efficiently. The partnership is governed by a partnership deed agreement that has to be amended or updated with every change or major event that takes place during the life of the partnership. It may be a change in the distribution of profits or change in capital contribution or addition of new partners or transfer of ownership within partners, death of a partner, etc. All these scenarios need an amendment in the partnership deed to proceed further. Regulations for a Partnership Firm Even though the partnership in itself isn’t a legal entity as all the income earned by the partnership is taxed at the individual level, there can be various regulations under which the partnership has to function. Some of these can be termed as Annual Compliances for Partnership Firm as well. These can be listed as follows:- • GST Returns The partnership fir
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Location: India
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Proprietorship in India and Package Charges

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Proprietorship is one of the most popular and widely used business setups in India. With a smaller number of suits in India for various personal damages, sole proprietorship becomes an obvious choice for all professionals like chartered accountants, lawyers, doctors, etc. This might not be the case in the United States where people can be sued for every penny with unlimited liability in case they opt for proprietorship. Hence, proprietorship becomes a very risky option and a great liability limiting option for professionals abroad. Proprietorship Firm Compliance in India The Proprietorship Compliance India is pretty straight forward. There is no formal registration required. Even the basic book of accounts without formal audit works under some thresholds. This is why the packages offering Annual Compliance for Proprietorship companies are the cheapest compared to any other business entity's compliance. However, as the investment and risk increase, it is suggested to have
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Location: India
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Clear Comparison between Partnership Firm and Proprietorship in India

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In India, the two most popular and common form of performing business is through a partnership or a proprietorship firm. The Proprietorship Compliance in India is the simplest form of performing business with minimum paperwork and is perfect for businesses that are in initial stages or need less capital. On the other Partnership Firm Compliance is slightly advanced but has a host of benefits on offer compared to proprietorship, which is worth the little extra effort of setting up the partnership. Key Benefits of a Partnership Firm over a Proprietorship • More people mean more capital to function. 2 or more people may fund more money than a single individual. • Allows for pooling resources of different individuals with respect to cash, assets, knowledge, labor, etc. • The income from the partnership is directly reported on the personal income tax return and does not require a host of compliance at the partnership level. • Risk and profits are diversified. One individual
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Location: India
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A Comprehensive Compliance Package for a Startup

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Startups are the mainstream in today’s business. They present a disruption in the market and are loved by most investors. Most of the startups turn into a fortune in the long run and hence, investing in startups is one of the most lucrative options for most retailers as well as major investors. However, the challenges for startups are a lot. They are usually short of money and always need more money to operate, they might have operating knowledge/industry knowledge, but there is still a gap with respect to legal and compliance knowledge. A cost-effect comprehensive Startup Compliance Package is what every startup is looking for. A startup or its founders are always more dedicated and worried about funds, business opportunities, and operations. Finding resources and time for compliance and legality can be a challenge. This is why the Annual Compliance Package has become quite popular among startups. This saves them from unnecessary hiring and uncompromised professional services
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Location: India
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