A chartered accountant is not someone who only assists with tax planning and other compliances. They also help in setting up a new business.
They typically have knowledge of business-related subjects, including law, finance, taxation, and contracts.
This plays a crucial role in planning, applying for business loans, keeping track of finances, installing software, and obtaining grants and subsidies.
Speaking with a best Chartered Accountants near me Chandigarh when setting up a startup can be helpful because it allows one to gain insight into key issues before they become problematic.
So find a CA because the ideal accounting structure for your business can be prepared with the assistance of CA experts.
Read a CA’s role in setting up a business:
Business plan
Using their knowledge of the market for the relevant product and the government’s taxation policies, a CA can estimate financial prediction.
CAs can utilize the best talent and in-depth knowledge to assist their clients in increasing their profit margins from the start.
A good CA with experience will also consider the fluctuations in government taxation policies.
Company Registration and Legal Structure
There are various company registration options, including those for corporations, limited liability partnerships, and limited businesses. Other options include sole proprietorships and sole traders.
Each type of business is subject to separate laws. A CA will help you understand various governing rules, compliances, and tax regulations that are relevant to company registration.
This will help you make an informed decision and take the best course of action for your company.
Helping You to Apply Business Loan or Overdraft
Your chances of getting credit increase if an experienced CA is behind your documentation and loan application.
Additionally, they will be able to respond to any inquiries your bank may have regarding your company’s revenue and spending estimates.
A CA can also advise you on the kind of loan and the interest rate associated with it.
ROC Filling
It can be tedious and hard to fill the company’s annual accounts and returns because they can get complex.
Despite the size of the company, filling annual returns require legal references and insights into the companies act.
If you work with a chartered accountant, they will help you complete this tedious process without errors and focus on other business operations.
Company Registration
Apart from these roles, your CA will also help you with other important tasks when setting up your business.
You need a CA to get the approval of the DIN number, name approval process, and drafting of other necessary documents.
Finally, your Income Tax Return Filing in Chandigarh is made easy if you use the help of a chartered accountant.
Final Thoughts
Professional CA can also handle difficult tax compliances and prevent significant penalties.
Your CA can also speak on your behalf while working with tax officers and tribunals. They can also educate you on all aspects of such papers and documentation that you need to know.
They also support you in obtaining a digital signature, obtaining an external audit, and alerting you to any discrepancies before the auditor or tax official notices them. You can expect them to assist you with government subsidies and penalties, etc.
In conclusion, a CA will help your business flourish, so speaking with them should be given for the long-term success of your organization.
