Corporate entities have to do more than just focus on business activities. Many internal activities concerning the corporate entities are encountered. For example, a software development company also spend funds on the accounting and auditing processes. Accounting and auditing are only a few internal processes necessary for a business. Often, corporate entities rely on third-party CA firms to complete these internal processes. In the past few years, the trend of partnering with a CA firm has grown. Every business wants to reduce its overhead burden and costs. Read on to know how the top CA firms in India help businesses and organisations.
CA firms lend business advisory services
Consider a foreign company that wants to enter India. To incorporate a branch/subsidiary in the country, the foreign brand has to create India entry strategies. Employees of the foreign brand might know nothing about setting up a business in India. For the same reason, the brand will search for a reliable CA firm and establish its business in India. Besides helping with company registration, CA firms also help with market assessment, executive research, and manufacturing set-up services. Even if a company does not have skilled business advisors, it can still make the right decisions with the help of CA firms.
CA firms reduce taxation hassles
Taxation is a necessary process for any corporate entity. Several things must be taken care of, from documentation to filing ITR timely. Missing ITR dates will not help a business. By doing so, a corporate entity can even land amidst legal hassles. Several processes associated with taxation are mundane and take up more time. For example, maintaining daily records of TDS (Tax Deduction at Source) can be a hassle for accountants. Not to forget, there are different taxes levied on a corporate entity. Navigating through direct taxes, indirect taxes, GST, and expatriate taxes can be a hassle for a company.
In the past few years, the use of transfer pricing has grown in India. With the help of transfer pricing, companies under the same ownership indulge in corporate deals. However, any corporate deal between related parties is governed by some rules. These rules are complex and can be overlooked by in-house employees. The top CA firms in India can help companies with transfer pricing and different types of taxes.
CA firms extend corporate support services
Accounting and bookkeeping are the significant services that fall under the umbrella of corporate support services. Accounting for large companies can get hectic and human errors are observed. CA firms make the best use of technology to minimise accounting errors. Also, the in-house accountants will not be ladened with balance sheets and workbooks. Apart from accounting and bookkeeping, CA firms offer payroll maintenance services. They also extend company secretarial services that are of utmost importance. All these processes might create an unwanted burden on the in-house employees. By outsourcing them to a reliable CA firm, a company can free their in-house employees.
CA firms help with corporate transactions
Transaction advisory services are offered by CA firms to corporate entities. Businesses often indulge in corporate deals like M&A (Mergers & Acquisitions) and joint ventures. A corporate entity cannot take a blind decision and merge with any other company. Corporate decisions are taken after extensive research and due diligence. The deal is carried out only if it will boost the business continuity in the future. With the help of CA firms, a company can make the right corporate transactions.
CA firms extend audit and assurance services
Corporate entities have to stay compliant with the government norms. Before the authorities catch a company ignoring the government guidelines, it is better to conduct a mock audit. A company can ensure that everything is in order with audit and assurance services. From financial audits to IFRS audits, the top CA firms in India can help companies will all types of audits.
CA firms lessen the overhead expenses
By outsourcing internal processes to a reliable CA firm, a company can minimise the use of internal resources. Also, new employees aren’t hired for mundane tasks. The overhead burden on employees will also decrease after partnering with a CA firm. Choose an experienced Indian CA firm in 2022!