
Setting up a business is a challenge. You need to toil hard for the concept. But even if you have a great concept there is no guarantee that you will succeed in your venture. You also need to have a robust business plan. For startups, the road to success is thorny — to put things in perspective. However, it is not just the path to success; even if your business takes off successfully there is a lot of work. Indeed, much of this involves compliances and regulations. You need to take the following measure to ensure that you are conducting your business fairly.
Compliance and Regulations
You need to meet the following compliances and regulations-
· Compliance audit
This is about assessing whether you are complying with the various provisions of applicable rules and regulations issued by various competent authorities.
· Concurrent audit
This is about ensuring authenticity, accuracy, and compliance with various procedures and guidelines. This is conducted by a regular and systematic examination of various financial transactions. This is about substantial checking of transactions.
· Audit under GST
This is done to ensure proper calculation and discharge of your tax liabilities. The audit team audits all your records.
· ITR Filing Services
Your income from the business is subject to deduction of income tax. The rate of taxation depends on the tax bracket of your profits earned. Accounting for tax calculations from business income is much more complex compared to the same from salary income. This calls for specialized ITR Filing Services.
· Financial statement audit
This is about the examination of financial statements arising out of your business transactions and accompanying disclosures. This is done by an independent auditor. The auditor files a report attesting to the fairness of the presentation of your financial statements and disclosures.
· Information technology audit
An Information Technology audit is done to determine whether the IT systems and controls in place in your business are enough to ensure data integrity.
· Cross Border Transactions
If you are into export or import, there are several other regulations to abide by. You need to abide by FEMA guidelines issued by RBI and international taxation norms.
· Inventory audit
An inventory audit is about checking the actual inventory levels of your business against those declared in your financial records. This is to ensure accurate inventory accounting.
Conclusion
Whether you are a start-up or a growing business, you need to take the help of taxation, business development, ITR filling services, and funding experts to adhere to regulatory compliance requirements and also to promote the cause of the business.