GST Compliance for a Startup

Ensuring Financial & GST Compliance

Compliance is a crucial aspect of running any business in India. It involves ensuring that all business practices and employees are in accordance with legal and regulatory provisions. Failure to adhere to Financial & GST Compliance can lead to hefty interest, penalties, and other negative consequences. Hence, it is important to have proper guidance and expert opinions to maintain compliances and goodwill.

For entrepreneurs and small and medium businesses, the challenge of keeping up with Financial & GST Compliance can be overwhelming. However, there are strategies that can be implemented to ensure that compliances are up-to-date. One such strategy is the implementation of internal financial controls. Internal financial controls are policies and procedures designed to ensure the accuracy and reliability of financial reporting.

Another strategy is to appoint consultants for compliances. The role of consultants is to provide expert guidance on compliances and help businesses navigate the complex regulatory environment. The requirements for compliance differ for sole-proprietorships, firms, and companies. Hence, it is essential to seek guidance from experts who understand the nuances of each business structure.

Non-compliance can have severe consequences, including legal action, fines, and loss of reputation. Therefore, it is essential to keep track of legal and regulatory issues. Digital applications and other resources are available for businesses to stay updated on compliances.

The government also plays a crucial role in ensuring Financial & GST Compliance. The government has implemented several measures, including the introduction of digital platforms, to make compliance easier for businesses. However, it is still the responsibility of businesses to ensure that they comply with all the relevant regulations.

Cheruku Srikanth, the founder and CEO of Fin-tech business IDOS Corp, provides cost-effective and efficient solutions for bookkeeping, Financial & GST Compliance, primarily for small and medium businesses. Such entrepreneurial education and success strategies are essential for businesses in India to thrive and grow. By ensuring compliance and adopting best practices, businesses can build a reputation for reliability, trustworthiness, and integrity.

Other videos along the same lines and here is a video on profit maximisation for Entrepreneurs.

Importance of Compliance for Entrepreneurs

Importance of compliance can be perceived by clearly defining our duty towards stakeholders. Compliance primarily means adhering to all necessary rules. Not just that also to abide by guidelines. Relevant to both under product quality and financial perspective. Founders and employees must understand the importance of compliance from very early stage of start-up.

On the other hand non compliance has penal consequences both on the company and its founders or directors. Needless to say it’s vital to build a robust compliance mechanism and frequently review it. This will help in maintaining goodwill and brand image of the company intact.

What is your company’s approach towards compliance management? Does it involve in-time reporting and review procedures? How are compliance breaches identified and handled? How should Entrepreneurs deal with this. What kind of guidence should they be looking for?

In this video Sangeeta Sumesh illustrates us importance of compliance and consequences of non compliance. She is primarily a Chartered Accountant and Management Accountant. Currently she is ED & CFO of Dun & Bradsheet Technologies. Apart from that she is also a high performance coach, an author, Start-up advisor and professional speaker. She authored finance books ‘What the Finance’ and ‘A Glance at the Unknown’. She is rightly awarded the title of ‘India’s most influential women in finance’. Also Sangeeta encourages entrepreneurs by conducting workshops and coaching sessions. You can watch the series here

Profit Maximisation for Entrepreneurs by Expert

Video on tips for profit maximisation for Entrepreneurs

Entrepreneurial education is crucial for success strategies in India, and one of the core objectives for entrepreneurs is profit maximization. Sangeetha Sumesh, a Chartered Accountant and Management Accountant, has outlined five simple steps to achieve this goal: revenue generation, cost reduction, financial discipline, adherence to compliances, and best practices in the industry.

To generate revenue, good research practices must be employed. Cost reduction and control are also important, with necessary and luxury costs clearly identified and defined. Best industrial practices should be followed, and internal controls implemented to assure compliance. Budgets should be prepared and reviewed regularly, and expert financial analysts should be available to measure actual performance. These steps must be followed to leave no stone unturned in pursuit of profit maximization.

In her videos, Sangeeta explains these concepts using an acronym for entrepreneurs as part of the wealth series. She is also an author, start-up advisor, professional speaker, and high-performance coach. Her finance books, “What the Finance” and “A Glance at the Unknown,” have been well received. Sangeeta has been recognized as “India’s most influential women in finance” and encourages entrepreneurs through her workshops and coaching sessions.

She has authored finance books ‘What the Finance’ and ‘A Glance at the Unknown’.

Know all about compliance too here and here

Financial Goals for Entrepreneurs

The pursuit of profit is the primary objective of any business, making financial goals critical for success. In India, entrepreneurs need to develop clear-cut and practical financial goals to ensure the success of their organizations. These goals act as a reality check and help measure progress, as founders are answerable to investors and other stakeholders who have a financial stake in the business.

In a video presentation, Sangeetha outlines strategies for achieving financial goals. She emphasizes the importance of defining, achieving, and quantifying goals within a given time frame. Entrepreneurs can benefit from her simple acronyms to help guide them on their journey towards realizing their desired financial outcomes.

By incorporating these success strategies into their entrepreneurial education, Indian business owners can build a solid foundation for achieving long-term financial growth and success. Sangeetha Sumesh has authored the books ‘What the Finance’ and ‘A Glance at the Unknown’.

Profit Maximisation || Cash Management for Entrepreneurs.

Cash Management for Entrepreneurs

Start-ups need to master cash management to maintain financial stability and investor confidence. Unfortunately, many young entrepreneurs struggle in this area. It’s crucial to recognize that profit and cash flow are not the same, and during the early stages, keeping track of expenses can be overwhelming, especially when the founder is handling everything. Without proper management, a start-up can quickly run out of cash.

In this video, Sangeeta Sumesh, a Chartered and Management Accountant and the ED & CFO of Dun & Bradsheet Technologies, shares her CASH acronym for mastering cash flow management: Collect, Forecast, Monitor, and Preserve systematically. To develop good cash management skills, entrepreneurs need discipline and habitual control. Fortunately, Sangeeta has an easy-to-remember acronym to help them stay on track.

In addition to her role as a CFO and CA, Sangeeta is a high-performance coach, author of finance books like “What the Finance” and “A Glance at the Unknown,” a start-up advisor, and professional speaker. She has international experience working for foreign multinationals and completed an executive education program at Harvard Business School. When she’s not working, Sangeeta loves to travel and is a skilled Olympic distance triathlete.

Watch the video on Profit Maximisation for Entrepreneurs.