An existing business which does not have its own finance department can utilize alternatives such as outsourcing all the finance activities to another company, like Bizlegal. Due to advancement in the digital environment, businesses have to rapidly adapt according to the changing circumstances. Some businesses, such as Start-ups and SMEs, may not have the necessary resources to hire an in-house Chief Financial Officer (CFO). Hence, these businesses would opt for virtual CFO services that we provide.
In this cutting edge competitive environment, a CFO needs to be super smart and aware having skills to carry out financial functions, management, and business functions. Organizations may not be experienced enough to hire a correct individual to manage the finance which may result into making a bad hiring. Finance is the backbone of any organization and especial small and medium enterprises cannot afford to on-board an inexperienced individual, who may lead to losses. Hence, the virtual CFO services.
Our Virtual CFO service platform will ensure that optimum efficiency and effectiveness is achieved in managing your organization's financial resources. This service will not only increase the efficiency of your financial functions but also provide overall error-free technical, administrative and managerial support to your organization. We provide following services under the Virtual CFO program:Book Keeping
Book Keeping is understood as the recording of financial transactions daily. We offer bookkeeping services to suit your needs of the business. We offer the following type of bookkeeping services:
Management of Ledgers.
Management of Accounts.
All businesses that provide services or sell goods have to obtain GST registration. Under Goods and Services Tax Compliance, the following services will be included as a part of the virtual CFO program:
Minimum Eligibility for GST registration for your business.
Documents required for GST registration.
GST Return Filing (GSTR-1, GSTR-3B, etc.).
GST Reconciliation Services in case there is any form of mismatch.
Electronic Way Bill (e-Way Bill) compliance.
Input Tax Credit Compliance and Calculation.
Letter of Undertaking (LUT) application compliance in case of export of goods.
Systems of Appeals under GST.
GST Refund process.
When an individual or an organization makes payments and if the threshold goes more than a specific amount, then the payee has to pay the tax deducted at source. When this is carried out, compliance must be maintained as per the provisions of the Income Tax Act, 1961. Our Virtual CFO package would include the following TDS compliance:
Compliance of general rules of TDS.
Calculation and Interpretation of TDS rules.
Timely notification of TDS payments, which are made by the payee.
Supporting the system of payments that are made in the TDS portal.
Filing of Returns which are made quarterly.
Form 16/Form 16A compliance.
Reconciliation Services of TDS through Form 26A.
We would offer the following services:
Payroll Support for your organization amongst all hierarchies.
Agreements include contractual agreements between the company and the employees, executive agreements, and non-compete clauses, which are predominately used during post-termination.
Executive Policies that apply to key management executives of the organization. Such clauses will include non-compete clauses, garden leave clauses, restrictive covenants, and blue pencil clauses.
Agreements for the outsourcing of human resources services for your organization.
Compliance with different labour legislation such as the Industrial Disputes Act, Workmen Compensation Act, Shops and Establishments Act.
Income Tax Returns have to be filed by every individual or organization, securing some form of taxable income. Filing of income tax is under the Income Tax Act, 1961, and respective income tax rules which apply to the entity. We provide the following services:
Compliance maintained under the Income Tax Act, 1961.
Timely Filing of Income Tax Returns by Companies.
Assisting with filing the tax for companies at the respective applicable rates.
Computation of Tax Returns.
Income Tax Reconciliation Process through Form 26AS.
Advanced Tax Calculation if applicable to the company
MIS Reports are reports prepared for the management to assess the financial health of the organization and enables the management to take rapid decisions. MIS reporting is usually an online process of reporting which will affect the key decisions of the organization. The following reporting is carried out by Bizlegal:
Drafting the reports and ensuring that compliance is maintained.
Spread Sheet Analysis of reports.