Episode 13: Stress-free compliance
Welcome to another episode of Her Business is Our Business where we Gayathri and Aparna look at Women Entrepreneurship beyond funding – sharing expertise, experiences and tools to grow your business.
As an entrepreneur, I can completely relate to the stress involved in ensuring that you file taxes on time, handle your finances right, produce the required documents and the list goes on.
Now, even if you find a professional to help you with this? How do you identify the right one?
In today's episode, I Gayatri, continue the conversation with CA Rani NR.
We speak about one of the most crucial parts of every business, compliance and how to make it stress-free with the help of professionals.
She covers topics such as a list of required documents, how to deal with cash transactions? How to keep a track of your transactions? When to hire a financial professional and what kind of professional to work with? She also shares a few small but relevant tips to make your entrepreneur life easy.
So, listen carefully and take notes for this episode covers all the financial aspects that every entrepreneur needs to know.
Get into the habit of saving and recording all your business-related expenses and having the supporting documents such as bank statements, expenses, bills in place.
Maintain a separate bank account for your business. Do not use your personal account as this may cause confusion.
Do not use multiple payment channels. Keep it to the minimum and keep a track of it.
Ensure to claim all your business-related expenses as this can help with tax reduction.
Go early to a CA and do not wait till the last day to file taxes. Explore the advance tax payment option.
For all cash transactions ensure that a bill/invoice has been raised otherwise GST cannot be claimed.
Happay, an app that produces bills and all documents right away. The link of these documents can be shared to your CA from where they can download it.
Different financial services are available such as back-office services, virtual accounting services, etc. Pick the right one depending on your business needs and budget.
While choosing a professional, ensure, they ask the right set of questions.
If you choose to work with a CA, find out their area of specialisation before making a decision.
Stay in control of your finances always.
Keep an eye out for the latest government schemes as you might find something that works for your business.
A few tips for your business:
Before implementing your business idea, know your environment and the current scenario
Get good advisory on board
Build a good business network with experienced professionals in your field
Find a mentor or coach who can guide you in the right direction