Most of the entities which intends to set up a new business or expanding current ventures, find themselves incognizant of accounting and statutory compliance requirements. Bhama Consulting understands them and believe in offering services to assist such firms with their financial reporting requirements. Whether it’s an existing company or a start up, the lack of time and resources also make them clueless about keeping track of the complex updates and ever-changing requirements.
Most of the companies go through enormous challenges in their attempts to stay compliant on the accounting, statutory and regulatory fronts. Various challenges and problems which these entities generally face are:
Most organizations face challenges in the recruitment, training, and retention of their employees. It becomes difficult, time-consuming and expensive in getting the right person(s) for in-house accounting team. Moreover, once the time flies, it becomes one of the most arduous tasks for the management to retain the talent. Sometimes, it also becomes difficult to train/convince employees to follow planned structure as per their processes and procedures. So, completing the work within deadlines with desired quality in this competitive environment may be a difficult task due to high turnover of the employees.
Indian regulatory environment is very inflexible and complex whether its a startup or an existing company. For this reason, organisations needs several employees for various statutory compliances e.g. Service Tax, Foreign Exchange Management Act, Income Tax, VAT etc. Despite having the full strength of team, company would need to hire consultants for opinion and certifications.
Without the participation of a senior resource within the company, it is really tough to get assurance with respect to all the compliances .It involves close co-ordination of in-house accounting team and multiple consultants. It is really a time consuming process for the top management in ensuring with regards to these compliances, which could have been utilized in other major strategic issues.
Hereby, our skilled team of professionals facilitates your prestigious organization in abiding to various processes and compliances within agreed deadlines.