1. Private Limited Company: A private limited company falls under the private ownership type of business entity and is put to use throughout many districts, with some variations from country to country in contrast to a publicly listed company. Liquidating a private limited company can prove to be difficult as shares only are sold to the existing shareholders in the business.

2. Public Limited Company: A public limited company or PLC follows a public company model and is a limited liability company, wherein shares can be easily and freely traded with and sold to the public. A PLC can either be unlisted or listed on the stock exchanges and need to comprehensively include the term “public limited company”, “PLC” or “plc” at the end, complying with terms to name a public company.

3. Limited Liability Partnership: A limited liability partnership or LLP is a partnership where multiple people hold liabilities of a company. Moreover, each person is only responsible/ liable for their own misconduct and negligence. Each partner in LLP holds ownership of a certain portion of the liabilities. This type of partnership can create a balance between the management and its control.

4. Sole Proprietorship: A sole proprietorship falls under the category of an unincorporated business. In this, there is only one sole owner who is liable to pay personal income tax or debts of the business. Therefore, the business does not have a legal existence that is separate from the sole owner.

Virtual CFO Services

A virtual CFO is an outsourced service provider who provides highly skilled assistance with an organisation's financial needs, similar to what a chief financial officer does for large organisations.

A virtual CFO can be a single person or a corporation. The primary responsibility of a chief financial officer in any organisation is to oversee financial planning, maintain and report on financial activities, and manage the business's financial risk.

A virtual CFO provides the same solutions as a typical CFO, but they are expected to go far beyond because their usual clients are small firms and entrepreneurs. The services of a virtual CFO frequently follow the financial pyramid of needs.

A virtual CFO is expected to be the client's bookkeeper, responsible for the accuracy of the account books and interpreting financial information from accounting data for the client. They will be responsible for carrying out or supervising the reporting process.

They are the CEO's financial and strategic sparring partner on a more strategic level. They are also in charge of suggesting cost-cutting measures and obtaining low-cost capital.

The best Virtual CFO services allow a company to hire an Outsourced CFO services provider in NCR & all over India who has a high level of skill and ability to provide financial assistance to the company and Business Finance Consulting, including CA services online. Search for CA firms near me, CA online, CA near me, or Find a CA to find us.

Advantages To Take Service From Outsourced Or Virtual CFO

If you're unsure whether to hire one, here are some of the advantages of having a Virtual CFO for your small or medium-sized business (SMEs): Seasoned, Strategic Insight Long-term growth necessitates a solid business model that takes a variety of factors into account:

1. Industry realities

2. Internal and external resources

3. Customer behaviour and demographics

4. Competitive positioning

5. A thorough financial plan

Accounting and reporting systems can be implemented under the direction of a CFO to ensure that your business units have complete visibility into the core metrics needed to make those decisions quickly and efficiently. With this system, you can be far less reactive and far more proactive in your overall business strategy.

Among these are the following systems:

1. 360° Accounting Data View: Provides a CFO with real-time procurement, invoicing, and cash flow information. 

2. Enhance Controls: Systems that include audit tracking and financial oversight to reduce financial errors and ensure the accuracy of all accounting data.

3. ERP reporting provides an investigative interface that aids in tax compliance and issue resolution.

4. Financial planning involves using data from various operational components of the business to develop business cases for cash management, borrowing, restructuring, equity raises, and other activities.

Saving Time and Money 

Hiring a part-time CFO allows you to save money while still receiving the same expertise as a full-time CFO. You can then scale up their involvement with your company as needed as they help your company grow. The CFO can also help you save time by providing financial oversight of processes that you were previously handling internally: 

1. Taking care of your bills

2. Budgeting

3. Dealing with financial paperwork

4. Processing your payroll

Financial Management And Forecasting 

A CFO will oversee your company's financial and accounting operations. They will help develop internal accounting controls, provide regular financial reporting and guidance, and ensure proper checks and balances in all accounting matters.

Financial forecasting and projections benefit companies with dynamic business models the most. CFOs will prepare financial statements and rolling forecast tables that project up to a year ahead of time, allowing you to allocate resources to meet your goals.

Management of Cash Flows 

Net income, long-term assets, stockholder equity, and liabilities are all included in cash flow statements. They also aid in the inclusion of cash improvement programmes by conducting regular cash flow evaluations.

A CFO will also prepare presentations and attend business meetings to secure additional funds from investors and lenders. Tackle Financial Challenges Finally, bringing in a CFO can be beneficial if you are experiencing financial difficulties and require assistance in righting the ship.

The sooner you seek professional help, the easier it will be to get back on track financially. The following are some of the issues that a CFO can assist with:

1. Inadequate cash flow and profitability

2. Excessive business overhead

3. Client churn is high.

4. Inability to raise funds

5. Loan repayment and debt management.

Expand Your Company

When you're ready to scale your business, a CFO will assist you in making the right decisions with a sound game plan. They can help your business grow by doing the following:

1. Ensure the readiness of your financial infrastructure

2. Choosing the most cost-effective tax structure If applicable,

3. Applying for multi-state registrations

4. Assisting in the acquisition of financing and the application for loans

5. Creating financial forecasts and assessing financial risk

Accountancy And Finance Outsourcing Services As A Component Of Online CA Services 

Outsourcing is the refusal of a company to perform several non-critical business functions or parts of business processes independently and instead transfers them to a third-party contractor who is professionally trained in providing such finance and accounting services. As a result, financial outsourcing is defined as the transfer of accounting, tax accounting, and reporting functions to specialised organisations.

Online CA Services

1. Outsourcing of accounts receivable processes (Record to Report)

2. Bank reconciliations, year-end/month-end closings, and compliances (Income Tax, TDS Filing, GST Return, and others)

3. Offline and Online Accounts payable processes are outsourced in the accounting process (Procure to Pay)

4. Processes of Payroll (Hire to Retire)

5. Reporting on Employee Reimbursement Management (MIS)

6. Other Accounting Methods (Fixed Assets and Inventory) 

Goods and Services Tax (GST) Services

In India, the Goods and Services Tax (GST) is an indirect (or consumption tax) levied on the supply of goods and services. It is a multistage, destination-based tax, and it is comprehensive because, with the exception of a few state taxes, it has absorbed almost all indirect taxes. The GST is imposed at every stage of the manufacturing process, but it is intended to be refunded to all parties other than the final consumer, and as a destination-based tax, it is collected at the point of consumption rather than the point of origin, as previous taxes were. Our core services include-

1. Advising clients on the need for registration and the subsequent applicability of GST provisions.

2. Advising clients on unique issues such as the Reverse Charge Mechanism and Casual Taxability

3. Assisting clients in obtaining GST registration and a GST Registration Number

4. Due reminders for GST due dates to avoid any penalties or financial consequences.

5. Assisting clients in categorizing their supplies of goods or services or both Notices and intimations from the GST

6. Advising clients on GST rates on goods and services

7. Department and ensuring timely response

8. Changes to the GST return to ensure the free flow of input tax credit

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We can help you to hire a chartered accountant, which is among the top chartered accountants in India, and provide you with the best CA services online.

Domestic & International Taxation Services 

Through our experienced online Chartered Accountants and Lawyers team, we provide income tax advisory and consultancy services to corporations and partnerships.

1. Ensuring that all income tax provisions are followed

2. Ensuring that all deductions and tax credits are following the rules of the Income Tax Act, as well as providing evidence of compliance

3. Filling out the forms and certificates required by various sections and rules

4. Advising corporations and partnerships on a variety of day-to-day tax issues

5. Notifying businesses of notifications/circulars/clarifications issued by the Income Tax Department regularly

6. Providing necessary tax-related information to statutory or management auditors.

7. Compilation of information, documents, and records for income tax and transfer pricing purposes.

Tax Planning And Filing For Individuals 

1. Assisting salaried individuals in structuring their Cost to Component (CTC) to maximise tax savings and increase take-home pay

2. Assisting individuals in submitting Form 15G/ Form 15H to avoid TDS deduction

3. Assisting individuals in planning their taxes ahead of time through proper investments and expenses

4. Providing ongoing tax advice to individuals

Preparation & Submission of ITR 

• When talking about the earnings of all the heads
• To calculate taxable income and the applicable tax
• Obtaining all required documents, such as Form 16, interest certificates, and expense/investment receipts
• Filing and electronically verifying one's income tax return
• Updating the refund status and 143(1) notification

Audit Services in India

1. Internal Audit Services: Our internal audit team assists the client in ensuring strong internal controls across multiple processes and departments. We can perform internal audits as an outsourced service or as an integral part of the organisation. We have a methodical and disciplined approach to improvement:

• The effectiveness of internal controls,
• Assets' operational working capacity,
• Fraud prevention and detection in real-time Contractual,
• legal, and regulatory compliance

2. Statutory Audit Services: Especia Associates creates a comprehensive audit plan and adheres to it strictly during the audit to identify key observations and advice to improve productivity and achieve results.

Representation Before Tax Authorities- Online CA Services

We handle representations before tax authorities up to the Income Tax Appellate Tribunal (ITAT) on a variety of tax-related issues.

• Representing clients before tax authorities during tax rulings
• Complaints and cassation appeals prepared on behalf of clients
• Preparing and submitting tax ruling requests

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