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What are the benefits of hiring the best startup accounting service in India?

Accounting service involves the process of keeping financial records, summarizing and analyzing the transactions. It is essential to maintain the functioning of every business. An accountant is responsible for handling all the financial records in small companies, while there is always a financial department is there with a team member in large corporations.

An accounting service advisor can be a great help to your business during an economic crisis or in any decisive phase of your business. You do not have to hire an accounting service as a full-time service. However, the accounting service can provide reports regarding your financial statements or tax settlement much quicker within the deadline. An accounting service can handle other things such as financial accounting, management accounting, auditing, tax accounting or cost accounting, or payrolls. 

Time-efficientMany young entrepreneurs are doing Startup registration online; therefore, they need to have time to make new business strategies rather than always focus on the company's financial status or tax evaluation to know the market. Hiring an accounting service can help you understand and interpret financial figures and statements, which could save you time to make new ideas to expand your business horizon. 

1. It cuts off more staff cost

If you are a startup company, it must be expensive for you to hire an accountant or open up a financial department. There are many Startup accounting services in India. Hiring one can benefit you immensely. 

2. Cuts off expenses on staff training

Although hiring an accounting service can save up your money to hire more staff, it can also save you from appointing any other employee to train them.  

3. Cuts off expenses on office resources

The less you hire staff, the less you have to spend money on expanding your business and office resources. You can make a fair investment in a promising Startup accounting service in India and get a good service.

Three important Startup compliances that every startup must follow

When it comes to substantial development, Startups are essential pillars. With the help of startups, many nations boost their economy and strengthen their financial market. So, in such cases, many startups in India ensure their best to find a top business place. Further, the government also helps startups establish by offering them many perks. However, if you are a startup, you should also follow the Startup Compliances.

This is because; startup compliances help a business to functions smoothly. The compliances are usually the laws set by the government of India. With these laws, they ensure that all businesses are equal against the law. So, if you are making your Startup registration online, here are some vital compliances that you must follow.

Three crucial compliances that every startup must follow:

Compliance under labour law

These are the laws that deal with the compliances under the Minimum wages Act. It also includes other regulations like Workmen’s compensation act and the industrial dispute Act. However, there is another crucial Act that comes under labour law. And that is the Sexual harassment of women at workplace Act. All these regulations ensure a safe working environment for the employees in startups. And if any startup doesn’t abide by these compliances, they shall be liable for a fine up to INR 50,000. So, you must follow this compliance.

Compliance under environmental law

These are the laws that include various regulations to ensure environmental protection against pollution. Increasing awareness about pollution has made these regulations stricter. So, if you are a startup, you must follow this compliance.

Compliances under the income tax Act, 1961

Every business operating in India must follow the Income Tax Act. Further, they should file their income tax within its deadline. If you are a startup, you must hire a Startup accounting service in India and file all your income tax within time.

Conclusion

Best Startup Ideas to try out in India

Thanks to the easy to maintain Startup Compliances, there is a massive increase in the number of startups in India with a lower investment level. Startups are now gradually becoming an essential part of the country’s economy. On the other hand, due to the Startup registration online process, you can now easily come up with your own startup unit and earn some profit.

However, you must start your startup carrier with a goods startup idea that can offer you better returns with a low setup cost. Are you looking for such ideas? Here are some ideas that you can try in India.

Profitable startup ideas to look for in India

1. Social media management services

As social media plays a significant role in brand promotion and customer acquisition, most companies are now looking for professionals who can manage their social profiles. If you have the skill, then take advantage of it and start offering social media management services.

2. Content marketing

Large companies like TCS, Infosys, to small-scale companies to bloggers and websites, all need content. Besides, it has been predicted that content creation and distribution will become an essential part in the coming years. If you have a team of professional content developers, then create a startup through Startup registration online and start offering content marketing services.

3. Photography

No matter what, a photographer will always be in demand. Whether there is a wedding function, corporate event, or exhibition, it is crucial to be clicked perfectly. If you have a passion, with a small investment, you can start your photography business.

4. Startup accounting services