How to rely on the expertise of specialized accounting consultants in Delhi to scale up startups, rather than hiring in-house

India has been a witness to exponential growth of startups, entrepreneurs and SMEs under the wave of Startup India which provides conducive environment for startups to survive and also thrive in their endeavours. But the company needs external advisory system to make their place in the market while achieving their ultimate goal of earning profit. At this point of time the role of consultants, whether they are providing their services online or offline, becomes very crucial for the growth of a startup.

The business consultants with their inbuilt knowledge, resources and experience help the startups with their advice, as startups being new in the industry, lack experience, their decisions are full of uncertainties and they struggle with access to limited resources. The consultants also review business plan, analyse intensive goals and provide suggestions to help the company step up the ladder of success. It is not only an effective way for startups to focus on their core business work but it also proves to be time efficient & cost effective.

As startups remain more focused on the expertise of human resources, the talent and knowledge accessible to them- they tend to pay lesser attention to the alterations going on in the market including instances tax fluctuations. For instance, it would be very difficult for them to keep track of tax exemptions operating in market, namely, Special Economic Zone (SEZ) units which are liberated from the burden of paying Minimum Alternate Tax. Others being those such as certificate issued by Inter-Ministerial Board (IIMB) which provides tax concession to startups below 3 years. Consultants, being hawk eyed, stay updated with the trends in the market and provide genuine suggestions, where they can regulate the core model of the company as well as aid them in every step regularly. 

According to a survey, it has been found that around 3,000 startups secure funding by venture Capitalists but due to lack of information, not even five percent of total startups are able to secure the first seed round of investment. Consultants not only assist the startups in management, structure and advice but also create awareness regarding funding by constantly keeping track of government schemes as well as introducing private investors, owing to their connection in market.

Studies show that about 72% of small business owners continue to rely on human interaction and advice. As per the analysis based on the survey monitoring 10,000 startups carried out all over India, it is seen that outsourcing consulting is more economical in comparison to hiring in-house employees as legal and financial matters are very technical and come with their own challenges. It is a clear fact that whether Startups or SMEs, the services of a management consultant play an extensive role in firming the foundation and contributing to their growth story. 

If you run a business or have a small office that requires accounting services, then getting a dependable accountant is very essential. It does not matter what the size of your business (large, medium, or small), it is a good decision to hire a professional accountant to balance your books as well as suggest the right course of action for vital things. Keep in mind that doing the accounting yourself can result in serious errors and mistakes which would result in a huge deal of money being wasted. So, hire bookkeeping and accounting service for your business. In addition to this, with the help of accountants, it is easy for you to make sure your financial department is rising well.

There are several benefits of hiring accountants and all kind and size of businesses require professional accountants. Some of the key benefits of outsourcing accounting services are listed just below:

• Periodic accounting and bookkeeping provides you a clear picture of your financial position
• Maintain different books of accounts to calculate profits and losses of a year
• Perform taxation to measure the value of tax to be paid
• Manage your expenses and incomes in such a way that you will pay less
• Maintain your cash flow for your business growth
• Perform accounting, business advisory and taxation & audit services to increase the profitability of your business
• Let you know the current financial position
• Helps you make effective financial planning

For any business (startup or well established, in any industry, a licensed service provider who can help in business accounting services can add great value. In addition to this, they work as trusted advisors to dissimilar organizations and people. They also help in making the right decisions promptly from government agencies to non-profit organizations, from auditing to financial planning to tax preparations and make sure that they are on the right track with the law. These days, accountants can help you in analyzing and strategizing business decisions. A licensed service provider can be a consultant who can provide reliable advice about investments and many other business lines which could turn out to be money-making.

Also, accountants will help you manage your incomes as well as expenses in the way so that your expenses can be reduced and profits can be maximized.

This is because there are a large number of accounting firms providing outsource accounting services to their clients spanning across the industries. Thus, if you are looking for professional Accounting services in Delhi, then one must research well. Hire a firm that has many years of experience and in-depth knowledge of this field.