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TRADEMARK APPLICATIONTrademark is a mark that signifies the authenticity of a product and its standards. It can distinguish goods and services from one brand to another. Trademarks are even used in order to protect consumers. You have to maintain your reputation due to which you have to work hard to give quality products and services.Trademarks enable businesses to create an identity along with a reputation among their customers. This facility provides consumers to have an informed idea about their buying decision in order to avoid any kind of fraud. Trademarks are of three types such as word mark, design mark, distinguishing mark. The trademark may be in the form of a symbol, a word, a slogan, or a logo that is unique and distinctive for your services and goods. If you feel like your product or brand is significantly distinct and unique, you can contact thetaxplanet.com for availing our expert services. We help you to get your trademark registered most effectively and quickly as per the required process in the Trademark Act.
IMPORT EXPORT CODE IECCross-selling products and services by crossing domestic boundaries is called Import/Export. It is necessary to obtain the Import Export Code (IEC) prior to importing & exporting the services and goods from India. IEC code is a unique 10 digit code issued by the Director General of Foreign Trade (DGFT)Thetaxplanet.com offers exclusive registration facilities for your IEC registration that includes end to end support to make the process simple and value-driven. You will be capable of buying and selling goods across the world with no filing for returns. IEC is a one-time requirement that will allow you to expand your business and services outside of India for a lifetime. Our experts adopt a streamlined approach to execute the registration of your IE code and further assist your business to gain international reach.
NGO Free Advisery Services
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Drive Business Performance
Get actionable and objective insight for you and your team.
Having good quality financial information is key to the success of your business. Preparing monthly management accounts as well as budgets and forecasts can help you understand how your firm is performing and help you plan ahead.
KPIs and scorecards
KPIs and scorecards in your management reporting enable you to assess business performance and financial stability and benchmark your business against its competitors. But what should you be measuring?
There are a number of essential KPIs to help drive performance and accelerate value creation. It's important to choose KPIs that align with your business’s objectives and provide meaningful insights for decision-making. We would be happy to chat with you to understand what is appropriate for you.
How we can help?
Our specialists will guide you and your company through every stage of the business life cycle, from start-up, through Series A and beyond. With various services under one roof, we work collaboratively with you to provide a one-stop-shop service for all your financial requirements.
Our financial service includes :
Setting up a benefits structure and staff rewards system
You can focus on and grow your business by outsourcing your finance needs to our expert team.
ONE PERSON COMPANY REGISTRATIONOne-person company registration (OPC) is ideal for startups owned by single individuals. OPC provides all the benefits of a Private Limited Company including the limited liability on the shareholders. OPC model is certainly one of the most simple yet profitable models in the world With an adequate amount of beneficial features, this model suffices your company’s registration with the utmost ease. All you have to do is choose 2 directors and begin your registration process with The Tax Planet. We help you with OPC registration in the most facile way involving minimal documentation and streamlined process. Our registration service would help you get an exclusive understanding of the model and further consult the plus points to harness its complete potential. Our registration service at The Tax Planet would equip you with real-time updates and compliance support in the legal process. We also deliver accounting services along with legal consultation for your One-Person Company registration.
PRIVATE LIMITED COMPANY REGISTRATIONA private limited company (PLC) is a type of private organization that is owned by small and medium-sized business owners. With a Pvt ltd co. formation in India, you can gain access to benefits such as limited owner liability based on share capital. The number of shareholders in a Private Limited Company is also limited to 200.Private Limited Company formation separates legal entity, easy transferability, and an enhanced borrowing capacity with uninterrupted existence.Forming Pvt Ltd Company would allow you to mitigate the financial risks in the period of insolvency and closing the company. You and your shareholders don’t have to sell your personal belongings in order to bear the loss.Partnership Registration is a kind of business in which two or more people share ownership of a business. Whether it’s to form a Limited Liability Partnership or a general partnership, proper registration is required in every case. separate legal entity, easy transferability, and an enhanced borrowing capacity with uninterrupted existence. Though it provides limited liability and owning. With our private limited registration services, you can unleash the advantages of limited financial liability on your business. Not just the owners but all the shareholders can enjoy limited liability up to their shares. Registering your business as a private limited company would allow you to mitigate the financial risks in the period of insolvency and closing the company. You and your shareholders don’t have to sell your personal belongings in order to bear the loss. The Tax Planet offers you complete support and hand holding in setting up your business right from the moment you get in touch with us for your requirements till the business is legally formed.
PUBLIC LIMITED COMPANY REGISTRATIONPartnership Registration is a kind of business in which two or more people share ownership of a business.It also indicates the share of the responsibilities in managing the organization and dealing with concerns like distribution of profit or loss.Partnership Firm allows you to have minimal legal compliance and processing as it’s quite easy to set up and run.Also, you are not bound to get it registered, however, you are always recommended to do so in order to avert the situations of disputes and legal consequences arising because of those disputes. Having a partnership agreement is the best way to highlight all the aspects of the firm and further reduce the possibilities of disagreements in the future. The partnership provides collaboration, flexibility, a simple operating structure, capital acquisition, and tax advantages with an easy operating structure. With The Tax Planet, you will have the option to get your partnership firm registered at the most affordable pricing. We make the process compliant to the legal requirements and hence deliver absolute efficiency to your business.
FOOD LICENSE REGISTRATIONDoes your business deals in food products and services? Well, then having the Food License is not just a formality but a necessity. The Tax Planet allows you to get registered with the FSSAI for your food licence business and show the level of sincerity and flavour you put in your food to your clients and customers.With FSSAI Food license registration, you will be confidently able to prove and justify the quality of food as per the set standards. It ensures the levels of safety that provide satisfaction to the consumers, the ultimate aim of almost every food business. FSSAI logo on your eatable products would help you harness advantages like consumer confidence, public awareness, expansion and legal compliance aids. Individuals need to know that you care about their safety and take efforts at each level to ensure the quality and health of your consumers. Having this license would make your brand reliable and suited for the global market. We help you deploy the most simple process to get the license and further avail its benefits.
TDS RETURNSTDS Return is a kind of statement that is necessary to submit to the department of Income Tax by all TAN ( Tax Deduction Account Number) holders Being a deductor, you have to compulsorily submit TDS Returns quarterly in order to conduct your business efficiently. TDS/TCS return is a legal filing that is required in India according to the Income Tax Act 1961.If your business requires to deduct the TDS under the Income Tax act, then you are required to have TDS registration. TDS returns are submitted after making deductions and then submit it to the government by filing TDS returns. You can enjoy many advantages of timely TDS return filing which includes saving on the penalty and prevention on disallowance concerning the expense. The Tax Planet allows you to file the TDS return with utmost convenience. With our services, you will be able to save your interests. We help you meet the legal requirements of TDS Returns preparation and submission in a smooth and hassle free manner.
INCOME TAX RETURNS FOR NRIIncome Tax Return is mandatory as per the Income Tax Act 1961. Though it's an intricate and tiring process, you don't have to worry about it. We help you release stress with our expert services for filing Income Tax returns.We begin our process by creating your E-Filing account to manage your Income Tax returns. Then, from documentation to processing, The Tax Planet helps you to execute the Income Tax returns seamlessly.We perform Income Tax filing through 26AS, 16/16A, and referring to your international sources of income. Your income tax return states your income earned during the respective financial year. It is of utmost importance that correct income is reported in IT returns to avoid Tax notices. We help you to adhere to all the legal aspects accurately.We have a separate team that caters to the Tax Compliances in India for NRIs. We can help you claim a Tax Credit for taxes paid in another country, thereby reducing your tax burden.We help you avert all the penalties that might arise due to delay in payment of the Income Tax or filing of Income Tax returns by giving you reminders before the due dates.Our affordable Tax return filing solutions will help you save much money and make you Tax compliant.
INCOME TAX RETURN INDIVIDUAL RESIDENTFiling Income Tax Return is a legal requirement according to Income Tax Act 1961. Therefore, every private, domestic, foreign, and public organization must file the above statement.The Tax Planet helps you file this document to adhere to the prescribed legal requirements.This document must be filed when any individual's total income exceeds the exemption limits.Income Tax Return compliance must be done by everyone earning beyond the exemption limit, including Not for Profit organizations. There are multiple benefits to filing Income Tax Returns. They are as follows
The Tax Planet helps you to manage all the aspects effectively by providing you with professional Income Tax Filing services.
15CA AND 15CB CERTIFICATE Tax15CA and 15CB the certificate is required to be submitted to the Income Tax Department when payment is being remitted outside India. It is mandatory to submit 15 CA and 15CB to the remitter bank.15 CA is a declaration by the remitter. It contains the details of the remitter, payee, and the specific transaction/invoice for which the payment is being made.15 CB is the declaration by a Chartered Accountant confirming that applicable Income Tax has been deducted while making payment to the Non-Resident.There are fines for non-filing 15CA-15CB. The Tax Planet's professional team supports you in filing the 15CA and 15CB certificate timely and accurate.We recommend you to fill the form timely as in case of non-filing, the penalty amount can reach up to Rupees one lakh for each default of non-filing conditions 15CA/CB.You have the option to withdraw from 15CA before payment. Form 15CA allows you to remove the online form within seven days of submission. The withdrawal of state 15CA is available only before payment.With The Tax Planet, you can assess this certificate's elements and easily compete for filing.
INCOME TAX RETURN OF COMPANIESEvery year, each organization has to file its Income Tax Return to the Department of Income Tax.The companies are required to notify their Income, Expenditure, and other essential business details to the Income Tax Department for compliance with the Income Tax Act.The due date for Filing ITR of Companies is 31st October each year.The Tax Planet helps you file the income tax return for the companies by including all the intricate details of the Company.The department has specified ITR 6 form for submitting Income Tax returns of companies. However, it contains 59 voluminous schedules requiring expertise to fill them.Our professional and well-experienced team will file the Income Tax Return of your Company so that you don't miss any vital information and can also avail the benefits of Income tax exemptions simultaneously.Our cost-effective solutions will help you get expert answers for filing income tax returns.
Goods and Service Tax, commonly known as GST, is an indirect tax and is one of the essential business registration for organizations. With The Tax Planet's comprehensive services obtaining GST Registration is just a click away.GST registration is required for businesses with a turnover of more than Rs 40 lacs for firms engaged in goods and Rs 19 lacs for service providers. GST Registration through an online process is mandatory because GST Registration Certificate is required to open a bank account for your business.The online GST Registration process is tedious and time-consuming, but if you choose The Tax Planet, you need to share the below-mentioned documents with our experienced team and leave the rest to us
ROC FILINGThe Tax Planet is an expert in helping you with government compliances including ROC filings.ROC filings are the compliances that need to be completed by each company as per the Companies Act 2013It is necessary to notify ROC regarding each company's assets, Liabilities, Income, and expenditure.You must inform the ROC about company meetings, shareholder meetings, and any other changes in the financial year.In case of non-filing or inability to file such information, companies may incur heavy penalties. There are many types of forms concerning ROC filings, as listed below:ADT-1: This is essential for the appointment of an auditor.AOC-4: The company's financial statements must be filed with this form's help.MGT-7: It is the annual return of a company and includes comprehensive details about the company, such as directors, shareholders, and meetings.The Tax Planet fosters a cost-effective approach to executing your ROC filings. We make the process of preparing documents and processing quite simple and quick. Get our services to prevent any loss due to non-compliance with legal requirements.
DIRECTOR’S E KYCThe Ministry of Corporate Affairs has made it mandatory to file the Director KYC (DIR 3 KYC) for every Director or partner before the due date every year.If you fail to file it on time, you have to pay the penalty of Rs 5000.You are required to file the KYC for the Disqualified Directors as well.MCA systems can automatically deactivate the DINs for which this form is not filed.DIR KYC Certification is mandatory for all the directors of your company, and The Tax Planet understands this well.We help you file DIR KYC with the help of Directors owned DSC, i.e., Digital Signature.We help you get it certified by the professionals such as a Company Secretary, Chartered Accountant, or Cost Accountant.The Tax Planet has the expertise and experience to deliver total solutions for DIR KYC registration and filing.
ADDRESS CHANGE OF COMPANY There might be a situation where the company needs to change its registered address. Any change in the Registered Address of the Company has to be intimated to the Registrar of Companies by filing the appropriate form. The form needs to be filed within 15 days of the address change. If the new address is in a different state, then the approval of the Regional Director of ROC is required.The Tax Planet helps you to manage the process effectively in both conditions. Our experts will take care of the procedures without any hassle and error in the process or documentation.Significant changes that are expected must be done on letterheads, records, books, and in other documents of the company.We recommend you have a new and common seal to adopt for the company. We make your address change process and adoption on the documents facile and cost-effective.
ANNUUAL COMPLIANCES FOR LLPThe Tax Planet is an expert in processing annual compliances of limited liability partnership firms.Every LLP is expected to complete compliance according to the Companies Act 2013.If your LLP organization fails to file the return on time, MCA will impose a penalty.Annual Return of LLP in Form 11 has to be filed within 60 days of the end of the financial year by the LLP. In addition, through Form 11, details of partners and changes in the partners of the LLP during the year have to be reported to the Registrar of Companies.Statement of Account & Solvency in Form 8 has to be filed by the LLP by 30th October each year. With The Tax Planet, you will get the option to understand the complex aspects of annual compliance for your business.
NAME CHANGE OF LLPAn LLP registered within India can change its name with the new one. A name change can do it with the consent of existing partners & designated partners.Limited Liability Partnership can change the name for personal reasons, business reasons, or any other reason per the directions of the Central Government.The proposed new name be first verified to check if it is available. After that, an application regarding the Reservation of Unique Name (RUN) should be filed with MCA.Then, after the name's approval, the applicant is further expected to file Form 5 to inform the registrar concerning the change of the name.The LLP must give the Certified consent copy through the partners to apply for a new name with LLP. In addition, a copy of the supplementary agreement of the existing LLP is also required.The entire process may sound simple but is quite tiring and complex. At The Tax Planet, we help you perform all the procedures with ultimate ease and convenience.
ADDRESS CHANGE OF LLP LLP must have a registered address to receive important notices and information from several authorities.If you are planning to change the address of your LLP business, then The Tax Planet is there to help you with the process.We enable any LLP to change its registered place to a new one in the previous or any other state by filing the requisite Form 15. In addition, LLP Form 3 is required to file the consent of creators or partners as per law.Form 15 & Form LLP 3 is required to be filed with the concerned ROC within 30 days of the resolution. The documents to be uploaded with the form are
PARTNERS CHANGEA new partner can also be introduced in an LLP to enhance the capital of the business. In addition, it can also be done to become eligible to avail of the benefits the new partners provide in terms of professional services.Legal partners change procedure may happen when the management gets changed amongst the partners and other designated partners. You have to take consent from all new partners and/ or the existing partners according to the prior schedule of the LLP Act. A supplementary agreement is also required to be executed.An individual is not eligible to become a partner of LLP if he or she is found to be of unsound mind by the Court of jurisdiction.If he or she is an undischarged insolvent or have applied for an adjudicated insolvent and their application is pending, then too he/she is not eligible for entering into the partnership agreement.Being experts, thetaxplanet.com helps you perform the partner change process according to various factors and concerns. While assessing all the elements of your business, we make the process quick and error-free.
INCREASE CONTRIBUTION OF LLPThe partners might need to introduce further capital to run and build the organization through the tangible and intangible property and contracts for the services. The capital contribution may be increased to expand the business activities and the organization's reach in the market. It is also necessary while introduce a new partner.In case of an increase in Contribution, the LLP agreement needs to be amended. In addition, the new profit-sharing ratio among the partners also needs to be reworked.The amended LLP Agreement has to be filed with the ROC to make the Contribution increase effective and law compliant.Thetaxplanet.com has an expert team of accountants and legal experts who help you carry out the process effectively.
DIRECTORS CHANGE
Addition of Director- Whenever any company appoints a new director, they need to take approval from the organization's shareholders in the General Meeting.After the resolution gets passed in the meeting, the organization must inform the ROC about the appointment of the Director in Form DIR-12 within 30 days of his/her appointment. For the appointment of any person as Director, his Digital Signature (DSC) and Director Identification Number (DIN) are required.
Removal of Director-The Director of any company may also resign from their post of directorship in the company by providing his/her resignation letter.After the Director has given a resignation letter to the company, the company is expected to intimate the resignation of the Director to MCA in 30 days. The requisite form for this intimation is DIR 12.To complete the entire process of filing the requisite forms with the ROC, thetaxplanet.com provides services to reduce your efforts and time in filing these forms. Our experts have an accurate understanding of this process, so you don't have to worry about any omissions or errors. We ensure your compliance to the fullest.
The Internal Revenue Services (IRS) settles the federal tax. In addition to these, you have to estimate write-offs, credits, and other variables to determine your net taxable income and the income tax.Under which Federal and state income taxes apply to percentage rate to taxable incomes. They can considerably be applied to all deductions and tax credits. Moreover, it is important to file federal tax returns as per the deadlines to avoid penalties and, in some cases, late filing could even lead to imprisonment.
Key Points to RememberThe federal government and the majority of states have income taxes, but their rules and rates vary widely.Federal taxes are progressive, with higher rates of tax on higher levels of income.Some states have a progressive tax system, which means the average tax rate is less than the person’s marginal tax rate.
If you run a sole proprietorship business, you can report income and liabilities on a Schedule C along with the income tax return. If you operate as a corporation or in a partnership, then fill Form 1120.While filling the Schedule C Form, you have to file income tax return and expenses in the marked fields. So, add the net profit or loss amount after deducting expenses from the income in the personal income tax return.Find all Information below.
BUSINESS TAX RETURN FILING (FORMS 1120, 1120S, 1065)
PERSONAL TAX RETURN FILING (FORM 1040)
What are Business Compliances?Business Compliance refers to the various Tax Returns, filing and documentation etc. you have to mandatorily complete or maintain for your Business. They are necessary to be completed timely as they are statutory compliances required by various Government Bodies.
What factors determine Compliances for your Business?Constitution – Business Compliances applicable for you depends on the specific constitution of your Business. For instance the compliances for Corporation are more stringent as compared to a LLC.Industry – The Industry in which you operate. For example the compliances to be adhered for a financial business is different from the compliance requirements of a manufacturing BusinessLocation-The state or states in which you operate. The USA is combination of 50 state and 1 Federal District Washington DC. Every state has it’s own set of rules and tax structure. Thus , your compliance requirements differs from state to state.
Why Compliances are important?
What is the broad framework to be compliant?
WHY CHOOSE THE TAX PLANET?
Our Compliance Services Include
BUSINESS SUPPORTPayroll makes up an essential part of the bookkeeping, and it requires highly determined attempts. The progressive taxes & employee regulations make payroll handling slow and challenging to accomplish with precision.Reliable and convenient payroll processing gives an edge to the client as well as maintaining employee confidence. We administer Payroll services to the USA to remain in compliance with tax and other regulations. We analyze and streamline the performance of your contingent workforce to save considerable bandwidth, resources & time spent on payroll services.
Why should you hire us?Outsourcing payroll services shall assist you with pre-employment screening and security allowance facilitation.We shorten and revamp your complex processes to reduce uncertainties, fines, and penalties concerning late or incorrect filings.We have a team of specialists in Payroll services offering significantly lower markups on your contingent workforce program, thus assuring profits for your bottom line
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We are here to get productivity back with our services:
Incorporating a business means transforming your sole proprietorship or general partnership so that it becomes its own legitimate business. Through incorporation, the company and owner are seen as a separate legal entity in the eyes of law to transact business.
Why The Tax Planet? Company Formation in the USA means bringing a business into a continuation and beginning its business. It involves the completion of a lot of legitimacy and systems. This new business entity corporation or limited liability company (LLC) gives more credibility to potential clients and employees. Before creating a business plan, it is imperative to administer in-depth market research and work on the demographics of your potential.
The following checklist will give you an idea of how to set up a business.
The steps involved in forming a company are:Identification Of Business Idea: Select detailed feasibility studies examining all-important aspects of the business.Fixing Up Signatories To Articles Of Association: Decide their partners signing the Articles of Associations (AOA) to define the internal rules of management. If you are going for LLC, pick up a manager who is going to sign the Articles of Association.Choosing A State Of Incorporation For Your New Business: Make an application to do the incorporation of the company to the secretary of the state or states. After verifying your details, the Secretary of State.
We enable you to reduce costs.
We start with the understanding of how your core business drivers interact with one another to improve financial performance, drive profitability and forecast controls. By understanding your business model and leveraging our expertise, we enable you to optimize your financial operations, reduce unnecessary expenses, and make informed decisions that ultimately contribute to cost savings.
By providing businesses with the necessary financial information and analysis we enable:
Cost Analysis and Control
By categorizing and tracking costs, you determine the cost drivers, identify areas of excessive spending, and take appropriate measures to control costs. This could involve evaluating suppliers, negotiating better pricing terms, or finding more cost-effective methods.
Budgeting and Forecasting
By comparing actual performance with financial targets, you could identify areas where costs are exceeding expectations and take corrective actions
Profitability Analysis
By understanding the costs associated with each revenue stream, you could identify which areas are generating the highest profits and focus their resources on those areas. This analysis helps optimize the allocation of resources and eliminate or restructure unprofitable aspects of the business.
Performance Measurement
Accounting facilitates the measurement of key performance indicators (KPIs) related to cost management which helps with monitoring performance over time, identify areas for improvement, and implement strategies to optimize costs.
How we can help?
Our specialists will guide you and your company through every stage of the business life cycle, from start-up, through Series A and beyond. With various services under one roof, we work collaboratively with you to provide a one-stop-shop service for all your financial requirements.
Our financial service includes :
Support in arranging corporate finance
Management accounting and Outsourced bookkeeping
Business valuations
Preparing your financial statements
Audit
Reclaim R&D expenditure
Corporation tax filings
Sales Tax compliance
Payroll services
Setting up a benefits structure and staff rewards system
You can focus on and grow your business by outsourcing your finance needs to our expert team.
Raise capital
Raising capital merits a combination of strategic planning, having the right contacts, and professional resilience. And that’s why our experts have you covered. Speak to an expert.
We help you reduce the complexity of managing your business and raising capital at the same time. We help you make the right decisions that accelerate time to capital while maintaining robust controls on business performance to enhance shareholder value.
Here are some ways we could help you:
Investment Memo Preparation
Accurate and reliable financial statements which provide crucial information about a company's financial health, performance, and potential to investors and lenders.
Due Diligence
Reviews to assess a company's financial records, internal controls, and financial projections thus, minimising potential risks or issues that may impact the decision to invest or lend capital. Enhances the credibility and transparency of a company’s financial information, thereby increasing investor confidence.
Valuation Services
Valuation techniques, such as discounted cash flow analysis, market comparables, and industry benchmarking, to determine a fair value essential for attracting investors and negotiating favourable terms for raising capital.
Financial Modeling
Project future financial performance and cash flows. These models are used to analyze different funding scenarios, assess the impact of capital investments, and demonstrate the potential return on investment to potential investors.
Compliance and Regulation
Navigate complex regulatory requirements related to raising capital, such as securities laws, financial reporting standards, and taxation rules. This ensures adherence to regulations, essential for gaining investor trust and maintaining compliance with legal obligations.
Investor Relations
Manage relationships with existing and potential investors. Provide financial reporting and analysis to investors, address their queries, and ensure transparent communication of financial information. Effective investor relations contribute to building trust, attracting new investors, and maintaining long-term relationships.
We provide expertise and support throughout the capital-raising process, helping businesses present accurate financial information, comply with regulations, and build credibility with investors and lenders.
How we can help?
Our specialists will guide you and your company through every stage of the business life cycle, from start-up, through Series A and beyond. With various services under one roof, we work collaboratively with you to provide a one-stop-shop service for all your financial requirements.
Our financial service includes :
You can focus on and grow your business by outsourcing your finance needs to our expert team.
Unlock Financial Clarity: Your Trusted Partner for Effortless Tax Reporting – Navigating Complexity, Maximizing Savings, and Securing Your Financial Future.
Personalized Tax Planning
Customised strategies to minimize liabilities while maximizing deductions for individuals and businesses.
Compliance Assurance
Accurate and timely preparation and filing of tax returns to meet all legal requirements.
Tax Optimization
Identifying opportunities for tax savings and credits to enhance your financial well-being.
Representation to Tax Authorities
Expert representation and assistance in dealing with the Tax Authorities for audits and disputes.
Strategic Tax Advice
Proactive guidance on tax-efficient strategies to grow your wealth and achieve your financial goals.
International Taxation Expertise
Navigating complex international tax laws and treaties to optimize global financial operations.
Tax Compliance and Risk Management
Ensuring full compliance while mitigating risks associated with changing tax regulations.
Estate and Succession Planning
Crafting comprehensive strategies to protect and transfer wealth efficiently.
How we can help?
Our specialists will guide you and your company through every stage of the business life cycle, from start-up, through Series A and beyond. With various services under one roof, we work collaboratively with you to provide a one-stop-shop service for all your financial requirements.
Our financial service includes :
You can focus on and grow your business by outsourcing your finance needs to our expert team.
ESG Implementation & Assurance
The Era of ESG
ESG, which stands for Environmental, Social, and Governance, is gaining increasing attention as businesses face greater pressure to disclose their ESG performance and strategies. The philosophy of ESG began to evolve when the industry analysts and stakeholders went beyond the profit-making benchmark of prosperous corporates to delve into their impact on the environment and social system. Investors began to think about sustainable investing and that led to the prominence of ESG or sustainable reporting in the recent era.
Examples of some ESG matters considered by stakeholders and interested parties are:
E- Environment: Raw material Sourcing, production process, sustainable products and packaging, waste management, greenhouse gas emissions, pollution, loss of biodiversity, and many such operational hazards are together seen as ESG matters.
S- Social: Employee health and safety, labor management, human capital development, inclusion, and equity, product quality, supply chain standards, etc form the basis of the social impact of an organization.
G- Governance: Ownership structure, business ethics, anti-corruption, anti-bribery, lobbying and proximity to political parties, tax transparency, and other management-related matters form a part of governance.
ESG analysis evaluates risks and opportunities beyond the scope of traditional financial analysis. In an ever-evolving ESG reporting environment, the accounting profession has faced challenges with respect to the extent of information to be reported to stakeholders, including regulatory authorities and investors. Moreover, there is also a question for the accounting fraternity regarding the assurance of the accuracy of the ESG parameters.
ESG Accounting:
Traditional accounting has a limited scope in the measurement of a company’s transactions. When it comes to ESG accounting, accountants need to broaden their vision and think about ways to describe, assess and measure the impact of a company’s business on the neighborhood, its employees, their health, their social needs, the effects of its operations on the environment and so on and so forth. Though seemingly very subjective, the measurement of these factors is imperative for the evaluation of a company’s financial statements.
ESG matters and their direct or indirect impact on a company’s financial statements were taken up in a paper published by the Financial Accounting Standards Board (FASB) on the Intersection of Environmental, Social, and Governance Matters With Financial Accounting Standards. As outlined in the paper, ESG matters could impact a company’s financial statements in a direct manner, for example, in the recognition and measurement of compensation expenses. ESG matters may indirectly affect the financial statements of an entity that may suffer reputational damage from environmental contamination that reduces sales. Certain ESG matters may be taken as input to an accounting analysis, for example, a material decline in demand during the reporting period may be considered while estimating future cash flows.
Hence, risks and opportunities related to ESG matters may have an unfavorable, favorable, or neutral effect on financial statements.
Besides the above, there could be tax implications as well. For example, tax incentives to real estate builders for providing affordable housing or similar tax incentives for companies setting up green businesses, for example- tax holidays for companies setting up solar energy businesses.
As the need intensifies for sustainable investing, stakeholders and investors are now focusing on ESG information to ascertain a company’s value proposition and manage investment risks. The role of ESG in accounting continues to grow creating more and more challenges in the accounting and reporting arena.
How we can help?Our specialists will guide you and your company through every stage of the business life cycle, from start-up, through Series A and beyond. With various services under one roof, we work collaboratively with you to provide a one-stop-shop service for all your financial requirements.
Our financial service includes :
Setting up a benefits structure and staff rewards system
You can focus on and grow your business by outsourcing your finance needs to our expert team.
Call us, find us, contact us
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