Selecting the perfect accounting firm in Bangalore can be a real headache for startup owners, due to the lack of clarity, poor reasoning, and poor knowledge about the benefits that come along with it (and, also why you need it). Hence, a comprehensive guide has been made for all Bangalore-based startups in this regard.
Table of Contents
All Core Questions Answered: For Hiring Best Accounting Firms in Bangalore
1. Why should startups hire an Accounting firm in Bangalore?
Generally speaking, a good accounting firm can help your business to scale up, by attracting investors. Apart from that, they can further help you avoid problems associated with cash flow, fund allocation for payroll taxes, auditing, and the maintenance of regulatory compliances. As we all know, Bangalore is the startup capital of India, and all startups suffer from one common problem, i.e., resource limitations and availability. To be more precise, due to the unavailability of enough funding and financial resources, it becomes difficult for startups to hire and maintain in-house accountants. By availing of outsourced accounting services, startups can feasibly maintain their finances, subsequently grow their business, and avoid financial roadblocks and legal complications.
2. What services do accounting firms offer to startups?
Accounting firms in Bangalore, generally offer services like accounting and bookkeeping, GST registration and filing, auditing and assurance, ITR Fillings and TDS Returns, company and secretarial compliances, and registration-related services. All these services are offered by Actax India as well. So, if you are interested in opting for any of these services, contact Actax India. Apart from that, accounting firms also offer services like financial management, forecasting, cyber security consulting, due diligence, budget management, business valuation and cost control.
3. How much does it cost to hire an accounting firm in Bangalore?
The cost generally depends on what specific service you’re opting for. It further varies from firm to firm, depending on the work quality they provide. To know the hiring cost of Actax India, visit its website. On average, services like financial accounting and reporting range around ₹5,000 to ₹15,000 (per month) in Bangalore. However, Actax India offers a very competitive price.
4. What should I look for when choosing an accounting firm in Bangalore?
Here are a few things that you should consider while choosing an accounting firm in Bangalore:
- Firstly and most importantly, opt for a background check of the accounting firm. Research in detail, their track record and reputation. For example, you can choose to analyze their Google Reviews to understand their reputation. Next, you can find out about their years of experience and how many clients they have served from their website or portfolio, to further verify their track record. Lastly, see their social media engagement, especially over professional platforms (i.e., LinkedIn).
- Next, check their pricing strategy and what price they offer for the services you’re looking for. Make sure to compare the budget, if you were to recruit and maintain a team of in-house accountants. Go for it, if the price deal feels like a better and cost-effective option for you.
- Check whether the firm has licensed Chartered Accountants and Company Secretaries or not. You can further look out for their years of experience (to verify their potential), something which can be ensured by directly asking questions to the firm owner.
- Look out for their work ethics and working strategies. In this regard, you can directly talk to the person in charge, who will be handling your project/accounting services. Look out for their speed of work, and value of words. You will be able to analyze it, after opting for a basic service from them.
- Lastly, look out for their privacy and security policies, and how protective they are going to be with your financial information. In this regard, go through their policy statements. You can find it on their official website. You can further ask them to clarify you individually.
5. How do I find a good accounting firm in Bangalore?
You can try finding a good accounting firm in Bangalore by opting for referrals (ask out other businesses/clients/partners/competitors). You can further conduct your own Google research in this regard. Look out for reviews and star ratings. Follow websites like Justdial and Clutch, to explore more options. As a last step, directly talk to the firm owner or the person in-charge, and then just trust your intuition.
6. What questions should I ask a potential accounting firm?
Here are a few dummy questions that you can ask to a potential accounting firm in Bangalore:
- What services do you offer?
- What is your fee structure?
- What are your tax obligations?
- How much time do you take to provide complete services?
- What accounting software do you use?
- Why should I hire you?
- What extra/competitive benefit would you provide?
- What certifications do you have?
- Who will be doing the work? How qualified are they?
- What is your work strategy?
- What is your accessibility quotient?
- How judiciously do you keep your promises of work delivery?
- How much are you aware of the present legal compliances for accounting activities in Bangalore?
- Tell me about the background of your organization.
- How are you going to secure my financial information?
7. How can accounting firms in Bangalore help startups with tax compliance?
As mentioned earlier, startups tend to function in a constricted budget; for which it becomes important for the startup to curb its finances at every step, avoid extra tax compliances, and attract as many investments as possible, along with facilitating smart and secured investments from time to time. All these facilities can be manifested in real life if you hire an accounting firm in Bangalore. From budgeting to the management of cash flow, these accounting firms do it all for your startup. So, does Actax! Choose Actax India to scale up your business. We have a wide range of expertise for startups. Starting from company registration to financial reporting, we create a vivid financial roadmap for your organization to succeed financially.
8. Do startups need accounting firms for fundraising and investment purposes?
A solid financial foundation attracts potential investors. So, yes startups need accounting firms to raise funds and attract investment. The accounting firms in Bangalore ensure a solid financial foundation by keeping up-to-date and accurate financial records, facilitating sound tax planning and forecasting potential financial outcomes.
9. How can startups leverage accounting firms for financial analysis and strategic planning?
Startups can leverage accounting firms to understand the present financial trends and tax regulations, and accordingly, they can leverage the opportunities to either grow their businesses through clever investments, or they can find ways to cut off as much tax as possible, by taking necessary steps (e.g., keeping the money in Government schemes, buying insurances, etc.) in the present.
10. Are there any regulatory compliance requirements that startups in Bangalore should be aware of?
No, just the basic taxation, registration, IPR, and labor laws of India.
In Conclusion
In the end, it can be said that although all the above-mentioned questions are important considerations while choosing an accounting firm in Bangalore, trust your intuition while making the selection. Ensuring that the firm is meeting your expectations regarding work timeline budget, and location feasibility is yet another suggestion.
