What New Founders Need to Know About Accounting & Compliance RIGHT NOW

This video provides essential accounting and compliance tips for new business founders, covering entity registration, banking, TDS, GST, and employee compliance.

New founders, listen up! In this video, we'll cover what you need to know about accounting and compliance for your new business. Don't miss out on this important information!

🏢 Register your business entity for compliance.
🏦 Open a current account for financial transactions.
📄 Understand TDS applicability for payments made.
📊 Ensure GST registration for applicable businesses.
👥 Comply with PF and ESI requirements as your business grows.
📝 Maintain regular communication with your accounting professional.
📈 Proper accounting practices aid in financial projections and tax filings.

Key Insights
🏢 **Entity Registration**: Registering your business entity is crucial as it establishes legal compliance and protects personal assets. Different entity types come with varying regulations. 📝
🏦 **Current Account**: Opening a current account is essential for tracking business transactions and managing cash flow effectively. It also simplifies financial reporting. 📊
📄 **TDS Compliance**: Understanding TDS deductions is vital when making payments to employees or contractors. Non-compliance can lead to penalties and affect cash flow. ⚖️
📊 **GST Registration**: If your business involves inter-state sales or exceeds certain revenue thresholds, GST registration is mandatory to avoid legal issues. 💼
👥 **Employee Compliance**: As your team grows, adhering to PF and ESI regulations becomes necessary. This not only ensures legal compliance but also enhances employee trust. 🤝
📝 **Professional Support**: Engaging a professional accountant can help navigate complex compliance requirements and keep your financial health in check. 🌟
📈 **Financial Management**: Regular updates of bank statements and proper accounting practices are essential for accurate financial projections, aiding in funding and growth opportunities. 📈

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Training for First Time Founders : https://courses.corpready.in/fge-boot...

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