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When you are thinking of improving your business, it should be big or small, you should start right from your finance department. When the financial department is accurate in terms of performance, the business becomes very easy to grow business. Some companies have accounting departments, while others find more profitable to outsource accounting services for a variety of reasons. The services provided by accountancy firms and professionals can be similar to your home accountant and they can do everything from payroll to taxes and other tasks related to the accounts. Advantages of hiring accounting and bookkeeping services In many cases, accounting and bookkeeping services are hired by businesses of medium and small size, and they come with several advantages. Profitability is one of those advantages in which companies hire services. Hiring a full-time accountant or bookkeeper can be expensive compared to hiring services. Small businesses get additional time and

Many companies fail because of the fact that they are doing poor work with regard to their financial records. When you think about it, this makes you a lot of sense. It is important to determine exactly where your business is financially, and the failure to do so can cause any company to collapse. This is typically the case with small businesses. The owner starts the business because he has a good idea, a passion or is extremely talented at what they are doing. They do not start the business because they like to watch every transaction their company does. Everything looks good until all of them collapse because of bad bookkeeping. As a responsible business owner, how do you maintain these rigorous books while having the time to focus on the most important tasks of your business? There are not enough hours a day for you to do it all yourself, so the best option is to outsource one of the many bookkeeping services . Determining who to trust with this important job is not an easy tas

Return filing has its benefits; one of which is that it allows you to paint a complete financial picture of the year that was and make informed decisions for the year that is and make smarter choices for the years to come. The date for tax filing has been extended to August 31st. While most of us have already filed our income tax returns for the financial year 2017-18, for those who have not, this extension comes as a welcome relief. Return filing has its benefits; one of which is that it allows you to paint a complete financial picture of the year that was and make informed decisions for the year that is and make smarter choices for the years to come. Let’s say, Simran who earned Rs 15 lakh last year is adjusting her tax liability. After claiming a deduction of Rs 1.5 lakh under section 80C, her taxable income stood at Rs 13.5 lakh. Had she planned ahead, she could have claimed additional deductions of up to Rs 4.5 lakh ending up with a taxable salary of Rs 9 lakh, thus saving

Most people who earn enough money are usually required to return some of the money to the government by the usual way to complete an income tax return . Then they send the necessary part of their income to the government. But it is important to know which parts of the income can be taxed and tax free, it is not always easy to calculate by the individuals themselves. In addition, it is not only people who have to pay taxes, but also some businesses, as well as some heads of households, including Hindu Undivided Families, also called the HUF. HUFs usually consist of many people related to each other, including grandparents, spouses, parents, children, single daughters and widows. This group of people is subject to HUF tax rate and income tax return. Sometimes, a HUF is also known as a common family and must meet specific requirements to qualify. For example, it does not matter how many family members live together, it can only be a head of the house. When you need to fill out