Competency, know-how, experience and expertise motivate us to offer a wide range of outsourcing services to our clients and helping them to manage heavy workloads and ease the burden. Taking peace of mind as an ideal, we provide a capable helping hand to our clients. Gopal Tamhane & Associates. is known for the best accounting and book-keeping services in Wagholi-Pune.
To support smaller companies, we have enhanced our base in the following areas: –
We undertake accounting services to meet the requirements of small companies’ requirements and multiple overseas organisations having subsidiaries in India. These entities need the data on a real-time basis. To meet such requirements, proper accounting plays an important role.
Some of the benefits of outsourcing the responsibility of accounting for your business include:
* Cost-saving:
Hiring a third party for your accounting work is generally more cost-effective than hiring someone internally. It saves the recruitment and training costs and relieves you from paying payroll taxes, salary, insurance premium, time-off etc. Moreover, hiring professional bookkeeping services in Wagholi-Pune allows access to a team of people with a variety of skills.
* Access to Expertise:
By outsourcing your accounting to a firm providing bookkeeping services India, you get access to an accounting professional with a wide range of expertise. This ensures that your books of accounts are always accurate, that your payroll is compliant and completed on time, and that you’re not at risk of penalties or regulation mistakes.
* Increased controls & reduced fraud:
If most of the business’ accounting functions are in the hands of one or two people, your business is at a greater risk of experiencing fraud. Hiring a third party to offer you book keeping services reduces this risk and allows greater internal controls.
* Helping Flexibility:
Outsourcing accounting to a third party helps to easily account for the flexibility of operations within the organisation. If you are maintaining the books yourself, you need to ensure that your in-house accountants are always busy to justify the compensation you are paying to them. On the other hand, managing the increased workload with the same number of accountants can become problematic if your business is scaling up. Hence, hiring an accounting firm that can easily absorb your accounting workload and keep your books up to date becomes feasible.
If you are seeking bookkeeping services for small business in Wagholi-Pune, you can feel free to contact us as we offer the best Accounting Services in Wagholi-Pune.
Similarly, we use cloud-based payroll software to simplify the interaction between employee and employer, resulting in bettering their relations. Each employee shall get login credentials to make it easier for them to view/download payslips, upload reimbursement expenses/vouchers and investment declarations. We also consult in HR documentation services such as the issue of various appointment letters and HR policies.
Different components of salary structure in India
Employees’ salaries comprise several components, including a base salary, allowances, perks, bonuses, etc. Let’s understand these components in detail:
* Basic Salary
The basic pay is a fixed portion that forms 35-50% of an employee’s total salary. It is the amount before deducting or adding any bonus, overtime, or allowance to the salary.The basic pay is used to calculate most of the other components, such as allowances and is entirely taxable.
* Allowances
Employers offer various additional benefits in monetary terms to their employees over and above their basic salary. These monetary benefits are provided to meet various expenditures of employees and are called allowances.
Some examples of allowances are:
Dearness Allowance
: It is a fixed proportion of an employee’s basic salary that is paid to hedge the impact of inflation.
House Rent Allowance
: It is a special allowance granted to an employee by his employer towards payment of rent for the employee’s residence.
Leave Travel Allowance:
It is an allowance provided by employers to cover employee travel expenses when they are on leave.
* Gratuity
It is a one-time payment made by an employer to an employee leaving the employment. Gratuity is an amount given in appreciation for the services rendered by the employee throughout his tenure.
The Payment of Gratuity Act, 1972 states that an employee can receive gratuity if he has rendered continuous service of a minimum of five years with the employer.
* Employee Provident Fund
Employee Provident Fund is a fund intended to provide benefits to an employee at the time of his retirement. A specified amount is deducted from the salary of the employee as his contribution towards the provident fund. The employer also usually contributes the same amount out of his pocket to the fund. The accumulated balance is paid to the employee at his retirement or resignation. If you are willing to learn more about the rules and taxability of provident funds and looking for PF registration consultants in Wagholi-Pune, you can approach us.
* Perquisites
Perquisites, often known as fringe benefits, are some extra benefits that the employees may receive in addition to the regular salary and are generally attached to a job title. These may be in cash or kind. Examples of perquisites include things like a personal car, rent-free accommodation, payment of an amount by the employer to effect an assurance on the employee’s life, etc. Most of the perquisites are taxable in the hands of the employee.
* Variable Pay
It is the component of salary determined by an employee’s performance. It is paid to the employees as a performance bonus or reward when they achieve their pre-determined targets. As the name indicates, it is not fixed and depends on employees’ and the company’s performance.
* Reporting
We help prepare valuable reports and presentations for the investors and companies where the investments require periodic reports such as cash flow statements, profitability statements and return on investment.
* The shareholders of companies need financial reports to make decisions on what to do with their investments, i.e., to hold, sell, or buy more shares.
* Prospective investors need financial information to assess the company’s potential for success and profitability.
* Also, the lenders like banks and financial institutions require financial reports to check the ability of the organisation to pay back the debt and based on the analysis of such reports, they decide whether to lend funds to the organisation.
At Gopal Tamhane & Associates, we have developed such a working culture to meet the compliance requirements of various business entities and includes multiple reports and returns submitted to different departments.
Why us- Gopal Tamhane & Associates?
Gopal Tamhane & Associates
EPIC ,Near Pune-Kharadi-Shikrapur Road, C 304 C3, Above Dignity9 Hospital, Wagholi, Pune, Maharashtra 412207
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