Shraddha Damani & Associates

🔍 GSTR-9 & GSTR-9C: Are You Prepared for FY 2023-24 Compliance? 🕒 As we approach the deadline for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement), it’s crucial to ensure your GST compliance is in order. They are key to maintaining transparency and aligning your financial records with GST regulations. A Quick Recap: 👉 GSTR-9: A comprehensive summary of your annual GST returns, including outward and inward supplies, ITC claims, tax paid, and adjustments. 👉 GSTR-9C: A reconciliation statement between your annual return and audited financial statements. Key Considerations: ✅ Accuracy is Critical: Cross-check all data for discrepancies to avoid penalties or notices. ✅ Input Tax Credit (ITC): Ensure proper reconciliation of ITC claims and reversals. ✅ Reconciliations: Verify that turnover, taxes paid, and adjustments match your financial statements. ✅ Timelines: The due date for both filings is 31st December 2024 for FY 2023-24. Don't wait until the last minute! Why It Matters: Non-compliance may result in penalties, interest charges, or even a GST audit. Accurate and timely filing not only ensures compliance with the law but also demonstrates the financial integrity of your business. 💡 Need Assistance? If you’re facing challenges with reconciliations, data accuracy, don’t hesitate to reach out. Let's simplify GST compliance together! Simplifying Finance for Start-ups!  📞 +91 6379114491  📧 sdamani.associates@gmail.com #GSTCompliance #GSTR9 #GSTR9C #Taxation #Finance #BusinessGrowth

Losing Team Members Hurt! Startups are like small sports teams—if players leave too often, the team can't win. 💡 Why It's a Problem: New team members take time to learn the game, and constant changes slow everything down. ✅ Keep People Happy: To win, treat players (employees) well—pay fairly, cheer them on, have a personal touch and listen to their ideas. ⚡Give Growth Opportunities: Teach them new skills so they feel stronger and valued in the game. 🤝 Build Trust: Show you care, and they'll stick around longer, helping the team (startup) grow strong and steady. Let’s thrive with united teams and Win! #EmployeeRetention #Startups #TeamCulture #Finance

🍂Customer Ageing Reports: What They Are and Why Your Business Needs Them Customer Ageing Report is bucketing of invoices due to be paid by customers (0-30 days, 30-60 days etc.), to ensure better collections tracking and improve cashflows. How to Interpret an Ageing Report & Take Action 🚩Red Flags: 90+ days bucket, indicates possible cash flow challenges. Escalations to customers required to avoid bad debts; 🌈Potential Customer Delays: 31-60 days & 61–90 days bucket, suggests a need for consistent follow-up; 🌿Healthy Customers: 0–30 days bucket, it’s a sign of timely collections; 🔝Prioritize Collections: Focus first on the oldest debts, as these are the hardest to recover. Conclusion Start incorporating Ageing Reports into your financial routine today and see the difference it makes in your business's bottom line. #AgeingReport #Startups #Finance #CFOServices #TechStartups #Accounting Simplifying Finance for Start-ups! 📞 +91 6379114491 📧 sdamani.associates@gmail.com

CRED drives into Insurance 🚗💡 CRED expands into the insurance space! In partnership with Go Digit General Insurance, ICICI Lombard, and Zurich Kotak General Insurance, the fintech unicorn now offers motor insurance through its CRED Garage platform. Members to get exclusive discounts based on their credit score 🏦 ✨. Launched in Sept 2023, CRED Garage helps users to manage vehicle-related tasks like checking challans, PUCC, and storing documents in DigiLocker 📱🔒.   #Fintech #CRED #Insurance #TechInnovation #DigitalPlatform #Startup #Finance Simplifying Finance for Start-ups! 📞 +91 6379114491 📧 sdamani.associates@gmail.com

🌟 ** Audits: Essential Step towards Success! ** 🌟 Audits are a strategic advantage, ensuring agility through improved processes! Key steps to follow for effective and timely audits are: 1. **Exhaustive Requirement list: ** Obtain this list 10-15 days before the close of audit period (Quarter/ Year End) to have the records ready. 2. **Plan and Early Engagement: ** A planner with tentative dates for key milestones i.e. data submission, review by auditors, final observations and draft Financials. 4. **Train the Team: ** Inform the relevant teams about the audit timelines and data requests e.g. HR to be ready with Payroll/ Attendance workings, Finance with updated accounting, balance confirmations etc. 3. **Gather Documentation: ** Compile required documents folder-wise in cloud for easy accessibility by multiple people. 4. **Push for Closure: ** Obtain bi-weekly status updates from Finance team leads and auditors, identify bottlenecks causing any delay and resolve it to meet overall timelines. Stay Proactive, Simplify Audit and Enhance Financial Health. Let's embrace Transparency and Accountability together! #StatutoryAudit #Finance #InternalControls #Compliance #BusinessExcellence #CFOServices #Statrup Simplifying Finance for Start-ups! 📞 +91 6379114491 📧 sdamani.associates@gmail.com

🚀 Healthy news! Deepinder Goyal, co-founder and CEO of Zomato India, has launched a personal venture in the health and wellness space called 'Continue'.   🏷️This venture is separate from Zomato’s operations and positions itself as "The Ultimate Health Tracker," focusing on mental wellness, nutrition, and preventive care. 💪 💰This move comes alongside Goyal’s prior $10M investment in Ultrahuman, with Continue set to compete with health platforms like Mindhouse.  🌱 Goyal continues to expand his portfolio across various industries (Zomato, BlinkIt, District, HyperPure), his latest venture reflects his forward-thinking vision in the health tech space. 🔗 Read the full article here: https://bit.ly/4hgyWbv #HealthTech #Startups #Wellness #Innovation #Leadership

🚀 Exciting News in the Home Interiors Sector! 🚀 HomeLane has announced its intention to acquire Design Cafe. This strategic move, pending regulatory approval, is set to create one of the largest interiors companies in the country! 🌟 Highlights: 🛠️ HomeLane, DOOWUP By HomeLane, and Design Cafe will continue to operate as distinct brands, catering to diverse market segments. 📈The combined entity is projected to achieve revenues of Rs 1,000 crore ($120 million) in FY25, a 33% increase from FY24, with plans for EBITDA profitability. 💰A fresh funding round of Rs 225 crore ($27 million) has been secured, backed by existing investors and new contributions from Hero Enterprise. Co-founders shared that the combined revenue run rate is already at Rs 900 crore and the business is cash profitable, with a minimal EBITDA loss of -2%. With over 1,400 design & 20,000 customers, HomeLane is well-positioned for growth. Meanwhile, Design Cafe continues to innovate in customized design and decor services. Exciting times ahead for the home interiors landscape! 🏡✨ 🔗 Read the full article here: https://bit.ly/3BfxsxK #HomeLane #DesignCafe #Acquisition #HomeInteriors #Innovation #Growth #Startups

**🔍 Understanding Debtor’s Reconciliation: A Key to Financial Health! ** For Startups, having a clear view of your financial position is crucial. One vital process is **Debtor’s Reconciliation** ~ Matching amounts receivable vis-à-vis what customers owe. The Process: 1. 📊 Data Gathering: Collate data from your records and customer statements. 2. 🔍 Comparison: Cross-check customer balances against your records. 3. 🕵️♂️ Investigation: Look into any discrepancies due to missed payments or billing errors. 4. 📞 Communication: Reach out to customers to clarify and resolve issues. 5. 📝 Updation: Update your records once discrepancies are resolved. 6. 📂 Documentation: Maintain detailed records for future reference. Merits for Your Business: 1. 💰 Improved Cash: Identify actual outstanding amounts 2. 📈 Enhanced Planning: Better forecasting and decision-making. 3. ✅ Accurate Investor Reports: Minimize discrepancies for accurate financial reporting. In conclusion, debtor’s reconciliation is essential for a healthier financial landscape. Are you leveraging it in your business? Share your experiences! 💬👇 #Finance #Accounting #Receivables #DebtorReconciliation #CashFlow #Business #Startup Simplifying Finance for Start-ups! 📞 +91 6379114491 📧 sdamani.associates@gmail.com

📋GST Council's B2C E-Invoicing Plan: A Step Towards Reducing Tax Evasion and Enhancing Compliance The GST Council is set to introduce a B2C e-invoicing framework aimed at combating tax evasion and improving compliance. Here’s what you need to know: 🎯Purpose: The initiative seeks to enhance transparency in transactions, making it harder for businesses to underreport sales. ⚒️E-Invoicing Mechanism: Businesses will generate e-invoices that are validated in real-time, providing a robust record of transactions for both tax authorities and consumers. 👨🏻💻Implementation Timeline: The Council will outline specific timelines and thresholds for compliance, ensuring a smooth transition for businesses. 📝Compliance Enhancement: By standardizing invoice formats and requiring real-time reporting, the plan aims to simplify compliance for businesses while reducing the chances of errors and fraud. This move is a significant step towards fostering a more accountable and efficient tax ecosystem. Stay tuned for updates on implementation! 🔗 Read the full article here: https://bit.ly/4etvQic #GST #EInvoicing #TaxCompliance #TaxEvasion #BusinessReform #startups #B2C

🏢Vendor Onboarding: A Crucial Step for Startups For startups, vendor onboarding is vital to building reliable supplier relationships and ensuring working capital management. This process involves verifying essential documents to ensure vendors meet legal requirements and company standards. 🚨Why It Matters for Startups: 🕵️♂️ Compliance: A GST registered Vendor should give a GST invoice and file it's returns so that the your startup can avail the tax credits, isn't it? 💵 Vendor Payments: When the contract says 30 days cycle, payment within 30 days ensures better cashflow management.  ⏱️ Operational Efficiency: When it's a signed document mentioning cost and payment terms, operational hiccups on these lines are minimised!  👑 Reputation Management: To build a compliant and robust organisation, your startup would need ethical and compliant suppliers.  🔄 Process Optimization: Create Vendor Master excels to never miss invoices, tax credits, and payments. ⚠️ Risk Mitigation: Reduce liability and third-party risks through legally drafted agreements. 📝What would the document set look like? - Vendor Onboarding Form - GST Certificate - Certificate of Incorporation - PAN (Individual/Company Pan) - MSME Certificate - Engagement Letter with Bank details - E-Invoice Declaration - Company Polices or Terms #Startup #VendorOnboarding #BusinessGrowth #Compliance #SupplyChain #RiskManagement #OperationalExcellence