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PRASS & Associates LLP

Business Support Services

 Setting up a Business

The process of selecting the form of business organization plays a very important role in setting up of businesses, as various factors like flexibility, business requirement, taxation etc are required to be considered and a wrong decision may hamper your future business plan. As its long term plan which needs to be rationalized based on the pros and cons on the type of organization.

We can help you in setting the following form of business such as

  • Private Limited Company: Flexible and has limited liability of shareholders, separate legal entity, Perpetual Existence, greater capital contribution and greater stability, possibility to grow big and expand, Owning Property.
  • Limited Company: Limited liability to Owners and Management, Easy Transfer of ownership, Separate Legal Entity, Perpetual Existence, Stringent Regulatory Requirements, Greater Borrowing Capacity, Greater capital contribution and greater stability.
  • Limited Liability Partnership: Limited liability to partners, easy transfer of ownership, Separate Legal Entity, Owning Property.
  • One Person Company: Only One Member is required to create OPC, Separate Legal Entity, Limited Liability, Required to Nominate a nominee Director in MOA & AOA.
  • Regular Partnership: Unlimited liability to firm and partners, separate entity.

Accounts Outsourcing

We offer services that cater to bookkeeping, year-end financial reporting, consolidation and management accounting. Moreover, we aid with invoicing of sales, receivable accounts, administration of payroll and suppliers’ ledger management. Our services are flexible, and we quickly adapt to our client’s professional needs. We take up the job of setting up system of accounting as best suited to the organization and also conducts customized training of the personnel according to the needs of the clients.

We cover following aspects:

  • Study of existing systems (ERP, SAP, Tally etc.) and reports from GST, TDS, TCS Compliances point of view.
  • Defining SOP for extraction of the data from the existing system.
  • Data preparations for all registrations required for returns on a regular basis.
  • GSTR-1 Data verification including liability against advances received & unadjusted at the end of the month for all registrations
  • Creation of Reverse Charge Invoice and relating to HSN Code and Service Accounting Code when supplies are received from an unregistered person.
  • Reconciliations with trigger points for the Corrective Action plan for the Unreconciled points.
  • Monthly executive reports depicting status of compliances.

Management Services

Management consulting involves helping a business institution enhance their performance, by taking financial decisions and by analysing the current problems and creating a strategy for development. Integrated management consultancy approach tackles all accounting aspects of the companies running, i.e., thorough planning, account outsourcing, practicality, transactional services and compliance outsourcing.

  • SOP Development
  • Due Diligence
  • Internal Restructuring Consultancy
  • Business Valuation
  • Transaction Services
  • Accounting Outsourcing

Corporate Restructuring Services

We provide services for merger and amalgamation, business transfer, investment / funding including:

  • Merger & Amalgamation
  • Business Transfer
  • Takeover
  • Step-down subsidiary
  • Demerger of division or business into separate company
  • Revival of defunct / sick companies
  • Joint venture / foreign collaborations / alliances

Payroll

Payroll outsourcing is an important time saving administration process every company should consider and whether you are a small or larger organisation, we can tailor our payroll service to suit your individual requirements and provide a well-managed payroll solution

Services we offer:

  • Preparation of Monthly Salary Sheet.
  • Deductions as per applicable laws like
  • Income Tax, Provident Fund and Professional Tax etc.
  • Computation and deposit of TDS, ESI, PF etc.
  • Disbursement/ Online Payment of Salary.
  • Payslip by email.
  • Reimbursement of telephone, medical bills etc.
  • Issue of Form 16 to employees.
  • Periodic Reconciliation of payments/statutory deductions etc. with books of accounts.

Secretarial Compliance

We provide professional services for advisory and consulting for setting up of company or LLP in India including FDI, Joint Venture with or without FIPB / RBI approval and other corporate restructuring or start-up funding related legal / compliance process including:

  • New Business Set-up
  • FDI related guidance
  • Corporate compliance, Annual filings
  • Structuring of Company set-up
  • Restructuring of Business
  • Joint Venture structuring
  • Shareholders Agreement, Technology Transfer
  • Corporate Litigation matters

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