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Internal Audit vs Statutory Audit: Key Differences Every Business Should Know | Akshay Baheti & Co.

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Auditing plays an important role in maintaining financial transparency, strengthening internal controls and improving confidence in business information. However, internal audit and statutory audit are not the same thing . Businesses often use these terms interchangeably, but they have different objectives, scopes and reporting purposes. Understanding the difference between internal audit and statutory audit can help business owners and management determine what each type of audit is designed to achieve and why both can be valuable in the right circumstances. Under the Companies Act, 2013, internal audit is addressed under Section 138 for prescribed classes of companies, while statutory audit and the appointment and duties of auditors are covered under Sections 139 and 143. The exact applicability depends on the entity and applicable rules. Ministry of Corporate Affairs What Is an Internal Audit? An internal audit is a structured review of an organisation's internal processes, co...

GST Compliance for Businesses in India: A Practical Guide for Business Owners | Akshay Baheti & Co.

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Goods and Services Tax (GST) is an important part of financial and tax management for businesses operating in India. For registered businesses, GST compliance involves more than simply collecting tax from customers and filing returns. Businesses need to maintain appropriate records, issue compliant invoices, monitor input tax credit, reconcile relevant transaction information and meet applicable filing and payment requirements. The exact compliance requirements can vary depending on the nature, turnover, registration status and activities of a business. Therefore, maintaining an organised GST process is essential for avoiding unnecessary compliance issues. What Is GST Compliance? GST compliance refers to the processes a registered business follows to meet its obligations under India's Goods and Services Tax framework. Depending on the business, this may include: GST registration Issuing GST-compliant tax invoices Maintaining appropriate records Reporting outward supplies Filing app...

Virtual CFO Services in Pune | Akshay Baheti & Co.

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For many growing businesses, managing finances becomes more complicated as operations expand. Increasing expenses, delayed customer payments, working capital requirements, tax obligations and investment decisions can make financial management difficult without proper planning. While hiring a full-time Chief Financial Officer (CFO) may not be practical for every business, professional CFO support can help business owners gain better visibility into their finances and make more informed decisions. This is where Virtual CFO services in Pune can be relevant for startups, small and medium-sized enterprises (SMEs) and established businesses looking to strengthen their financial management. A Virtual CFO provides financial planning, reporting, analysis and strategic guidance remotely or through an agreed service arrangement, depending on the business's requirements. It helps business owners understand their financial position, identify potential challenges and plan for sustainable growth....

Business Advisory Services in Pune | Akshay Baheti & Co.

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Running a business successfully requires more than increasing sales. Business owners also need to manage cash flow, control costs, understand profitability, meet compliance requirements and make informed financial decisions. As businesses grow, financial decisions become more complex. Whether it is expanding operations, improving profitability, managing working capital, choosing the right business structure or planning for future growth, having access to professional financial guidance can make the decision-making process more structured. This is where business advisory services in Pune can provide valuable support to entrepreneurs, startups, SMEs and established businesses. What Are Business Advisory Services? Business advisory services involve professional guidance that helps businesses understand their financial position, identify challenges, manage risks and plan for sustainable growth. Unlike routine accounting, which primarily focuses on recording and reporting financial tr...