admin, Author at Business , Financial & Legal Consultant In India

July 15, 2018

THINGS TO CONSIDER BEFORE COSIGNING A LOAN

What is meant by co-signing?
A co-signer is a person who agrees to pay the debt of a borrower if he/she fails
to pay the loan and this process is known as co-signing. A co-signer generally
have huge amount of credits which increase the loan approval chances of a
borrower. Co-signers play a huge role in this world as many people will find it
difficult to get their loan approved without the help of co-signers.
People generally co-sign a loan to assist the family members, siblings, friends
and others. However, helping the family member by co-signing for a loan can
feel rewarding but it come with its own drawbacks. Let us look at some of the
things to consider before co-signing a loan.

”Why would someone ask me to co-sign a loan?”
It is very important to think about the question- why would someone ask me
to co-sign a loan? There might be possibility that the person has a very bad
record of past loan credit, missed EMI etc. However, there can also be a case
where a person like you own children, who are new to credit or who haven’t
taken a loan before may need you to co-sign a loan.

“How does co-signing a loan affect your credit score?”
Co-signing a loan is a very important step and it must be done cautiously. You
have co-signed for the loan means that you have good credit score. When the
borrower fails to pay the loan, you will have to pay the loan. If you also fail to
pay the loan or miss the EMI, then it will impact negatively on your credit
score. On the credit score, it will add to your debt. More debt means that it will
reduce your credit score and you may face a problem while taking another
loan.
However if you pay the loan and pay the instalments timely, it will improve
your credit score. It will help you in taking loans in future. You can always
check the credit score online.

“What are the disadvantages of co-signing a loan?”

Here are the following disadvantages of co-signing a loan
 If the borrower fails to pay the loan, you will have to pay the remaining
loan
 If the borrower defaults the loan, your credit score will decrease
 In case of default, if a loan donor like bank file a suit for the loan, they
are likely to sue the co-signer due to their high credit score
 Co-signer cannot take the name off the loan agreement once the loan is
approved
 If the borrower delays the instalments, it will decrease your credits
“How to be safe while co-signing a loan?”
You can never feel safe while co-signing a loan, there is always a danger lying
around. However, you can take following precautions to reduce risks
 Always co-sign for a person who you know better. Ensure that they are
capable of paying the loan by themselves.
 Be prepared for paying the loan if the borrower defaults the loan
 Ensure that you have all the copies of everything related to the loan
agreement.

Contact BIATConsultant.com to have a consigning loan services in India.

July 15, 2018

BRUTAL MISTAKES WHICH INVESTORS MAKE THAT CAN DESTROY THEIR LIFE

Investing is a tricky concept. It can lead you to huge business revenues.
However, if proper steps are not followed while investing, it can lead to huge
losses. It has the ability to completely destroy someone’s life if investing is not
done cautiously. Let us look at some of the mistakes which investors make that destroy their lives:
 Depending too much on the company’s health cover
There are some people who depend too much on the company’s health
cover. If a person is caught up with a very serious disease, it may
happen that the cost of the medication is too much. The bank will be
pay only a part of the patient’s expenses which can lead to huge
financial trouble. This results in huge financial loss and will eat away all
your savings. So it is better to have ‘personal’ health cover rather than
depending on company’s health cover.
 Excessive use of credit card and loans
Sometimes people are so involved in taking loans that they end up in
deep trouble. Their saving becomes nil and they become bankrupt.
People are attracted towards various schemes to buy things in low cost
EMIs and using credit card to pay for things. Excessive use and addiction
of these things may lead you into big debts which are difficult to pay
later on. So it is very essential to makes proper and judicial use of the
credit card and loans.
 Overspending due to social pressure
People have the trait to show off. This can be very dangerous
sometimes. People spend so much in buying big houses, big cars and in
weddings just to show off. They do it to feel superior over the others.
This can lead to the downfall of a person and make his finances go down
sharply. So we must invest in only those things which are productive in
future or in those things which we need. Spending just to show off is
stupidity.

 Heavy spending problems
Some people are so much addicted towards spending that they do not
even calculate the future savings. If you spend on unrequired things,
then one day you may have to sell things you need. This is very essential
to see whether buying something is valuable to you or not. If it is
essential, then only we must buy it, otherwise not as it may drain all
your savings.
 Attracted toward free advice
People have the tendency to get easily attracted towards the free
advice. In India, everyone has an advice for you. Even the person who
doesn’t have any knowledge about a certain profession will have advice
for you. These advices may cost you deeply. So, it is always better to
take advice from the professionals.
As we have observed that there are certain mistakes which investors make
that destroys their lives. So it is better to have some precautions while taking
an investing decisions or you will fall into dept. Advice must be taken from
professionals like chartered accountant who will give you the best advice
although every advice is subject to market risk. But mostly they will show you
the right way and process to invest.

Consult BIATconsultant to get best investing guide for your business .

July 15, 2018

FINANCIAL ADVISORY SERVICES TO MAXIMISE PROFITS

Handling big firms and organizations is a very challenging task especially the
financial aspects of the company. Every organization requires financial advices
for the growth and expansion of the company. These are valuable advices that
contribute in the betterment of the firm. Chartered Accountants are normally
hired to give their valuable advices.

Confidentiality of advices is essential
It is very vital that the advisory services which an organization is getting must
have high confidentiality. This is because the information shared is very
precious and the information should not be leaked to the third party.
Organizations must make sure that the chartered accountants who they hire
are trustworthy because leaking of information means that company’s stakes
are at risk. Another company may exploit that information to its own benefit
leading to the downfall of the company whose private information has been
compromised.

Financial Advisory is subject to market risks…
Advisory Services are subject to the current market trends and the stock
market. The growth or downfall of stocks is unpredictable. It is very difficult to
guess whether there will be growth or downfall of a certain stock. These are
subject to market risk. That is exactly why the best brains in the business are
hired to give advisory services.
According to the past history and the probability of success of the product in
the market, they give their valuable advice to the customer. They need to
ensure that the greater part of the information is given to the person giving
the guidance to get valuable advice. They have to see the financial history and
where the organization is going.

Benefits of Advisory Services:

Helps in the growth of a company
There are numerous benefits of hiring a Chartered Accountant for advisory
services. Not only they help in providing a best solution to a certain situation but they also help in the growth of the company. They help the company to expand itself by giving an edge over other companies.
Advisory services are life saviours of a company!!
Sometimes, in critical times, during a downfall of a company, these advisory
services can act as saviours. These services help these drowning organization to take positive steps and survive. The world follows the policy “Survival of the fittest”. So only fittest of the fit companies excel in today’s times. That is why these services play a vital role in the development of a company.

Helps in investing money
Investment is another prospect that a company is very cautious about. We
know that money is an integral part of company. Their aim is to generate huge
amount of revenues. To generate these revenues, huge amount of investments are required like purchasing an office for a company etc. So, these are the areas, where good advisory services are needed. Expenses are regularly monitored by chartered accountants who help in keeping an eye on the financial situation of the company.

Tax, Loan issues
There are many consultancy firms that provide advisory services on whether to take a loan or not? From which bank, loan should be taken so that the interest rate is less when compared to others which will ultimately benefit the
company. Tax related issues are important. Even for these issues, advisory
services are needed.

These services come at a cost…
As explained above, you can see how valuable these advices are to a company.
Obviously, these services are not offered for free of cost. A big amount of fees
is charged by chartered accountants for providing these services. Despite
having high fees, these services are advisable to have if you are running a
company. Not having these services may result in the downfall of the
organisation.

BIATconsultant.com is leading financial advisory consultant with presence in India , prividing expert guidance since 2004 .

July 15, 2018

WHAT IS THE MEANING OF TRADEMARK STATUS?

Getting a trademark is not an easy task. It has to go to through several stages
in order to get registered. Trademark can be done of various things like
company’s logo, company’s symbol or name etc. In order to get it trademark it
has to go through a serious inspection before it is approved. There are various
status that can be granted to trademark application. Some of them are as
follows:

Online new application
This status appears when you are filling up the application. Online new
application is available when you are filling it online.

Send To Vienna Codification
There are different categories in which the trademark is applied. If the
trademark consists of symbol, logo or any other design, it is assigned a code
called “Vienna Codification” and this stage is termed as “Send to Vienna
Codification”.

Formalities Chk Pass
This is a very important stage in which all the important formalities are
checked such that it meets all the basic requirements. This stage is termed as
“Formalities chk pass”.

Formalities Chk Fail
As we have already discussed what is formality chk pass status. Now if in that
stage if all the formalities fail to pass, then this stage is termed as “formalities
chk fail”.

Marked For Exam
After all the formality checks, the trademark is passed to the examiner. The
examiner approves in according to various sections of the Trade Marks Act and the status at this stage is termed as “Marked For Exam”.

Exam report issued/accepted
After checking and validation of the trademark, the examiner issues a report as accepted and the status of this stage is known as “Exam report
issued/accepted”. This is a very crucial stage because the examiner gives his
final report on its publication in Trademark Journal.

Objected
If your trademark has some problems, the examiner does not accept the
trademark. The examiner gives objection in a very detailed report to the user
informing about each and every objection in the trademark. An on paper reply
is offered to trade mark registry and the status of this stage is known as
objected.

Advertised or Accepted and advertised
When a trademark application is presented in the Journal, it is given the status
of “advertised or Accepted and Advertised”. This is a very vital status as the
third party has the right to compete with it within 4 months. The trademark
registration certificate is granted if there is no opposition.

Opposed
This is a very important stage as if the opposition stage opposes the
trademark, then the status of the application is termed as “Opposed”.

Send back to EDP
If there are any data entry errors in the application, the application have to be
corrected and is send back to EDP for correction. Once all the errors are
corrected, the entire process starts again for getting the trademark done.

Send to PRAS
PRAS stands for “Pre-Registration Amendment Section”. This status is given
when there are any changes in registration that require attention of the
customer. If that is the case, application is passed to the PRAS department.

July 15, 2018

COMPANY INCORPORATION – IS IT EXPENSIVE AND DIFFICULT?

Several entrepreneurs ignore the importance and significance of company
incorporation before they even begin. They have heard from uncle’s father’s
brother that the incorporation of a company is very expensive and a very
complicated process. So the question arises-why do the big firms and
companies own corporations if incorporation of company is full of spikes?

What is Company Incorporation?
A company generally comes into existence by a process known as
incorporation. After a company has been incorporated legally, it becomes a
distinct entity for those who invest their labour, assets and capital to run the
company. After promotion, the next stage in the establishment of a company is the incorporation or registration. The promoter of a company must perform
the following functions for getting the company registered under the
Companies Act.
First step is the approval of the proposed name of the company. Next step is
filling up the documents that are required during the registration. The third
step is the payment of the required fees as mentioned in the companies Act
1956. The final step is the registration of company. After these four steps, the
company is incorporated.

Incorporation of company offers something to everyone

Whether it is a well-established company or it is fresh new start-up,
incorporation of company has something to offer to everyone. There are heaps of advantages and benefits of company incorporation. Incorporating a business is like making a new entity inside the eye of legal system. This adds value to the business which is incorporated. General population is worried about the financial security of their money. After a business is incorporated in the company form, security is offered to greater part of population.

For the starters, company incorporation can be a real stress. Even for the
veteran entrepreneurs, incorporation of a company can be a challenging task
because there are certain formalities and paperwork that is required for it.

Help of company registration consultant must be taken to implement company incorporation. Even the highly experienced business associates and investors have no clue when it comes to company incorporation.

Company registration consultant makes incorporation easier

As we saw, how cumbersome and hectic the incorporation of company can be?
However, the incorporation can be made easier with some assistance. There
are company registration consultancy firms that assist in the registration of
company. These firms have in-depth knowledge of the process and the
paperwork that is required for registration. When a company is registered, it
becomes a legal company and follows the rules and regulation established by
the government.

That is the reason why the people take help of these professionals for
company incorporation. By exploiting the services of experts and advocates,
company incorporation will not be tough task for you. If we talk about
management fees for company incorporation, it differs from state to state
depending on the lawful share assets of the company. Likewise, fees charged
by specialists for company registration may vary from place to place.
With the expertise of these professional, the company incorporation can be
done with a blink of an eye.

July 15, 2018

SERVICES OFFERED BY A CHARTERED ACCOUNTANT IN INDIA

Business Tycoons and small-business proprietors wear a lot of hats, but hiring
an accounting firm can ease some of the load and permit more time to focus
on the essential core business tactics and schemes. Firms offer a wide range of services, from basic bookkeeping to more complex issues, such as tax returns and audits.
Chartered Accountant is one of the major and most swiftly growing careers in
the recent times. The responsibility of a Chartered Accountant has increased
due to the large economic reforms done by the political parties. They provide
vital services such as:-

Provide Financial Advisory Services:
Sometimes people need financial advice for the astonishing growth of their
business. They need to have some kind of surety that they are providing the
information about their business into the safe hands. This is where the
Chartered Accountant provides their services to the businesses. Sometimes
providing the financial advisory can be hazardous as it is very difficult to expect
the future. They need to ensure that the greater part of the information is
given to the person to get valuable advice to maximize the profits.
Financial advice is something which is very critical. Giving consultancy advice
about the financial transactions, what and how much will be the future
investment is crucial for the growth of business.

Accountancy and Auditing:
Maintaining and preparing the financial accounts and statements of the
customers is known as Accountancy and these are the services provided by the
Chartered Accountant. It encompasses the range of writing accounts to the
financial Analysis of the business. Accountancy comprises of the routine
financial transactions of the company. There are numerous accounting
functions like writing a check, cash, bills and payment send to the vendors.
Payroll and tax deductions are all part of accountancy.

Auditing is one of the crucial services offered by the Chartered Accountants. It
involves reviewing and checking all the accounting books of the company for
any kind of discrepancy. The audit is usually done by an independent body. It is
the in-depth examination of each fiscal transaction made by the business.
When the audit is finished, all the accounting procedures and books are
verified.

Providing Information about Limited Company Information
Private Ltd. Company is considered one of the best ways to start a business.
Once the company is established, there are multiple compliances that are
required to be followed after the company has been established. Managing the day to day operations of the company and the requirement of the corporate laws can be a little taxing for any entrepreneur and that is where role of people like the Chartered Accountant comes into the picture. Big companies take help of the professional while starting a business to ensure timely fulfilment of compliances, without any levy of interest or penalty.

Direct and Indirect Taxation
As there are number of taxes on the law book and the continuing tax info has
become vibrant to the actual economics of business organisation. The
valuation of taxes is very deeply connected with fiscal accounts. The Chartered Accountant has an advantageous position for preparing the returns for tax purposes, before the Income-Tax authorities and general advice on taxes to his clients.
An extra liability is placed on him according to whom his services will be
prerequisite by the tax department for auditing very complex cases, having a
very huge profit potential. The requirement under the Income-Tax law for
compulsory maintenance of accounts by the specified categories of taxpayers
would also make a demand on his time and services.

Import Export Code Registration
Now-a-days export and import are the pillars of any business. They have
become an integral part of growth of an economy. In India, after the
introduction of Industrial Policy, 1991, Indian Government has also introduced the concept ofliberalisation and globalisation. You must have validImport-
Export Code (IEC) for doing import and export of goods or services in India.
While selecting the form of business organisation for export and import
purpose, a person should keep notice of the nature of business, tax
implications, liability, etc. The Chartered Accountants provide this type of
service.

Goods and Service Taxes
Indian Government introduced GST (Goods and Service Tax) in 2017. GST is an
indirect Tax which is levied on the goods and services in India. It replaced many
indirect Taxes present in India. The Chartered accountant is responsible for
checking the implementation of the Goods and Service Tax in a company so
that there are no malpractices.

BIATconsultant is leading consultancy firm based in India providing quality services since 2004 .

July 15, 2018

CHARTERED ACCCOUNTANT SERVICES BY BIAT CONSULTANT

Chartered Accountant is one of the biggest and most rapidly growing
professions in recent times. India is going through a large number of economic
reforms which has resulted in the increased responsibilities of chartered
accountant. These changes bring a challenge to the profession and the services
provided by the chartered accountant…

Accountancy and Auditing
Chartered Accountancy means maintaining and preparing the financial
accounts and statements of the customers. It encompasses the range from
writing accounts to financial analysis of the accounts. Accountancy comprises
handling the daily fiscal transactions for the company. This comprises the very
diverse purposes ranging from the incoming earnings to the outgoing
payments. Some accounting functions include the bills or payments sent to
vendors. It also includes the check, credit card, cash and the electronic
payments received from customers; and checks written and received by the
company. Payroll and tax deductions, along with the reconciling of the
company books for the year, are all accounting processes.
Auditing is one of the most important services of the Chartered Accountants.
An audit involves the review of the accounting books of the company. An audit
is generally done through forensic accounting, or it is mainly conducted by the
company. The audit is usually done by an official independent body, if the
company is traded on a stock exchange. The audit process is an in-depth
examination of each fiscal transaction made by a business and checks whether all the transactions made is correct or not. When the audit is completed, the books and accounting procedures are verified as accurate.

TAXATION
As there are number of taxes on the law book and the continuing tax info has
become vibrant to the actual economics of business organisation. The
valuation of taxes is very deeply connected with fiscal accounts. The Chartered

Accountant has an advantageous position for preparing the returns for tax
purposes, before the Income-Tax authorities and general advice on taxes to his clients. An extra liability is placed on him according to whom his services will be prerequisite by the tax department for auditing very complex cases, having a very huge profit potential. The requirement under the Income-Tax law for
compulsory maintenance of accounts by the specified categories of taxpayers
would also make a demand on his time and services.

Cost Accountancy
The Chartered Accountant has a big responsibility to ascertain cost of
production of the processes and the operations in the construction of a
product and services. He/she has to take control of the establishment of the
appropriate selling price and introduce the cost cutting methods.
Special Company Work
The chartered accountant provides special company work like formation,
financial structure and liquidation of the limited companies. They also do
secretarial and Registration work and the duties of a Receiver in addition to
other special work.

Investigation

The investigation work is carried out by the Chartered Accountant who makes
sure that the fiscal position of business in matters such as share capital,
purchase, sale or financing of a business. This is done to achieve a better
efficiency of a business.

Directorship

Some Chartered Accountant who is at a very senior position of a company or
industry provides their services for the directorship of company.
Company Secretarial Work
Secretary is a man who has professional qualifications and they are an
important link in the management chain. The huge growth of limited
companies has enabled the Chartered Accountant to gives these secretarial
services to small companies.

Management Accounting
Formulation of Policies, performance evaluation and other responsibilities are
undertaken by the chartered accountant.
The chartered accountant serves many purposes like above to increase the
business productivity and make sure that the business is done through the
right process following the rules and guidelines of the law book.

BIATConsultant.com is one of the biggest name in providing chartered account services in India since 2004 , headed by leading CA firm in India UKS&Associates since 1993 .