Accounting & Business support
In order to provide the highest level of accounting and business support services, we have created a team of professionals with adequate and extensive experience. Each team member is well trained, skilled and dedicated to work efficiently with clients on solving the challenges in this field.
SMCS Global brings a wide range of experience in the provision of accounting and business support services to a large number of various clients and can help in the management of various issues and monitoring of compliance with the law and business risks that await the client.
We can reorganize your financial and accounting processes, by doing it for the client or together with the client, depending on its needs. Considering that we have worked with numerous clients our experience can be utilized to find the best solution in the area of the Law on Accounting, International Accounting Standards, Corporate Income Tax Law, Value Added Tax Law and Foreign exchange Management Law.
In today’s complex and dynamic business environment, organizations continually evolve to improve performance, anticipate and pre-empt competition, and innovate for long-term sustainability and success. Organizations are constantly challenged to evaluate opportunities across all facts of their business, be it strategic, commercial operations like sales and marketing, manufacturing and supply chain, new product development, technology platforms, customer service and support, or people processes.
SMCS are globally with key projects and strategic initiatives to enhance business value. We provide advisory services to support ongoing business operations, enable performance improvements, support financial transformation and manage risks.
Additionally, we offer our services as implementation partners to ensure business goals are met.
Our key Business Advisory service offerings include:
- Business consulting including market research, strategy and operations
- Financial and process consulting
- Greenfield and brownfield projects advisory
- Transaction advisory including M&A, due diligence, valuations, economic analysis
- Technology and risk consulting
- Intelligent automation and analytics
- Strategic initiatives management and special projects
Audit & Assurance
Accounting firms offer a wide range of professional services to their clients, including audit, review, other assurance, and related services. These services are regulated, with many jurisdictions requiring compliance with international standards or national requirements that have been based on international ones. The type of service delivered depends both on the statutory requirements and what will provide the most value to the client and users of the financial information.
An independent audit is an important service for providing users with assurance on entities’ historical financial statements. It is widely acknowledged that high-quality audits directly benefit businesses and indirectly benefit the economy and society in general. Company audits can have a significant influence on investment decisions, are integral to investor confidence, and are considered to be vital to the effective functioning of capital markets. The audit is also a highly valued service with the insights provided often making a real difference to entities’ operations, risk management, and internal controls.
As part of an effort to reduce compliance costs with regulation, there is evidence of a global trend toward exempting entities operating within certain thresholds from the requirement to have a statutory audit. It is likely that this changing global landscape will result in a rise in the demand and provision of practitioners offering a wider range of other assurance and related services, particularly among small- and medium-sized practices (SMPs), whose clients are predominately small- and medium-sized entities (SMEs) and often fall within the limits for exemption. These services have an important role in enhancing the credibility of entities’ financial statements and the financial information they provide.
All governments require revenue, and domestic taxes are the primary means for generating it. Yet both the size and shape of taxation vary significantly across countries and have been transformed over time. What explains variation in domestic taxation? To answer this question, recent scholarship on taxation has focused on the politics of taxation as a tool for redistribution. This has led to a wide body of research on the fiscal impact of taxation and on the introduction, evolution, and variation in direct and progressive tax regimes, particularly the income tax. Yet the focus on taxation as a redistributive tool yields a puzzle, as more progressive tax systems tend to be found where redistribution is in fact the lowest. Explanations of this paradox often center on the impossibility of high and progressive taxes on capital in the context of international economic integration. Not as well studied are taxes other than the taxation of income, and the deliberate politics of nonfiscal, regulatory, and incentive effects of different tax choices. Methodologically, problems of endogeneity are ubiquitous in the study of tax policy choices, but more sophisticated experimental work is well underway in research on individual preferences for taxation.
Every state may tax their subject. However an issue is raised when there is an incidence of tax levied by two countries on the same property or person. The Smcs committee on fiscal affairs stated the problem as “imposition of comparable taxes in two or more states on the taxpayer in respect of the same subject matter and for identical periods:”
Generally, a country will tax its citizens on their worldwide income and also the income and gains at source. The source principle envisages that a country will tax their citizens and also non-resident person’s incomes and gains in the country. The issue of jurisdiction arising from residence and source is one of the main issues on international taxation. Many Corporations select destinations to save taxes and the International tax policy would be to control such activities.
The incidence of double taxation is of the following two types :
- Juridical Double Taxation: This occurs where two countries impose tax on the same property or person in a way that there is a heavier tax burden on the subject as compared to the burden he would have if he were within the jurisdiction of one country.
- Economic double taxation: This occurs when two persons are taxed for the same income
- In order to remedy double taxation countries are entering into treaties. Smcs global is an international body of which set out a model on avoidance double taxation. In substance India follows the UN model which is adapted from the Smcs model. Generally such treaties have a tie breaker clause and the treaty decides which country will have the right to tax the individual or corporation involved.
- With globalization the focus has shifted from double taxation to double non taxation. Nowadays developed nations are trying to find a way to curb MNE’s from avoiding double taxation. In order to do this the following measures have been put in place :
- Controlled Foreign Companies Regime
- Transfer Pricing; and
- Thin Capitalization
- The above measures have been recognized by the Smcs and have been incorporated in the model law. According to the Smcs these measures do not contravene any principles of International Tax.
- In India, the Government has been given the authority under Section 90 of Indian Income Tax Act to join in Double Tax Avoidance Treaties (DTAA).
Setting up a Business
Talk to any entrepreneur or small business owner and you’ll quickly learn that starting a business requires a lot of work. Generating a business idea is a great starting point, but an idea doesn’t become a business without effort. Some budding entrepreneurs understand the effort necessary to create a business, but they might not be familiar with the many steps required to launch a business venture. If you’re willing to put in the effort to build a business, you’re going to want to know the steps needed to reach your goals.
Tasks like naming the business and creating a logo are obvious, but what about the less-heralded, equally important steps? Whether it’s determining your business structure or crafting a detailed marketing strategy, the workload can quickly pile up. Rather than spinning your wheels and guessing at where to start, follow this 10-step checklist to transform your business from a lightbulb above your head to a real entity.
In this article…
- Refine your idea.
- Write a business plan.
- Assess your finances.
- Determine your legal business structure.
- Register with the government and IRS.
- Purchase an insurance policy.
- Build your team.
- Choose your vendors.
- Brand yourself and advertise.
- Grow your business.
Virtual CFO Services
Virtual CFO services give you access to a chief financial officer (CFO) who can help your business grow by implementing ways to raise capital, set key performance indicators (KPIs) and review and analyze financials to identify risks and big-hit opportunities. We looked at several companies and narrowed it down to the top five based on costs, services and customer approval.
If you don’t need high-level financial advice but instead are looking for someone to keep your books, then you should consider hiring a full-time bookkeeping services company like Bench. Bench will manage all of the income and expenses for your business and provide monthly financial statements. Contact Bench for a free consultation to get started.
A trademark not only gives the trademark owner the exclusive right to use the mark, but also allows the owner to prevent others from using a similar mark that can be confusing for the general public. A trademark cannot, however, prevent another person or company from making or selling the same goods or service under a clearly different mark. Rights to a mark can be established through the legitimate use of the mark in a commercial or business setting. Registration with the U.S. Patent and Trademark Office (USPTO) is not required, but offers additional protections.
When a person claims the rights to a particular mark, he or she is allowed to use “TM” (for a trademark) and “SM” (for a service mark) to designate that the mark is trademarked. The symbol “®” designates federal registration and can therefore only be used after the USPTO registers the mark, meaning the symbol cannot be used when an application is pending. In addition, the ® symbol may only be used with goods and/or services that were listed in the federal trademark application.