Myriad Challenges of Wishfie.
Know about Wishfie?
Well, they have carved an identity as a social video app, where as a social bug you can share your opinion on topics floating in the air or things that concern the mass.
To understand the several tax and accounting complications that the company went through, let’s walk through their process of operation first.
Wishfie’s approach to work is highly professional, and hence, they wanted to put in place a highly accurate accounting system right from the start, to avoid complications at a later stage. For this, they consulted Growth Secret to extend assistance.
Here’s what Wishfie’s Co-founder, Akshay Pruthi has to say about Growth Secret:
“Working with Growth Secret has been a great experience. The way they handle any of your queries and assist you on multiple other things, which you might not know as a founder/owner of the company.”– Akshay Pruthi, Wishfie
Let’s have a look at the multiple areas Growth Secret addressed.
- Goods and Services Tax (GST) Ever since July, 2017, GST became the talk of the town! Indian companies saw a sudden and drastic tax reform, the execution and implementation of which was no child’s play. Reconciliation in GST mandatorily sought details of all inward & outwards supplies. For the sake of filing returns both GSTR1 & GSTR2 coupled with GSTR3B had to worked upon. This is where, we as a part of Growth Secret extended our best and successfully filed all GST return for Wishfie and that too bang on time!
- TDS Compliance — the vindictive compultion As the Income Tax Act states, a private limited company, responsible for making payments, are required to deduct TDS at prescribed rates under section 194J, 194I & 194C etc. But, the catch is, as a founder of a tech startup, one may not have a clear know-how on which payments you are likely to deduct TDS and that too under which section. This was the dotting point of issue my client was facing. We intervened and proposed to conduct an internal scrutiny check. In no time we were able to hit the bull’s eye! Well, Wishfie had missed depositing TDS on salaries and the filing of TDS return 24Q for the financial year 2017–18. No wonder, this was a legal obligation for for the company. We regularized all potholes following all rules & regulation as per Income Tax Act, 1961 and did the necessary to fend off TDS complications for the financial year 2017–18.
- Payroll– Wondering if anything was kept untouched? Yes, they sought our services in processing payroll as well. Earlier, no such payroll functions were put into effect. We actualized the entire payroll process that included elements like investment declaration, employee payslip and tax calculation sheet etc. As humongous as it may seem, the payroll customization was a big help to Wishfie.
- Monthly Profit and Loss Account– From the time of initiation of operation, Wishfie had maintained their profit and loss records on excel sheets. Quite understandably so, as it’s an early stage company with very few resources and tools at their disposal! Be their daily expenses, bank dealings, revenue generations or liabilities & assets, we streamlined the process and recorded every single transaction in QuickBooks. Did we not pay a heed to profit & loss accounts? Call it an affirmation. Till date, we share every detail with the management on a monthly basis. This helps them in realizing their financial position as a startup. Accordingly, they decide their monetary plan of actions. Today, the Wishfie management has a clear understanding on where from the money is draining in and out and likewise where should they invest more or less.
Who Are We?
We are “Growth Secret” — India’s one of the finest platform for all your start-up financial and taxation frets. Our motive is to make financial & taxation affairs easy for start-ups. We constantly strive to make financial decisions easy, convenient, and transparent for our customers. We have a team of experts with several years of experience in the industry and have in — depth knowledge of direct & indirect taxes, Indian accounting standards (Ind AS), accounting principles, GAAP, due diligence & transfer pricing etc. We are the platform which is dedicated to helping people easily start and grow their businesses, at an affordable cost.
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