About the Company
Vaidehi, a Chartered Accountant by profession, joined the Mergers & Acquisitions team of two renowned consultancy firms upon completing her degree. She gained valuable experience during her decade-long stint in the corporate world before taking a sabbatical in 2013.
In 2015, Vaidehi became a co-founder of Plan B, a startup that specializes in designing and manufacturing distinctive and attractive clothing for children. The company has a particular focus on creating exciting innerwear and socks for kids.
Sneha, also a Chartered Accountant, had previously established a niche retail and online store that unfortunately closed down ten years ago. After leaving her job in investment banking to care for her child, Sneha was disappointed with the lack of interesting and stimulating clothing and undergarment options available for kids.
During a conversation, Vaidehi and Sneha realized that they had the skills and expertise to create something unique and exciting themselves. This realization led to the establishment of Plan B, which has since gained a strong following among parents looking for fun and stylish clothing options for their children.Plan B’s products have been praised for their high quality, comfort, and unique designs. The company’s success can be attributed to the founders’ combined experience in finance and business, as well as their passion for creating appealing and high-quality clothing options for kids.Despite the challenges faced by any startup, Vaidehi and Sneha have managed to establish Plan B as a trusted and innovative brand in the children’s clothing market. With their focus on creating exciting and comfortable clothing options for kids, the founders are poised to continue growing and expanding their business in the years to come.
Streamline all Back End Operations so that you can save Time & Money and focus on GROWING YOUR BUSINESS.
Accounting & Tax: Let us crunch the numbers, so you can focus on growing your business.
Virtual CFO: Experience financial success with a Virtual CFO by your side.
Internal Audit: Gain peace of mind with our comprehensive internal audit services.
Company Secretary: Let our experienced Company Secretary guide you through corporate compliance effortlessly.
Challenges faced by Plan B
The founders of Plan B, who were both chartered accountants with backgrounds in investment banking, faced several challenges in managing their accounting needs during the initial stages of their business. Despite their qualifications, they had not practiced as chartered accountants before and were unfamiliar with practical tax applications and day-to-day requirements.
To address this challenge, the founders decided to hire an accountant to manage their accounting needs. However, the person they brought on board proved to be mediocre and lacked the organization and structure required for their business. The founders soon realized that they needed to take a more hands-on approach to their accounting needs if they were to succeed.
One of the major challenges they faced was keeping accurate and up-to-date financial records. They recognized that accurate financial records were critical for making informed decisions and managing their finances effectively. However, with little practical experience, they struggled to keep track of their financial affairs.Another challenge was staying up to date with tax regulations and compliance requirements. The founders recognized that non-compliance could result in penalties and legal issues, and they were determined to avoid these. However, they were unfamiliar with the practical requirements of tax compliance, such as filing tax returns and keeping track of expenses.
Furthermore, the founders struggled to balance their accounting needs with their other business responsibilities. They recognized that effective accounting practices required time and effort, but they were also responsible for managing other aspects of the business, such as product development and marketing.Despite these challenges, the founders remained committed to building a successful business. They recognized the importance of effective accounting practices and were determined to overcome the obstacles they faced. Over time, they invested in learning the practical aspects of tax applications and accounting processes, enabling them to manage their financial affairs more effectively.
Today, the founders of Plan B have a deep understanding of their business’s financial operations and are recognized for their innovative and unique clothing designs. They continue to prioritize effective accounting practices, recognizing that these are critical to the long-term success of their business.
Our Approach
Savage & Palmer, had identified potential issues that businesses may face regarding the non-deduction of Tax Deducted at Source (TDS) and Goods and Services Tax (GST). Failure to deduct TDS and GST can result in legal and financial consequences, including penalties and interest.
To address these potential issues, Savage & Palmer has prepared an MIS report that highlights important notifications related to TDS and GST. The report provides critical information that enables internal teams to plan ahead and ensure compliance with tax regulations.
One of the key notifications highlighted in the report is related to E-Invoicing, which is a new electronic invoicing system introduced by the government of India. The system is designed to streamline the invoicing process and reduce errors and discrepancies. The MIS report highlights the key features of the E-Invoicing system and provides guidance on how businesses can implement the system in their operations.
Another notification highlighted in the report is related to TDS on goods. The report provides information on the TDS rates applicable to different types of goods and highlights the importance of complying with TDS regulations to avoid legal and financial consequences.
The MIS report also provides guidance on how businesses can avoid potential issues related to non-deduction of TDS and GST. For example, the report recommends that businesses conduct regular internal audits to ensure compliance with tax regulations and maintain accurate records of transactions.
In addition to providing guidance on compliance with tax regulations, the MIS report also highlights the potential benefits of effective tax planning. By implementing effective tax planning strategies, businesses can optimize their tax liabilities and reduce the risk of legal and financial consequences.
Overall, the MIS report prepared by Savage & Palmer highlights the potential issues related to non-deduction of TDS and GST and provides critical information and guidance on compliance with tax regulations. The report enables businesses to plan ahead and implement effective tax planning strategies to ensure long-term success and avoid legal and financial consequences.
Results
The client has expressed their trust in Savage & Palmer’s ability to handle monthly compliances and accounts management with precision and efficiency, giving them peace of mind and allowing them to focus on other aspects of their business. The client no longer needs to worry about the financial. The client’s satisfaction with our services is reflected in their plans to expand the scope of work and entrust more finance-related responsibilities to the consulting firm. This is a significant vote of confidence, as the client had previously been personally handling these responsibilities. By entrusting these responsibilities to Savage & Palmer, the client is demonstrating their trust in the consulting firm’s ability to handle complex financial matters with professionalism and expertise.
Our reliable and efficient service has allowed the client to focus on other critical aspects of their business, including strategy and growth. By taking on the burden of accounting management, We have supported the client in streamlining their operations and improving overall efficiency.
As a result, the client has more time and resources to focus on driving growth and achieving their business goals.
In conclusion, Savage & Palmer’s reliability and commitment to excellence have earned them the trust and confidence of a satisfied client. By providing exceptional service and taking on complex financial responsibilities, Savage & Palmer has enabled the client to focus on other critical aspects of their business and achieve long-term success.
