About the Company
Dr. Vaidya’s is a renowned Indian company with a long-standing legacy of providing holistic health solutions and wellness products to its customers. The company has been in existence for 150 years, during which time it has developed natural formulations that have been used to treat thousands of patients and have become cornerstones of holistic health in India.Dr. Vaidya has perfected unique blends that come with the promise of good health for all. The company offers more than 100 FDA-approved formulations for ayurvedic proprietary medicine, ranging from skincare products to remedies for common ailments such as cough and cold. The company takes great care to maintain quality standards that ensure the production of the purest and healthiest formulas for their customers.
The company’s formulations are a testament to its dedication to creating natural and effective solutions for their customers. Dr. Vaidya’s has a team of highly skilled and experienced ayurvedic doctors and practitioners who are responsible for the development and testing of their products. The company also has a state-of-the-art manufacturing facility that adheres to strict quality control measures to ensure that all products meet the highest standards of quality and purity.Dr. Vaidya’s has gained a reputation for excellence and reliability in the Indian market. The company’s commitment to providing high-quality products has helped it to establish a loyal customer base that trusts the efficacy of their products. Additionally, the company’s strong focus on customer satisfaction has helped it to stay ahead of the competition in a highly competitive market.
Currently, Dr. Vaidya’s has about 70 employees who work together to deliver the best possible products and services to their customers. The company’s success can be attributed to its legacy, its commitment to quality, and its skilled workforce, all of which work together to ensure that their customers receive the best possible products and services.
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 Dr Vaidya
Dr. Vaidya’s, a company with a rich legacy in the natural wellness sector, faced significant challenges with their accounting operations due to the lack of a dedicated team. The company struggled to manage their finances, invoices, and receipts effectively, which made it challenging for them to keep up with the increasing demands of accounting. They realized that without a reliable support system, it would be difficult to stay on top of their accounting responsibilities.
One of the significant challenges faced by Dr. Vaidya was the lack of clarity regarding their financial position. As a growing business, it was essential for them to have a clear understanding of their profits and losses. However, the absence of a capable team made it challenging to keep up with the financial statements, and they found themselves struggling to determine if they were making a profit or a loss.
Additionally, the lack of expertise in accounting resulted in errors in financial statements, which could have serious consequences for the business. It was imperative for them to file their taxes accurately and on time, but the absence of a reliable team made it challenging to do so.
Moreover, managing accounting tasks alone was a time-consuming process, which diverted Dr. Vaidya’s attention from core business operations. The lack of a team made it difficult to delegate tasks and share responsibilities, resulting in a significant burden on the founder.In conclusion, Dr. Vaidya’s experience highlights the importance of having a capable team to manage accounting operations. By having a reliable support system, businesses can ensure that their accounting tasks are handled efficiently and accurately, allowing them to focus on their core business operations. It is crucial for businesses to recognize the value of having a dedicated accounting team and invest in their expertise to ensure their long-term financial success.
Our Approach
Savage & Palmer was engaged by Dr. Vaidya’s to handle their accounting and tax compliance requirements. The scope of work was extensive and included end-to-end tax compliances, which involved ensuring that all tax-related obligations were met on a monthly basis.
In addition to tax compliance, Savage & Palmer also handled the closure of books on a monthly basis. This involved maintaining accurate financial records and ensuring that all transactions were properly recorded in the company’s books. This process allowed for better financial management and forecasting for Dr. Vaidya’s.
One of the critical aspects of our work was to provide detailed MIS reports to our client, Dr. Vaidya’s. These reports were designed to give the management team insights into the company’s financial performance, allowing them to make informed decisions on key business matters. The reports included a range of financial statements, including income expenditure statements, profit and loss statements, cash flow statements, and debt and creditors aging reports.The income expenditure statement provided an overview of the company’s revenue and expenses over a given period. This statement helped the management team understand how much money was coming in and going out of the business, and identify areas where they could potentially cut costs or invest more resources.The profit and loss statement provided an in-depth analysis of the company’s revenue and expenses, highlighting key areas of profitability and loss. This statement helped the management team understand how the company was performing overall, and make informed decisions on how to improve profitability.
The cash flow statement provided insights into the company’s cash position, highlighting where the company was generating and using cash. This statement helped the management team understand the company’s liquidity position, and make informed decisions on how to manage cash effectively.Finally, the debt and creditors aging report provided insights into the company’s outstanding debts and creditor payments. This report helped the management team understand the company’s financial obligations, and manage payments effectively to maintain good relationships with creditors.Overall, our detailed MIS reports were critical to helping Dr. Vaidya’s management team make informed decisions on key business matters. By providing insights into the company’s financial performance, we helped the management team identify areas for improvement, manage cash effectively, and maintain good relationships with creditors.
Savage & Palmer’s role in providing these services allowed Dr. Vaidya’s to focus on their core business operations without worrying about the complexities of accounting and tax compliance. With Savage & Palmer handling their financial affairs, Dr. Vaidya’s could be confident that their financial statements were accurate and compliant with relevant laws and regulations. This, in turn, allowed the management team to focus on growing the business, expanding their product lines, and serving their customers better.
Overall, the scope of work handled by Savage & Palmer for Dr. Vaidya’s was extensive and involved several critical financial tasks that required attention to detail and expertise in accounting and tax compliance. The result was a streamlined financial management process that allowed Dr. Vaidya’s to focus on their core operations and achieve their business goals.
The Results
Savage & Palmer took over the management of GST and TDS for the client, which helped to streamline their tax compliance processes. The firm’s team of experts worked closely with the client to understand their requirements and ensure that all tax-related tasks were completed accurately and in a timely manner.By managing GST and TDS, Savage & Palmer helped the client avoid the risk of missing tax deadlines and incurring penalties. They also ensured that the client’s tax compliance processes were streamlined, which saved them time and effort.
In addition, the client was able to benefit from the expertise of Savage & Palmer’s team, who provided them with regular updates on changes in tax laws and regulations. This helped the client stay informed and make better decisions when it comes to tax planning and compliance.
Overall, Savage & Palmer’s successful management of GST and TDS helped to ease the client’s tax-related burdens and allowed them to focus on their core business activities.
