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Consulting & Value Add Services

Consultants play a pivotal role in transforming processes bringing innovation and increased efficiency that help businesses take next level strides. The value of consulting is in helping clients get better results, for less money and effective solutions.

Many reports suggest that Consultants do add value with their innovative thinking, combining their skills and expertise, provides output that transgresses the business complexities the businesses are experiencing.

Business Process Improvement

Compliance Audits

‘Compliance Audit‘ is an activity to provide an assurance on the compliance status of an organization for a defined compliance period. Our experienced team members conduct the audit based on the industry specific customized compliance checklist and evidences supporting the compliances to be checked.  

  • The audit is required to be carried out as per instructions of organization and interactions with its departmental incumbents at respective business units.

  • The audit may cover the review of all applicable compliances (as stated in the scope document) and for the period as specified by Client Organization.

  • Exception reporting includes verification of the reasons for non-compliance and late complied compliance's during the period under audit.

  • Wherever required, we do provide necessary suggestions for making compliance monitoring effective.

Business Process Improvement

Internal Audits

For any business to be ethically governed, 'Internal Audits' prove to be the best tool to validate the checks and balances in place. Internal Audits are crucial in helping businesses maintain compliance with ever-changing regulations and standards.

 

EthicalMinds offer a level of expertise and attention to detail that is crucial for identifying potential risks and inefficiencies within a company's operations. By providing independent and objective evaluations, we can help businesses streamline processes, thus leading to increased productivity and reduced risk of non-compliance.

Business Process Improvement

Process & Controls

EthicalMinds partners with the businesses, in aligning the strategic vision of the organisation, with a motive to strengthen the systems and processes and aligning them with accepted controls.
We impart a tactical rollout of the corporate’s strategy with a comprehensive Business Process Mapping exercise which includes;

  • SOP Preparation and Implementation:

The multitude of processes are given a robust framework with well defined SOP ’s (Standard Operating Procedures), while ensuring that the business process flow is appropriate to the volume and philosophy of the business.
 

  • Job Matrix/ Responsibility Mapping:

The business vision and strategy is implemented by its human resource, and a well defined Job Matrix with clearly articulated roles and responsibilities, work well in percolating the organisation’s ethos right to the points of action and accountability. EthicalMinds analyses the organisation’s requirements, and prepares Job Matrix/ Responsibility mapping, which leads towards capacity optimisation for the organisation.
 

  • Capacity Analysis/ Performance Metrics:

Businesses gain by routinely assessing, the key results of its resource commitments, to evaluate whether the strategic initiatives are on track. EthicalMinds assist businesses to formulate operational performance parameters, which are benchmarked with industry standards, to give management a firm grip on the day to day operations, and helping to achieve the key strategic goals.

Business Process Improvement

Due Diligence Activities

A 'Due Diligence' process can be applied in any business situation, whether it is for business acquisition, financial investment, internal compliance status check, or even for research purposes. Due Diligence involves the assessment of the current state of transaction vis-a-vis a check control as per the standards applied. Due diligence often refers to the in-depth study and research being done before any crucial business decision is required to be taken.

Financial Due Diligence is considered to be the most significant type of due diligence given the fact that usually the valuation of the business may get impacted due to the adverse findings of the due diligence.

Legal Due Diligence is equally important alogwith the Financial Due Diligece. A team of legal experts evaluates the risks that may arise on account of any business contracts, representations, warranties, share purchase agreements, loan agreements, customer contracts among other things.

Tax & Compliance Due Diligence, on the other hand, evaluates the reporting of current status of compliance and exposure due to any pending tax disputes, assessments, departmental audits, scrutiny, notices, etc.

StartUp Management

Complete Enterprise Framework

Innovation and Disruption being the driving force for StartUps, entrepreneurs stand to benefit from associating, with EthicalMinds as an early stage support partner, who can formulate the business processes and provide strategic advice on compliance and risk management. 

 

Our association with StartUps, from their pre-incorporation and later stages help them to strengthen their financial and regulatory compliance framework without adding any complexity.

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EthicalMinds offers a bouquet of services for StartUps which add value to the overall venture at each stage of its growth. These include;

  • Pre-Incorporation Advisory and Setting up of Legal Entity

  • Operational Statutory Registrations

  • Accounting, Taxation & Management Consulting

  • Compliance Management (manual and web tool)

  • Management Board Representation

  • Advisory on Product Pricing / Cost Management

  • Assistance in Due Diligence

  • General Administration including Payroll Management

Core Consulting Services

Back Office Management

EthicalMinds combines its team’s knowledge of industry processes, various laws and accounting conventions with contemporary wisdom and latest technology to deliver management support services to corporates.


EthicalMinds Back Office Management is pivotal to our ‘One Stop Shop’ services handled by our Consulting team.

Following services are included under Back Office Management:
A. SECRETARIAL MANAGEMENT

  1. Incorporation of all types of business entities

  2. Handling one-time as well as regular secretarial compliances

  3. Regularisation of non-compliances

  4. Due Diligence process either for inward investment or outward investment for acquisitions

  5. Facilitate all types of statutory registrations, permits, licences,

  6. Contract Management

  7. Compliance procedures

  8. Secretarial Advisory tie-ups with leading industry experts


B. PAYROLL MANAGEMENT

  1. On-boarding activities and documentation

  2. Preparation of Appointment Letters and employment agreements,

  3. Salary structuring,

  4. Tax planning and declaration activities

  5. Increment analysis and computation,

  6. Preparation of Monthly Salary Register through payroll software, fulfilling all necessary compliance’s related to workforce

  7. Banking activities,

  8. Expense reimbursement tracking

  9. Adherence to labour laws,

  10. Separation formalities in case of Resignation/ retirement


C. ACCOUNTING SERVICES

  1. Basic book-keeping of all accounting records

  2. Preparation of Financial Statements

  3. Assistance in getting Statutory Audit conducted for the Client organisation

  4. Preparation of Management Information Reports (MIS) as per the format approved by the Client organisation

  5. Handling client’s Invoice and Receivable Management

  6. Banking Reconciliations and Fund Flow Reporting


D. TAXATION SERVICES

1. Direct Tax Advisory services, including

  • Corporate Tax planning

  • Employee/ Individual Tax planning

  • Expats Tax planning

  • Preparation and filing of Tax Returns

  • Transfer Pricing Compliance

2. GST Advisory Services, that includes

  • Validation of records for GST Compliance

  • Preparation and filing of GST Returns

  • Periodic reconciliations with books of accounts and GST Returns

  • Applying for GST refunds

Core Consulting Services

Fixed Asset Management

Fixed Asset Management services by EthicalMinds provide assurance, on asset accounting, adequate disclosures, thus safeguarding the assets through its various customised offerings, which include;
 

  1. Physical verification of Fixed Assets of an Organisation, covering pan India locations along with preparation of exception reports on gaps and reconciliations with financial books

  2. All activities relating to Asset Capitalisation, including preparation of Fixed Asset Register fulfilling requirements of Companies Act 2013 and Income Tax Act 1961, alongwith reconciliations with financial books

  3. Advisory on Asset identification methods, including assignment of Asset Codes to each asset item

  4. Generating Asset Tags, that includes designing the Asset Tags (QR/ Bar codes) with information from Fixed Asset Register, and getting them printed on the material suited best for the asset and providing logetivity of the asset tag, thus preventing it from wear and tear.

Core Consulting Services

Data Migration Services

‘Data Migration Services‘ would include:
 

  • Collection of documents to be uploaded and archived from various incumbents, for the specified period, as agreed with client organization,

  • Indexing of the documents collected ensuring 100% correlation with the document listing,

  • Scanning of the documents collected and making them ready for upload keeping in mind the size and quality,

  • Updating the document attributes/ metadata fields in the application making sure error-free updation,

  • Data preparation from one data format to another in case of ERP migration

Advisory Services

Direct & Indirect Tax Consulting

A crucial aspect of doing business in India is the ever-changing and complex nature of taxation and regulatory compliances. It is crucial to understand the developments in regulatory and tax requirements, their impact on business and to use them strategically to maximize advantage. Keeping pace with new compliances and complying them becomes a daunting task for most businesses in a highly competitive landscape.
 

EthicalMinds offers efficient and cost effective professional service in field of taxation to align tax strategy to business strategy for optimizing profit of business. We advise clients from wide range of the sector compliance, relevant procedures, and minimization of compliance risk & litigation.

 

Our areas of professional services, include:

Income Tax planning, compliance and litigation support

  • Advise and consultancy planning for Domestic and International business transactions

  • Strategic Tax Planning - Optimizing tax incidence through application of tax incentives, tax holidays and benefits, double tax treaty networks, use of intermediate companies, transfer pricing

  • Transfer Pricing – study, compliance and representation

  • Compliance and Regulatory

  • Representation before judicial authorities in assessments and appeals

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Custom Act, International Trade (Import and Export), Foreign Exchange Management Act (FEMA) and Foreign Trade Policy (FTA)

  • Review and Compliance of Custom Act for Import and Export

  • Foreign Trade Policy - Identification and taking Export orientation benefits

  • Free Trade Agreement and Preferential Trade Agreement

  • Compliance of Foreign Exchange Management Act and Master circular in matter of import and Export

  • Representation before judicial authorities in assessments and appeals

 

Goods and Service Tax (GST)

  • Tax planning under Goods and Service Tax Act for various business transactions specially, Export, deemed export, Merchant Export, Import and Incentive under GST

  • GST Impact, assessment, implication on business transaction and, suggestion and action for the compliance of GST Act

  • Track the frequent changes and amendment in GST Act and ensure its timely implementation

  • Representation before judicial authorities in assessment and appeals

Advisory Services

ESG Consulting

The role of Environmental, Social and Governance (ESG) consultants is becoming increasingly important in the Indian social-situation. The rise of ESG factors globally has created the need for professional quality consulting support by ESG experts across the globe. 
Investors, customers, and other stakeholders are demanding that businesses take responsibility for their impact on the environment and society. As a result, businesses are turning to ESG consultants for help in developing and implementing ESG strategies.

We, at EthicalMinds, associate with the certified ESG consultants to partake the challenge of providing the required framework needed that includes, the roadmap with a list of initiatives that can be completed along a short-term, medium-term, and long-term horizon and strategic investments in improving the ESG impacts.

 

We can help you develop your own requisite ESG program and provide ESG compliance services that will support business growth, comply regulatory requirements, and address stakeholder priorities concurrently.

Advisory Services

CFO Virtual Services

EthicalMinds is committed to provide cost competitive professional services to organisations, who are scaling up their operations, and wish to propel their growth in a lean manner. Founder Promoters need to focus on their business and product development, while ensuring that financial discipline and strategic intent is followed at operational levels. EthicalMinds works closely with entrepreneurs in formulating strategic financial framework through its CFO Virtual Services, that assist the organisation in embracing scalable opportunities.

EthicalMinds offers advisory in form of CFO Virtual Services in following domains;

A. FINANCIAL & FUND MANAGEMENT

  1. Working Capital Management Planning

  2. Supervision of Accounting process

  3. Suggesting improvements to strengthen the accounting and control framework

  4. Building a robust Management Reporting framework

  5. Preparation of Project Reports


B. BUDGETING & PLANNING

  1. Preparation of Budgetary framework with budget templates, aligning with strategic goals of the company

  2. Conducting budget training sessions with all Departments

  3. Review framework and variance analysis.


C. STRATEGIC MANAGEMENT

  1. Formulation of strategy and operational framework

  2. Mid term strategy review

  3. Developing process and procedures with regard to functional framework, such as, Accounting Manual, HR Manual, Procurement Manual, Service/ Operations Manual, etc

  4. Act as an Advisor to the Board for them to understand the importance of Risk assessment in decision making and building procedures and framework to mitigate any exposures.

Advisory Services

Internal Financial Reporting

A well designed and robust Internal Financial Reporting framework, adds tremendous value to the organisations’s bottom-line, besides ensuring compliance with the internal policies and external regulatory environment.

 

EthicalMinds offers custom made solutions on Internal Financial Reporting to corporates, which complement their accounting and enterprise software systems, to arrive at seamless and accurate reports in a timely manner.

EthicalMinds offers advisory and products to support the following:

  • Internal Control Financial Documentation/ Reporting

  • Management Reporting templates [Financial/ Operations]

  • Financial Authority Matrix Mapping

  • Financial Analytics

  • Customized Reporting Solutions

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