Steadfast Business Consulting: Reliable Solutions Leading to Critical Business Decisions
Today, India is going through a period of unprecedented economic liberation, opening its vast consumer base to international firms. It is primarily difficult for business integration, however, with locals on-board, businesses get simplified to flowing economy from the vast potential economy of the country. Businesses operating in India are required to make so many tax payments a year, taking 24 hours' worth of attention. While the Corporate Tax rate has been reduced to 22 percent the burden of keeping up with the Compliances is huge. Further, non compliance would also result in serious penal consequences.Long story short, for businesses, sometimes the burden of keeping up with the taxation and regulatory commitments becomes so astronomical that they can hardly focus on their core competency. India is an enormous country with vast economic potential, but traversing the diverse and complicated corporate landscape can be a daunting task without the right help on board.
Built on the pillars of Quality & Timeline; Affordable Pricing; and Customer Relationship & Trust, Hyderabad headquartered Steadfast Business Consulting LLP is a leading Professional Service firm offering wide range of services in the tax and regulatory space to clients in India and around the world. The firm was founded by Big 4 Alumni having diverse expertise. Having worked with multiple Corporate clients at Big 4, the founding team understood that clients look up to experts in Big 4 primarily for quality in the service. "Over the time we have observed clients tend to become more cost sensitive as Finance & Tax function of any Company is a non-core activity. We wanted to bridge the difference by providing our clients services without compromising on quality but within budget cost/fee", explains Mithilesh, Founder & CEO, Steadfast Business Consulting.
Mithilesh has over 12 years of experience in Big 4s and Private consulting in the field of Transfer Pricing, Taxation and regulatory matters. Along with being a Chartered accountant and a lawyer, he is certified Forensic auditor and an International tax expert. Together with a founding team of experienced people who are the consulting subject matter partners, Steadfast has fixated a strong foothold in the market. Each of its Partner is having diverse and niche expertise in various fields viz., Transfer Pricing, International & Domestic Tax, Indirect taxes, Merges & Acquisitions, Assurance, Internal Audit, handling Outsourcing business, Virtual CFO services etc. Having such diverse experience has significantly helped Steadfast to be a one stop solution for the financial needs of the clients.
The Pillars of Success for Steadfast
SBC's USP lies in quality service and client satisfaction. Quality & Timelines maintained in SBC's service offerings are one of the foremost pillars. With almost all the Partners and Seniors being Big 4 alumni, Steadfast team takes pride in the quality of its research and deliverables. Providing timely service in this profession is highly essential as not adhering to the stipulated timelines impact the clients directly in the form of penal consequences lie Penalty, Prosecution and more. As for the second pillar, Pricing, SBC believes in modest fee quote system. The third, yet the most impactful USP of Steadfast is the relationship & trust built with clients. The leadership at SBC believes that all business relationships work primarily on Trust. "The trust and belief which the clients have on us is the main driving force for us to do better", adds Mithilesh.
SBC primarily begun its operations with Taxation & Audit services in 2016 with a team of 3 and has now expanded to a 100+ team across locations (Hyderabad, Visakhapatnam) providing varied financial consultancy services ranging from Taxation, Statutory & Internal Audit, Regulatory services (like FEMA, SEZ), Virtual CFO, back end outsourcing of accounting, etc.
Speaking about how SBC comprehends clients' expectations, Mithilesh elaborates, "We observed while working in Big 4 that clients would prefer speaking to a single consultant about the Finance, Compliance and other critical matters Tax needs rather than
multiple people for each specific service. This has also challenged us as professionals to come out of our comfort zones and expand into various service lines. Starting with only two service offerings (Tax, internal audit, Transfer pricing, Virtual CFO), we can now proudly say that we offer end to end financial consulting services to our clients".
SBC is ISO 9001:2015 & ISO 27001:2013, thereby assuring clients that their data is secured and it follows the global standards in confidentiality and client data privacy. Ever since its inception, Steadfast is observant of the changing dynamics of the taxation domain and the requisites of new age clients and businesses. Founding Team shares a little insight of the current landscape of the taxation consulting firms in India "There are rapid changes which have taken place recently in the form of Tax Reforms both to Corporates as well as individuals. Reduction in Corporate tax rate from 30 percent to 22 percent / 15 percent, rationalization of individual tax rates are examples of few. Even to MNCs, significant changes like introduction of Equalization levy, removal of Dividend Distribution Tax, GST rationalization will have impact which needs consideration. Other external factors like promotion of Make in India, states trying to offer incentives for companies setting up their units, etc., is already helping India as a potential Investment destination. If we Couple them with the changes in tax laws, every transaction would need vetting from Tax perspective".
Reliable consulting Partner
Steadfast has been literally steadfast in coming to the rescue of businesses stumbling/struggling in the difficult times posed by COVID19. Amidst COVID outbreak, many companies are facing working capital issues. "During this time, processing the long pending tax refunds and getting the incentives on time is certainly a major challenge to us and Steadfast has delivered the services methodically and have been serving us as reliable consulting partners This has helped the Company to a great extent", adds CFO of US based Indian ITES Subsidiary.
Being consultants, Steadfast understands that clients often need help in resolving time bound challenges like receiving notices from tax authorities, monetizing tax refunds and incentives which are long pending with department during COVID time, etc. SBC team has ensured these challenges are addressed timely viz., notices from tax authorities are always responded within the timelines prescribed while ensuring effective communication with the tax authorities to minimize any misunderstandings considering the recently introduced Faceless assessment scheme for tax scrutiny.
Creating an Ease in Tax Compliances through Technology
SBC has focused on Automation, Tracking and provides regular updates, dashboard system for senior personnel in clients, MIS and Tax network connectivity and access to all the databases which has helped in gaining confidence of the clients. SBC has also deployed a GST automation product along with a IT partner senior personnel to automate the GST E Invoicing scheme and also helped many clients to automate reconciliations and other laborious tasks in GST. SBC has invested in many Tools, databases and has encrypted cloud-based storage system to make the data available real time to clients and all the office staff.
Organizational Culture and Employee Programme
Typically, there are two types of consulting firms in India Big 4's and other than Big 4's. The employee culture among the two kinds of firms is also very different. Having worked in both firms, Steadfast team understands that there are both pros & cons in both kind of firms. SBC intends to provide for its employees to gain the expertise of Big 4 quality while working in traditional firm set up. Therefore, emphasis was laid on proper training of the employees before they can directly interact with the clients or work directly on client deliverables and running projects. SBC thrives to promote discipline among its employees and has a time sheet, biometric tracking system for productivity and costing and billing analysis. The firm also encourages employees by recognizing their achievements; high performing employees are identified on a monthly basis and rewarded.
“SBC has recently associated with prime global one of the five largest associations of independent accounting firms in the world and having member firms in over 90 countries”
With a humble beginning, SBC has now grown from a 3 people member team to a 100+ strong team and 7 Partners. Success met with hardwork, and SBC moved from a 1500 sq.ft office to a bigger, spacious and multinational set up of 5500 sq.ft office. SBC could achieve this in a span of 4 years since its inception.
SBC has recently associated with Prime Global one of the five largest associations of independent accounting firms in the world and having member firms in over 90 countries. This has enabled it to reach across borders and start catering to overseas clients. Few assignments SBC has undertook for overseas clients include accounts- Book keeping outsourcing, Contract review, segregation, FDI planning and structuring, establishing their presence in India compliances, advisory, etc. For the near future, the company is planning to set up a dedicated team to work in this segment for overseas clients and also have representation. In terms of revenue, Mithilesh expresses that the firm has witnessed a multifold growth with the numbers doubling over past two years. "All this has been possible with the commitment of our Partners, support of our entire team and the belief clients have placed on us", adds Mithilesh.
Having made such giant strides in a short span of time, within the taxation domain, Steadfast plans to continue expanding its service and client base in the coming years. "We still believe that we have lot of potential to grow further and aim for global footprints in the coming couple of years", concludes Mithilesh.
SBC is ISO 9001:2015 & ISO 27001:2013, thereby assuring clients that their data is secured and it follows the global standards in confidentiality and client data privacy. Ever since its inception, Steadfast is observant of the changing dynamics of the taxation domain and the requisites of new age clients and businesses. Founding Team shares a little insight of the current landscape of the taxation consulting firms in India "There are rapid changes which have taken place recently in the form of Tax Reforms both to Corporates as well as individuals. Reduction in Corporate tax rate from 30 percent to 22 percent / 15 percent, rationalization of individual tax rates are examples of few. Even to MNCs, significant changes like introduction of Equalization levy, removal of Dividend Distribution Tax, GST rationalization will have impact which needs consideration. Other external factors like promotion of Make in India, states trying to offer incentives for companies setting up their units, etc., is already helping India as a potential Investment destination. If we Couple them with the changes in tax laws, every transaction would need vetting from Tax perspective".
Reliable consulting Partner
Steadfast has been literally steadfast in coming to the rescue of businesses stumbling/struggling in the difficult times posed by COVID19. Amidst COVID outbreak, many companies are facing working capital issues. "During this time, processing the long pending tax refunds and getting the incentives on time is certainly a major challenge to us and Steadfast has delivered the services methodically and have been serving us as reliable consulting partners This has helped the Company to a great extent", adds CFO of US based Indian ITES Subsidiary.
Being consultants, Steadfast understands that clients often need help in resolving time bound challenges like receiving notices from tax authorities, monetizing tax refunds and incentives which are long pending with department during COVID time, etc. SBC team has ensured these challenges are addressed timely viz., notices from tax authorities are always responded within the timelines prescribed while ensuring effective communication with the tax authorities to minimize any misunderstandings considering the recently introduced Faceless assessment scheme for tax scrutiny.
Creating an Ease in Tax Compliances through Technology
SBC has focused on Automation, Tracking and provides regular updates, dashboard system for senior personnel in clients, MIS and Tax network connectivity and access to all the databases which has helped in gaining confidence of the clients. SBC has also deployed a GST automation product along with a IT partner senior personnel to automate the GST E Invoicing scheme and also helped many clients to automate reconciliations and other laborious tasks in GST. SBC has invested in many Tools, databases and has encrypted cloud-based storage system to make the data available real time to clients and all the office staff.
SBC Is ISO 9001: 2015 & ISO 27001: 2013, There by Assuring Clients That Their Data Is Secured And It Follows The Global Standards In Confidentiality And Client Data Privacy
Organizational Culture and Employee Programme
Typically, there are two types of consulting firms in India Big 4's and other than Big 4's. The employee culture among the two kinds of firms is also very different. Having worked in both firms, Steadfast team understands that there are both pros & cons in both kind of firms. SBC intends to provide for its employees to gain the expertise of Big 4 quality while working in traditional firm set up. Therefore, emphasis was laid on proper training of the employees before they can directly interact with the clients or work directly on client deliverables and running projects. SBC thrives to promote discipline among its employees and has a time sheet, biometric tracking system for productivity and costing and billing analysis. The firm also encourages employees by recognizing their achievements; high performing employees are identified on a monthly basis and rewarded.
“SBC has recently associated with prime global one of the five largest associations of independent accounting firms in the world and having member firms in over 90 countries”
With a humble beginning, SBC has now grown from a 3 people member team to a 100+ strong team and 7 Partners. Success met with hardwork, and SBC moved from a 1500 sq.ft office to a bigger, spacious and multinational set up of 5500 sq.ft office. SBC could achieve this in a span of 4 years since its inception.
SBC has recently associated with Prime Global one of the five largest associations of independent accounting firms in the world and having member firms in over 90 countries. This has enabled it to reach across borders and start catering to overseas clients. Few assignments SBC has undertook for overseas clients include accounts- Book keeping outsourcing, Contract review, segregation, FDI planning and structuring, establishing their presence in India compliances, advisory, etc. For the near future, the company is planning to set up a dedicated team to work in this segment for overseas clients and also have representation. In terms of revenue, Mithilesh expresses that the firm has witnessed a multifold growth with the numbers doubling over past two years. "All this has been possible with the commitment of our Partners, support of our entire team and the belief clients have placed on us", adds Mithilesh.
Having made such giant strides in a short span of time, within the taxation domain, Steadfast plans to continue expanding its service and client base in the coming years. "We still believe that we have lot of potential to grow further and aim for global footprints in the coming couple of years", concludes Mithilesh.
