Learn accounting basics, financial strategies & software tips designed to help small businesses maintain accurate records and improve financial decision-making.
Introduction Retail businesses today need much more than basic bookkeeping. Between GST compliance, inventory valuation, expense tracking, profit monitoring, vendor payments, and daily sales reconciliation, managing finances has become increasingly complex.. To help retailers choose the right solution, I’ve compared five of the most popular accounting software options in India based on ease of use,…
Introduction Running a small business in India in 2026 means going through GST returns, e-invoicing, e-way bills, inventory, and daily bookkeeping, usually without a full-time accountant. The right GST accounting software for small business automates the heavy lifting and frees you to focus on growth. We’ve compared the five most widely used names in India,…
KEY TAKEAWAYS Form 16 is a TDS certificate issued by your employer showing salary income and tax deducted during the financial year It has two parts: Part A (TDS summary) and Part B (detailed salary breakup and deductions) Employers must issue Form 16 by 15 June after the end of the financial year You can…
KEY TAKEAWAYS Sundry debtors are customers who owe money to your business for goods or services sold on credit Sundry creditors are suppliers or vendors to whom your business owes money for goods or services bought on credit Sundry debtors appear on the assets side of the balance sheet Sundry creditors appear on the liabilities…
KEY TAKEAWAYS India has 32 Accounting Standards (AS 1–AS 32) Core standards like AS 1, AS 2, AS 3, AS 9, and AS 10 are most relevant Some standards are merged or withdrawn Accounting Standards ensure consistency and compliance Introduction Accounting Standards in India define how businesses record, present, and report financial transactions. Issued by…
Introduction Every new financial year brings the same question for small business owners:“Should I continue with what I have, or upgrade to something better?” For many shop owners, traders, and first-time entrepreneurs, accounting software is often chosen the same way we choose a calculator. Whatever is cheaper or easily available. But here’s the thing. Accounting…
Introduction Growth is exciting, but it also exposes weaknesses. Many small businesses in India grow faster than their accounting habits. Sales increase, customers multiply, transactions pile up, but the way records are maintained remains informal. For a while, this works. Then suddenly, GST payments feel heavy, cash flow becomes unpredictable, and profits don’t look as…
Introduction Closing books of accounts at the end of the financial year is one of the most important accounting activities for small and medium businesses. Proper year-end closing for FY 2025-26 ensures accurate financial reporting, smooth tax filing, and audit readiness. For SMEs, mistakes during the financial year-end can lead to incorrect GST reporting, missed…
Introduction Many business owners look at their Profit & Loss statement and feel one of two things: confusion or false confidence. Confusion because the numbers don’t “feel real”. False confidence because sales look good, so everything must be fine right? Here’s the truth: Your P&L statement is not an accounting document. It’s a story about…
“Close Book” is a strong part of Financial Year – End procedures of every business. So, what is this “Close Book”? “Close Book” is the accounting process where you clear your previous year account balances (of the income and expense accounts). i.e You start fresh again!!! Doing “Close Book” at right time will prevent you from making…
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