Learn accounting basics, financial strategies & software tips designed to help small businesses maintain accurate records and improve financial decision-making.
“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…
Introduction For most small Indian retailers, business doesn’t fail because sales are low. It fails because cash runs out at the wrong time. You may be selling well. Customers may like your products. But if money doesn’t come in when expenses go out, the business starts gasping. Rent, salaries, supplier payments, GST, electricity none of…
Introduction Running a business without proper accounting is like driving at night with your headlights off. You may keep moving, but you can’t see the road, the potholes, or the turns coming your way. Accounting software switches on those headlights. It takes scattered financial information like bills, receipts, bank entries, and stock details, and turns…
Introduction If you handle salaries, vendor payments, rent, contractor bills, or professional fees, there’s one system you simply cannot ignore: TDS, or Tax Deducted at Source. It’s one of those things everyone knows is important, but very few understand properly. Most businesses only think about TDS when a notice arrives, usually because of missed deadlines,…
Introduction In business transactions, two documents appear in almost every deal: the purchase order and the invoice. They look similar, both involve numbers, and both connect buyers and sellers. But the truth is, they serve completely different purposes. A purchase order is created by the buyer to formally request goods or services at agreed terms….
What Is a Bank Reconciliation Statement (BRS) with an Example? The word reconcile means “to make one thing compatible with another”. A bank reconciliation statement(BRS) is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines deposits, withdrawals, & other activities affecting a bank account…
Introduction Financial reporting is an essential process to manage, organize & understand your company’s finances. A financial report in any company is used by a wide variety of people during the financial year to evaluate the financial status, performance, and changes of any entity. It also helps readers make a better-informed decision about the entity…
Introduction As a businessman you are supposed to prepare multiple reports to Calculate your Businesses financial condition for a given accounting period. Reports like Sales & Revenue reports, financial reports, inventory reports, formal & informal business reports, summarized business reports, GST reports, performance reports, annual reports etc, but few of them are required to prepare…
Introduction Every taxpayer in India has asked this at some point: Why do I pay both GST and Income tax? Aren’t they the same thing? The truth is, while they sound similar, they work very differently. Let’s put it this way: Income tax is the tax you pay on the income you earn, and GST…
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