Look, if you’ve ever stared at a GSTR-1 form at 11 PM wondering whether to classify that export invoice as “zero-rated” or “exempt,” you’re not alone. These four terms—zero-rated, nil-rated, exempt, and non-GST supplies—sound like variations of the same thing, but misclassifying them triggers notices, blocks ITC refunds, and creates compliance nightmares that’ll haunt…
We refer to an income statement as a financial statement that provides insight into a company’s financial performance. The Income statement is mostly referred to as a profit and loss statement but is different from a profit and loss report. It lists the revenues and expenses made by a company during a certain period. An…
In their original meaning, Liabilities refer to several obligations, in terms of services or monetary compensation, that an entity owes to others. It refers to something that is to be lost by the possessor. In terms of liability in accounting It refers to a company’s financial obligations that it owes to its investors, business partners,…
If you own a business, your gains are subject to taxes by the government. Business owners often lose a big part of their gains to income taxes. Therefore, business owners need to understand how to identify tax deductions relevant to their field of work. Higher tax deductions for small businesses also equate to a faster…
As a business owner, you must understand that record-keeping of revenues, expenditures, and net profits is crucial for your company’s optimal financial health. In other words, maintaining the books is an important responsibility of an accountant or a business owner. You must close the books periodically, which in simpler terms refers to balancing the income…
We all have heard the terms invoice and bill. However, I’m sure that not many of us are fully aware of the subtle differences between an invoice and a bill. Even I wasn’t, for several years after I started working. After running my business for over a decade, I’ve seen the confusion on people’s faces…
The duties of an accountant revolve around financial record keeping, decision-making, and other aspects that can ensure that the company thrives well in the market. An accountant or a bookkeeper must prepare and analyze the financial records of a company while managing data that can be analyzed and used for consultation. The bookkeeper is to…
If you own a business, your gains are subject to taxes by the government. Business owners often lose a big part of their gains to income taxes. Therefore, business owners need to understand how to identify tax deductions relevant to their field of work. Higher tax deductions for small businesses also equate to a faster…
Aamdani athnni Kharcha Rupaiya or Earning in pennies but expenditure in dollars. Every small and big business owner must be aware of this saying, especially during the start of their business journey. This is the why business owners should maintain a profit and loss report. It will not only help you understand your business’s financial health…
If you own or manage a company or know someone that does, you know that businesses account for all the expenses made for their upkeep. It is crucial to keep a journal of transactions made by them to maintain economic stability. This is what an accounting journal is. Several unaccounted transactions cause an imbalance…