An organization must track its accounts accurately based on the golden rules of accounting to have a good understanding of its financial condition. The organization must record all its transactions under appropriate accounts to do so. If an investor or third party wants to take a look at the company’s finances, it will head to…
For any business looking to establish its identity in the US market, registering a trademark is an essential step. Not only does it give the legal business ownership over its brand, but it also safeguards its intellectual property rights and establishes credibility with its customers. It’s not a perk you can get, it’s more of…
The well-known accounting software QuickBooks Online will exit the Indian market on 30 April 2023. As the deadline approaches, the rush to migrate from QuickBooks Online to other software is at an all-time high. This migration process is creating a lot of chaos and leading to a lot of confusion. You might be thinking about migrating from Quickbooks to…
At a monthly meetup of local entrepreneurs, one business owner posed a thought-provoking question that got everyone thinking: “What are the simple cost-cutting ideas that I can implement today?” This question led to a lively discussion where participants shared their experiences and discovered practical strategies for reducing expenses and saving money. Through this blog,…
In India, Financial Year is from 1st of April to 31st March every year. Hence, 31st March is an important date by which important financial obligations should be fulfilled. It is important for those who are required to follow mercantile system to ascertain the transactions accrued up to 31st March and to properly record the…
One of the biggest and positive changes that took place in 2020 is E-invoicing under GST. The main intention or reason behind introducing the concept of e-invoicing was to restrict and reduce fake invoicing that had been happening and was a great concern of the government. The government has introduced e-invoicing in a proper phased…
Online payments have become a part and parcel of our daily lives. We’re transacting online not only through debit or credit cards but through numerous other modes like UPI, net banking, and wallets as well. Paying online is a fundamental feature that every e-commerce platform in the world offers. And they can provide this facility…
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,…