Mr. Vinod manufactures solar panels. He just delivered a huge order to one Government office. As per the agreed payment terms, he will get the payment after 3 months. Now, he got another big order. But the problem is he doesn’t have enough money to procure raw materials to fulfill this order. His payment is…
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I’ll never forget September 22nd, 2025. That Sunday morning, my phone started buzzing at 6 AM with panicked WhatsApp messages from business owners across the country. “Mohnish bhai, everything has changed overnight!” “My entire pricing structure is wrong!” “I don’t even know what GST rate to charge anymore!” You know what hit me that morning?…
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Union Budget 2017 For Small Business And Start-ups Union budget is one of the biggest events in the financial calendar of the country and this year’s financial budget saw some great promises made for empowering the small and medium-sized enterprises (SMEs) and the start-up businesses. The finance minister announced some great tax exemptions and policies for the…
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At ProfitBooks, we are committed to make taxation simple for small business owners in India. Since GST is set to replace various indirect taxes, we have started this series on frequently asked questions on GST. This article is next in this series. Earlier, we had covered Levy and Exceptions under GST and Tax payments under…
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Small business owners are often confused about the difference between cash and accrual basis accounting. This might sound like something that an accountant should show but this information is useful for business owner as well. In this article, we’ve explained how each of these accounting methods work. Find out more which accounting method is best for your…
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As small business owners ourselves, we know how important it is to keep our finances accurate and organized. But when it comes to fixed assets like machinery, equipment, or office furniture, we can’t just expense the entire cost at once. That’s where depreciation comes into the picture. It allows us to gradually account for the…
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“You Can’t Improve What You Don’t Measure!” Small businesses must be well-informed to survive in a competitive environment and one of the vital competencies they must develop is to read and understand important financial statements. Understanding essential financial statements such as ‘Trial Balance’, ‘Balance Sheet’, and ‘Profit and Loss statements’ is of utmost importance, as…
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In our endeavour to help entrepreneurs to grow their businesses, we published lot of insightful articles last year. Ive handpicked 15 of them that instantly stuck the cord with our readers. Hope youll enjoy these posts. Here are our most popular business articles from year 2016.. 1) 12 Inventory Management Techniques To Cut Losses Inventory is…
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Inventories are the largest current asset of any business. Businesses are often confused about FIFO Vs LIFO. Ideally, there are two inventory valuation methods or accounting methods: LIFO (Last-in, first-out) and FIFO (First-in, first-out), or for this blog; FIFO vs LIFO. These are the two most used inventory methods for record-keeping that are feasible by…
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