This article is general accounting education for Indian small businesses, not a substitute for advice on your specific contracts, accounting framework, or tax position. Verify revenue-recognition treatment against the applicable standard and confirm any GST position against current official GST provisions or a qualified professional. A small business receives ₹60,000 from a customer for a…
Details
Your transactions are recorded. The invoices went out, the payments came in, rent was paid, and salaries were debited. But before any of that feeds into your financial statements, there is a basic question: do the numbers in your ledger actually agree with each other? That is the problem a trial balance solves. This article…
Details
A prepaid expense is a payment your business makes now for a service or benefit it will receive later. Because the value has not been used up yet, it sits on your balance sheet as a current asset, not as an expense. It only becomes an expense gradually, as your business consumes the benefit. Here…
Details
A business imports a batch of products from a supplier in the United States. The purchase is quoted in US dollars. The goods take several weeks to arrive, the supplier is paid only after delivery, and by then the exchange rate has moved. In the meantime, the same business has to track inventory coming into…
Details
Software bugs don’t always come with a website crash or a screen full of error messages. This can look like a customer quietly walking away when a payment fails, an invoice landing with a client with the wrong tax amount, or a popular product appearing to be out of stock when it’s still in your…
Details
You have two browser tabs open. Wave on the left, ProfitBooks on the right. Both say “free plan.” Both promise invoicing, expense tracking, and financial reports. Both look clean enough. So you almost pick the one with the nicer landing page, which is exactly how businesses end up with accounting software that fights them six…
Details