India is heading towards its biggest tax reforms ever. The whole World is watching this roll out, as the World 3rd largest economy is moving towards a destination based tax-reporting structure. Every transaction has to be reported through the last mile with a common invoice, identifiable to the seller and recipient of goods and services.…
If sell products or services in India, you must be issuing invoice to your customers. Every business in India needs to know about the new GST invoice rules going forward. In this article, we’ve explained how to create GST invoice, various components that must be there on invoice, format of GST invoice and much more.…
It’s been a few years since you are running this business. You are about to end this financial year and now you want to know – What is my actual business worth? Most small business owners consider only revenue while assessing their business worth. However, they rarely consider one fundamental thing in the calculation â Fixed Assets. An example…
What Is Accounts Receivables? Accounts receivables can be attributed to the amount of money the company or the respective business organisation is bound to receive for its services/goods provided to the customers. Also termed as trade receivables, this particular term can be explained in an example that follows. A business organisation will have an…
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 fulfil this order. His payment is…
Goods and service tax (GST) is set to go live in India on 1st July 2017. This is the biggest tax reform as its going to replace around 18 indirect taxes. Naturally, there is lot of confusion around GST. In order to make business owner’s life easy, companies have launched GST mobile apps. At the…
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…
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…
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…
What is Depreciation? In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery etc. The land is the only exception that cannot…
