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 accounting, it refers to a company’s financial obligations that it owes to its investors, business partners, suppliers, and…
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, it is essential for business owners to understand how to identify tax deductions relevant to their field of work. Higher tax deductions for small businesses also equate…
An organization must track its accounts accurately based on 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 the…
Podcasting has become the most trending and powerful marketing tool in the last couple of years. Having a podcast is a great way for a creator to market his product. It helps to tell a story and establish some kind of network and authority in the industry. If you are a creator, an artist,…
Tracking business expenses might seem something as complicated as quantum physics if you don’t have the right tools in your kit. These are the tools that enhance your money management habits, tools that minimize your tracking efforts. Without these tools, you are nothing but an unequipped warrior on a battlefield. Managing your business expenses can…
How would you feel when the most critical software that you use to run your business suddenly announces that they will no longer serves you? This is what happened when Intuit QuickBooks announced that they are going to shut down their India business. As a founder of a competing accounting software (ProfitBooks), I was surprised…
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…
Every business is built on the hope that people will find the product or the service the business owner offers. With the advent of the digital age, online marketing for a business, whatever it might be, is of utmost importance. You have to accustom yourself to the digital tools that help your business grow…
E Way Bill is an electronically generated document issued for transportation of goods by vehicles. A registered person is not permitted to transport goods without an E-way Bill from one place to another if the value of the goods exceeds ₹50000 or in some special cases where the supply is inter-state i.e., transport of…
