E way Bill is an electronically generated document issued for transportation of goods by vehicles. Without an Eway bill, a registered person is not permitted to transport goods 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 goods…
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…
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…
Goods and Services Tax (GST) is an important part of a nation’s taxation policy. It is a single unified tax system that has been implemented in many countries around the world. It is one of the biggest tax reforms that has replaced various taxes, such as value-added tax, excise duty, service tax, etc. Above all…
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,…
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, business owners need to understand how to identify tax deductions relevant to their field of work. Higher tax deductions for small businesses also equate to a…
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…
If you step out in the market often and interact with businesses or any transactions, you’d have encountered the terms‘ invoice‘ and ‘bill’. Businesses, accountants, and customers often use these two terms interchangeably. Though they do have some commonalities, they surely aren’t identical. If you are a business owner and wish to have some assistance…
The duties of an accountant revolve around financial record keeping, decision-making, and other aspects that can ensure that the company thrives well in the market. An accountant or a bookkeeper must prepare and analyze the financial records of a company while managing data that can be analyzed and used for consultation. The bookkeeper is to…
