Important Financial Statements

3 Important Financial Statements Every Business Owner Should Know

  “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 competency 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 paramount as these…

FIFO Vs LIFO - Inventory Valuation Method

FIFO Vs LIFO – Which Is The Best Inventory Valuation Method?

 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). These are two mostly used inventory methods for record keeping that are feasible on accounting standards. Inventory accounting assigns values and…

Keeping Your Business and Personal Finances

How to Separate Your Business and Personal Finances

Certain things just don’t mix well — like a good scotch and soda, like Rajnikant and Laws of Physics, like Rahul Gandhi and politics and like your personal finances and your business’s. Keeping these things separate not only helps you reduce problems, it also greatly simplifies things and makes it easier to manage your finances.…

Guide To Tax Deducted At Source - TDS

India’s Most Comprehensive Guide On TDS (May 2020)

What is TDS? Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment. As the…