We have seen those movies and TV shows where the lead takes the company American Express credit card and goes shopping on her business day, and say “Put it on my card.” As a business owner who must have thought wow one day, I will too have a credit card for my business and recreate…
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…
Do you want to become a pro-Amazon seller? Here are the ten useful tips for selling on Amazon. Amazon is growing every year and is also a robust market place to survive. Numbers of Amazon seller accounts are rising day-by-day due to which the market is getting more competing than ever. If you have…
In earlier articles, we’ve covered various aspects of Goods And Services Tax, how to create a GST invoice and finally how to file GST Returns. Now, once you file the returns, it becomes little tricky to make changes to the transactions of that particular month – specially Invoices. But we are humans and changes…
GST is all set to float its wings across India, and it is a high time that we start adapting to its rules and provisions. Under GST, special attention is given to the reporting structure of all transactions, irrespective of the fact that it is of goods or for services. There are three types of…
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…
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…
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…
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…
