Invoicing explained Invoices are a critical element in business. In simple words, it is a commercial document that helps maintain records of a transaction between a buyer and a seller. An invoice tells your client how much they owe you, when the payment is due, and what services you provided. If goods or services were…
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…
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…
A common challenge for both small and large companies is how to handle inventory problems and solutions. The many processes involved in inventory management mean you need to keep a careful eye on your items. Otherwise, your products can easily get lost or damaged. This task can become even more challenging without the right tools…
A retail business’s inventory is among its most precious assets. As it has been proven to be the case, in the global ever-growing economy, for inventory-intensive industries such as retail, hospitality, and manufacturing, an entity’s finished products, raw materials, and other components are at the heart of its business. Therefore, a shortage of inventory at…
Inventory is the collection of goods a company has in its stock. This includes raw materials, unfinished goods, and goods that are ready to be sold. Generally, inventory refers to the finished goods. This can also include the raw materials required for the production of finished goods called work in progress. Inventory turnover…
The most awaited and new tax system of India i.e., GST came into existence on 1st July 2017. After this, most of the businesses were able to continue smoothly as they adopted GST Compliance. But there are many businesses still that are not very sure about various compliances which can lead to heavy fines and…
GSTR 3b is the basic return of GST. Every registered person except the composition dealer, TDS and TCS deductor is required to file it. It is a monthly return and the payment of tax in GST is linked with GSTR 3b. It means we make the payment of tax under GST while filing GSTR…
GST State Codes List in India The GST taxpayer gets the GST number after registering with GST. The first 2 digits in the registration number are the state code. The GST State Codes are used to identify the state of the GST registered entity. These codes are also useful while raising invoices in GST and…
