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small business

4 easy tips that will help you track your small business expenses

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…

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Invoice Bill

Is an invoice the same as a bill?

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…

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What is POS system

What Is POS System and How It Works?

  Each aspect of your business is equally important, but if there’s one that stands more crucial than others, that would be the point-of-sale (POS). It’s the moment when a potential client finally transitions into a paying customer. Most businesses already have an established point-of-sale system. For brick-and-mortar stores, that would be the cash register…

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Accounts Payable - Meaning, Definition and Process

Accounts Payable – Meaning, Definition and Process

All businesses or organizations have two indispensable financial flows: Expenses and Revenue. Let’s have a quick understanding of the mentioned terms. In simple words, revenue refers to the money coming in, and expenses refer to the money going out. The money coming in (revenue) is responsible for meeting the requirements and helping to run the…

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e Rupi

What is e-Rupi?

Prime Minister Narendra Modi launched an electronic voucher-based digital payment system “e-RUPI” on August 2, 2021. The platform will be a person-specific and purpose-specific payments system. The launching of e-Rupi confirms India’s first step towards having a digital currency in the country. Let us dive into the basic understanding of what e-Rupi is and how…

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Setup Inventory Management System

How To Setup Efficient Inventory Management System

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…

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5 Proven Ways To Boost Website Conversion Rates

5 Proven Ways To Boost Website Conversion Rates

Conversion rate is an essential metric to track for businesses large and small. A business owner or company leadership can learn a ton about consumer trust, website usability, lead generation, website optimization, user interaction, and more via conversion rates. Understanding your conversion rate more can also help you allocate precious marketing dollars toward the top…

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Hidden Costs of In-House Bookkeeping and Accounting

The Hidden Costs of In-House Bookkeeping and Accounting

If you’ve been running a small business for a few years, it’s likely that your questions have evolved from the earlier days of “How do I  attract more customers ?”  to questions more along the lines of “How can I utilize my time better?” and “What questions don’t I know to ask that could grow my business faster?” You might…

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Optimize Your Website For Mobile SEO

How to Optimize Your Website for Mobile SEO

  Here’s an interesting statistic: at least 40% of online transactions are now done using mobile. With that in mind, more and more brands nowadays are using a responsive web design approach. However, to foster engagement and build brand loyalty, having a responsive web design alone won’t suffice. You also need to optimize your website for mobile search engine…

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Free Software For Managing Remote Teams

30 Free Business Software For Managing Remote Teams

Essential Tools for Running Your Business Remotely In 2020, finding the right business software for managing remote teams has suddenly become very important. When you think about remote work, you probably think video calls, virtual meetings, and remote presentations. And you’re right! These are a big part of working online, especially with colleagues and customers.…

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Udyog Aadhar Registration and Benefits

Everything That You Should Know About MSME Udyam Registration (Earlier known as Udyog Aadhar)

  The idea behind introducing Udyam Registration was to simplify the procedural format that business owners had to go through to register their business under Micro Small Medium Enterprise or MSME. Before the introduction of Udyam Registration, the procedural format for the same was quite hectic and a time-consuming bureaucratic process that used to require…

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Cashflow Mistakes In Business

10 Cashflow Mistakes That Can Kill Your Business

  Small business owners are often overloaded with tons of activities revolving around their business, and they have very little time left for managing cash flows or scratching their heads on company’s finances. On the other hand, mismanaging your company’s funds might lead to total failure of your business. Even though you have the brightest…

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Union Budget 2017 For Startups and Small Business

Budget 2017 Highlights – 5 Key Things Startups Should Know!

Union Budget 2017 For Small Business And Start-ups Union budget is one of the biggest events in the financial calendar of the country and this year’s financial budget saw some great promises made for empowering the small and medium-sized enterprises (SMEs) and the start-up businesses. The finance minister announced some great tax exemptions and policies for the…

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Input Tax Credit Under GST In India

Input Tax Credit under GST – 30 Important Questions Answered!

  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…

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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…

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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.…

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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…

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Google For Business

25 Free Google Tools For Business Owners – That You Never Heard Of

  We just can’t imagine internet without Google. This company rules our personal and work life. We use popular Google products like Gmail, Google Drive and Docs almost everyday. But ever thought of using Google for business? I’m sure you’ve never heard about at least half of these free tools. Check it out.   1) Google My…

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Startup India Action Plan

Startup India Standup India Action Plan, Eligibility & Scheme Details

On 16th Jan 2016, Prime Minister Mr. Narendra Modi announced bunch of benefits and schemes to promote start-up ecosystem in India. The event was called ‘Startup India, Stand up India’. It has immense importance because, for starters, it was the first of its kind dialogue between India’s startup community and the government. Startup India is a…

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WhatsApp For Business

How To Use WhatsApp For Business – 5 Tips With Examples

WhatsApp, the social messaging service acquired by Facebook for $19bn in 2014, is arguably the world’s fastest-growing communication app. As on January 2015, half a billion people around the world were regular, active WhatsApp users. These users are sharing more than 700 million photos and 100 million videos every single day. In India, its more popular than Facebook and…

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30 Cost Cutting Tips

30 Cost Cutting Ideas To Survive Cashflow Crunch

Every month, local entrepreneurs in my city get together and share their business experiences. During one such monthly meetup, one of the business owners asked the group an interesting question : What are the simple cost cutting ideas that I can implement today? This question made us put our coffee mugs back on the table. It really…

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Pareto's 80/20 Rule

How To Use Pareto’s 80-20 Rule To Grow Your Business

Recently, I was reading about an Indian IT company InfoEdge’s monthly performance report. This company is behind many popular businesses such as Naukri, 99acres, Zomato and While reading the report, I noticed an interesting point. Just take a look at some numbers for : This one site takes 68% traffic share in recruitment market Its 90% revenue comes…

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Does Your Business Have A Web Presence? If not, learn how to build it.

Mr. Rakesh is a distributor of industrial pumps since past couple of years. Recently, he met a potential customer at one exhibition and after explaining about the products he sent a quotation to that customer. After receiving that quote, first thing that customer did was to google Mr. Rakesh’s company name on Google! He was hoping to find…

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5 Important Compliances for Private Limited Companies in India

We are writing this article specially for Indian SMEs to make them aware of the important compliances for private limited companies that can attract fine if ignored. If you have recently formed a Private Limited company and started your business in India, you must get yourself familiar with few important compliances by Companies Act 2013.…

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How to create an invoice

ProfitBooks makes it very easy to create beautiful invoices. Lets see how to create an invoice for the first time. With ProfitBooks you can create 3 types for invoices: Credit Invoice (Used when the payment is expected in future) Cash Invoice (Used over the counter sales) Time-Based Invoice (Used for billing against tasks) Lets see how to create…

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