Financial statements must be accurate in reflecting the attitude of true performance. The realization concept in accounting states that revenue is only worth recording when it is actually earned and…
Credit sales are prevalent in the Indian trading, manufacturing and services sectors. This is where the Debtors Turnover Ratio comes in useful. However, late collections have the potential to disrupt…
Stock is money sitting around on shelves. Too much stock obstructs working capital. Too little stock is what causes lost sales. This is where Inventory Optimization comes into play, very…
A purchase credit journal entry is one of the most common entries recorded in Businesses. Traders, Manufacturers, Retailers, and MSMEs regularly buy goods on credit from suppliers. This transaction is…
Filing Appeals under GST is a serious step by any Indian business. It generally is predicated on a demand order, penalty, rejection of refund or an input tax credit dispute.…
Procurement is a day-to-day business in any Indian business. But Purchase Order Accounting Entry mistakes can silently destroy books of accounts. Traders, manufacturers, retailers as well as MSMEs tend to…
Every business that is registered for GST and has the turnover threshold as prescribed by the government requires to understand the importance of IRN in GST under it. The Invoice…
Indian pharmacies deal with thousands of medicines on a daily basis. Each strip has a shelf life that must not be disregarded. The expired pharmaceuticals create inside of medical stores,…
Accounting wrongs have an impact on cash flow, tax filings and trust with authorities. This blog explains the types of errors in accounting that Indian SME, traders, startups, and professionals…
Management accounting is involved in providing support to internal decision making and tracking costs. The limitations of management accounting are seen on assumptions failing, reduction in data quality or poor…
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