The process of using internet technologies such as your smartphone or web browser to function business accounting is called online accounting. The purpose of online accounting is to replace spreadsheets, manual accounting that is paper-based, and other traditional software so that…
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Is Accounting Online Safe for Businesses?
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What Is Safety Stock and How It Can Be Determined?
What Is a Safety Stock? The extra quantity of a product that is stored inside the warehouse to make sure that products remain in stock and an out-of-stock situation that can be avoided is called safety stock. If you manage to…
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ICAI has issued an exposure draft of the revised accounting standard
The Institute of Chartered Accountants of India (ICAI) has recently displayed an exposed draft on income taxes. This draft is for a revised accounting standard. The exposure draft is indeed the newest among other few standards of accounting that have been…
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Enhancement of the GST revenue collections considered as the ‘new normal’: FM
Finance Minister Nirmala Sitharam has commended the taxmen for the measures of implementation while dealing with GST fraud. On Thursday, she stated that enhancing the GST revenue collections should now be considered the ‘new normal’. On the occasion of the fourth…
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What is the Difference between Journal and Ledger?
According to the double-entry system of bookkeeping, each transaction affects two particular accounts. The process of accounting can be defined as the process of recording every financial transaction in the system. This process starts with creating a journal that is followed…
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The Importance of SAC Code in Invoice
Business, national or global, is an ever-growing network of traders and consumers involved in the trade of many products and services. Without proper organizational tools, a business can go berserk. Thus, to streamline trade, product classification codes like HSN and SAC…
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Steps to Improve Receivables Management
The biggest challenge faced by any large or small business, more than sales, branding or expansion, is to keep it buoyant. And one way by which you can keep your business afloat is by ensuring a steady cash flow. A business…
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IT Department’s Move to Charge Higher TDS for Non-Filers
According to the Budget 2021, the non-filers of income tax for the last two fiscal year will be subject to a higher TDS (Tax Deducted at Source), and TCS (Tax Collected at Source) rate. It is in case if the tax…
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When is a Credit and Debit Note Issued?
Maintaining legally compliant, professional invoices is imperative to the operations of any business. But once you have created an invoice, it may not be the final one as there can be several changes due to various reasons in a single transaction….
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HSN Code Made Mandatory On GST Invoices From 1st April 2021
As per the notification issued by the GST authorities in October 2020, the HSN codes are now mandatory on all invoices. According to this new regulation, GST authorities mandated the HSN code on all tax invoices from 1st April 2021. The…
