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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What is the Difference between Journal and Ledger?
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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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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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The Importance of the HSN Code in Invoice
The sprawling nexus of trade worldwide involving umpteen products, services, manufacturers, traders, and service providers can get chaotic and out of hand if there’s no standardised system of classification. This is what necessitates a nomenclature system like the HSN code. What…
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The Importance of Real-time Tracking of Accounting Transactions
Gone are the days when people used to go through loads and loads of ledgers and financial statements to find that one entry they were missing. In these modern times along with everything else, accounting has been simplified as well. This…
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How Can a Free Chartered Accountant Seat Help in Efficiently Filling GST?
Cloud accounting software is the best investment to scale your business. You can easily collaborate with your Chartered accountant and team members for GST filing and other financial decisions. With the advancement of technology, more and more firms are looking to…
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Importance of the Team Collaboration Feature
Money is the most crucial aspect of a business, and accounting is the art of managing this aspect. The sphere of accounting has evolved over the decades. Now, especially with technology taking over, the revolution has been tremendous. Businesses have started…
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Why and How to Prepare a General Ledger
Accounting is the measurement, processing and communication of financial and non-financial transaction of business entities. Some also refer to it as the science and art of tracking monetary events. This measurement, processing and communication require numerous financial statements to be prepared…
How to Leverage Accounting Automation: Small Business Guide
Coming up with small business ideas and making it requires you to take actions. There’s a lot of thoughts that go into taking that call of making it happen. The success of your business is inversely proportional to the number of…
