Introduction: Auditing is a logical process. An Auditor is called upon to assess the actual situation, review the statement of accounts and give an expert opinion about the truth and fairness of such accounts. This he cannot do unless he has examined the financial statements objectively. Objective examination means critical examination and scrutiny of the accounting statements of the undertaking […]
Even though the term “Block Chain” is commonly thrown around, for many, blockchain technology is still a mysterious or even intimidating topic. Some remain sceptical that we’ll use this technology in the future. This scepticism that exists today is understandable because we’re still very early in the development and widespread adoption of blockchain technology. A blockchain is a distributed database […]
Is Your Business Still Managing Accounts Through Spreadsheets and Manual Entries? Missed GST deadlines, invoice errors, delayed financial reports, and hours spent reconciling transactions are common challenges for many businesses. As companies grow, managing finances manually becomes increasingly difficult, leading to compliance risks, cash flow issues, and poor visibility into business performance. This is where modern Accounting Software Solutions come […]
Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Companies use this process to prevent balance sheet errors on their financial accounts, check for fraud, and to reconcile the general ledger. There is no standard way to perform an account reconciliation. However, generally, double-entry accounting is performed where a transaction […]
Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in- house by the company’s own employees and staff. This practice is usually undertaken by companies as a cost-cutting measure. Outsourcing with regards to accounting refers to a service which provides a full, accounting department experience for small businesses. An accounting […]
An accounting standard is a policy that defines the treatment of an accounting transaction in financial statements. The entire concept of accounting standards is to harmonise accounting policies and practices used by different business entities in order to standardise the numerous accounting methods used for various aspects of accounting. They, therefore, provide guidance for companies to prepare and report useful […]
The term “cloud” is extremely overused and worn out by this point. However, it has never been more relevant in terms of revolutionising the efficiency of bookkeeping, data analysis tools and many accounting services. In simple words, cloud-based accounting is a new way of accessing accounting software from the web browser without installing it and refers to the delivery of […]
Accountants have used software in one form or another for decades. Classics like excel are used to enhance all sorts of tasks. Despite countless software updates and new tools, the profession only made strides recently due to the introduction of automated accounting, a powerful tool for business owners to use when eliminating manual accounting issues. It is a software that […]
Forensic accounting is the investigation of fraud or misinterpretation. It involves different techniques and skills like accounting and auditing to conduct an examination into the finances of an individual or business while providing an analysis suitable to be used in legal proceedings. This process is carried out by a team of professionals trained to look beyond the numbers and deal […]
In February 2020, MCA notified the new CARO 2020, thereby, replacing the erstwhile CARO 2016. The new CARO 2020 has introduced a number of new or modified reporting requirements to be fulfilled by the auditors such as revaluation of property, plant, and equipment (including the right of use assets) or intangible assets, Benami property, working capital limits on basis of […]