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 […]
The application of technology solutions in the accounting field will continue to grow in the coming years. As the need for computerized accounting grows, software companies will come through and provide a solid answer to this demand by introducing accounting software, a solution used by bookkeepers, accounting professionals and business owners to process accounting transactions and manage accounts. Manual accounting […]
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 […]
Sources of Elon Musk’s funding offer to buy Twitter for $44 billion: After the Social networking platform, Twitter Inc agreed to Elon Musk’s “best and final” offer of USD 44 billion. Musk increased his financing commitment to USD 27.25 billion, from USD 21 billion – including the new USD 7.14 billion funding from Oracle Corp’s co-founder Larry Ellison, Saudi investor […]
Recent Updates ITR Form-U for Updated Income Tax Return: CBDT notifies form and manner for filing Updated Return in Notification no. 48/2022 dated 29.04.2022. Updated return can be filed from the assessment year 2020-21 inwards. CBDT issues revised norms for constitution of committee to deal taxpayer’s grievance from high pitched assessment. Instruction F. No. 225/101/2021-ITA-II, DATED 23-4-2022 Important Judicial Precedents OECD […]