When a company orders and receives goods or services in advance of paying for them, we say that the company is purchasing the goods on account or on credit. The supplier of these goods and services on credit is also referred to as a creditor. If the company receiving the goods does not sign a promissory note, the vendor’s bill or invoice will […]
In this edition, we have tried to bring you to notice the latest amendment that followed in the month of May 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA Relaxation in paying additional fees in case of delay in filling all the event Relaxation in paying additional fees in case of delay in filling all […]
Twixor raises capital from Axilor Ventures, and others in Series A round: Twixor, the digital process automation platform operated by Twixor Pte Ltd has announced that it has bagged $2.4 million (INR 18 Cr) in its Series A funding round from Season Two Ventures, Axilor Ventures and The Chennai Angels. The digital process automation platform was developed by the IIT […]
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 […]
GST Calendar –Compliances for the month of May’2022 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) June 10,2022 GSTR-8 (Tax Collected at Source ‘TCS’) June 10,2022 GSTR-1 June 11,2022 IFF- Invoice furnishing facility (Availing QRMP) June 13,2022 GSTR-6 Input Service Distributor June 13,2022 GSTR-2B (Auto Generated Statement) June 14,2022 GSTR-3B June 20,2022 GSTR-5 (Non-Resident Taxable Person) June […]
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 […]