Late payments are those amounts for which goods or services are delivered by the business to customers but the payment for the same is yet to be made. It is the due amount for which the decided payment period or date is crossed. Late payments are common and can occur due to many reasons. Before …
How to Collect Late Payments Quickly and Prevent Them Read More »
Basic accounting tips for small business and startup owners like you are very important. This is because, employees in such an ecosystem play many roles. For example, a person involved in inventory management also does other important business work like taking care of day-to-day sales invoicing, keeping track of them, etc. In such a scenario, …
5 Essential Accounting Tips for Small Business Owners Read More »
Juggling through a heap of paper bills, and combining them just to track business transactions is time-consuming and therefore frustrating. You, as a business owner, don’t want to do that but surely want to keep an eye on your business transactions! Don’t worry about how will this happen because day book reports make it possible. …
Understanding the Basics: What are Day Book Reports in Business Accounting? Read More »
If you are a new business owner who has just started, then keeping track of your daily financing activities on Excel sheets might work for a few months. Once your business starts to gain speed, then there is an increase in the number of customers as well as vendors. In this position, maintaining your daily …
The Benefits of Small Business Accounting Software for Growing Businesses Read More »
Cash flow statements! So, you have heard about them often but do not know exactly what they do! Through this article, know what they exactly mean, the benefits they provide to your business and some more key information. What is a cash flow statement? A cash flow is simply the net amount of cash transferred …
Cash Flow Statements: Everything You Need to Know to Grow Your Business Read More »
GSTR-2A and GSTR-2B are two separate GST return forms. Interestingly, both of them provide information about Input Tax Credit (ITC) available to you. As both talk about Input Tax Credit, they should not be confused as having the exact same information. This article will briefly but clearly explain the differences between GSTR-2A and GSTR-2B return …
GSTR-2A vs. GSTR-2B: A Comprehensive Guide to the Key Differences Read More »
If your business is registered under GST, then it is important for you to file GST returns without fail. These returns specify the income details of your business. The amount of tax that is necessary for your business to pay to the government is calculated accurately based on the GST returns that you file. You …
GSTR-1 Return Filing: Step-by-Step Guide, Format, and Eligibility Read More »
Filing GST returns as accurately as possible is crucial for your business. Heavy penalties and late fees are JUST two common problems that you can face as a business owner when your GST return filing contains errors. It is very important for you to completely understand which GST returns apply to your business, not miss …
5 Mistakes to Avoid While Filing GST Returns for Your Business Read More »
As a business owner, it is a top priority for you to receive your payments on time from your clients. When payments are not done timely and there are unpaid bills, it can cause serious consequences such as unavailability of cash for sudden business requirements, poor inventory management, huge time loss while chasing clients for …
Automated Payment Reminders: A Must-Have for Every Business Read More »
42.50 million is the estimated number of SME’s (small and medium sized enterprises) existing in India today! Source It is mandatory to register for Goods and Services Tax or GST for small businesses who are having an annual turnover of more than 40 lakhs (Rs. 20 lakhs for businesses in some special category states). This …
GST for Small Businesses in India: Impact, Benefits, and Downsides Read More »
