The Relevance of Bookkeeping in Business

The Relevance of Bookkeeping in Business

Running a Company in India: Why is Bookkeeping in Business Mandatory? Having the capacity to understand an organization’s financial position and net profit or loss is crucial for maintaining a business. Without this information, it’s unthinkable for the business owners to make informed decisions. Notwithstanding, providing crucial data to the business owner, bookkeeping enables managers…

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Cash and Accrual Accounting in India

Cash and Accrual Accounting in India

How to Choose Between Cash and Accrual Accounting for an Indian Company? Before determining which method of accounting works best for your company, you must be able to know the significant differences between cash and accrual accounting:   Cash-Based Accounting A cash-based accounting system is the simplest method of accounting. Here, the revenues and expenses…

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Importance of Trust in Accounting Services

Importance of Trust in Accounting Services

The Importance of Trust and Different Ways of Establishing Trust in Accounting Services Trust in Accounting Services is tough to create but once established can be destroyed overnight. Distrust has recently become the main issue since the accountant knows inside-out of your business. Professional Accountants have been compelled to make up their mind that building…

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Recording Loans Receivable in Accounting Books

Recording Loans Receivable in Accounting Books

The Steps to Recording Loans Receivable in Your Accounting Books Loans receivable is the amount of money that a creditor has to receive from a debtor. Usually, the creditor is a bank or any other financial institution that gives the loan, and the debtor is an individual or a business organization that receives the loan.…

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National Chartered Accountant Day in India

National Chartered Accountant Day in India

National Chartered Accountant Day in India and How We Celebrate it The National Chartered Accountant Day is celebrated on 1st July to pay respect to the establishment of the Institute of Chartered Accountants of India (ICAI). ICAI is India’s professional accounting body. It is the second biggest accounting organization in the world. In National Chartered…

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Implications of Indian Accountancy Standards on NBFCs

Implications of Indian Accountancy Standards on NBFCs

Determining and Explaining the Different Impacts of Indian Accountancy Standards on NBFCs Indian Accountancy Standards, popularly abbreviated as IndAS, is the new base of Indian financial reporting. Out of its many advantages is its transparency, which has resulted in the quality elevation of financial reporting. Assortment to IndAS has also paved a distinct way for…

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Differences Between Striking Off and Liquidation

Differences Between Striking Off and Liquidation

Difference Between Striking Off and Liquidation in India A business can be conducted under multiple forms of units in India. It may be as a partnership, sole proprietorship, limited company, and a limited liability partnership. Every business form has its own advantages and disadvantages. Similarly, there are various methods under which companies get closure in…

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Strategic Liquidation of a Company in India

Strategic Liquidation of a Company in India

The Benefits and Process of the Strategic Liquidation of an Indian Company Liquidation means converting assets to cash by selling them. Many small businesses favour the process of strategic liquidation over selling the company to a buyer when it comes to exiting their businesses. On the other hand, the firm’s heirs may not be qualified…

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