Latest Articles By Hitesh Aggarwal

Introduction to Sundry Creditors and Debtors In accounting, managing finances effectively is crucial for the success of any business. These two terms are significant in this process: Sundry Creditors and Sundry Debtors. These terms may sound technical, but they are simply part of the day-to-day financial operations of a business. Whether you’re a business owner,

Impact of Union Budget 2025-26 on MSMEs: Key Announcements and Implications Finance Minister Nirmala Sitharaman presented the Union Budget 2025, marking her 8th consecutive budget and the first full budget of Prime Minister Narendra Modi’s third term. This budget comes at a critical time, with India’s economic growth at a four-year low and global challenges

Proforma Invoice Under GST: What It Is and How It Works Imagine you’re finalizing a deal, but the goods or services haven’t been delivered yet. How do you provide a detailed cost breakdown? Enter the proforma invoice—a crucial tool under GST that offers clarity before finalizing the transaction. Let’s uncover what it is, how it

Key Benefits of Using Restaurant-Specific Accounting Software Restaurant-specific accounting software is a game-changer for food service businesses. It simplifies complex financial tasks, provides real-time insights, and boosts overall efficiency. In this blog, we will explore the key benefits of this software. BOOK A FREE DEMO What is Accounting Software for Restaurants? Accounting software tailored for

A Comprehensive Guide to Setting Up Accounting Software for Your New Business Setting up accounting software is crucial for new businesses looking to streamline their financial processes. The right software can simplify bookkeeping, manage transactions, and generate accurate financial reports. This guide will help you understand your business needs, explore different software options, and ensure

Managing and Monitoring Personal Account Rule Compliance: Best Practices Personal accounts are crucial in tracking financial transactions with clients, vendors, and other business entities. They enable businesses to maintain accurate records of financial interactions, generate precise statements, and make data-driven decisions that support strategic goals. BOOK A FREE DEMO Role of Personal Accounts in Financial

How Does the Accounting Equation Reveal Your Business’s Funding Sources? The accounting equation is a fundamental business principle that supports a company’s financial health. It states that a company’s assets must always equal its liabilities plus equity. This equation helps maintain the accuracy and consistency of a business’s financial statements. BOOK A FREE DEMO Importance

How to Choose the Right Accounting Software for Managing Equity? Managing the daily operations of a business is a difficult job. In addition, other responsibilities like managing equities can take a considerable amount of time and energy. This can indirectly hinder the efficiency of your business operations. However, you do not need to worry, as

How to Adapt Ledger Formats for Tax Preparation? A well-organised ledger ensures that all transactions are properly recorded, making tracking income, expenses, and tax liabilities easier. This not only simplifies the tax filing process but also helps in avoiding errors and potential penalties. By adapting your ledger formats to meet specific tax requirements, you can

How Accounting Software Improve Productivity Of Small Business Accounting software enhances productivity and allows businesses to generate and maintain financial records, record sales and expenses, and pay customer bills. It is less expensive to use accounting software to increase a business’s productivity as transactions are recorded automatically, accurately, and efficiently quickly, compared to repetitive manual

How to Choose the Best GST Accounting Software for Your Business Accounting software has become crucial for managing financials for all kinds of businesses. With stringent GST regulations, it has become more important than ever to have GST accounting software in place to avoid errors and file the GST accurately. There are now so many

Inventory Accounting: Definition, How It Works, Advantages BOOK A FREE DEMO What Is Inventory Accounting? As per the inventory definition accounting, is a systematic process of tracking and managing a company’s stocked goods, including raw materials, work-in-progress, and finished products. The goal is to maintain accurate records of quantities, values, and costs associated with inventory.

Management Accounting – Definition, Objective, Techniques & Limitations BOOK A FREE DEMO What is Management Accounting? Management Accounting is a branch of accounting that focuses on providing relevant financial information to internal stakeholders within an organisation. Unlike financial accounting, which is primarily concerned with external reporting to investors and regulatory bodies, managerial accounting supports management

Financial Accounting – Rules, Types and How Financial Accounting Works BOOK A FREE DEMO What is Financial Accounting Financial accounting is like the language of business numbers. It’s how companies keep a record of their financial activities, like sales, expenses, and profits, in a way that everyone can understand. Think of financial accounting as a

Tax Accounting – Definition, Types With Tips and Example vs Financial Accounting BOOK A FREE DEMO What is Tax Accounting? Tax Accounting is a part of accounting methods majorly focused on tax considerations rather than the representation of public financial transactions. In short, Tax Accounting can be defined as accounting that is solely for tax

Accounting Equation – Rules, Types and How It Works BOOK A FREE DEMO What is The Accounting Equation? The accounting equation formula is used to show a company’s financial position. It states: Assets = Liabilities + Equity Assets are what the company owns, like cash and inventory. Liabilities are what the company owes, like loans

Trial Balance Definition, How It Works, Purpose, and Requirements A trial balance is a summary of a company’s financial position at a specific point in time, typically at the end of an accounting period. It comprises a list of all the general ledger accounts and their respective balances. The primary purpose of the trial balance

Equity in Accounting – Definition, Types & Functions The word “equity” has diverse meanings, from property value to investments. In accounting, it can refer to an owner’s interest in a company after subtracting all liabilities. This overview delves into the specifics of equity in accounting and its calculation. BOOK A FREE DEMO What is Equity

What is a Profit and Loss Appropriation Account? The Profit and Loss Appropriation Account is an important component of a company’s financial statements, specifically designed to outline the distribution of profits among various stakeholders, such as partners or shareholders. This account provides transparency regarding how the net profits earned during a specific accounting period are

Golden Rules of Accounting Overview & Types Every economic unit presents its financial information to all of its stakeholders. The information must be precise and to the point in the financial data of that particular unit. Since all the economic units are correlated to understand their financial status, there has to be precision in accounting.

What is Ledger Account A ledger account is essentially a detailed record-keeping tool for your finances. It’s a place where you document all the specific money-related actions within your business or personal financial life. Think of a ledger account as a categorised logbook. In this logbook, you create different accounts, each designated for a particular

Accounting Principles Accounting principles are based on set of guidelines and rules that dictate how financial accounting transactions should be recorded, reported, and interpreted. These principles form the foundation for the preparation of financial statements, ensuring consistency, comparability, and accuracy in financial reporting across different organisations. BOOK A FREE DEMO Accounting Principles Fundamental Accrual Principle: