Latest Articles By Susheel Kumar

How to Amend or Cancel a GST E-Invoice: Step-by-Step Guide GST e-invoicing ensures transparent reporting, but mistakes in invoices are sometimes unavoidable. This guide explains how to amend or cancel a GST e-invoice and what steps to follow if you’re outside the 24-hour cancellation window. BOOK A FREE DEMO What is a GST E-Invoice? A

Fund Accounting: Meaning, Principles, and Use in Nonprofits and Government Fund accounting is a specialized system used primarily by nonprofits and government entities to track financial resources based on specific restrictions or purposes. Unlike traditional accounting, which focuses on profits, fund accounting ensures accountability and transparency in resource management. BOOK A FREE DEMO What is

What Is a Deposit Slip? Components, Sample, and When to Use It Managing money means more than spending and saving; it also involves tracking where your money goes. One simple but important tool for this is a deposit slip. Whether you’re depositing cash, cheques, or both, deposit slips play a key role in bank transactions.

Accounts Payable Explained: Meaning, Process, and How to Manage It Better Accounts payable (AP) refers to the short-term liabilities a company owes to its suppliers or vendors for goods or services received on credit. These are recorded as current liabilities on a company’s balance sheet and represent amounts that must typically be paid within a

What is a Financial Management System? A Simple Guide for Businesses Managing money wisely is crucial for every business’s success. Whether you’re a small startup or a growing company, knowing where your money is coming from and where it’s going is key. This is where a financial management system comes in. Let’s break down what

Bank Reconciliation Statement Explained: Purpose, Format, and Common Errors Bank Reconciliation Statement (BRS) is a financial document prepared to match the balances in a business’s cash book with those in its bank statement. Differences may arise due to timing, errors, or omissions, and reconciling helps maintain accurate and up-to-date financial records. BOOK A FREE DEMO

GST for Startup/Small Business Understanding and complying with GST is a vital step for any startup or small business in India. From registration and return filing to payments and compliance, mastering the GST framework can reduce legal risks and strengthen financial credibility. BOOK A FREE DEMO Who Needs GST Registration? Businesses in India must register

Marginal Cost in Accounting: Formula, Examples, and Business Use Marginal cost refers to the additional expense a business incurs when producing one more unit of a product. This concept plays a vital role in cost accounting, helping companies assess production efficiency, set pricing strategies, and evaluate the impact of scaling operations. BOOK A FREE DEMO

What is MIS? A MIS collects, processes, and organizes business data into valuable reports. It helps businesses to track financial transactions, inventory, sales, and customer interactions. With MIS, businesses can review financial performance, inventory levels, and customer trends, as MIS provides a structured way to analyze data and make informed business decisions. BOOK A FREE

Breaking Down The Costs: A Complete Guide To Accounting Software Prices Understanding accounting software costs is crucial for businesses to make informed decisions based on their budget and requirements. This guide helps identify the right software that offers the best value, ensuring efficiency, scalability, and seamless integration with existing business processes—key factors for streamlining financial

Monthly vs. Quarterly GSTR-1 Filing: Which is Right for Your Business? When it comes to GSTR-1 filing, businesses have to choose between monthly and quarterly returns according to their turnover. In a more relaxed approach, businesses with annual revenue of up to INR 1.5 crore have the option of filing GSTR-1 quarterly, as provided by the

How E-invoicing Can Increase Business Performance? By sending electronic invoices directly to customers’ Accounts Payable systems, businesses can reduce delays, speed up processing, and increase the likelihood of faster payments. An e-invoicing system helps streamline cash flow management more efficiently with less paperwork and fewer errors, allowing businesses to focus on growth. This blog will

AI Fraud Prevention in E-Invoicing BOOK A FREE DEMO The Growing Threat of Invoice Fraud in the Digital Age As digital payment systems continue to evolve, so do the tactics fraudsters employ. Invoice fraud has become a significant concern for businesses, as scams such as fake invoices, duplicate billing, fake invoice reference numbers, overcharging for

E-Invoice Format: How to Create Compliant and Professional Digital Invoices? BOOK A FREE DEMO What is an E-Invoice Format? An E-Invoice Format is a standardized digital template used to issue, share, and process electronic invoices between businesses. Unlike traditional paper or PDF invoices, e-invoices are designed for automation and seamless integration with accounting or enterprise

Step-by-Step Process for e-Invoice and IRN Generation E-invoicing streamlines the invoicing process, reducing errors and paperwork. It ensures real-time tracking of invoices, faster payment processing, and seamless integration with GST returns. Let’s discuss the step-wise process for the same. BOOK A FREE DEMO Prerequisites for e-Invoice and IRN Generation Let us understand the key prerequisites

E-Invoicing Turnover Limit vs. GST Threshold: What’s the Difference and Why It Matters? E-invoicing and GST are both government initiatives aimed at streamlining tax processes. E-invoicing mandates businesses above a specific turnover threshold to generate and report invoices electronically, while the GST threshold determines when businesses must register for GST. Understanding the difference between these

The Role of E-Invoicing in Streamlining International Trade and Transactions E-invoicing, or electronic invoicing, has revolutionized the way businesses conduct international trade. Accounting software like BUSY can streamline international trade and transactions by integrating with e-invoicing platforms and automating invoice reference creation. BOOK A FREE DEMO E-Invoicing and its Growing Importance in Global Transactions E-invoicing,

Manual Invoicing vs. Invoicing Software: Which Is Better? Invoicing is the primary way you request payments from your customers and keep track of sales. Efficient invoicing ensures a steady cash flow, while errors or delays can disrupt business operations. However, as businesses grow, managing invoicesmanually can become overwhelming, making it important to choose the right

Audit and Compliance: How to Ensure Your Bill of Supply is Accurate? A bill of supply is crucial for businesses supplying exempted goods or services, operating under the composition scheme, or engaging in zero-rated supplies. Proper preparation of this document under GST ensures compliance and helps avoid audit complications. In this article, we will outline

How AI and Machine Learning are Transforming Pharmacy Billing Software Pharmacy billing software is designed to manage and streamline pharmacies’ billing and reimbursement processes. It helps with invoicing, coding, and claims management, ensuring accurate and timely service payments. In this article, we talk more about how advanced technologies enhance your pharmacy billing software. Read along!

How to Choose the Best E-Invoicing Software for Your Business Are you overwhelmed by the hassle of managing invoices manually? Electronic invoicing software could be the solution you need. E-invoicing software can save time, reduce errors, and improve cash flow by automating the invoicing process. But with so many options available, how do you choose

How E-Invoicing Software is Transforming Financial Processes In this fast-paced era, businesses are constantly looking to enhance their financial operations and improve efficiency. The most recent advancement is the worldwide adoption of e-invoices. Due to their ease and efficiency, businesses are shifting towards e-invoice software. E-invoices software has transformed the way financial management works and

How to Choose the Right E-Invoicing Software for Your Business E-invoicing has become integral to businesses looking to digitalise their invoicing processes, enhance efficiency, and improve financial management. However, with various e-invoice software options, choosing the right solution can be daunting. In this blog, we will discuss the tips that will help you choose the

E-Invoicing Mandate for Businesses with Annual Turnover Over Rs.10 Crore A Goods and Services Tax (GST) rule known as the “e-invoicing system” or “electronic invoicing system” applies to some taxpayers. According to the most recent e-invoice notification (17/2022) dated 1 August 2022, starting on October 1, 2022, enterprises with an e-invoice turnover limit of more

Guide to Bill of Supply Under GST A bill of supply is a document issued by a supplier of goods or services instead of a tax invoice. It is a simpler version of the tax invoice and includes no tax components. The bill of supply in GST is issued by businesses that fall under the

Guide to a Credit note under GST A GST-registered supplier of goods or services must issue a tax invoice. However, suppose circumstances arise during the business that results in a taxable supply value reduction. The supplier must then issue a credit note, credit memo, credit memorandum, or credit invoice. BOOK A FREE DEMO What is

Rounding off Rules in GST Invoices In some instances, the amount to be paid by the taxpayer is in decimals; thus, the person has to decide what amount to be paid. Businesses have traditionally used a variety of methods, including rounding up and down, as well as standard rounding. However, in the GST era, companies

Invoice Matching under GST Under GST, every invoice about a purchase should be reconciled with the supplier’s sale invoice, which helps claim input credit tax on the GST common portal. There were constant efforts from the Government of India to meet the July 1, 2017, deadline for implementing GST in India. For the business, this

How to Revise GST Invoices? In conducting a business, mistakes are bound to happen. Changes may be made to an invoice. Revising these invoices with the necessary additions is called the ratification of invoices. With BUSY accounting software you can integrate and rectify invoices without any hassle. It can take several forms and result in

Essential Information to be Included in a GST Invoice A GST invoice is an essential document that includes important information related to a transaction between two parties. The invoice assesses the amount of GST payable on a particular sale and serves as proof of supply. The GST invoice should include essential details such as the

E-Invoice Format, JSON File, Schema & Template Additionally, templates can be used to provide a standardised design for the invoice, helping to ensure consistency across all invoices generated by the business. These elements work together to streamline the invoicing process and improve business efficiency. The designated taxpayers ensure that the accounting/billing software used to create

Challenges with E-invoicing BOOK A FREE DEMO E-invoicing generates, transmits and receives invoices electronically instead of traditional paper-based methods. It generally involves using software or online platforms that allow businesses to generate and send invoices to their customers digitally. It helps businesses streamline invoicing processes, reduce errors, and improve efficiency in financial operations. When the

Auto Population O E-Invoice Details Into The GSTR-1 BOOK A FREE DEMO In order to promote digitalisation and enhance tax compliance, the Indian Government has mandated e-invoicing for certain taxpayers. These taxpayers must use the Invoice Registration Portal (IRP) to register their businesses and generate electronic invoices using the e-invoice schema in FORM GST INV-01.

Tax Invoices in Special Cases Under GST BOOK A FREE DEMO A tax invoice is a legal document that includes information about the goods or services provided, the amount owed, and the applicable GST. It acts as proof of the transaction between the supplier and the recipient and is essential for claiming an input tax