Latest Articles By Rithesh Bajoriya

Single Entry Bookkeeping System: Meaning, Format, and Limitations The single-entry bookkeeping system is a basic and informal accounting method, primarily used by individuals, freelancers, and small businesses. It offers a straightforward way to record cash-based transactions but lacks the detailed insights and double-checks of a formal double-entry system. BOOK A FREE DEMO What is a

Revenue in Accounting: Recognition, Types, and Reporting Standards Revenue is a fundamental component of financial accounting, representing the total income a company earns from its primary business operations. This guide explores how revenue is recognized, categorized, and reported under international accounting standards. BOOK A FREE DEMO What is Revenue in Accounting? Revenue in accounting refers

How to Account for Joint Ventures: Methods, Examples, and Compliance Joint ventures (JVs) are strategic collaborations where two or more parties pool resources to achieve a specific business objective. Proper accounting for joint ventures is crucial to ensure transparency, compliance, and accurate financial reporting. Thus, this guide delves into joint ventures, accounting methods, journal entries,

The Prudence Concept in Accounting: Definition, Importance, and Examples The prudence concept in accounting is one of the key foundational principles guiding how financial transactions should be recorded. Also known as the “conservatism principle,” it encourages accountants to exercise caution when making judgments under uncertainty, particularly when estimating income, expenses, and asset values. BOOK A

GST Accounting: Meaning, Concept, and Compliance Goods and Services Tax (GST) has transformed how businesses manage their finances in India. Since its implementation in 2017, it has replaced multiple indirect taxes and created a unified taxation system. For businesses and accountants, understanding GST accounting is essential to ensure tax compliance, proper input tax credit claims,

Capital Expenditure: Investing in Long-Term Growth When businesses grow, they need more than just day-to-day supplies; they need long-term investments. That’s where capital expenditure (CapEx) comes in. Capital expenditure refers to the money a company spends to buy, maintain, or improve assets like property, buildings, machinery, or equipment. These are investments made today that are

Cash Basis Accounting: Meaning, Pros & Cons Managing business finances begins with choosing the right accounting method. Cash basis accounting is a popular and straightforward approach for many small businesses, freelancers, and startups. It’s simple to use and clearly shows how much cash your business has at any given time. In this article, you’ll learn

Accounting for Mergers and Acquisitions: Key Concepts and Journal Entries Mergers and acquisitions can significantly impact the direction of a business. They allow businesses to grow, expand into new markets, and increase their value. But behind the scenes, one of the most important tasks is accounting. Understanding how to manage the financial side of mergers

Accounting Automation: Benefits and Implementation Guide Handling business finances manually can be slow, tiring, and full of errors. But thanks to accounting automation, businesses can manage their books faster, more accurately, and with less effort. In this blog, we’ll explain what accounting automation is, how it works, and the key benefits of automated accounting systems.

What Is Goodwill in Accounting? Definition, Valuation, and Treatment Goodwill in accounting is an intangible asset that arises when one company buys another for more than the value of its net assets. It represents non-physical factors like brand strength, loyal customers, good reputation, or skilled employees that contribute to a company’s value. Goodwill is defined

Electronic Accounting: Benefits, Features, and Implementation Guide In today’s fast-paced business world, staying on top of your finances is crucial, and that means going beyond spreadsheets and paper files. Electronic accounting is changing how businesses manage money by making accounting faster, smarter, and more efficient. If you’re still unsure what is electronic accounting or how

Accounting for Non-profits: A Beginner’s Guide to Non-Profit Bookkeeping and Tools Running a nonprofit organisation is a rewarding experience, but it also contains responsibilities, especially when it comes to managing money. Even though nonprofits don’t aim to make profits, they still need to manage their finances effectively. That’s where accounting for non-profit organisations comes into

How to Create an Income Statement: Format, Components, and Sample Template An income statement, also called a profit and loss statement, is one of the most important financial reports used by businesses. It shows a company’s income, expenses, and net profit or loss over a specific time period, monthly, quarterly, or annually. Understanding how to

Comprehensive Guide to Contra Entry In accounting, accurate cash and bank transactions are essential for maintaining the financial integrity of an organization. A contra entry is a specific type of bookkeeping transaction used to record internal fund movements that affect both the cash and bank columns within the same accounting book. These entries are unique

What is the Difference Between Financial Accounting and Management Accounting? For businesses today, clear financial reporting and strategic internal analysis are critical for success. Financial information drives business decisions at every level. However, not all financial data serves the same purpose. Financial accounting focuses on presenting an organization’s financial health to external stakeholders like investors,

Understanding the Difference Between Cost and Financial Accounting In every business, maintaining accurate financial records is critical not only for legal compliance but also for informed decision-making. Two important branches of accounting, cost accounting and financial accounting, address different organizational needs. The objective of financial accounting is to display financial information to external parties while

Accounting Ratios: Definitions and Different Types In financial analysis, accounting ratios are indispensable tools that simplify complex financial data into actionable insights. These ratios provide a snapshot of a company’s financial performance and position by comparing key components from financial statements. Investors, lenders, and management teams rely on accounting ratios to assess profitability, liquidity, efficiency,

What is An Audit Report, And Why is it Important? An independent external auditor usually audits a company’s accounts. An audit report is a letter from the auditor that summarizes the audit process. It represents the auditor’s opinion on whether the company’s financial statements, such as the balance sheet, comply with generally accepted accounting principles

Business Accounting Software: Your Partner In Growing Your Enterprise Business accounting software helps you grow your enterprise. It streamlines financial management, tracks expenses, automated invoicing, and ensures accurate reporting. Simplifying complex accounting tasks helps you save time, reduce errors, and make informed decisions, allowing you to focus on expanding and scaling your business efficiently. In

Pharma Billing Software: Improving Accuracy in Prescription Management Pharma billing software enhances accuracy in prescription management by automating invoicing, tracking medication sales, and ensuring compliance with regulatory standards. It reduces errors in billing, minimizes discrepancies, and streamlines inventory management for pharmacies. The software can help increase efficiency and customer service through e-prescriptions, automatic updates of the

Capital Receipts vs. Revenue Receipts: Meaning, Key Differences, and Examples Imagine your business receiving money—how do you know if it’s a windfall or just part of regular income? Capital receipts vs. revenue receipts have distinct roles. Let’s break down their meanings, differences, and examples to make sense of it all! BOOK A FREE DEMO Understanding

Provisions in Accounting Made Simple: Meaning and Types Explained Provisions in accounting may sound complex, but they play a vital role in ensuring a business stays financially prepared. Think of them as a cushion for future expenses or liabilities that might arise unexpectedly. In this guide, we’ll break down the meaning of provisions and explore

The Role of Technology in Accurate E-Way Bill Distance Entry for GST Accurate distance entry for e-way bills is crucial for GST compliance, and technology is stepping up to ensure precision. From automated calculations to real-time updates, discover how tech solutions are revolutionizing e-way bill management and eliminating manual errors. BOOK A FREE DEMO What

Why Every Small Business Needs Billing Software in 2025? In 2025, small businesses face the challenge of maintaining efficiency while managing growth. Billing software emerges as a game-changer, offering automation, streamlined invoicing, and seamless integration with other tools. Learn why every small business needs billing software to stay competitive and profitable. BOOK A FREE DEMO

The Future of Retail Store Billing Software: Trends to Watch Out For Stay ahead in the fast-evolving retail landscape with the latest innovations in billing software. From AI-driven analytics to seamless integrations, discover the trends transforming how retailers manage transactions and enhance customer experiences. Continue reading this blog to learn about the future of retail

Why Does Your Business Need Proper GST Billing Software? GST billing software is essential for businesses to comply with tax laws. It makes generating invoices easy, assists in keeping records accurate, and ensures the systematic application of GST rates. The software also helps generate GST returns, reduce manual errors, and save time. It helps companies

The Future of Invoicing Software: Trends to Watch in 2025 In 2025, invoice processing automation will revolutionize accounts payable (AP) tasks. Key features such as automated data extraction, integrated 2/3-way matching, and instant workflow approvals empower businesses to automate invoicing. Data entry processes and ERP system updates can also be automated, radically speeding up operations

Grocery Store Billing Software in 2024-2025: Finding the Right Fit BOOK A FREE DEMO Why is Grocery Store Billing Software Essential? Grocery store billing software is a specialized software solution designed to manage and automate grocery stores’ billing and checkout process. It helps streamline various aspects of the retail operation, such as sales transactions, inventory

Why Every Retail Store Needs Cloud-Based Billing Software BOOK A FREE DEMO What is Cloud-Based Billing Software? Cloud-based billing software allows businesses to manage their billing processes over the Internet rather than relying on local servers or traditional software installations. Hosted on cloud servers, this software provides a range of billing and invoicing features that

GST E-Invoicing API: Who Can Access It, What Are The Requirements, And The Best Practices The GST E-Invoicing API is a digital solution that facilitates the generation of invoices in a standardised electronic format for Goods and Services Tax (GST) transactions in India. The API enables businesses to generate and share invoices seamlessly with their

Generation of QR Code for an E-Invoice The introduction of e-Invoicing has brought about a major shift in the way businesses generate and maintain invoices. To further simplify the process, the government has introduced the concept of e-Invoices QR codes. QR codes are two-dimensional barcodes that can be scanned using a mobile device to provide

E-Invoicing in Retail Trade E-invoicing is a growing trend in the retail trade industry, where it is used to streamline invoicing and payment processes, reduce errors, and increase efficiency. With the increasing adoption of digital payments and e-commerce in retail, e-invoicing has become necessary for businesses to stay competitive and meet customer expectations. Implementing e-invoicing

E-Invoice Registration on IRP – Who Should Register, Steps for Registration BOOK A FREE DEMO To facilitate taxpayers in their GST Compliance efforts, the GST Network (GSTN) has set up dedicated portals to manage various compliance tasks, such as e-way bill management on the e-way bill portal, and likewise, the e-invoice portal for managing e-invoices.

Digital Signature for an E-invoice From 1st October 2022, E-Invoicing has been made applicable to businesses that have exceeded an annual turnover of ₹10 Crores in any financial year from FY 2017-18 to FY 21-22, regardless of whether their current revenue exceeds that amount or not. E-Invoicing is the process of electronic authentication of B2B

Common Questions Asked About E-Invoicing BOOK A FREE DEMO E-invoicing is an invoicing method that uses digital technology to generate, send, receive, and process invoices. As businesses transition to this digital invoicing method, questions about its implementation and use often arise. In this article, some of the most common questions about e-invoicing include what it

All About einvoice1-trial.nic.in – Trial Invoice Registration Portal The e-invoicing system is being implemented in stages. The National Informatics Center was the first designated invoice registration portal (IRP) for this (NIC). A trial version of einvoice1-trial.nic.in was made available to taxpayers so they could get accustomed to using it. However, the government withdrew this website

Invoice Registration Portal (IRP) under GST IRP full form in GST is Invoice Registration Portal (IRP), an online portal established under the GST system in India to facilitate the generation of e-invoices by taxpayers and their registration with the GSTN. The Invoice Registration Portal (IRP) offers a secure and standardised approach to generating and registering

All About Invoice Reference Number (IRN) E-Invoicing was introduced in India in order to bring standardisation to all e-invoices that are generated. Registered users need to upload all B2B invoices on the e-invoice portal, where they are authenticated and then stored for further use by other portals that are part of the GST Network (GSTN).

Common Mistakes While Creating An E Invoice BOOK A FREE DEMO Mistakes While Creating E Invoices Businesses sometimes need to correct things while generating e invoices, which can be avoided if the data entered is reviewed correctly. Here are some common errors that occur during the generation of e invoices and measures to prevent them.

Some Common Myths About E-Invoicing BOOK A FREE DEMO E-invoicing has progressively gained significant popularity as an efficient and cost-effective way of managing financial transactions. It has become a preferred choice across companies of all sizes. However, with this rise in popularity, several myths and misconceptions about e-invoicing have also emerged. Let’s examine some of

What To Consider Before Selecting An E-Invoice Solution BOOK A FREE DEMO Implementing e-invoicing has become an essential aspect of businesses today, with its ability to streamline and automate invoice processing while minimising errors and costs. However, with a wide range of e-invoicing solutions available in the market, choosing the right one can be overwhelming.

How To Generate E-invoices In Bulk BOOK A FREE DEMO GSTR-1 is a form that businesses need to file regularly (either monthly or quarterly), which provides a summary of all the goods or services they sell to their customers. This form is important for the government to keep track of all transactions and collect taxes

How To Generate E-invoices In Bulk Invoicing is a crucial aspect of any business, and with the implementation of GST (Goods and Services Tax), it has become even more critical. Under the GST regime, an invoice is a document that provides the details of the goods or services provided by a registered supplier to their

How To Generate E-invoices In Bulk BOOK A FREE DEMO Generating electronic invoices, or E-invoices, in bulk can be a time-saving and efficient way for businesses to manage their billing processes. With the growing popularity of E-invoicing, it has become increasingly important for businesses to adopt automated methods to generate Invoice Registration Numbers (IRN) for

Issues and Concerns Surrounding the E-Invoice System The E-Invoicing system has been introduced to streamline the invoicing process for businesses and reduce instances of tax evasion. While it has been hailed as a step in the right direction, there are concerns regarding its implementation and impact. Some businesses are struggling to adapt to the new

Impact Of E-Invoicing On Business In India BOOK A FREE DEMO E-Invoicing has been implemented in a phased manner by the government to make the transition from the previous system as smooth as possible. All businesses that are under the purview of e-invoicing need to upload the invoices of their B2B transactions, along with some

How to Transition to E-Invoicing System? BOOK A FREE DEMO To comply with the e-invoicing system, businesses must verify and validate their invoices through the government’s website. Businesses of all sizes currently use accounting or ERP software, while some rely on manual methods to generate invoices. The supplier provides the invoice details through GSTR-1, while