Increasing Use of AI in Accounting & Chartered Accountants Firms The increasing use of artificial intelligence (AI) in accounting, auditing, tax filing, and related tasks is transforming the way financial professionals operate. Overall, the integration of Artificial intelligence technologies in accounting, auditing, tax filing, and related tasks is enhancing efficiency, accuracy, and compliance while enabling …
Three Depreciation Methods Explained Simply 📉 DEPRECIATION 🚗 🤖 🏭 An accounting method that spreads out the cost of a tangible asset over its useful life. It represents the systematic reduction in the value of an asset due to wear and tear, obsolescence, or other factors. Depreciation is the process of allocating the cost of …
How to choose an accounting method ? Using the cash basis of accounting method may appear to lower your tax liability. However, it is probable that it will merely postpone your tax payment However, you will not be able to save any money on taxes Once you’ve opted on an accounting method, you must follow …
Few Main important Income Tax Aspect to be consider in the March ending! Q: The FY financial year 2022-23 is about to end, and the New financial year is about to start. How should a taxpayer prepare himself for this year’s march ending? Ans : The month of March is very important for all Taxpayers. …
Creative Professionals Guide to Bookkeeping: Basics of Bookkeeping Due to the rise in internet users, creative workers are in high demand across a variety of businesses. Their range of interacting with various businesses and the amount of money they trade are constantly expanding. One of the most important accounting tasks for every organisation that keeps …
Why outsourcing your Bookkeeping Services will Save your cost? Although though bookkeeping is a crucial component of every organisation, many MSME companies find it difficult to operate efficiently. Despite the numerous issues that businesses have with bookkeeping, one of the main problems is the cost involved. This has an impact on the company’ overall accounting …
What are the essential Bookkeeper Skills to be Consider manage the financial? Bookkeepers are responsible to effectively maintain the company’s financial records. Every business firm needs bookkeeping and accounting, so business are expected to have a broad range of skills. Check out a few necessary abilities if you’re thinking about pursuing a job as a …
Consolidated Financial Statement (a part of Financial Statement) Financial Statement A. The financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors before they are signed on behalf of the Board at least by the following: Chairmen of the company,or, By two directors out of which one shall be managing …
Maintaining of the Statutory Registers & Records by the Company Statutory Books:- The term statutory register means the specified records related to a directors, companies shareholders & details of the meeting held. These are the additional records which are maintained by the company. Mostly companies keep their records and statutory records in a bound book …
What are the Relaxation on Applicability of Accounting Standard for SMCs : MCA Notification dated 23.06.2021 Applicability Different Accounting Standard on Small and Medium Sized Companies & Non- Small and Medium Sized Companies S. No Accounting Standards (AS) Small and Medium Sized Companies Non- Small and Medium Sized Companies 1 Disclosures of Accounting Policies- Accounting Standard-1 …