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In this fast-paced world, where numbers, accuracy, and transparency become the cornerstone of reliability in financial reporting. But how can businesses, irrespective of their size and type, depict the same financial language? Here’s where accounting standards- the universal guide for the financial journey come into play. These standards ensure consistency, comparability, and justice to the… Continue reading Accounting Standards: Everything You Need to Know!

Have you ever tracked your order on e-commerce marketplaces to see when it will get delivered? How does it feel knowing the latest status of your order? It feels like you are informed, right? How would you feel knowing that a similar system is implemented in the GST registration process? Yes, you read that right.… Continue reading ARN Number: What is ARN & How to Check GST Registration Status Online

Imagine you are the captain of the ship. You are steering the ship across unchartered waters without a compass or a map. Does this sound daunting to you? Management accounting is similar to that crucial map for businesses that navigates the complexities of financial processes to simplify decision-making.  In today’s rapidly evolving business space, financial… Continue reading Management Accounting – Meaning, Importance, Types, and Techniques! 

International Financial Reporting Standards (IFRS) is a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB); these accounting standards or frameworks are accepted by India.  In 2011, the Institute of Chartered Accountants of India released a concept paper on the strategy of adoption of IFRS in India. This move was… Continue reading International Financial Reporting Standards: Gateway to Foreign Investment

Reconciling bank accounts is not just a financial task- It is a crucial process to find and fix discrepancies between bank receipts and fiscal records. But what are your thoughts on bank reconciliation statements? Here’s a complete guide for you! Let’s unravel the insights into the topics and get clarity into your financial journey!   What… Continue reading Bank Reconciliation Statement: Everything You Should Know!

Imagine this: Mr. A, owner of ABC Enterprise. It happened once; he remembered that a payment of Rs. 50,000 was pending from Mr X’s end (who happens to be Mr A’s client). He checked his bank account statement but could not find any credit entry from Mr X. Then he decided to follow up with… Continue reading From Paper to Proof: Role of Cash Receipts in Accounting