An audit trail is a time-stamped step-by-step record of all actions and activities within an application by a user. The record can cover all actions that involve creating, editing, or deleting records. Starting from 1st April, 2023, accounting software used for maintaining books of accounts should have an edit log feature. Get to know more by giving this section a read.
Audit Trail Rule (Edit Log) Applicability – Businesses who Should Follow the Rule from April 2022
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Business reports play a vital role in regularly tracking and measuring a company's financial performance. They provide actionable insights on various aspects of the business and help you make confident business decisions. There are different types of business reports such as accounting reports and registers, inventory reports and statements, reports related to finance etc., providing specific details about various aspects of the business. Give this section a read, and find out different business reports and their benefits.
Invoicing is one of the critical aspects of every business. No matter how big or small the business is, you need to invoice the supplies made to the customers. Industry segment, customer type, regional dependency, compliance requirements, etc., influence the type of invoice that you need to issue. To add to it, the components of invoices differ based on the product and the nature of supply. Find details on different invoice types, components, formats, and much from this section.
Businesses need cash to keep their business running smoothly and ensuring the accounts receivables are paid on time is critical in managing cash flow efficiently. Cash and credit management essentially implies managing the frequency of payments and a whole lot of activities to encourage your customers to pay as fast as possible. It involves preparing cash flow statements, tracking receivables and payables, analysing and optimising such that business has enough cash cushion to run their business.
Accounting software helps businesses record transactions, process and present the business information in the form of reports, giving a complete picture of the company. By automating the recording of accounting information, accounting software enables efficient and quick processing of financial information. By simplifying the accounting and business process, accounting software puts you in greater control of your business, right from invoicing to insights that matter business growth. From its features, to its business benefits, to factors to consider in buying accounting software, get all your doubts cleared by giving this section a read.
What is Royalty in Accounting? Royalties Accounting Meaning, Accounting Treatment & Examples
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By recording, classifying, summarising, and analysing all financial transactions, financial accounting helps businesses keep track of all the money going in and out of business. It involves a process of preparing financial statements that companies use to show their financial performance and position to people outside the company, including investors, creditors, suppliers, and customers. Find out more details right from what is financial accounting to different types of financial ratios used by businesses.
Bookkeeping is a process of recording and organising all the business transactions that have occurred in the course of the business. Bookkeeping is an integral part of accounting and primarily focuses on recording the day-to-day financial transactions of the company. The way bookkeeping is managed determines the accuracy of the overall accounting process being followed by the business. Give this section a read to know more about bookkeeping systems, principles, etc.
Accounting is consolidating the financial transactions of a company using a systematic approach. It involves recording, analysing, reporting, and retrieving financial transactions when required. It follows a systematic process right from recording a transaction in books to generating reports. Having a good understanding of accounting fundamentals helps business owners to get a better perspective of business and make a wise decisions.
Cost accounting plays an essential role in recording costs incurred by your business and providing valuable insights to make accurate decisions. Being a critical business function, it helps businesses determine the cost of the product or services, cost control, plan and optimise the cost at all levels. With the help of cost accounting, businesses can ascertain the costs incurred at a micro level, cost behaviour and patterns, and areas where costs can be cut down. Find out more on cost accounting from this section.
Banking involves all that is transacted with bank instruments such as cheques, bank transfers, RTGs etc. Banking activities for a business include bank reconciliation, managing cheques, bank payment advice and much more. Among activities mentioned above, Bank reconciliation, commonly known as BRS, is a crucial task that ensures the balance as per bank matches with the company books.