From a legal perspective, when individuals and businesses get a lawsuit settlement, it is important to know the tax regulations. Of all the basic types of settlements, product liability settlements are likely to have special tax features. The taxes applicable…
Barcodes work through the symbology of barcodes and a scanner that can read the symbols and convert them into useful information. This information is often about an item’s price, origin, location, and type. The scanner reads the barcode and enters…
Business operations evaluation depends on process audits for standard compliance assessment. Businesses achieve performance enhancement through the integration of risk-based methodology with process mapping technology. These techniques enhance audit results by working together to create operational efficiency. Why a risk-based…
One of the significant transitions in accounting has been digital accounting replacing the traditional methods of accounting to handle financial records. This has benefitted many of the companies largely by streamlining their business through meticulous accounting processes, and reduction of…
Successful business operations in today’s high-speed industrial environment demand continuous management of financial leadership challenges. Antecedent automation software now serves as a modern breakthrough that assists complex accounting work through automation while lowering human mistake susceptibility. Many companies across all…
Technology is reshaping the accounting industry and in present times, the induction of AI in the field of accounting is improving accuracy and efficiency. Thus, it comes as no surprise that businesses are increasingly relying on artificial intelligence. The reason…
Introduction As per section 206C of the Income Tax Act 1961 (“the Act”), Tax Collected at Source (“TCS”) is a tax that sellers collect from buyers at the time of sale of specified goods. The applicable TCS compliances are: Collection…
Many businesses are now leveraging specialized internal audit firms as they provide services that are beyond conventional financial audits, thus assisting the organization in enhancing its internal control and risk management as well as boosting operational excellence. Specialized firms have…
The choice of proper location is a very vital factor in any business as it impacts operations, customer reach, expenses, and growth. Business location advisory is the selection process of a location depending on factors such as accessibility, the target population,…
Internal financial control is one of the best practices that serve the purpose of accuracy, integrity, and credibility of the financial system in an organization. It refers to measures put in place to protect and maintain the value of the…