Small businesses today are preparing for new challenges and opportunities. Finding ways to optimize resources and streamline processes is crucial for sustained growth in the dynamic landscape of small business operations. The overlooked yet important aspect is outsourcing the accounting function. Small businesses are sometimes compressed with time, budget, and other resources. According to research,…
Starting a business as a one-person company (OPC) in India is picking up pace among young entrepreneurs who want to go solo. Among the many benefits, what stands out is limited liability while allowing full control over business decisions. It is also to be understood that OPC regulations are to comply with and failure to do…
Forensic accounting and fraud detection is perhaps the only potent way in which financial fraud can be identified and busted to ensure transparency in financial transactions. Businesses and even one-person companies are no stranger to various types of financial fraud, which can lead to significant losses if not detected early. An effective way to deal…
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 on the lawsuit settlement can change the amount received considerably, therefore it’s important to understand…
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 the information into a system (sometimes the kind of database). This tool is highly beneficial…
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 approach matters in process audits Risk-based audits focus the scope of their efforts on consequence-heavy…
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 errors. Financial data can be easily backed up and secured with no dependence on cumbersome…
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 business size ranges use this technology to boost productivity while promoting higher accuracy for better…
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 is that the speed coupled with efficiency streamlines their financial processes and reduces human errors….
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 & Payment: TCS needs to be collected by seller from the buyer at the time of…
