Balance Sheet Liabilities Balance Sheet Liabilities are classified on the balance sheet as current or long-term based on their maturity date. Current liabilities are debts that are due within one year, while long-term liabilities are debts that are due more than one year from the balance sheet date. The following are some examples of… Read More »
Calculating Current Assets Calculating Current Assets, The total value of the agency’s current assets is not something that I can answer without more information. The total value of current assets will vary depending on the size and type of agency. For example, a large travel agency with a lot of cash on hand and a… Read More »
Bookkeeping for Contractual Service The main objective of bookkeeping for Contractual Service Provider is to uphold precise and well-organized financial records of their business endeavors. Bookkeeping serves several essential functions for a Contractual Service Provider: 1. Financial Tracking: Bookkeeping for Contractual Service helps track all financial transactions related to the services provided. This includes… Read More »
Statutory Audit for Contractual Service Provider The objective behind performing a statutory audit for a contractual service provider is to guarantee transparency, accountability, and adherence to pertinent laws and regulations. A statutory audit involves an independent and thorough examination of the financial records, transactions, and operations of a company or entity to assess the… Read More »
Balance Sheet for the Physiotherapist There is no turnover limit for drafting a balance sheet for the physiotherapist. However, if the physiotherapist’s turnover exceeds Rs. 2 crores, they are required to get their accounts audited by a qualified auditor. The auditor will prepare a balance sheet as part of the audit process. If the… Read More »
Financial Managements Account finalization plays a pivotal role in the financial managements of a physiotherapist. It involves the completion of the accounting cycle, where all financial transactions and records are meticulously reviewed, adjusted, and compiled to create accurate financial statements. These statements, including the balance sheet, income statement, and cash flow statement, provide a… Read More »
Balance Sheet of Physiotherapist Here are some important points to consider before drafting a balance sheet for a physiotherapist: 1. The assets and liabilities of the physiotherapist: The balance sheet should list all of the assets and liabilities of the physiotherapist. Assets are things that the physiotherapist owns, such as cash, equipment, and accounts… Read More »
Challenges Come for Physiotherapist for Statutory Audit There are a few challenges come for physiotherapist for statutory audit: 1. Cost: Statutory audits can be expensive, especially for small businesses. The cost of a statutory audit will vary depending on the size and complexity of the business, but it can easily cost upwards of Rs. 50,000.… Read More »
Statutory Audit for a Physiotherapist The applicability of statutory audit for a physiotherapist depends on the following factors: 1. Turnover: If the physiotherapist’s turnover exceeds Rs. 2 crores, they are required to get a statutory audit. 2. Nature of business: If the physiotherapist is a director or partner in a company that required to… Read More »
Finalization Benefits for Physiotherapist Here are some of the finalization benefits for Physiotherapist can gain from properly conducting account finalization: 1. Accuracy: Proper account finalization ensures that your financial records are accurate. This is important for a number of reasons, including: It helps you to track your financial performance and make informed financial decisions.… Read More »