Signs you need a bookkeeper Signs you need a bookkeeper,A bookkeeper is typically need in the following situations: Small business owners: Small business owners often require the services of a bookkeeper to manage their day-to-day financial transactions, including recording income and expenses, reconciling bank statements, and maintaining accurate financial records. Growing businesses: As a… Read More »
Business Registration Certificate for Sole Proprietorship A sole proprietorship is one of the simplest and most common business structures, especially for small businesses and individuals. It’s a business owned and managed by a single person, and there is no legal distinction between the owner and the business. While setting up a sole proprietorship is straightforward,… Read More »
Sole proprietorship vs OPC Here are the notable distinctions between an OPC (One Person Company) and a sole proprietorship: Legal Structure: OPC: An OPC is a legally recognized entity that is registered under the Companies Act. An OPC (One Person Company) is recognized as an independent legal entity distinct from its owner. Sole Proprietorship: A… Read More »
Can I run multiple businesses on a single GST as a sole proprietor Yes, as a sole proprietor, you can run multiple businesses on a single GST registration. However, you would need to mention the details of all your businesses while applying for GST registration, including their names, addresses, and types of goods or services… Read More »
Internal liabilities Internal liabilities, also known as intra-company liabilities or intercompany liabilities, refer to the debts or obligations that exist between different entities or divisions within the same company or group of companies. These liabilities arise due to financial transactions or arrangements between various internal entities. Internal liabilities can take several forms, including: Intercompany… Read More »
Double-entry bookkeeping Double-entry bookkeeping is a method of recording financial transactions that involves recording both the debit and credit aspects of each transaction in separate accounts. For every debit recorded, there must be a corresponding credit of equal value, ensuring that the books always balance. It is important to accountants and auditors because it provides… Read More »
Capital structure Capital structure refers to the composition of a company’s sources of funds, including debt, equity, and other forms of financing. It represents the way a company finances its operations, growth, and investments. The way a company finances its operations, known as its capital, is crucial as it affects the company’s financial performance, level… Read More »
Direct and Indirect Expenses Before diving into the specifics of salaries and wages, it’s essential to understand the basic definitions of direct and indirect expenses: Direct Expenses: These are expenses that can be specifically linked to the creation of goods or the provision of services. They vary depending on the level of production. In other… Read More »
Can I Use a Single GST Number for Selling Products and Services In India, the Goods and Services Tax (GST) is a comprehensive tax system that has streamlined the taxation process for businesses. A common question among entrepreneurs and small business owners is whether they can use a single GST number for selling both… Read More »
Accrued expense definition Accrued expense definition, Accrued expense and outstanding expense are both terms relate to expenses that are incur but not yet paid. However, there is a difference between the two terms: Accrued expense An accrued expense is an expense that has been generate but not yet paid, and has not been record in… Read More »
