Accounts Specialist

Before we talk about the financial statements, let us understand what are financial statements? and how financial statements help business? What are the financial statements and how it helps business? Financial Statements refers to a set of financial reports prepared to view and evaluate the company’s financial performance and position at any given point in time, usually at the closure of the financial year. The financial statements help businesses to measure the financial strength, performance and liquidity. In Short, these reports tell you about money in your business. No doubt! Financial statements are one of your most vital assets to manage finance efficiently. The more you use these reports, you will be in a better position to analyze the key trends, know what is working, not working, strengths and weakness etc. of the business. The insights from the financial statements allow you to make smart and timely decisions to manage finance better and aid in business growth. Among all the...

By definition, cash flow refers to the amount of money flowing in and out of the business. The larger the time gap between cash outflow (payments to your supplier, employees, duties etc.) and cash inflow (receipts from your customers), the higher the risk it possesses to the business. These situations persist in every business and to smoothly manage such situations, you need cash flow management. In simple words, cash flow management largely implies managing frequency of payments and a whole lot of activities to encourage your customers to pay as fast as possible. Cash flow management involves a process of preparing cash flow statement, monitoring, analysing and optimizing such that business has enough cash cushion to run their business. In this article’ Tips to Efficient Cash Flow Management’, we are sharing you some of the best ways to manage optimum cash flow in your business. Here are 6 quick tips to manage your cash flow efficiently. Faster realisation of accounts receivables Acco...

Account receivables refer to the outstanding invoices or money which is yet to be paid by your customers. Until it is paid, such invoices or money is accounted as accounts receivables. Also known as bills receivables. You need cash all the time to keep your business running smoothly and ensuring the accounts receivables are paid on time is essential to  manage cash flow efficiently . It’s often said that ‘’if your customer owes you a hundred thousand, they have a problem, but if they owe you a million then it’s your problem ’’ . The first part of the above saying implies that your customer not paying a few hundred is an exception which is due to the inability of the customer to pay you back. But the next part of the statement sounds risky to the business. It clearly highlights the inefficiencies of business in managing the accounts receivables of your customer which has led to the pile-up of receivables. As you know, accounts receivables are one of the key sources of cash inflow, a...

Any business, irrespective of the size needs to be organised to achieve its goal, whatever it maybe. A well-structured firm has more chances to achieve success and sustain for a prolonged period in the market as compared to a disorganised business. Each department needs to be tracked and analysed on a timely basis so that various business decisions can be taken appropriately. Since most businesses are a part of an ever-changing environment, it is crucial to roll and embrace the changes. And if you want to be a part of such rapidly changing scenario, it is imperative to manage all business activities rigorously. As a part of staying afloat in a competitive space, the need of managing business reports arises. Businesses may gather financial, marketing and sales-related information, or more technical data; a business report sample will be your all-time assistance to adjust purchasing plans, staffing schedules, and more generally, communicating your ideas in the business environment. These...

Introduction to accounting principles Accounting is an integral part of every business regardless of business size. With modern day business requirements, business and accounting are simply inseparable. By recording all the financial transaction, accounting helps in determining the financial performance of the business by preparing  financial statements . These financial statements are used by both internal stakeholders as well as external like investors, tax authorities, regulators, banks etc. Now imagine, if each business prepares the financial statement in their own way, we all will have hundreds of thousands of financial statements formats trying to convey the same information. This becomes practically impossible for a business compare and read the other companies’ statements. As a result, financial data becomes unusable. Here is why Accounting principles helps to bridge the gap and aims to bring some level of uniformity in financial reporting. Meaning and definition of account...

What Do We Mean When We Talk About Usage of Shortcut Keys in Tally.ERP 9? By shortcut keys, the attention is drawn to keyboard Shortcut keys as Tally software uses the keyboard functions to operate, journalize, and report the financial statements prepared for the users to interpret and to take decisions on the financial statements. Keyboard shortcut key is a set of one or more key that helps to activate a function without the use of mouse. Short cuts invoke a command in tally software as an alternative to mouse clicks or contentious use of Enter Key. In Tally.ERP 9 there are shortcuts for almost all functions. This means that you can use tally software without touching mouse, which will help you in faster data entry, easy navigation, easy report viewing, easy printing, export-import of data etc. How to Categorize the Shortcut Keys in Tally.ERP 9? In  Tally.ERP 9 , shortcuts are organized in such a way that even a newbie user can easily find out  by a glance on the screen. The ...