Accounting Standards & Bookkeeping — Guides, Updates & Practical Insights
Indian Accounting Standards (AS 1-29), bookkeeping principles, GST accounting entries, and valuation rules
“Bookkeeping” in Accounting Standards & Bookkeeping
Audit Documentation and Working Papers
Audit documentation (working papers) is the record of the evidence and conclusions an auditor gathers. Here is what it involves and why it matters.
How to Prepare for a Statutory Audit
Preparing well makes a statutory audit smooth and quick. Here is a checklist to get your company audit-ready.
How to Prepare a Balance Sheet
A balance sheet shows what a business owns and owes at a point in time. Here is how to prepare one.
How to Manage Accounts Receivable
Managing accounts receivable well keeps cash flowing. Here is how to track and collect what customers owe you.
How to Prepare Profit and Loss Account
A Profit and Loss (P&L) account shows your income and expenses over a period to arrive at profit or loss. Here is how to prepare one.
How to Read Financial Statements
Reading financial statements helps you understand a business's health. Here is how to interpret the three key statements.
Inventory Valuation Methods Explained
Inventory valuation affects your cost of goods sold and profit. Here are the main methods used by Indian businesses.
Journal Entries for GST
Recording GST correctly in your books ensures accurate returns and input tax credit. Here is how GST journal entries work.
Year-End Closing Checklist for Businesses
Year-end closing prepares your books for financial statements, audit and tax filing. Here is a checklist to close the year cleanly.
Concurrent Audit in Banks Explained
Concurrent audit is an ongoing, real-time audit of a bank branch's transactions to catch errors and irregularities early. Here is how it works.
Internal Audit: Meaning and Process
Internal audit is an independent, ongoing review of a company's controls and processes for management. Here is what it involves.
Statutory Audit vs Tax Audit
Statutory audit and tax audit are different audits under different laws. Here is how they compare.
UDIN: What It Is and How to Generate
UDIN (Unique Document Identification Number) authenticates documents certified by chartered accountants. Here is what it is and how to generate it.
How to Do Bank Reconciliation
A bank reconciliation matches your cash book with your bank statement to catch differences. Here is how to do one.
How to Maintain Books of Accounts
Maintaining proper books of account is a legal requirement and good business practice. Here is what to maintain and how.
Bookkeeping Basics for Small Businesses
Good bookkeeping is the foundation of a healthy business. Here are the basics every small business should follow to keep accurate books.
Cash vs Accrual Accounting Explained
Cash and accrual are the two main accounting methods. The difference lies in when you record income and expenses.
Stock Audit Process and Checklist
A stock audit verifies the physical existence, quantity and valuation of inventory. Here is the process and a checklist.
What is CARO 2020 and Its Applicability
CARO 2020 (Companies Auditor's Report Order) requires auditors to report on specified matters in their audit report. Here is what it covers.
Depreciation Methods under Companies Act and Income Tax
Depreciation is charged differently under the Companies Act and the Income-tax Act. Here is how the two methods differ.
Cash Flow Statement Explained
A cash flow statement shows how cash moves through your business across operating, investing and financing activities. Here is what it means.
Chart of Accounts for Indian Businesses
A chart of accounts (COA) is the organised list of all accounts a business uses to record transactions. Here is how to structure one.
Common Accounting Mistakes Small Businesses Make
Small businesses often make avoidable accounting mistakes that cause tax trouble and cash problems. Here are the common ones and how to avoid them.