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How To Become A Tax Expert

Every person who dreams to earn millions faces taxes, companies plan elaborately to handle taxes, a common person goes through millions of web pages to understand taxes, but even after all of this, Tax is an elusive topic. For some taxes are a necessary evil for others a sign of equal treatment, but what is important is understanding taxes. These are the reasons why being a tax expert is so sought after. Having the skills to understand an elusive topic like taxes, can take you to higher places in life. From small businesses to large MNCs, everybody is filing taxes. As a tax expert, your role will be to hold your client’s hands and teach them to maneuver the “tax world”. You will also play a middle man role between tax authorities and your client when they prepare their tax papers. Being proficient in the tax laws of your country is essential to succeeding in this role. You will be studying lots of calculations, various rules and regulations, and the various schemes the country offers to taxpayers. Your primary task will be to measure taxes, inform your client of rules and regulations and coordinate with tax authorities. Like any other profession, becoming a tax expert is not the result of reading a few blogs, but a quest for understanding. You will have to pursue professional courses from a recognized University along with nurturing a few key skills that we shall discuss later.

Courses To Swear By!

Ideally after your higher secondary your quest to become a tax expert starts. You will have to complete your undergraduate first and then pursue a post-graduation in taxation. There is a second path too that can be pursued after graduation. Let us have a closer look at what you should be doing;

Under Graduation Once you have completed your higher secondary, look for undergraduate programs related to taxation. Finding a bachelor’s course that offers specialization in taxation might be difficult. You can go for other related fields that you will need to become a successful tax expert, like taxation courses in Ahmedabad. Pursuing your bachelor’s from a reputed institute is also preferable. Choose carefully the institute to pursue a bachelor’s degree, as it will be the base to you becoming a good tax expert. Exposure and quality are the important factors while choosing an institute and not an advertisement.

Post Graduation The ideal choice after graduation is to pursue post-graduation. In this step, you set yourself for success as a tax expert. Your post-graduation should be in taxation. It will give you all the information you need on how the tax world functions. Keep in mind to get as much exposure to the real-world scenario as possible. An internship under a tax expert will set you up perfectly for your tax expert journey. Again, a reputed institute is advisable, but exposure and quality of education are key factors.

Chartered Accountant If you want to become a tax expert. Chartered accountancy course is most preferable course in India. The course includes in-depth knowledge of direct as well as indirect taxation. The course offers you to become expert in the field of taxation. There is also compulsory internship requirement.  You have to undergo with 3 yeas training under qualified chartered accountant so that you will get the practical exposure to the taxation and accounting. If you are not getting the work related to taxation in the internship you can also prefer to join taxation course in Ahmedabad.

Additional Skills To Add On!

So you have the required qualifications, but without skills, you will not be able to find employers. Let us see some essential skills that a tax expert must possess to become successful.

Leadership As a tax expert, you will be in charge of the entire taxes of a huge MNC or a billionaire client. You must have the leadership skills to maneuver challenges and issues that your clients face during their filing of taxes. You might also be required to lead other departments and guide them through the process of tax filings. Thus, a tax expert who can lead from the front and find solutions to problems is bound to succeed.

Up to Date The Legislature is always alive coming up with new tax regimes to better fit the society. A tax expert must have the skills to keep up to date with all these changes. A habit of reading newspapers, participating in discussions, seminars, etc. are a few ways to develop these skills. The client is only as aware as the tax expert handling them. Being up to date is crucial for a tax expert to make sure their clients can steer clear of fines and sanctions.

Technical expertise and exposure As a tax expert, if you have early exposure to the tax world you will benefit a lot. An internship or a project that you were a part of during your education can help build the expertise needed to succeed. The world of taxes can get complicated with different sectors of the market subject to variable tax regulations. Technical proficiency is a must to understand and find out faulty metrics and partially informed tax filings. Having said that, there are many elite coaching institutes that provide taxation training in Ahmedabad that you could benefit from. Consider checking them out.

Conclusion

Taxes are a tool deployed by the government to support the development of the country. As a tax expert, you have to make sure that your client pays their taxes without any hassle. You will essentially be the bridge between the government and the client. People might say that taxes are unnecessary, but you must know better. You will also have to be clear and educative with clients and help them better understand the tax regime. A tax expert must be abreast of all the changes in the tax regimes. They must also have the proficiency to deal with mishaps and the composure to work with teams. At the end of the day, a tax expert has to be the one who can see right through the elusiveness of the “Tax World”

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Useful Career Tips for BCom Students

Thousands of tireless hours studying, absorbing knowledge from thick textbooks, racing against time to finish the question paper, after all those trials, you have finally managed to complete your BCom.

You might also be someone who is still striving for their degree and things don’t look sorted out yet. The hurdles do not stop once you fling your graduation cap in the air, remember that. It can get perplexing but hold yourself together as we go through some useful tips to kickstart your career to success.

1. Connections

In your years at college, you will meet thousands of new people. You will meet personnel from the industry you want to work in. CEOs, CFOs, HR representatives of various companies that visit your college. Build your connections. As you navigate through the years of college, talk to people, attend seminars, get in touch with people in the industry. That way, you build a network of people from whom you can seek guidance in your career.

2. Internships

During the three years of your education, you will get a lot of free time. Dedicate at least a few hours of your day working in an internship or part-time job relevant to your industry. This allows you to gain knowledge about real-world scenarios. Internships are also a great way to collect appreciation certificates and recommendation letters to aid your job hunt for the future. An internship can become hectic so choose wisely and make sure it does not hamper your education. Upskilling becomes an important aspect during internships. So, if you’re looking for after Bcom course in Ahmedabad, this is the right place for you.

3. Communication Skills

Job interviews are some of the most tenacious moments that you will ever have to go through. Being able to communicate is not enough, you must have the communication skills to create your mark. Even after you land a job, great communication skills will help you climb up the ladder to success. Ideally, you should take part in debates, public speaking fests to build confidence and fluency. Communication skills are also a way to stand out amongst your mates. Developing communication will also help better phrase your knowledge and answers.

4. Key Points

Everybody knows what you know from the course. To stand out from the crowd, keep a note of key points and crucial but overlooked concepts. During your interview and job hunting, review these concepts to gain a better understanding. It will allow you to be confident in your answers and prove your proficiency in knowledge. Remembering key points also shows your dedication while you were completing the course.

5. Multiple Qualifications

Doing just one degree will not put you in the limelight. That doesn’t mean you do two or three degrees simultaneously. What it means is that you should pursue diplomas and other qualifications while pursuing your degree. You can pursue online diplomas, integrated courses in your degree, etc. It enriches your profile, ultimately aiding you during the job hunt. Having various courses is also proof that you have a dedicated mindset and commitment.

These are tips to prepare you for your career while you pursue your education. But once you complete your degree, the scenario changes completely. A few more tips to help you pass through that phase are listed below. Use everything that you have prepared during your education and carefully think about the tips mentioned below;

6. Pursue an MBA

Fresh out with a BCom degree, pursuing an MBA is one of the best post-graduate degrees. If you are looking for an after commerce course in Ahmedabad, consider getting your job done. It is a 2-3 years course that you can take up after clearing the Common Admission Test (CAT). Fresh MBA graduates are in demand in MNCs all around the world. MBA graduates are equipped with knowledge about the business world. It also equips you with further knowledge about the specialization you choose. The average package of an MBA graduate is 7 LPA.

7. Get an FRM (Financial Risk Management) certification

An FRM is responsible for preventing companies from facing huge losses in various aspects of their business. It is a nine-month course offered by the GARP (Global Association for Risk Professionals), USA. It is the gold standard in the risk and management industry. You will be able to go job hunting abroad with this certification. FRM executives are in demand given the rapid changes happening in the market. The average package of an FRM exec in India is 10 LPA.

8. Business Analyst

MNCs and Corporate offices are always on the lookout for Business Analysts. These are personnel who point out trends in the business of the company they work for. They can also be employed to point out trends in competitor business. Since companies are always on the lookout for sharp business analysts, there is ample scope in this field. You can also pursue short diplomas and distance courses while working as a Business Analyst. The average package of a Business Analyst is 4 LPA.

9. Chartered Accountant /  Company Secretory

Charted accountant / company secretory are the most attractive course for any commerce student and it is the first choice of any commerce student. The chartered accountancy course provides the best opportunities in almost all the industries and in all the fields like, finance, investment, taxation, accounting, audit, etc. the company secretory is must requirement for any listed companies for all the secretarial work related to companies act and its compliances.

10. Digital Marketer

The world is going digital and so is commerce. Huge trends are being observed as companies race to create their digital influence. This is what has created job opportunities for Digital Marketers. They are responsible for creating social media strategies for companies and also developing the company’s digital presence. You can also do certification for Digital Marketer to increase your proficiency and get better jobs. Digital Marketing is a growing market, to be successful you need to think out of the box and also have excellent communication skills.

11. IFS/ UPSC/ IAS

A BCom degree in hand can allow you to get top positions in the government too. Finance sectors and even administrative sectors are hotly contested fields. Millions of students apply and try out for Indian Administrative Services and other related branches. It takes preparation but getting selected in any of the government sectors is a future-proof plan to succeed.

Conclusion

While pursuing your BCom or after you have completed it, the key to creating a successful career is to keep abreast with what is happening. Do not linger on past events and race towards the future. Give it your all and prepare yourself keeping your goal in mind. Look at every hurdle as an opportunity and your career will soon become a success.

Source : Career Tips for BCom Students

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Bank Reconciliation Statement for Accountants

Defining Bank Reconciliation

The process by which the bank account balance in an entity’s book of account is reconciled to the balance reported by the financial institution in the most recent bank statement is termed as Bank Reconciliation. Any difference between the two figures needs to be examined and rectified if necessary.

To ensure that the accuracy of a company’s records, a bank reconciliation should be completed at reasonably frequent intervals for all the accounts of the bank. Otherwise, it may result in check bounces or overdraft fees due to balances being much lower than expected. For more detailed learning about this, you can enrol for Accounting classes in Ahmedabad.

It might be better to terminate the accounts that are barely used that is there is so little activity that there is no need for periodic bank reconciliation. Rolling the residual investment into a more active account makes it easier to monitor the investment.

Conducting a bank reconciliation every day based on the bank’s month today information is an even better practice. It helps spot the mistakes and also allows room to correct them immediately. In particular, it will highlight any ACH debuts that have not been authorised. A debit block on the account can be installed to prevent the withdrawal of funds without proper permission or access.

The essential method flow for a bank reconciliation is, to begin with, the bank’s ending money balance, augment it any deposits in transit from the corporate to the bank, work out any checks that haven’t nevertheless cleared the bank, and either add or deduct the other things.

Then, move to the company’s ending money balance and deduct from it any bank service fees, independent agency checks and penalties, and augment it any interest attained. At the tip of this method, the adjusted bank balance ought to equal the company’s ending adjusted cash balance.Accounting Training and Placement helps you understand these concepts and how it.

Bank Reconciliation Terminology

There are certain key terms that you need to be aware of while dealing with reconciliation.

Deposit in transit: Checks that have not been registered in the records of the bank where the funds are deposited by the entity but that have been received and recorded by the entity. This deposit does not appear in the bank statement if it has been made at the end of the month and thus, it becomes a reconciliation item in the bank reconciliation. A deposit in transit occurs if the deposit arrives at the bank too late to be recorded that day or if the entity has mailed the deposit to the bank or if the deposit is yet to be made by the entity.

Outstanding check: A check payment recorded by the issuing entity but not yet cleared its bank account as a deduction from funds. It will not appear in the month-end if it has not cleared the bank yet. It becomes a reconciling item in the month-end bank reconciliation.

NSF check: A check that is not approved by the bank of the entity issuing the check, on basis that the entity’s bank account does not have adequate funds, is called an NSF check. NSF is a short form for “not sufficient funds.” The entity trying to cash an NSF check will be charged a processing fee by its bank. The entity issuing the check will certainly be charged a fee by its bank.

Bank Reconciliation Procedure

Assuming that the bank reconciliation is being created in an accounting software package the following steps can be followed:

After entering the bank reconciliation software module, a list of uncleared checks and deposits will appear.

All the checks that have been listed as having cleared the bank, should be checked off in the bank reconciliation module.

All the deposits that have been listed as having cleared the bank, should be checked off too.

All the bank charges appearing on the bank statement and which have not been already recorded, are to be entered as expenses.

The ending balance is to be entered on the bank statement. If the records from the book and bank matches, then all the changes in the bank reconciliation can be posted. If not, they continue reviewing.

Problems With Bank Reconciliation

You should be aware of several problems that continually keep arising as a part of the bank reconciliation.

Uncleared checks that continue to not be presented. There will be some checks that are not presented to the bank for payment by the payee for a long time. Treat those checks like the uncleared ones and list them in that list in the software for the ongoing reconciliation. In the long term, the payee should be contacted and checked if they have received the check of not.

Checks clear the bank after having being voided by the bank. As mentioned earlier, if a check is unearned for a long time, you will probably need to void the one and issue a replacement. To avoid cashing the original check or double payment, you should make sure you void of either check. If they have been voided, when presented to the bank, they will be rejected.

Another problem may arise which is the change in dates covered by bank statement.

Account Related Courses in Ahmedabad will be beneficial for everyone and you can also learn how to cope with such problems.

Examples Of Bank Reconciliation

A company is closing its books for the month-end January 31. A bank reconciliation is to be made based on the issues.

The controller creates the following reconciliation:

Once the bank reconciliation process is complete, the software should allow you to print the report containing the book and bank balances. A copy of this report should be retained every month. You can collect these and put them together in a journal entries binder. This will give the auditors easy access to any information required later.

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Goods and Services Tax And Its Impact On Business

After several countries over the world had implemented the Good and Services Tax, In 2017 with the support of both the houses of the Parliament and the consent of the President of India, the Goods and Services Tax finally came into being after going through almost a decade of scrutiny. It was Atal Bihari Vajpayee’ Government that introduced the GST bill and it was Arun Jaitley, the Finance Minister of the then newly appointed Modi Government, who made it a reality.

Earlier there was a clear demarcation between the Central and State Government with regards to the tax being levied. The existing tax regime only empowered one of the governments at a time to levy taxes. But the GST empowers both the Central and the State governments at the same time to levy taxes and brings a unified tax regime to the country.

What is GST?

GST or Goods and Services Tax, is a central government levied tax that replaces many indirect taxes like VAT, excise duty, services tax, etc. It is a comprehensive, destination-based tax that is multi-staged and levied on every value addition.

It is a single domestic indirect tax for the entire country. It was passed by the Parliament on 29th March 2017 and came into effect on 1st July 2017.

When Was GST implemented and why?

GST was first introduced by the Atal Bihari Vajpayee government but it was in 2017 that the Modi government became successful in implementing it. The earlier tax regime gave power to the central government or the state government one at a time but the GST bill would grant power to the central and state governments at the same time.

GST also sought to simplify the existing tax regime in the country, widening the tax-paying sectors and increase the government’s tax revenue.

What is the impact of GST on manufacturers, distributors and retailers?

For manufacturers, GST has come as a boon. It has helped reduce the tax on tax that manufacturers had to pay in the earlier tax regime. This allows manufacturers to produce goods that are cheaper thus increasing their sales. Manufacturers have to only pay one unified tax and this saves them expenses as compared to paying 25-26 % more in the earlier tax regime.

Most of the retail in India is unorganized so there is no huge impact of GST in this sector. But for small retailers, the ease of entry and the input tax credit facility offered by GST is the largest advantage. In the case of distributors, GST has gained a negative image. It is not true that GST has irrelevantly increased the tax on distributors but rather due to GST being transparent, there is no tax evasion as was happening earlier in the distribution sector.

What is the impact of GST on service providers?

Service providers have received a few benefits as well as disadvantages of the GST regime.

In terms of benefit, Service providers are free of cascading taxation as there is no excise tax or VAT, etc. Also, service providers can avail of the input tax credit on both their equipment as well as the services they offer. With extra taxes like excise and VAT, input costs have been reduced which means that service providers have to bear fewer costs for services they offer.

In terms of demerits, the decrease in cost to the service provided means that the tax has to be paid by the consumer which drives up the sale price of services. Again, service providers can avail ITC on the services they offer but at the same time, this means all the services they provide shall be taxed, even if they provide the services for free.  The Certificate Program on GST Course in Ahmedabad to provide specialized and updated knowledge in the area of GST by skilling students and industry members.

Sector-wise GST Impact analysis

Agriculture

The agriculture sector is the largest contributor to the economy with almost 16%. Thus it was imperative that the government had to think about the effect on the agriculture sector. Initially many states like Maharashtra, Punjab, and Gujarat faced losses since there was no state collected VAT, etc.

But after the GST regime was solidly established farmers and agro-industries have begun seeing positive effects. Earlier common used materials like fertilizers had a tax rate of 5% but in the GST regime, this tax has been hiked to 12%.

The same increase is also seen in the case of machinery like tractors which attract a GST of 12%. This means that farmers and industries can claim ITC (Input Tax Credit) and reduce the overall cost of their supplies. According to many financial experts, GST has created a single unified agriculture market where farmers can sell their produce for the best price.

Automobiles

Earlier automobiles attracted Excise and VAT duties which collectively came out to be 26.5 to 44 %. Comparatively the present GST rates are very low and range from 18 to 28 %. Thus, GST has reduced the burden on the end consumer while paying the taxes for purchasing an automobile.

Also, importers and dealers of automobiles can rejoice as they can now claim ITC on the goods they sell and purchase. This was not possible in the earlier tax regime. Also, automobile parts have become cheaper as a result of the improved supply chain mechanism created by GST.

FMCG

A huge amount of logistics expense is saved by the FMCG sector, courtesy of the GST tax regime. The earlier tax regime saw the FMCG incurring a distribution cost equal to 2-7 % but the GST tax regime brought it down to 1.5%.

Due to smoother supply chain management, tax payment, input credit claim, and CST removal, consumer goods have reduced in prices which have led to consumer goods becoming cheaper and reduction in the cost of transportation and storage of goods.

Freelancers

The good news for freelancers is that under the new GST tax regime is, freelancers are exempted from taxes up to a turnover limit of INR 20 lakhs.

This proves beneficial as most freelancers do not have higher turnover rates than INR 20 lakhs. Software sold by freelancers is also exempted from taxes under the GST regime and this has made software cheaper for the consumers.

E-commerce

The impact of GST on E-commerce is a two-sided tale. On one hand, the E-commerce industry benefits from the efficient supply chain created by the GST regime reaping the benefits of a transparent transport system with less amount of paperwork and compliances to think about. On the other hand, E-commerce industries are taking a hit as costs of storing and warehousing goods have increased.

The taxes levied on E-commerce increase since the company has to pay taxes even for goods that are not sold. Additionally, they can claim ITC only after their goods have been sold. This has caused a spike in the pricing of goods on E-commerce sites.

Logistics

The logistics sector has been one of the best benefits of the GST regime. Under the GST regime, inter-state check posts have been removed and this has increased the speed and efficiency of the logistics chain throughout the country.

The logistics sector has also seen other improvements in terms of reduced transportation cycle times, enhanced supply chain & turnaround time, consolidation of warehouses, etc.

Pharma

In the case of Pharma industries, GST has done a huge positive impact but has also created a few negative effects. In terms of positive, many lifesaving drugs, oral hydration salts, and diagnostic kits have fallen under the minimum tax slab and this improves the health care of the society.

Also, the establishment of the GST regime means that pharma companies and industries do not have to pay repeated excise duties and VATs. But on the negative side, components for ayurvedic medicine have high taxes as they come under cosmetics and this poses a great difficulty in a nation that is very dependent on Ayurveda.

Real Estate

Under the new GST regime, the real estate industry has seen a solution to many of its problems like cascading of taxes. Under the earlier tax regime builder had to pay excise duties and VAT. But with the unified GST regime, sellers have to pay GST but will get ITC which they can pass on to the buyers. This reduces the overall tax incurred on properties.

Startups

Startups that are making a transition will incur some losses in the new GST regime as its implementation reduces the threshold to pay excise duties from 1.5 crores to 40 lakhs. This means that some startups that were earlier exempted from taxes will have to pay them now.

But in the longer run, startups will face much-wanted relief as the market becomes unified and there is the ease of movement of goods. Also, startups will have a lot fewer compliances to deal with in the new GST regime.

Telecommunication

GST regime for the telecommunications sector has been bitter-sweet. Though telecommunications can claim ITC on imported pieces of equipment and goods, they cannot avail ITC on diesel which attracts taxes of about 100 %. Telecommunication companies have to pay a higher tax rate also as the earlier tax rate has been bumped up from 15% to 18%. The woes of the telecommunication sector have also been increased with the added compliances that they have to adhere to under the new GST regime.

Textile

In the case of the textile sector, the GST regime looks to create some huge shifts in the industry. The first area GST affects is the ITC that a business can claim. Earlier, there was no option to claim ITC on imported pieces of equipment and materials which attracted heavy excise duties.

But under GST, the capital of a company shall be eligible for ITC. The catch here is ITC cannot be claimed if a company sources its raw materials from the unorganized sector or composition scheme taxpayers. Though initially there were high prices due to GST, in the long run, the unification of the market will help India compete in the foreign market.

Conclusion

The GST regime is relatively new in the country and still requires acclimatization on the consumer’s end. The successful implementation in all the aspects of the country can help provide the country’s economy a much-needed boost. GST can also help the local market become competent enough to compete with foreign markets. S20 provides the best certified GST course in Ahmedabad with practical training and case studies that help them in their careers.

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Ranging from statistics to finance to banking, there is a whole new set of branches in this field as well. Let’s look at one of the top careers in commerce that many are blank about or consider common.

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Tally Prime Course: Business Management Software in India

Tally Prime Software With the hectic growing businesses today, with a large spurt in technology and with advanced means to every aspect of business, it is necessary to keep intact not only your delivery of your products but also your management as well as your data regarding your company.

With increasing sales and many ups and downs in the business section, there is a need to be able to smoothly conduct your sales and understand the data structure to make changes to thereby promote growth. While there are a million automation systems designed to give you modern help, launched on November 9, 2020, Tally Prime Software is just the right choice for your company.

What Is Tally Prime?

The big question. Tally Prime Software is a new business software from Tally Solutions that is designed just to meet your business requisites. Its modern features are here to ensure efficient business and to help not only run the entire process smoothly but also assist in the most dynamic way possible to bring about a different perspective to your way of conducting business.

Right from accounting, invoicing, security, and much more the Tally Prime Software has got you covered so you can be assured that you have one platform to manage your business that is not only inclusive but also well organized to help you better direct your procedures. So, if you are looking for a Tally Prime Course in Ahmedabad, don’t forget to check us out.

How Does Tally Prime Work?

Your business needs only the best but along with that, efficiency is also a must. Tally Prime is a software that not only ensures results but also easy usage so you’re not stuck up trying to conform to advanced technology rather than regulate your business. Taking a look at how Tally Prime works, there is so much this software is capable of.

It takes care of all your business needs quickly without any hassles. It has defined categories to structure every aspect of your business right from reports, accounts, banking, security, payments, and much more so you have everything in order.

A cloud-based Tally Prime Software helps to make use and refer to various business strategies to meet your goals potentially. It has multiple features to record data and make entries and store them structurally too.

Once you have entered all your data, you can easily view, make changes, as well as restore the same. Feel free to record changes, trace reports, view bills, and payments, and any other data with Tally Prime. And that’s not all, not just anyone has access to your work.

Tally Prime Software has updated security that allows you to control who can access your data and also provides security with the help of defined permissions, various levels of security, password policy management, and much more. So, you can be assured all your data remains confidential and has no threat. A Tally ERP Course in Ahmedabad will help you clear your basics and provide strong foundational support for your future professional endeavors.

Features Of Tally Prime

Needless to say, Tally Prime speaks for itself with its inbuilt features and attributes that enhance your work experience.

Accounts and Invoice: Tally Prime Software allows you to create professional invoices easily. It also supports a Flexible Management system for Sales and Purchases

Inventory: Provides a Manufacturing Journal to record all your data. The Tally Prime also allows unlimited groups so you can categorize your stock as what suits you best.

Reports: The Tally Prime is designed to aid in Analysis for a better overview of your reports.

Payments and Banking: This allows easy management of your payments, cash, and credits. Provides cheque management and e-payments for all your payment procedures.

Security: The Tally Prime Software has a Tally Vault for business users so that their information remains confidential with the help of encrypted data

Advantages Of Tally Prime

Effortless Data Management – with the many features in Tally Prime Software it becomes easy to handle data right from entries, locating or tracing data, changes, deletion, or even restoration of data.

Human Errors are removed, Aid for Analysis – With characteristics like the Design to Aid in analysis and the prevention detection and correction mechanism, one need not be worried about errors and mistakes which would otherwise be crucial in business data.

Easy but controlled access – Although the Tally Prime Software promises efficient usage it controls who has access to your information thereby providing security to ensure confidentiality.

Development of business activities – With notifications, permissions, and other possibilities with Tally Prime, business activities are further detailed and enhanced.

Promotes industry and business ideas – With quick procedures for accounting, payments, bills, and so on, one can focus on efficient business sales

Disadvantages Of Tally PrimeSingle Window takes uptime –

The Tally Prime is a single-window software meaning you cannot open the same page on multiple windows which makes your process a bit longer and consumes time

Low Flexibility –

Although equipped with features, the Tally Prime Software is still quite tough. Settings could be a hassle and when it comes to customization of the product, there’s not much that meets the needs.

Risk of loss of data –

The security is well enough to protect the data but the backup system of the Tally Prime Software is weak so there is always a risk.

Not many upgrades –

Having come with exciting features, the Tally Prime Software is different with bare minimums compared to the previous software.

Not sensible for multiple- branches –

For large companies and those having multiple- branches, it becomes tough to handle and at the same time is not the best option monetarily.

Future Scope For A Tally Operator

It is not doubted that all the features of Tally Prime are a part of any business’s growth.  Therefore, a Tally Prime operator has huge scope knowing all these aspects in addition to the working of the software. With all the advanced functioning, one can learn futuristic and modern techniques for the business itself. At the same time, a practical understanding is what business companies would need the most.

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Role Of Technology In Accounting

Every modern-day activity that we can think of right now, is either directly or indirectly dependent on technology. Starting from electric toothbrushes to Electric cars with autopilot mode, humans have made extensive use of technology in various fields. Just like every other field, business is also one of the most important fields of all time and the language required to understand this important field is accounting. Technology also plays a huge role in accounting. Let’s learn more about this amazing connection.

What Is The Relationship Between Accounting And Technology?

Accounting is the language of business. It has been through many changes and modifications throughout the years. But, technology has always been a very important part of accounting and it makes the accountant’s job a little easier. Technology has helped increase the efficiency and ability of an accountant to assess statistical values. It has also enhanced the ability of an accountant to interpret the language of businesses with such ease and that has made the accountant a corporation’s most trusted business advisor. One should consider an account taxation course in Ahmedabad to learn more about it.

What Is The Role And Impact Of Technology On The Accounting Process?

Accounting was once done by hand but now technology has made it possible and also very easy to record information in real-time, collect and compile information from various sources and also automate repetitive tasks. This allows the professionals to focus more on other important tasks like giving financial advice and monitoring the performance. IT has also helped industries and companies reduce errors and make better financial decisions. Technology has impacted the accounting field in more than one ways-

Accessibility Of Accounting Data Has Improved A Lot With the use of technologies like cloud accounting services, any authorised user can access the information required from anywhere they have internet. This saves the time of an accountant physically downloading files and sharing it with other users. These services can also be accessed from the mobile device of the user. This has improved the efficiency of the work done a lot.

Automated Data Entry There are many popular accounting software nowadays that can integrate with invoicing, payment and payroll services as well as full enterprise systems. So that accounting records can be automatically be updated as transactions happen, this gives the software access to real-time information. Altogether, these technologies reduce the need for manual entry and save the accountants crucial time that they can use for other tasks. This has brought changes to the role of an accountant today. Now, the accountant can spend more time analysing financial data and advising management.

Accounting Data Is More Accurate The most obvious impact of technology in accounting is the reduction of errors. Accountants can now easily rectify the mistakes and also provide companies with more useful financial information. Automation of the recording processes has reduced human errors to a huge level. It also checks for common errors and notifies the accountants instantly so they can address the issue without wasting any time.

Better Decision Making Apart from various other features, technology also helps accountants search for numerous financial documents for all types of important information and even assess the impact of certain financial decisions. Account taxation course in Ahmedabad is the best choice to learn more.

What Are The 5 Roles Of Accounting?

Accounting serves the purpose of providing financial information to the stakeholders of the business: management, investors and creditors. The measure and summarization of the activities of the company are seen by the accounting department. After the evaluation, the results are communicated to the management or the specific party. 5 functions of Accounting are-

Forming A Plan And Controlling Financial Policy Several financial information is proposed before the management so that they can control the financial policies and formulate plans concerning the future activities and course of action.

Preparing A Budget An estimation of the income and expenditure is prepared based on future activities. This is also one of the most important roles of accounting. It also provides all the necessary information required for preparing this budget. Later on, carried out expenditures are compared with budgetary elements.

Cost Control A standard cost is estimated ahead of every cost. The necessary information for estimation of the cost is available from the past accounting records. The actual cost and the standard one are compared for calculating the efficiency of work.

Evaluation Of Employees’ Performance Information required for evaluating the assigned task of employees of every department is provided by the accounting department.

Prevention Of Mistakes And Deceit The accounting system helps check the activities of the employees to prevent errors and fraud.

6 Reasons Why Tech Is Important For Your Accountancy Practice

The language of business needs to be updated with the technological advances so that they can respond to the market conditions and clients’ needs properly. Digital resources and online tools have increased productivity a lot and also helps the organization. Electronic accounting has absolutely replaced manual accounting. It has not only reduced errors to a large extent but also saved a lot of time, increased accuracy and other advantages. Therefore, the accounts should always be updated and aware of all the technological advances.  You can learn more about it in the accounting training in Ahmedabad.

Out of all the numerous, here are 6 reasons why tech is important for accountancy practice –

Digitization Of Documents Maintaining manual paper records is very costly and time-consuming task. Hardly anyone believes otherwise. Apart from that physical space is also an issue that needs to be considered. Physical storage is being slowly replaced by digitized documents. Ease of access is one of the major factors to be considered. Anyone with proper authorization can easily gain access to them.

Elimination Of Bureaucracy Online accounting systems are platforms that are simple and intuitive and provide direct channels to clients as well as conduits for various information, documents and other items that can be digitized. This saves time and also eliminates layers of bureaucracy. These platforms also provide various online management tools that help reach goals and complete tasks.

Virtual Calendars And Task Management The cornerstone of today’s running of the office is the online diary. Calendar management tools that help in setting alerts for meeting deadlines and avoiding fines are offered by various digital platforms. These tools are easily accessible and useable even through mobile devices and any updates are shared immediately between the members.

Specific Tools For Accounting And Tax The use of digital platforms that offer specific tools for accountants is a very important choice. A system that is fully compliant and updated regularly is what any accountant will want for better performance. Along with all the basic features, if it offers any additional tools such as automation and reporting, the productivity is increased and so is the operational efficiency.

Regular Training If the gains derived from technology are to be maximized, regular training of the employers is very essential. It is only through this training that accountants and other professionals will be able to deliver and fulfil the expectations of the management. If the gains derived from technology are to be maximized, regular training of the employers is very essential. It is only through this training that accountants and other professionals will be able to deliver and fulfil the expectations of the management. A trained professional will always be on the lookout for any sort of errors and thus avoid them. It also saves time for the business. technology comma inclusion of legal compliance and changes in legislation should be considered for the training. Accounting Training Course in Ahmedabad is something you could think about for a better understanding.

Connecting To Customers Accounting professionals and customers have been brought closer with the help of technology. Communication is much easier and instant through many dedicated platforms that are present online nowadays. It saves a lot of time for both the clients as well as the professionals and also increases efficiency. Technology also helps in easy tracking of customer services and helps in easy improvements, thus improving customer satisfaction.

Conclusion

What concerns accounting is mainly the quantitative expression of economic phenomena. The main functions of accounting are to measure the resources held by certain entities, to reflect the claims against and the interest in those entities, to measure the changes in those resources claims and interests, to assign the changes to a specific period, to express the preceding in terms of money as a common denominator. Technology plays a huge role in modern-day accounting. Accountants keep themselves updated with the latest technological advances to improve their performance and efficiency. It is not just about flawless work or time management, it is also about many other factors such as customer satisfaction, meeting of deadlines, and proper utilization of physical space.

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Learn Commerce structures IV: Public Limited Company

An organization that functions as a single entity formed and owned by shareholders is called a Public Limited Company. It constitutes a company that can freely sell its shares in a public domain and all its decisions are governed by strict rules and regulations. In the Indian Republic, a Public Limited Company is the largest method of doing business available under the law. Often a group of people who have a great business idea, register for a Public Limited Company and generate capital by offering shares that can be bought by the public. In the present economic scenario, Public Limited Company is very profitable and thus gaining further education in Public Limited Companies after BCom course in Ahmedabad, proves beneficial.

What is a Public Limited Company?

A Public Limited Company in layman’s terms is a company formed and by the people and makes profits for the people. Thus, a company that is registered as a Public Limited Company cannot and will not have a specific owner. This makes sure that a one-head monopoly is avoided in the company. Let us take an example of a famous Public Limited Company in India, The State Bank of India. Founded in 1955, as an amalgamation of the three princely state banks in British rule, The State Bank of India is one of the most prominent examples of a Public Limited Company. All the shares of the State Bank of India are listed on the National Stock Exchange and the Bombay Stock Exchange for sale to the public. There is no owner of the State Bank of India and all the profit generated is paid to employees and shareholders as dividends. The presence of the State Bank of India makes sure that the banking sector is free of monopoly by a mogul or one single private bank.

Who is the owner of a public limited company?

The most distinctive aspect of a Public Limited Company is its ownership. In a private company, the owner is either a parent organization or a group of people who founded the company. Unlike private companies, a Public Limited Company is purely founded and owned by the public. Thus, a Public Limited Company will not have an owner but rather it will have shareholders. The management of a Public Limited Company is looked after by a Board of Directors (we shall discuss this in the features of a Public Limited Company).

What are the features of a public limited company?

Let us try to analyze the features of a Public Limited Company to gain better knowledge; Legal Existence: A company that is registered as a Public Limited Company shall have separate legal existence from the members who own the company. This means that if a group of people come together and create a Public Limited Company then once the company is formed, it gains a separate identity. All legal documents like GST invoice, court notices shall be issued in the name of the company and not the owners or the management. Capital: A Public Limited Company has to collect capital for its expenses and procuring its raw materials. Most Public Limited Companies collect capital by selling shares to buyers in the public domain. When you buy a share in a Public Limited Company, you own a certain percentage of the company. The capital generated by selling public shares is called the share capital. Shareholders: A Public Limited Company is owned by shareholders. This means that no person can claim the company as their own private company. But shareholders cannot take part in the management decisions of the company. Their sole role is to elect the managerial committee often the Board of Directors that looks after the major business decisions of the company. When a company is indebted and is liquidated, the shareholders do not have to pay the creditors of the company. Rather they have to pay only the face value of their shares. For example, say you hold a thousand shares in a company each worth ten rupees. If the company goes bankrupt, you will have to only pay the face value of the shares that is; ten thousand rupees. Board of Directors: Almost all companies today, public or private, establish a board of directors to look after major business decisions of the company. The difference here is, the board of directors in a Public Limited Company are selected by the shareholders and they represent these shareholders during meetings with other companies. The decisions taken by the Board of Directors use a majority rule and this ensures unity in the management.

What are the merits of a public limited company?

Public Limited Companies are often the largest companies in a business. Let us analyze a few of the merits of a Public Limited Company; Leadership: As stated earlier, Public Limited Companies have a board of directors. This ensures that the company is led by a consensus rather than the whims of a single leader. The main advantage of having a board of directors is that these directors are selected from the shareholders and by the shareholders. Large Capital: One of the largest advantages of a Public Limited Company is that they can generate huge capital investments. By selling their shares in the public, Public Limited Companies generate a huge capital for their expenses. Once the Initial Public Offering (IPO) is over and the share capital has been generated, Public Limited companies can release bonds and debentures through the stock market to generate additional capital. Thus, Public Limited Companies that have a strong performance can generate greater capital over time. Financials: Public Limited Companies are strictly governed by rules and regulations. Thus, they are required to publish their financial records every year. Unlike private companies, Public Limited Companies have to make sure that their investors know the financial happenings and position of the company. This adds an element of safety to Public Limited Companies and helps them in attracting potential investors. Limited Liability: Shareholders in a Public Limited Company are protected from incurring the company’s losses. What this means is that shareholders have to pay only the face value of the shares they hold in a company if it goes bankrupt. This facet also makes sure that Public Limited Companies are separate entities on their own and can also be sued on their own without the involvement of the shareholders.

What are the demerits of a public limited company?

Though there are many advantages to a Public Limited Company, there are few disadvantages too that we need to discuss; Public Books: On the one hand publishing financial records every year, helps Public Limited Company attract investors but at the same, this also means that their competition knows everything about them. Since the company has gone public, the competition can easily analyze their finance books and see the loss and profit that the company is experiencing. This aspect poses great difficulty to Public Limited Companies. Greedy Shareholders: Often the public has no interest in the working of the company. Investors today want to make an easy buck and this means that they do not pay any attention to the detailed plans a company lays down to expand. Greedy Shareholders take no part in developing these plans and often prove detrimental to the company’s plan. Takeover: Unlike private companies, Public Limited Companies are prone to takeovers since the board of directors is selected by shareholders. A hostile party may buy a huge number of stocks in the company and gain a significant voice in the board of directors. This means that a hostile party can gain ruling command in a company and derail the existing chain of command.

Is there any specific member requirement in a Public limited company?

A company that wants to register itself as a Public Limited Company has to have a minimum of seven members. The maximum limit for the number of members in a Public Limited Company does not exist, unlike Private companies that can have a maximum of two hundred members only.

This gives an advantage to the Public Limited Companies as they can have a huge number of members. Specific employee requirements can further dwell in deeper after commerce courses in Ahmedabad.

What are the requirements for Public Limited Company registration?

In today’s time, the Government of India has made registering Public Limited Companies easier as compared to earlier times. According to the Ministry of Corporate Affairs, there are three mandatory requirements that a company has to fulfill to register itself as a Public Limited Company;

The company must have a minimum of seven share holders.

The company must have a minimum of seven share holders

The company must introduce minimum share capital of Rs 5 Lacs

All sections of the company should have a direct impact on its compliances.

What are the documents required for registration?

There are two sets of documents required for registration, one set for the directors and shareholders and the other set for registering the company office;

Directors/ Shareholders

Copy of PAN Card

Aadhar Card

Address Proof (Bank Statement, Mobile bill, Telephone bill)

Authorization Form

Registered Office

Ownership Proof (Electricity Bill, sale deed, copy of index II, Tax Bill, etc)

Utility Bill (Gas Bill, Electricity Bill)

NOC

What is the process of registering a Public Limited Company?

The process involved in registering a Public Limited Company is;

Identify Seven Shareholders and Three directors (Minimum numbers you may have more)

Obtain a Director Identification Number (DIN): Every director of the company must have a DIN allotted to them by the Ministry of Corporate Affairs.

Obtain a Digital Signature Certificate for Promoter and Directors: This legally allows the promoters to promote the company and recognizes the directors of the company. It also allows the authorities to authenticate the documents being filed.

Identify location and capital of the company

Company name application: The company should apply to the Registrar of Companies, to reserve a unique name for themselves.

Preparation and submission of the Registration documents to the ROC: Registration documents like Memorandum of Association and Articles of Association have to be prepared and submitted to the ROC.

Issuing of the Certificate of Incorporation and allocation of the Corporate Identification Number by the ROC

Filing commencement of Business: The company cannot start its business until the directors have filed a declaration stating that all shareholders have paid the share money within 180 days of incorporation.

Conclusion

Public Limited Companies allows making sure that major sectors like banking, finance stay free of the monopoly of huge private industries. Thus, learning about Public Limited Companies after BCom courses in Ahmedabad proves very beneficial in the longer run. It can help create and build Public Limited Companies that can go on to become leaders in their respective businesses.

Part – iii – Learn Commerce Structures III: Private Limited Company Part – ii – Learn Commerce Structures II: Proprietorship Firm Part – i – Learn Commerce Structures: All About Partnership Firms

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Qualities Required To Be An Accountant

Introduction

An accountant handles one of the most crucial roles in a business regardless of it being for a large corporation or a small business. They are the financial backbone of a business and handle monetary records, money transactions, and timely taxes. There are different types of accountants. Government accountants work for government agencies’ monetary records. Public accountants are either self-employed who work audits, documentation, and tax for clients or they account for firms. Management accountants are employed by a single company and they account for internal financial records of that company only.

Who Is An accountant?

An accountant is a professional who is in charge of the protection and transliteration of technical records and survey of financial statement analysis. They work for firms or big and small companies. An accountant’s day-to-task mostly depends on their educational background and the designation they hold. Have you ever wondered if there was an accounting centre near me? How wonderful would it be to start your journey towards your dream job! Most people start their journey by getting themselves into a school followed by a Bachelor’s degree in the same BCom course. But some firms may demand additional educational certifications after BCom. Some of the common accounting designations are  Certified Internal Auditor (CIA), Certified Management Accountant (CMA), and Certified Public Accountant (CPA). So, for accounting training and placement, one should look for good cl.

What Does An Accountant Do?

Accountant paints a picture of a company’s stand in the global market by using numbers and financial statements. Some of the accountants’ everyday tasks include the following :

Preparation of profit and loss statements and monthly cost accounting reports.

Maintaining and processing monthly payments and stipends.

Completing audits and interacting with auditors.

Analyzing and accounting.

Evaluating and accounting budgets, outlay, payments, and bills.

Settling account discrepancies.

Maintaining computer software and manual filling systems.

Who Hires An Accountant?

Various businesses hire accountants to balance their taxes and audit the financial records. Organizations having complex financial systems and loaded transactions require accountants. Some examples of such organizations are:

Universities And Schools Schools and colleges have complex monetary systems and require professional accountants to manage their profits and expenditures. The accountants hired are supposed to make sure that the capital and funds are sufficient to meet the needs of the institution’s various departments and covers the college tuition expenses.

Hospitals Hospitals and healthcare providers work with insurance agencies to help people with medical needs. The job will require working directly with insurance companies and make sure the organization doesn’t exceed its expenses.

Agencies of Government This sector needs high-precision accounting and ensuring that the revenue and expenditure get properly recorded. Since the government agencies are so large, the job vacancies are a lot as well. The candidate will be responsible for recordings of various programs and initiatives under the compass of these agencies.

Entertainment and hospitality companies These businesses perform thousands of transactions every day and experience a lot of revenue every day. They also need accountants to collect the receipts, records, and tax time rolls. They also involve in managing employee payrolls.

Strengths That An Accountant Should Have

Analytical Skills “Good accountants can pull the analysis together, great accountants look at the output and judge whether it is reasonable, so as not to waste everyone’s time on an analysis that makes no sense when you take a step back and look at it from a common-sense standpoint.”- Bob Prather Accounting is a meticulous task that demands attention and precision.

Organization The work of an accountant includes client meetings, deadlines, and following proper guidelines. Each of these works demands a notable amount of documentation and keeping track of all the paperwork. “The best way to stay on top of deadlines is by getting organized”- Logan Alec

Critical Thinking Critical thinking is an invaluable skill in the accounting profession. Accountants face a lot of fallacies, discrepancies, and imprecision in their daily work that needs to be detected and rectified. These fallacies’ can have serious aftermath if not addressed in time. Hence, accountants need to think beforehand and think critically to face all potential risks and solve them in time.

Adaptability As we know that change is the only constant, it holds for the accounting profession as well. It constantly changes and evolves. Accountants should always be ready to readjust to technical advancements, workplace dynamics, and altering standards and protocols.

Interpersonal Communication Accountants serve as data translators. Accountants work for clients and many of them may not be aware of complex monetary concepts. Thus accountants are required to spell out their work and transform the complex concepts into average peoples’ understanding.

Time Management “Working on different projects and being able to manage deadlines is a trait that separates passable accountants from their top-shelf peers” – Kyle Bryant Multitasking and proper management of all the work are the top skills an accountant should have to provide satisfactory results for their clients in time.

IT And Industry Knowledge Accountants should understand how software accounting works and how it can be applied to make a change for progress.

Top Accounting Skills For Success

Innovation The evolving business world demands an evolving accounting system along its side. Companies often look for candidates assuring to create a change for the better.

Enthusiasm Enthusiasm is contagious and it brings positive energy to the team. It shows that the candidate is eager to learn his/her trade and believes what he/she is working towards.

Trade awareness It is the knowledge of where the company stands in the global market, how it is affected by social, economic, and political issues and how to make progress and move ahead.

Integrity Building trust and reputation get the job done halfway. Credibility opens the door for new opportunities.

Communication Accounting systems are not understandable by the common people, this is where communication skills come in. An accountant should be well-versed with the task they are working on and the way they have to translate it for the common people to understand. They have to fill the gap between numbers and stories.

Understanding Comprehending new statistics and data is crucial.

Initiative Initiative proves that the candidate is an independent thinker and can work on his own. This welcomes more trust and better opportunities.

Conclusion

Accounting job includes transaction and producing of monetary reports.

Candidates have to develop problem-solving skills, decision-making, and critical thinking. So if you are someone who is considering venturing into the accounting field, be sure to develop these characters to be the perfect match for what’s expected to come your way in this field.

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A Career In Commerce And Job Opportunities

Introduction Commerce has been a course that has been neglected a lot in India. The basic system has divided courses into three categories- science, commerce, humanities. Science has always been valued the highest in India because everyone thinks the students in this field get more opportunities and better jobs when compared to the other two fields and also the pay is high so they can live a luxurious life. However, have you ever wondered what exactly to do After Bcom course?

Even though the statement is true it’s not only for science students. Even a commerce student can earn a good amount and live a comfortable luxurious life. In every job, the main importance is your pay and comfort according to your lifestyle. Therefore, your skills play an important role no matter the course.

What Is Commerce? Who is it for? Commerce is essentially the conduct of trade among economic agents. It usually refers to the exchange of products, services, or something useful, between businesses or entities. From a better perspective, nations are only concerned with managing commerce in a way that enhances the well-being of their citizens, by providing them jobs and producing beneficial goods and services. Commerce has existed from the time humans started exchanging goods and services with each other. Starting from bartering to the creation of currencies to the establishment of trade routes, humans have found ways to exchange goods and services and build a distribution process around the process of doing so. In the present time, commerce normally refers to the macroeconomic purchases and sales of goods and services by large organizations at scale. Commerce is for any person who is interested in finance and transactions. So, if you have done a Commerce course and wish to make a career out of it, here are some career options that you should consider.

Top Highest Paying Jobs In Commerce field

Chartered Accountant: If you’re someone from the Commerce field, you’re presumably to understand about the Chartered Accountancy professional course. The Institute of Chartered Accountants of India or ICAI is a statutory body that designates an individual as an accountant after they need skilled a series of examinations and internship. It is one of the foremost popular commerce stream jobs. As a CA, they will handle the important accounts of a corporation and make sure that the finances are properly recorded and calculated. Taking the role of a Chartered Accountancy is one of the absolute best-paying jobs in India for commerce students and it is a dream of most commerce students to become a CA. One can expect a starting salary of around Rs. 6 to Rs. 7 lakhs per annum as a CA. It is one of the very best salary jobs for commerce students. when a CA gains more experience the value also increases. However, the CA exams are said to be one of the toughest then, many students stand back from it. While preparation requires immense diligence, this commerce job does pay off at the top, and therefore the fewer the attempts, the higher the pay.

Investment Banker: This is one of the highest-paying highest paying jobs in the field of commerce in India. Being an investment banker offers a huge salary in the commerce field. The duty of the investment banker is to provide advice and suggestions to various companies and firms so that they can use their money more effectively and achieve their financial goals. Most companies develop their long-term and short-term financial plans with the help of investment bankers. according to their experience, an investment banker can get a salary of Rs. 20-25 lakhs per annum.

Chartered Financial Analyst: Chartered Financial Analyst is also one of the biggest posts in the field of investment management. CFA places amongst the highest paying jobs in the commerce field in India. any Commerce students who opt for this get an average salary of Rs. 12 lakhs per year. It is a good job profile that concerns commercial services globally. CFA is also an essential part of many fields like asset management, equity, credit analysis, and revenue analysis, so on and so forth. They collect data from multiple sources and analyze it and evaluate the advantages and disadvantages of different investment vehicles.

Certified Public Accountant: The CPA is quite the same as the Chartered Accountancy, but CPA is offered by the American Institute of Certified Public Accountants (AICPA). hence, the CPA has a global interest. Candidates who wish to obtain a CPA degree must have a bachelor’s degree in either Business Administration or Finance or Accounting and must complete 150 hours of study. The CPA does jobs like managing tax, auditing, reporting, and accounting processes for organizations or MNCs. It is one of the jobs in the commerce field with a high salary that may lead to commercial broadcasters that can give you financial security. One must have a Business or Accounting degree to be eligible to appear for the CPA exam. A CPA can get a salary of around Rs.7-9 lakhs per annum.

Actuary: An actuary is another respectable career option for people who are looking for jobs in the commerce field with a high salary. Actuaries are people who test risks involved in the insurance industry. Risks can include loss of property, disability, or other potential risks to the corporate. They are risk management professionals who use their mathematical skills to live the likelihood of future events and predict their financial impact on their customers and businesses generally. As an actuary, your work won’t be limited to financial institutions. As all areas of business are in danger, Actuaries may find employment opportunities in non-financial domains like land, health care, and other similar fields. An actuary can get up to a minimum salary of 10-14 lakhs per annum.

Cost Accountant: Cost Accountant is another one of the top jobs in the commerce field. There are two main objectives of accounting profit analysis and budget preparation. they are financial experts who help with budgeting, cost management, and company assets and evaluate company performance. They are usually employed by manufacturing firms. Cost Accountants are essentially responsible for collecting, verifying, analyzing, and communicating data to facilitate financial visibility and improve processes. They are also a part of the executive team and helped develop the company’s financial plan and report to stakeholders and tax authorities. a fresher has a salary of around Rs. 4 lakhs per annum as a Cost Accountant.

Professional Accountants: In addition to Chartered Accountants, students can also take up the profession of Professional Accountants as it also comes under the highest paying jobs in India. Professional Accountants help with accounting, tax, and compliance reporting. They should have a working knowledge of accounting software such as SAP, Tally, and Excel. Accounting professionals should create and maintain accurate financial records for businesses and individuals. Professional Accountants can also get a job at an accounting firm or can set up their independent process. They can earn around Rs. 6 lakhs per annum as starting package.

Cost Accountant: Cost Accountant is another one of the top jobs in the commerce field. There are two main objectives of accounting profit analysis and budget preparation. they are financial experts who help with budgeting, cost management, and company assets and evaluate company performance. They are usually employed by manufacturing firms. Cost Accountants are essentially responsible for collecting, verifying, analyzing, and communicating data to facilitate financial visibility and improve processes. They are also a part of the executive team and helped develop the company’s financial plan and report to stakeholders and tax authorities. The salary of a fresher as a Cost Accountant is around Rs. 4 lakhs per annum. Retail Manager – A Retail manager assists in the management of supermarkets as per the business principles. The job of a Retail Manager is to run the sales or store successfully. They need a degree in Retail Management. Retail Managers manage and monitor all aspects of the daily operations of stores, including sales, inventory, staff, and resource management. They have to be familiar with the product and their marketing philosophy. They must use clever marketing strategies to persuade customers to buy products from the store.

Company Secretary: The essential job of a company secretary is to ensure that the company they are working with, runs with proper coordination and while adhering to all the legal requirements and rules. The Company Secretary (CS) is one of the main positions in the company or organization. CS serves as president between stakeholders and the board. They are responsible for making formal submissions such as account details, tax reports, and annual receipt reports. CS is also one of the most popular commercial activities in India. Company Secretaries can expect a high salary of Rs. 6-7 lakhs per annum.CS is undoubtedly the most promising course.

Personal Financial Advisor: A personal financial advisor is a person who assists their clients with their financial goals, pensions, retirement savings, insurance, and debt management. Financial advisers require degrees in finance, finance, business, Mathematics, Law. They can get a salary of around Rs. 5 lakhs per annum.

Conclusion These were the ten highest paying jobs in commerce fields in India. There are many more jobs for commerce students as well which provide decent pay. To name some of them are statistician, sales manager, finance manager, budget analyst, auditor, so on then forth. It is a field suitable for those people that incline the sector of accountancy, finance, economics, and lots of other related fields. Several students in India join the sector of commerce only because they think it’s an easy choice than that of science but the reality isn’t so. If you’re hooked into this field then it definitely features a lot to supply and if you’re a hardworking person then you’ll get the highest salary jobs in the commerce field. Even though you don’t go for professional courses like CA or CFA, there are also some short term job oriented professional training programs available in the market to get entry in the commerce field job. Link for one of most sought after accounting course for commerce students is provided herewith.

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Learn Commerce Structures III: Private Limited Company

Introduction

A Private Limited Company is quite a proven and effective business model. It involves private ownership, with a limited number of shareholders(a maximum of 200). These are small but successful business entities and are comparatively easy to achieve targets, for young entrepreneurs, after the BCom course. Although it’s somewhat open to all options, individuals from Commerce courses happen to make better jobs here, mostly due to additional Educational orientations to similar subjects, something other stream novices to this sector, are deprived of.

What Is A Private Limited Company?

As the name suggests, a Private Limited Company is a privately held business entity. It offers limited liability or legal protection to its shareholders. It is an intermediate business stature, shareholders in between a partnership and a collectively owned business company. A maximum of 200 shareholders can be a part of this institution. According to the definition, the shares of these companies are not publicly sold in Stock Exchange markets and can only be sold to the stakeholders in the business, implying a ground-level limitation in the liquidation of such a company.

Who’s The Owner Of A Private Limited Company?

Private limited companies are owned by one or more individuals (human or corporate), known as “members”. The company’s “shareholders” are those, who’s memberships are limited by shares, while “guarantors”  are those limited by guarantees. Beyond the technical terms, members of a company are often referred to as partners. The companies are majorly owned and managed by the same set of people, where the ones managing the functioning of the system are called Directors, and the ones assisting them are called Secretaries. Together, the executive branch of a company is known as company officers.

What Are The Features Of A Private Limited Company?

A private limited company has the following features:

Membership: As per the provisions of the Companies Act 2013, from a minimum of two to a maximum of 200 members, is what a private limited company is allowed to comprise of.

Limited liability: The liability of the members is limited to the number of shares directly held in their name.

Perpetual succession: Even in case of death, insolvency or bankruptcy of any of its members, the company continues to exist in the eyes of the law, thereby offering ways of forever existence.

Register of members: This database is not mandatory for a private limited company to maintain, unlike any public limited company.

Directors requirement: The company is required to have a minimum of two directors, and then it can remain operational.

Paid-up capital: A private limited company must hold a minimum capital worth rupees one Lac, or such higher amounts, prescribed from time to time.

Prospectus: A private limited company is not required to issue a prospectus either, again, an absolute must in case of any public limited company.

Minimum subscription: There are no such limits on this ground and the company is free to start a business immediately after its formation.

Name: The company must use the word private limited company at the end of its name.

What Are The Merits Of A Private Limited Company?

A private limited company has the following advantages

Flexible Investment: No minimum capital threshold is required for registration.

Separate legal identity: A private limited company is a separate legal identity in the court of law and doesn’t hold overlapping assets and liabilities with the directors.

Free and easy transfer of shares: Shares of the company are transferable by a shareholder to any other person and it is particularly hazel free.

FDI allowed: In a private limited company, 100% foreign direct investment is permissible in certain segments.

What Are The Demerits Of A Private Limited Company?

A private limited company has the following disadvantages:

Publicity restrictions: It arrests the transferability of shares by its articles.

No place in the stock market: Shares of these companies are not entitled to be sold in the Stock Exchange markets.

Is There Any Specific Employer Requirement In A Private Limited Company?

There is no such mandatory requirement, to appoint employees in a private limited company. Though informal, graduates from Commerce Courses, are likely to prioritize, in the selection processes.

What Are The Requirements For Private Limited Company Registration?

A private limited company has the following requirements for registration::

A minimum of two adult persons are required to act as Directors of the company

Minimum of 2 Directors and can have a maximum of 2015 directors.

One of the directors of a private limited company has to be an Indian Citizen and Indian Resident.

The other director(s) can be a Foreign National.

Two persons are required to act as a shareholder of a company

What Are The Documents Required For Registration?

The documents required for a private limited company are:

ID proof: PAN card and passports of Indian and foreign directors, respectively

Address proofs: Ration card or Aadhar card or driver’s license or voter ID

Residence proofs: Bank Statement or electricity bill of the premise

Notarized rental agreement

NOC from the property owner

A copy of the sale deed or property deed (for an owned property)

Digital signature of any one director

What Is The Process Of Registering A Private Limited Company?

Once a name for the company is finalized, the following steps have to be carried out by the applicant:

Step 1: Apply for DSC (Digital Signature Certificate). Step 2: Apply for the DIN (Director Identification Number) Step 3: Apply for the name availability. Step 4: File the EMoa and EAOA with registration form to register the private limited company Step 5: Apply for the PAN and TAN of the company Step 6: Certificate of incorporation will be issued by RoC with PAN and TAN Step 7: Open a current bank account on the company name

Conclusion

Merits and Demerits are the two sides of the same coin, likewise, for a private limited company. It is the most prevalent and recognized business entity, in the current date. This is majorly due to the higher degree of freedom, that it offers in setting it up and functioning. There’s no time gap between these two, and that’s an incredible opportunity to encourage start-ups. After BCom Courses, thousands of young minds sketch business plans, not always relevant or effective in the public domain. Whereas the private window offers a more homely than a professional working space, warming up young interns to gear up quickly. Massive Private Limited Companies have prospered beyond extents, inspiring millions to execute their expertise. Some of these include Flipkart, Ola, Snapdeal, etc. It’s important to have directional thinking and appropriate strategies,  to suit the ideas.

Part – 2 – Learn Commerce Structures II: Proprietorship Firm Part – 1 – Learn Commerce Structures: All About Partnership Firms

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[s20classes]

Learn Commerce Structures II: Proprietorship Firm

A Proprietorship Firm or Sole Proprietorship is the simplest form of business that can be. It is one-man business ownership, where the owner is the business and is not a separate legal entity. Being a separate legal entity comes with government regulations which Sole proprietorship is exempt from. These do not even need to be registered. Most small businesses start as sole proprietorships and go on to expand later.

Since the owner and the business are the same entity, in this case, the profits and losses incurred by the business are directly incurred by the owner. This has both positive and negative aspects of the business and its owner. To learn more about Proprietorship Firms, after B.Com course in Ahmedabad is a good choice.

What Makes A Sole Proprietorship?

No Separate Identities: Since the business and the owner are the same, the owner becomes responsible for all transactions and activities carried out by the business.

The Risk Factor: The profits and losses of the business are directly associated with the owner. This means all losses are incurred from the personal wealth of the owner while all profits go to their personal wealth as well.

Legal Formalities: Since no law governs sole proprietorship, there are no procedures to follow when establishing, expanding or closing a Proprietorship Firm.

Liability: Since the business equates to the owner, there is an unlimited financial liability for the owner. The debts and liabilities of the business automatically fall on the owner.

Owner and Business Life-cycle: The events and occurrences in the life of the owner will directly impact the running of the business. An accident, death, imprisonment, etc. will all affect the business operations directly.

Proprietorship Firm Is Not A One Person Company

Legality Of The Business: Unlike a proprietorship firm which is not a legal entity, a One Person Company is a legal entity that is separate from the owner. It is defined and regulated under the Companies Act 2013. Enrolling in the after Commerce course in Ahmedabad will prove helpful in learning more about what makes Sole Proprietorship a unique and also largely preferred business choice for a lot of people.

Liabilities: The liabilities of the business do not directly fall on the owner in the case of a One Person company. The owner has a limited liability towards the only shareholder of his company (Which practically is himself, but not so legally).

Succession: Succession in a Proprietorship Firm depends on declaring a legal nominee. The continuity of the business stays uncompromised only if the nominee is declared in a will. The death of the (only) company member will otherwise simply disrupt the business.

Tax Returns: If the annual turnover crosses the legally specified limit, sole proprietorships need to get their accounts audited. A-One Person Company on the other hand has to file annual returns just like a private limited company.

Change In Nature: An increase in turnover of a One Person Company can lead to it becoming a Private or Public Limited Company. For a Sole Proprietorship, regardless of the profits earned, its status remains as a Sole Proprietorship.

Advantages Of A Sole Proprietorship

Complete Control: Since the owner is directly liable for everything, at all steps and stages of the business, the owner has the complete power to decide on matters.

Confidentiality: Financial data and documents are not required to be published by Sole Proprietorships which maintains the confidentiality of procedures and operations.

Sense Of Achievement: Since the owner is answerable to own self only, all good decisions, advances, and business expansions bring great satisfaction to the self of the owner.

The Advantages Are Only One Side Of The Coin: Disadvantages Of Sole Proprietorship

Unlimited Liability: The aspect of complete control means all losses are solely incurred by the owner. The liabilities continue from the business to the owner. A failing business can take with it the personal wealth of the owner.

Uncertain Lifecycle: The life cycle of a Proprietorship Firm depends directly on the outlook and life events of the owner. A debilitated attitude or the happening of an event with a negative impact can leave the business in the lurch.

Limits to Managerial Abilities: Since the owner is the business, and no other people are a part of it, tasks like managerial work become difficult to pull off for a single person.

Limited Capital: Since there is only so much that an individual can invest from their personal wealth into a business, these businesses also need money to expand. Unfortunately, banks are not actively willing to lend to proprietorships.

The commerce course in Ahmedabad is a great learning opportunity for those planning to venture into the business world. A Sole Proprietorship is often the beginning of what ends up becoming big and beloved brands, products and service providers. Starting on one’s own is always a better idea, a better learning experience.

Part – 3 – Learn Commerce Structures III: Private Limited Company Part – 1 – Learn Commerce Structures: All About Partnership Firms

Source:

[s20classes]

Amazon 量子元帳データベース (QLDB)

台帳とは？ 台帳は、記録管理システムです 業務記録を保持するためのシステムには、情報のキャプチャ、チェック、記録、レビュー、および情報の処理が含まれます。

量子台帳データベース (QLDB) とは? Amazon QLDB は、信頼できる中央機関が所有する、透過的で不変で暗号的に検証可能なトランザクション ログを提供する完全マネージドの元帳データベースです。 QLDB は、分割できない離散変化のように「量子」と呼ばれます。 すべてのトランザクションは、各ブロックが個別の状態変化を表す透過的なジャーナルに記録されます。 Amazon QLDB を使用して、すべてのアプリケーション データの変更を追跡し、時間の経過に伴う完全で検証可能な変更履歴を維持できます。

ビジネスユースケース:

製造業: 多くの企業はほとんどの場合、製品の完全な製造履歴を追跡するために、自社のサプライチェーン・システム間でデータを調整する必要があります。 台帳データベースを使用して、各トランザクションの履歴を記録し、施設で製造された製品の各バッチの詳細を提供できます。 製品のリコールが発生した場合、メーカーは QLDB を使用して、製品の生産および流通ライフサイクル全体の履歴を簡単に追跡できます。

人事と給与支払い: 多くの場合、人事システムは給与、ボーナス、福利厚生、業績履歴、保険など、従業員の詳細の記録を追跡および維持する必要があります。 QLDB を使用して記録システム アプリケーションを実装することにより、顧客は従業員のデジタル履歴の信頼できる完全な記録を 1 か所で簡単に管理できます。

小売業及びサプライチェーン： 多くの小売業者は、製品がどこから来たのか、製品の何品目が出荷されたのか、誰に、誰が出荷を処理したのかなど、製品のサプライ チェーンのすべての段階に関する情報にアクセスする必要があります。 QLDB を使用すると、小売企業は製品のすべての物流段階で、在庫とサプライ チェーン トランザクションの完全な履歴を遡り確認、追跡できます。

AWS の他の目的で構築された DB は何ですか?

リレーショナルと QLDB の用語:

その仕組みは？

Amazon QLDBは、各アプリケーションデータの変更を追跡するジャーナルを使用し、時間の経過とともに変更の完全で連続した履歴を維持します。 ジャーナル上のデータは削除や修正ができません。 データベースの完全な履歴にアクセスすることができ、履歴を照会・分析して、データが時間の経過とともにどのように変化したかを確認することができます。

Amazon QLDBを使用すると、アプリケーションデータの変更履歴が正確であることを信頼できます。 QLDBは、暗号化ハッシュ関数（SHA-256）を使用して、データの変更履歴の安全な出力ファイル（ダイジェストと呼ばれる）を生成します。 このダイジェストは、データの変更履歴を証明するものとして機能し、データ変更の整合性を振り返って検証することができます。

Amazon QLDBは、高可用性を目指して設計されており、1つのアベイラビリティーゾーン（AZ）内だけでなく、AWSリージョン内の3つのAZにまたがって複数のデータコピーを複製することができ、追加のコストや設定は必要ありません。

QLDB テーブル QLDBデータは、ドキュメントのテーブル、より正確にはドキュメント・リビジョンに整理されています。 ドキュメントリビジョンとは、ドキュメントの全データセットの1回の反復を表す構造であり、ユーザーデータとシステムが生成したメタデータの両方を含みます。 文書がテーブルから削除された場合、同じ文書IDを持つ文書を同じ台帳で再び作成することはできません。

QLDBのドキュメントは、Amazon Ion形式で保存されています。 Ionは、JSONのスーパーセットであり、有効なJSONドキュメントは、有効なIonドキュメントでもあるということです。 Ionには、追加のデータタイプ、タイプアノテーション、コメントが含まれています。 Ionは、構造化データと非構造化データの両方を保存することができる抽象的なデータモデルに基づいています。

QLDBジャーナル アプリケーションがドキュメント内のデータを変更する必要がある場合、データベース・トランザクションでそれを行います。 QLDBのトランザクションはACIDに準拠しており、最高レベルの分離性である完全なシリアライズが可能です。 トランザクションでは、データが元帳から読み込まれ、更新され、ジャーナルにコミットされます。 ジャーナルは、データに対するすべての変更の完全かつ不変の履歴を表します。 QLDB は、1 つのトランザクション内で、1 つ以上の連鎖したブロックをジャーナルに書き込みます。 各ブロックには、挿入、更新、削除したドキュメント・リビジョンを表すエントリ・オブジェクトと、それらをコミットした PartiQL ステートメントが含まれます。

トランザクションがジャーナルに書き込まれると、暗号化されたダイジェストが計算され、トランザクションの一部として保存されます。 トランザクションがシステム内を移動するたびに、ダイジェストが破損していないかどうかがチェックされます

QLDBでは、各元帳は正確に1つのジャーナルを持ちます。 現在、ジャーナルは、ストランドと呼ばれる1つのパーティションのみを持ちます。

Amazon QLDB の機能:

不変で透過的

暗号化された検証可能性

サーバーレス

高可用性

ストリーミング機能

価格: Amazon QLDB元帳で消費されるストレージはGB月ごとに、消費されるIOは100万リクエストごとに請求されます。 Amazon QLDB元帳が消費するストレージとIOに対してのみ支払います。 ストレージには、お客様が書き込んだデータに加えて、履歴、インデックス、システムが生成したメタデータが含まれます。 これらに加えて、標準的なデータ転送料が適用されます

書き込み I/O 100 万リクエストあたり $0.799

読み取り I/O 100 万リクエストあたり $0.155 ジャーナル

ストレージ レート $0.034/GB/月

インデックス付きストレージ レート 1 GB あたり $0.285

実践:

お客様のアカウントに “myBankLedger “という名前のLedgerを作成します。

それでは、クエリエディタを使ってテーブルとインデックスを作成してみましょう。

CREATE TABLE Accounts CREATE TABLE AvailableBalanceCREATE INDEX ON Accounts (AccountId) CREATE INDEX ON AvailableBalance (AccountId)

デモデータを読み込んでみましょう。

INSERT INTO Accounts << {    'AccountId' : 'LEWISR261LL',    'AccountType' : 'Savings',    'FirstName' : 'Raul',    'LastName' : 'Lewis',    'DOB' : `1963-08-19T`,    'Address' : '1719 University Street, Seattle, WA, 98109' }, {    'AccountId' : 'LOGANB486CG',    'AccountType' : 'Savings',    'FirstName' : 'Brent',    'LastName' : 'Logan',    'DOB' : `1967-07-03T`,    'Address' : '43 Stockert Hollow Road, Everett, WA, 98203' }, {    'AccountId' : 'PENAB486CG',    'AccountType' : 'Business',    'FirstName' : 'Alexis',    'LastName' : 'Pena',    'DOB' : `1974-02-10T`,    'Address' : '4058 Melrose Street, Spokane Valley, WA, 99206' }, {    'AccountId' : 'P626168765',    'AccountType' : 'Business',    'FirstName' : 'Melvin',    'LastName' : 'Parker',    'DOB' : `1976-05-22T`,    'Address' : '4362 Ryder Avenue, Seattle, WA, 98101' } >>INSERT INTO AvailableBalance << {    'AccountId' : 'P626168765',    'Balance': 1000.00,    'Currency': 'JPY' }, {    'AccountId' : 'PENAB486CG',    'Balance': 1000.00,    'Currency': 'JPY' }, {    'AccountId' : 'LOGANB486CG',    'Balance': 1000.00,    'Currency': 'JPY' }, {    'AccountId' : 'LEWISR261LL',    'Balance': 1000.00,    'Currency': 'JPY' } >>

それでは、お金を送ったり受け取ったりしてみましょう。

-- P626168765 → LOGANB486CG 300 JPYUPDATE AvailableBalance ab SET ab.Balance = 700.00 WHERE ab.AccountId = 'P626168765'UPDATE AvailableBalance ab SET ab.Balance = 1300.00 WHERE ab.AccountId = 'LOGANB486CG'-- LOGANB486CG → LEWISR261LL 100 JPYUPDATE AvailableBalance ab SET ab.Balance = 1200.00 WHERE ab.AccountId = 'LOGANB486CG'UPDATE AvailableBalance ab SET ab.Balance = 1100.00 WHERE ab.AccountId = 'LEWISR261LL'-- CASH ADD PENAB486CG 100 JPY UPDATE AvailableBalance ab SET ab.Balance = 1100.00 WHERE ab.AccountId = 'PENAB486CG'

履歴機能:

履歴関数は、アプリケーション データと関連するメタデータの両方を含む、テーブルのコミットされたビューのリビジョンを返します。 メタデータには、各リビジョンがいつ、どの順番で、どのトランザクションでコミットされたかが正確に示されています。

-- History Function SELECT * FROM history(AvailableBalance) AS ab WHERE ab.data.AccountId = 'LOGANB486CG'

View as Ion — リビジョンを見���ことができます

台帳のドキュメントを検証する

SELECT * FROM _ql_committed_AvailableBalance AS a WHERE a.data.AccountId = 'PENAB486CG'

元帳 — myBankLedger を選択します。

ブロック アドレス — 上記のクエリによって返される blockAddress 値

ドキュメント ID — 上記のクエリによって返される ID 値

ダイジェストを取得 — QLDB Ledger -> ダイジェストを取得ボタン

最後に。

読んでいただきありがとうございます

SB- WeCode Inc

[s20classes]

Accounting Concepts And Assumptions

Accounting is the process of recording financial transactions of a business.

The accounting process includes summarising, analysing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.

Important Accounting Principles

Accounting Concepts refer to the basic assumptions, rules and principles which work as the basis of recording business transactions and preparing accounts.

The main objective of these concepts is to maintain uniformity and consistency in the accounting records. These concepts consisting of the very basis of accounting are as follows

Business/ Economic entity assumption: This concept assumes that for accounting purposes, the business enterprise and its owner are two separate entities. For example, when the owner invests money in the business, it is recorded as a liability of the business to the owner, similarly, when the owner takes away some business cash/goods for his personal use it is not treated as a business expense. Thus the business entity concept states that any expenses incurred by the owner from the business for his personal needs will be considered as withdrawal and will be shown in the drawings. External stakeholders like; Government and investors use a company’s financial records to assess its performance. Hence the transactions must reflect the activities of the entity accurately

Money measurement concept: This concept assumes that all business transactions must be in terms of money, that is in the currency of a country. It is the reason why you have to complete your business bookkeeping for a foreign transaction in Home currency. This concept helps in recording business transactions uniformly. While this concept guides the accountant on what to record and what not to record, here is a link to a certified account taxation course in Ahmedabad that is sure to guide all the CA aspirants or accounting professionals.

Going concern concept: It is also referred to as ‘the non-death principle’. This concept states that a business firm will continue to carry out its activities for an indefinite period. This concept helps in the preparation of financial statements also depreciation on a fixed asset is charged based on this concept. It helps the business judge it’s capacity to earn profits in future

Accounting period concept: As per the accounting period concept, all the transactions are recorded in the books of accounts for a specified period. Hence, goods purchased and sold during a period, rent, salaries etc paid for a period are accounted for and against that period only. It is because of this principle that your balance sheet always reports information as of a certain date and the profit and loss statement encompasses a specific date range. There are also some limitations to this concept like in case of inflation, there will be an overstatement in the net profit. In India accounting period is 1st April to 31st March for every year.

Accounting cost concept: This concept states that all the assets are recorded in the books of accounts at their purchase price. The effect of the cost concept is that if the business entity doesn’t pay for an asset, that item will not be shown in the books of accounts. It limits the required amount of research and time to record or report financial information if the cost out weights the benefits. This basic accounting principle is important because it reminds the business owners not to confuse cost with value

Dual Aspect Concept: Dual Aspect is the foundation or basic principle of accounting. It provides the very basis of recording business transactions in the books of accounts. This concept assumes that every transaction has a dual effect i.e, it affects two accounts on their respective opposite sides. Therefore, the transaction should be recorded in two places: e.g. a) giving of cash and b)  Receiving of goods. Thus, the duality concept is commonly expressed in terms of the fundamental accounting equation

Assets = Liabilities + Capital

Realisation Concept: This concept states that the revenue from any business transaction should be included in the accounting records only when it is realised. The term realisation means the creation of a legal right to receive money. For example: Selling goods is realisation, receiving orders is not. In short, the realisation occurs when the goods and services have been sold either for cash or credit. It also refers to the inflow of assets in the form of receivables. This concept helps in making the accounting information more objective. The rule also says that when risk and reward is transferred for goods or services from one person to another then the revenue should be recognised.

Accrual Concept: The meaning of accrual is something that becomes due, especially an amount of money that is yet to be paid or received at the end of the accounting period. It means that revenues are recognised when they are receivable. It helps in knowing about the actual income and actual expenses during a particular period, which in turn helps in calculating the net profit of a business Here is the link to an Account class in Ahmedabad, that is sure to turn out profitable for all CA aspirants or accounting professionals

Matching concept: The matching concept states that the revenue and the expenses incurred to earn the revenues must belong to the same accounting period. It guides on how the expenses should be matched with revenue for determining the exact profit and loss for a particular period. It is a very important concept for the investors/shareholders as it helps to know about the exact profit and loss of a business. This principle works with the revenue recognition principle ensuring all the revenues and expenses are recorded on the accrual basis

Principle of Conservatism: When there is more than one acceptable way to record a transaction, the principle of Conservatism instructs the accountant to record the expenses and liabilities as soon as possible. Using the principle the accountant will be more likely to anticipate losses in the reports

Here is a link to an Accounting Certificate course in Ahmedabad, that will train you to anticipate the losses in an even better way

Source:

[s20classes]

GST Compliances for Composition Scheme Dealers

GST Composition Scheme provides relief to small businesses in the form of lower rates and lesser compliances. By opting for this scheme, a business can pay GST at a fixed rate, without claiming input tax credit. You can learn more nitty-gritties regarding applicability/eligibility and benefits of this scheme by taking GST classes in Ahmedabad at Super 20 Training Institute (s20.in). Meanwhile, the article here lists down the compliances to be undertaken, should you or your client opt for this composition scheme.

Typical compliances for an indirect tax scheme involve:

In the context of GST composition scheme, these compliances are explained as under:

A. Opt for the scheme For traders and manufacturer : If turnover is upto Rs. 1.50 Crores p.a. For Service sector : If turnover is upto Rs. 50 Lacs p.a. then only a person can opt for composition scheme as the scheme is to benefit small businessmen.

Where a registered dealer desires to opt for composition scheme, typically he is required to do so before or at the beginning of the year, by filing Form GST CMP-02. Where the scheme is opted for in the middle of the year, it becomes applicable from the month following the month in which the form is filed.

Persons applying for fresh registration under GST and opting for composition scheme, may do so by filing Form GST REG-01.

Once a dealer has opted for the scheme, there are two more statements to be filed:

Form GST CMP-03 – This statement provides information regarding stock and inward supplies held on the day of opting for the scheme.

Form GST ITC-03 – This statement is required to be filed in order to reverse any input tax credit already claimed on stock of inputs / capital goods before opting for this scheme.

If all these forms and compliances seem daunting, attend GST classes in Ahmedabad to get complete clarity and sort out any queries you may have.

B. maintaining detailed records The main purpose of the scheme is to provide relief to taxpayers from comprehensive maintaining of records and compliances. Therefore, unlike regular dealers, dealers registered under the composition scheme are NOT required to maintain detailed records. Further, they are NOT required to collect taxes either, as the taxes are paid at a fixed rate out of own pocket. However, the following to-do’s should be borne in mind:

The dealer must issue a Bill of Supply, and NOT a tax invoice.

All bills of supplies must state ‘composition taxable person, not eligible to collect tax on supplies’.

All hoardings outside the office / at other prominent places must clearly state ‘Composition taxable person’.

Composition delaer can not make any interstate sales.

C. Calculating and payment of taxes A dealer under the composition scheme should collectcollate the following details of:

outward supplies on which tax is payable

inward supplies on which tax is payable on reverse charge

Thereafter, compute tax liability by using fixed (reduced) rates as applicable, and split tax liability equally among the CGST and SGST components. Further, credit of input tax cannot be claimed by a GST composite dealer. Add interest payable (if any).The afore-said details would need to be filled in Form GST CMP-08. Form CMP-08 is a statement-cum-challan required to be filed on a quarterly basis. It summarizes the tax liability of the dealer alongwith other relevant details sought by the government. Due date for payment of taxes as well as filing of this statement is 18th of the month following the quarter for which taxes are being paid.

D. Filing of returns – Quarterly and annual The quarterly statement in Form CMP-08 mentioned above serves as quarterly return as well (it replaces erstwhile quarterly Form GSTR 4). An annual return also needs to be filed by a GST composite dealer by 30th April following the relevant financial year.

Law prescribes penalties where there is delay in filing of the returns mentioned above. Super 20 Training Institute offers excellent GST return training in Ahmedabad so that you can ensure that the return filing process for you and/or your clients is smooth and hassle-free.

Source:

[s20classes]

Knowledge Series For Commerce Students: Know Your Home Loan

Home Loans cater to your needs or possibly a renovation, construction, or additional repairs to your humble abode. It is affiliated with a plethora of facets that the borrower needs to take into consideration before he/she can finally attempt to avail of such a loan.

How Much Of A Loan Amount Are You Eligible To Avail? The predominant requirement is the eligibility of the borrower in the repayment of the loan that would determine the tenure, interest rates, and down payments attached to the loan amount. Your surplus income will drive the lender to figure out the actual amount of loan that you are eligible for. So, your total assets, total liabilities, and the apparent stability of income play a pivotal role in gaining the lender’s trust. At the end of the day, a bank needs to ensure that your financial stability will not pose any problem for them in the repayment of the loan amount.

Additional Charges And Figures That You Need To Be Aware Of Statistically, the bank assumes that as much as 50% of your income would suffice for your loan repayment, furthermore, the desired tenure, as well as pegged interest rate, will also impact the decision of assessing the amount of loan. The majority of lenders expect around 10 to 20 per cent of the amount of home’s purchase in the form of a down payment on your part, and the remaining portion of the loan is eventually financed by the lender. Now, this aggregate amount of loan encompasses certain charges, for instance, registration, transfer, stamp duty etc. You may be eligible for a larger amount but it does not necessarily mean that you have to get that much amount financed, even a significantly smaller amount can also be availed which directly relies on your requirement. It is advisable, however, that keeping the ratio of down payment relatively higher than the ratio of loan amount so that the ultimate cost of interest payable can be mitigated and be kept at the desired level.

The Necessity Of A Co-Applicant Additionally, having a co-applicant is an indispensable requirement to fulfil, so if you are the only owner of the property under scrutiny, then, in this case, an immediate sibling or any other family member can be anointed as a co-applicant.

What Specific Documents You Will Require For The Loan? The documentation process is another integral and intrinsic phase where a checklist of specified documents is handed out by the bank which is to be filled accurately to steer clear of future ramifications. Your unique identity proof, proof of residence, form 16/Income tax returns and recent salary slips which has to be decidedly authenticated by your employer and has to be self-attested. But generally, in most cases, collateral security is also warranted such as insurance policies, units of mutual funds or any other significant investment. In most cases, the designated property is purposefully mortgaged in favour of the lender in the form of security until the loan has been repaid in its entirety.

Should You Secure Your Home Loan With An Insurance Policy? It is vehemently advisable to secure insurance in favour of the home loan so that the liability does not fall on anyone else, but you alone will be secured enough to repay it. Now there are two prominent plans which are prevalent in today’s scenario, i.e. pure term insurance and the other one is a Mortgage insurance plan. Now the loan amount should be equivalent to the insurance amount. As far as the premium is concerned, then a single premium, as well as regular premiums, will be the coveted choice. However, it is not mandatory to avail of insurance cover but a sense of self-assurance is generated by availing of such service.

Disbursement Of Loan The documentation process is the precursor of the disbursement of the loan. The magnitude of the loan amount is solely scrutinised based on the documentary proof and that entails the procurement of a sanction letter from the bank which explicitly states the final amount of loan, duration, and applicable interest rate etc. So in a nutshell, when the loan has finally been confirmed from the bank, it is commonly referred to as disbursement of the loan after getting through entire technical and legal or valuation activities and handover the cheque or demand draft in favour of seller after successful execution of sale deed and mortgage deed of the house.

Types Of Interest Rates Rates of home loan can be distinct in the form of fixed or flexible. Calculation of EMI varies as per the various financial institutions/banks from where your loan has been sanctioned. Underlying additional charges also apply in tandem with the payment of the EMI such as processing fee which is generally about 0.5 to 1% of the loan amount. Now, repayment in the form of EMI begins right after the month when the loan has been disbursed.

Repayment Through ECS Electronic Clearing System (ECS) is one of the avenues through which the repayment of the loan can be done, which involves direct payment of the loan amount from your salary account on a specific date of the repayment. If you are eligible to pay higher EMI, then it will certainly benefit you since it acts as a long-term advance. Clearing the obligated amount faster will alleviate and relieve your mental stress easily.

Pre-Closure The borrower always has this option at his disposal to pre-close his/her loan way ahead of the specified duration. However if the interest on your loan is of floating nature, then you will not be bound to pay additional charges, whereas if it is of a fixed nature, then certain charges may be applicable. Every financer or lender should explicitly state in their statement the total interest as well as the principal amount payable at the very beginning of the financial year. This will eventually serve as a propellent factor to the department of accounts regarding your proof of investment for necessary tax deductions. This phenomenon will serve you to reap tax benefits at the end of the year. It is prudent to pick the lender that renders the lowest EMIs option which can mean that you are paying a significantly lesser amount of money in the form of repayments as compared to other applicants from any other financial institution.

How Your Grievances Can Be Addressed There may be incidences that a borrower may not be satisfied with the services rendered by the bank or some other pertaining relevant problem might occur. So in that case, you can mention your grievance specifically in writing delineating the factors that displeased you, which needs to be addressed at the concerned branch and if however, the bank does not resolve or overlooks your concern then you have the option at your disposal to lodge your complaint with the ombudsman.

Income Tax Benefit of Housing Loan Interest payment for housing loan is deductible under the head income from house property. The maximum limit is Rs. 2 Lacs p.a. u/s. 24(b). Moreover, we can also get benefit u/s. 80C of income tax for the principal repayment of housing loan with maximum limit of Rs. 1.50 Lacs. The stamp duty and registration charges paid at the time of registration of sale deed is also deductible u/s 80C of Income Tax Act, 1961.

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Knowledge Of Insurance For Tax Professionals

Varsha who works at a media office in Ahmedabad met with an accident on her way to work. She was rushed to the hospital where she was treated for four days before being discharged. The hospital bill amounted to about Rs.60,000. Fortunately, she had a health insurance cover of Rs.3,00,000. The hospitalization and treatment charges were taken care of by the insurer. Had there been no insurance coverage, she would have had to pay the entire amount out of her own pocket. Insurance is your cushion against unexpected financial losses or damages. An insurance policy is what Varsha signed with the insurance company which was a legal statement of her agreement with the company, which agreed to cover costs in case of a damage, in exchange for a periodic premium paid by her. Here, the company is the ‘insurer’ while Varsha is the ‘policyholder’ as well as the ‘insured’. A policyholder is not always the same as the ‘insured’. Such cases will be explained further in this read. Insurance is not only procured by individuals but also by businesses to insure against specific types of risks. Premium, Deductible and the Policy Limit are three essential components of an insurance policy. A good understanding of what all an insurance policy entails can be gathered by enrolling in the taxation course in Ahmedabad.

Components Of An Insurance Policy

Premium – A premium is a regular payment – annual, semi-annual or monthly —made by the policyholder to the insurance company for purchasing a policy. The amount of the premium depends on factors like the type of coverage (business-specific, medical insurance, home insurance etc.), the amount of total coverage, an individual’s insurance history (to determine risk factors), as well as competition in the insurance industry. Higher the risk factors, more the amount of premium you have to pay.

Deductible – It is the amount that a policyholder has to pay on her own while the insurer pays a claim. Deductibles are meant to work as disincentives against minor or insignificant claims. The policyholder usually has the choice to decide their deductible. As a general rule, higher the deductible, lower is the premium and vice versa. Policy Limit – It is the maximum amount the insurance company will pay for a covered claim. These maximum amounts can be determined per-damage, per-time-period or over a policy’s lifetime. Higher policy limits have higher premiums.

Policy limits can vary within a policy according to various aspects of the damage. To delve into understanding these, one may consider taking the tax practitioner course in Ahmedabad.

Types Of Insurance Policies

Life Insurance or Term Plan

It is particularly an essential coverage in cases where the beneficiaries are heavily dependent on the insured person. Life insurance policies promise to compensate the beneficiaries of the insured person, in case they expire during the policy term, or after a set period. The payment made for life insurance is deductible under section 80C of Income Tax Act,1961. To know details about how much you can save as tax you can learn by taxation course in Ahmedabad.

Health Insurance

For medical emergencies, health insurance covers the costs of treatment, hospitalization and medication. Health insurance plans in India also come with tax benefits on premiums as mentioned in section 80D of Income Tax Act, 1961. Types of Health insurance plans include

Individual plans

Family plans

Senior Citizen plans

Critical Illness plans

Maternity plans

Group plans

Unit Linked health plans

Coronavirus plans

Employees these days are mostly covered under Group insurance plans by employers, who pay the premium instead of the employees.The same is allowable expense for the company. Though the amount is usually not great, yet it is advisable to be covered under such plans since some benefits still count against zero-premium paid.

Vehicle Insurance

It ensures monetary compensation in case of any accidents that may have led to the damage of the motor vehicle. A four-wheeler insurance policy is mandatory in India as per the Motor Vehicle Act 1988. Vehicle insurance includes all expenses in case of death and damage suffered due to collisions or natural calamities, hospitalization expenses in the event of an accident, legal/financial damages due to third party liability, as well as rider benefits like roadside assistance. Major types of car insurance plans available in India are –

Comprehensive car insurance: Insures car damages and third-party liability cover

Third-Party car insurance: Only third-party legal liability cover

Pay as you drive insurance: Insurance premiums are decided by the kilometres driven (suitable for people who own more than one car, and each of the vehicles is not used very frequently)

The taxation training in Ahmedabad is a good option to consider if one wants to learn about new policy developments like the ‘Pay as you drive insurance’, that are created as a response to changing lifestyles and newer needs.

Education Insurance

Securing their child’s future is the biggest concern of a parent. Education insurance policies aid in the same by providing an amount of education cost when the child is ready to indulge in higher education; 18 years of age and above. This is the kind of policy where the ‘policyholder’ is not the same as the ‘insured’. Here, the parent/guardian is the policyholder while the child is the insured.

Home Insurance

It covers all expenses in case of damages incurred to a house due to any sort of physical damage caused either due to human-caused accidents or natural calamities. Home insurance covers not only the building or structure but also the contents of the house and any other detached structures that may be a part of it. Home insurances are aimed at providing indemnities for a variety of damages and include-

Fire and Special perils

Public Liability cover

Building structure insurance

Burglary or Theft

Personal accident

Contents insurance

Landlord insurance

Tenant insurance

Professional Liability Insurance

It ensures professionals like lawyers, trainers, tax preparers, accountants, doctors, beauticians and so on, against claims of damage made by clients. It indemnifies professional liability for the policy period only. The cover is provided mainly on a claims-made basis. The aspect of a retroactive date is also available in the case of Professional Liability Insurance, which means that damages caused before the beginning of the policy period, which is being claimed during the policy period, are also covered. Knowledge about insurance and its acute parts and mechanisms can be expanded by enrolling in the best tax course provided in Ahmedabad. A deeper understanding will help one to better analyze and choose the perfect insurance needed for a specific case and time. Knowledge so gathered will assist in making wiser decisions when choosing financial safety nets for oneself or clients.

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