Budget 2024 Highlights
1.In case of Salaried Employees, standard deduction increased from INR 50,000 to INR 75,000 for those opting for the new Tax Regime. 2.Tax Slabs revised for New Tax Regime. This is applicable for the FY 2024-25. The comparison between the tax slabs post-budget and pre-budget is as follows: Tax Slab for FY 2023-24 Tax […]
Poor Bookkeeping Impacts Your Business- Know How to Improve
Bookkeeping is one of the most fundamental aspects of any business’s financial side. It provides information on areas that generate great profits and those that cause losses. Efficient bookkeeping helps your business: Improve cash flow Generate accurate financial reports Ensure statutory compliance Enhance financial forecasting You need to know the direction your firm is heading […]
Why India Is APreferred Accounting Outsourcing Destination
For nearly three decades, India has been a top choice for outsourcing services, particularly in the realms of accounting processes. Businesses worldwide have recognized the benefits of leveraging India’s skilled workforce, cost-effectiveness, and robust technological infrastructure. Managing the financial aspects is a crucial operation for any type of business or commercial entity. Businesses need to […]
10 Steps For A Faster And Accurate Month-End Close Process
Month-end closing is a critical process for businesses, ensuring accurate financial data and effective decision-making. However, this process presents numerous challenges, especially for Indian companies. According to a survey by EY, over 60% of Indian companies experience delays in closing their books due to inefficient processes and lack of proper tools. Let’s explore these challenges […]
Filing of Income Tax Return for F Y 2023-24
Every Individual / HUF/ AOP/ BOI (whose books of accounts not required to be audited) need to file Income Tax Return (ITR) every year before 31st July. Hence due date for filing ITR for F Y 2023-24 is 31st July 2024. In case taxpayer could not file the return before 31st July, he/she can still […]
If You’re Making Any of These Mistakes in Bookkeeping – You’re Losing Money
Business owners often make errors in bookkeeping due to a lack of experience and understanding of accounting functions. This can lead to significant financial losses. However, by avoiding common bookkeeping mistakes, businesses can maintain better financial health and improve their bottom line. Here are some of the most prevalent bookkeeping errors and how to avoid […]
Outsourcing Payroll Services: A Boon for Medium Enterprises
Preparing payroll is a critical task for any business, involving meticulous calculation of employee salaries and withheld taxes. The process demands accuracy in entering even minor details, as errors can lead to significant repercussions. To mitigate these risks, businesses increasingly rely on specialized payroll management companies to handle this essential function. The Role of Payroll […]
How Monthly Cleanup of Books Can Uplift Your Business
Business owners make numerous transactions in a day which also means innumerable entries in the books. This significantly increases the chances of committing errors. Hence, it becomes essential for bookkeeping to clean up consistently for maintaining transparency in the cash flow. But in some instances, business owners do not give enough importance to the procedure […]
Clean Up Your Books in Eight Steps – Cleanup Checklist
Managing finances in Indian businesses presents unique challenges, from navigating complex tax regulations to ensuring compliance with evolving statutory requirements. Efficiently organizing and maintaining accurate financial records is crucial for sustaining growth and operational efficiency. Here’s a detailed eight-step cleanup checklist to help Indian businesses tackle these challenges effectively. Step 1: Organize Your Financial Documents […]
The Strategic Boon of Contract Staffing Agencies in Payroll Management
Payroll management remains a critical challenge for businesses worldwide, with complexities spanning wage calculations, tax withholdings, and compliance with diverse employment laws. As companies navigate through fluctuations in workforce size to meet market demands, these variables often transform payroll into a daunting administrative burden, consuming both time and resources. According to recent statistics, nearly 40% […]