One of the most basic MIS or recondition which is required in every organization is Bank Reconciliation, but sadly most of the organizations either don’t do it correctly or waste too much of time on getting it done manually, so let me explain how currently most of us currently do, We do it the same way we used to do 20 years ago – using Excel – getting the statement from the bank and then manually reconciling each entry in books to identify differences ( cheque issued not presented, cheque received but not presented etc. etc )
With costs of ingredients/ input materials rising and customers eyeing for value for money, it is important that prices of menus are affordable, still profitable. One of the greatest weapons against profit/loss is to know your food costs.
A restaurant’s food cost determines its profitability. Without knowing the food cost and the movement during the period, the reports and accounts just serve as a piece of information with no precise action.
How Accounting is changing on Cloud-Based Tools
The new tools in the market are changing the way the accounting industry is getting shaped and is also providing fresh thought to historically accepted practices in India.
There are various new tools available in the market now, various global companies have ventured into this like quick books – one of the biggest accounting tools in the world for SME, the beautiful accounting tool Xero – and Zoho Accounting - just to name a few.
Overview The Healthcare continues to be a high-growth sector across the globe. There is a continuity of challenges, emergence of new risks and a host of complicated regulatory compliances. Recent market studies demonstrate that health care reforms have already changed the way the business is being done, and will have […]
Due to the ambiguities related to taxability of different types of insurances and the eligible VAT input credits, FTA has issued clarifications through insurance VAT guide. Some of the Key takeaways from the Insurance guide are covered in this update. S. No. Types of insurance Liability of charges 1. General […]
This update highlights the recent amendment in specific to Limited Liability Partnership firms LLP (Second) Amendment Rules, 2018 : Applicable Law: section 79 (1) & 79(2) of the limited Liability Partnership Act 2008 (6″of 2009) Effective From: October 02, 2018 New form RUN-LLP: Reserve Unique Name-Limited Liability Partnership (RUN-LLP). Form […]
This is an update covering the recent amendments in GST law consequent to notification issued during the month of September 2018. Following areas are covered: GST Returns filing timelines Filing of Annual return and Audit Report Implementation of TDS and TCS provision under GST. Filing & timelines of ITC-04. Clarifications […]