SAC Codes in GST: A Complete Guide
When GST was introduced, the Central Board of Indirect Taxes and Customs (CBIC) introduced two systems: HSN codes for goods and SAC codes for services. These codes make it easier to classify goods and services for tax purposes. The SAC code in GST stands for Services Accounting Code. It is used to classify all services […]
The Role of AI and Automation in Modern Accounting
Artificial Intelligence (AI) is becoming a big part of our daily lives and is changing many things, including accounting. But what exactly is AI, and how does it help accountants? AI is when machines or computers can think, learn, and make decisions like people. In accounting, AI helps with simple tasks, keeps records correct, and […]
What is the Double-Entry Accounting and its advantages?
Double-entry accounting is a system where each financial transaction is recorded twice, once as a debit and once as a credit. This shows how money moves in and out of your business. Double-entry accounting helps keep everything balanced and accurate. Regular checks, called trial balances, ensure the accounts are correct. One big advantage of double-entry […]
Budgeting Vs. Forecasting: Key Differences and Why Both Matter
Reaching goals and improving performance are important for any business to grow. Budgeting and Forecasting are key tools that help businesses plan and stay on track. However, many companies still use old and inefficient planning methods. These methods can lead to mistakes and make it harder to adjust to changes in the market. To stay […]
Understanding the Role of General Awareness in Bank Exams
At present, many members are trying to clear the banking exam. Bank exams help many aspirants to achieve their career goal. Bank exams cover many topics, such as basic general knowledge, current events, and banking-related topics. Understanding this General awareness in bank exam concepts helps one to clear the exam soon. General Awareness for Bank […]
How to Generate Accurate Financial Reports Using SAP FI?
SAP FI (Financial Accounting) is a powerful tool for creating reliable financial reports that support compliance, internal decision-making, and strategic planning. Below is a simple guide to help you understand the key components and processes of producing accurate financial reports using SAP FI Financial Reporting. General Ledger (GL) The General Ledger records all financial transactions […]
GST Composition Scheme – Eligibility & Benefits
The GST composition scheme is a simple option for small businesses under GST. It helps them avoid complicated GST rules and pay GST at a fixed rate based on their turnover. This scheme is available to companies with a turnover of less than ₹1.5 crore. Using the GST search tool, you can check if a […]
Groups in TallyPrime- Detailed Guide
In any business, it’s important to organize similar ledgers based on their type or use under an accounting head. In TallyPrime, these are called Groups. You can create and change Groups in TallyPrime, and even copy Groups from one company to another. TallyPrime also lets you view the Groups you’ve created along with all transactions […]
The Importance of Dunning in Accounts Receivable Management
Paying your products and services on time is important to keeping your business running. That’s where dunning management helps. Dunning in accounts receivable means following up with customers who have not paid on time. It can take effort, but it is necessary to ensure your business gets all the amount it’s owed. What Is the […]
How to Restart Your SAP Career After a Long Break?
Getting back into an SAP career after a Break, like maternity leave, injury, or a sabbatical, can be tricky. The challenges include changes in the job market, more competition, lower confidence, lack of recent experience, new technologies, and increased family responsibilities. While you might feel eager to return, these issues can make you question your […]
How to Choose the Right Accounting Software for Your Business?
As a business owner, tracking your cash flow is very important. The accounting software you choose should help you create detailed reports to understand better how your business is doing and manage your finances. It should also make everyday tasks easier, like recording payments, tracking expenses, sending invoices, and reconciling transactions. Finding the right tips […]
Step-by-Step Plan to Get Hired by the Big 4 Accounting Firms
For many accountants, the Big Four accounting firms are a dream workplace. These companies offer secure jobs, good salaries, and great career growth opportunities. If you want a stable job with long-term opportunities, these firms are some of the best options. But getting a job with these firms takes work. The competition is difficult. They […]
