Accounts receivable are the proceeds that the service provider will receive from its customer who bought these products or services on credit. This credit duration usually ranges for a short term, that is, around a few weeks or months. Let us understand this...
Every business has multiple that control and optimise the business process in various ways and improves profitability. While the ultimate purpose of your business is to analyse the profitability, cost centres can help herein by centralising the function and...
Every corporate operation, including payroll, is governed by a set of rules and regulations. If you’ve been managing your employees’ payroll in India for a while, you’ve probably heard of Employee Provident Fund (EPF) and Employees’ State Insurance Corporation (ESIC)...
What Are Accounts Payable? Accounts payable represent an account within the general ledger that refers to a company’s commitment to pay off current liabilities to its vendor. In other words, accounts payable are unsettled amounts owed to suppliers for services or...
“Closing the books” is a term that will constantly circle around the accounting world regardless of digitalization. Yet, many people still get confused about this phrase. When speaking of “closing the books”, – “Books” refer to the business’ summary reports related to...
