Why Cloud Accounting is better than traditional accounting?

Cloud accounting is widely accepted by small businesses. Cloud Accounting is termed as online accounting and manual accounting called as traditional accounting. Why we need cloud accounting? The best answer would be to save time, money and to reduce accounting errors. Also cloud accounting is the best way to do accounting as you can save & edit all your data at anytime and anywhere as data will be save on server. These are some features which attract small businesses to use accounting software.

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Step-by-step guide on GST Registration

GST marked as the biggest tax reforms in India since 1947. It’s a unified tax implemented by current BJP Government with an aim to erase all state or central government indirect taxes. GST subsumes 11 Indirect taxes that were levied on the sale of goods and services by central or state Government. GST made indirect taxation process simpler for small and medium scale enterprises. It will also boost economic growth in a long run. New small businesses will be benefited from this new tax law as they have to pay less tax under composition scheme (SMEs with Rs.20 – Rs.50Lakh turnover).

As we are saying that GST made taxation easier. So, let’s have a look at its registration process. In this article we will cover all details regarding GST registration with below-mentioned points:

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Revised GST – Why it’s a best Diwali gift for traders?

Since its implementation on 1st July, 2017 GST has been always in the news due to its high tax rates & bit complicated tax slabs also Govt faces lots of criticism for it.

Recently RBI forecast GDP growth rate at 7.3% (2017-18), which is lower than last year’s GDP growth rate. To main economic stability and for a higher GDP growth Government decided to revise tax rates.

On 6th October Finance Minister Arun Jaitley announced new tax rates after a long & fruitful discussion with GST council members.
The GST council slashed rates on 27 items and 12 services.

Here are the details of revised tax rates on goods:

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GST Council trims tax rates to ease the filing process

GST Rate revised

Since its implementation on 1st July, 2017 GST has been always in the news due to its high tax rates & bit complicated tax slabs also Govt faces lots of criticism for it.

Recently RBI forecast GDP growth rate at 7.3% (2017-18), which is lower than last year’s GDP growth rate. To main economic stability and for a higher GDP growth Government decided to revise tax rates.

On Friday Finance Minister Arun Jaitley announced new tax rates after a long & fruitful discussion with GST council members.

Continue reading “GST Council trims tax rates to ease the filing process”

What’s accounting? Accounting terminologies

Accounting is the backbone of every business. Its very necessary for start-ups’ to have a clear and detail knowledge on all accounting terms to manage business finances easily also to have a better talk with investors. In this series we have compiled a list of basic accounting terms and its details to provide our users a better and in-depth knowledge on accounting.

Get all the posts in accounting terminologies series here

Accounting: Accounting is a way of keeping record of all financial transactions followed by summarization and analysis in the form of a book. Accounting also called as book keeping. It shows the financial health of a business which in turn will help the business owner to take better decisions for growth of the business.

Accounting provides detail information on available stock, budget, cash flow status, profit & loss status etc.

Recently companies are using cloud accounting softwares for easy and error free accounting. Also this is the best way to save time and money on accounting.

Accounting cycle:

Accounting Example:

 

This is just an example how entry items in a account using an online accounting software.

The most common reason for business failure

The most common reason for business failure is people don’t invest in stuffs they should. And that’s called not taking risk.

Can this tool make me more efficient and I can get more out of what I’m investing and can get success done quicker. 

They just continuously look into their wallet and tells oh scrap I shouldn’t invest in it. Else I’ll not have money for tomorrow. And that’s why they just keep having the money on their wallet and they never could increase it.

And it’s not just about monetary investment, but more often it is the case.

And don’t laugh, you might be in that state too. I know, I was there too.

And thank God we didn’t built SlickAccount software on that rule. We always hated to show something that deters people from investing. And that’s the common thing accounting softwares do. We instead focus on incomes and cash in hand. It’s OK to invest. But can you get this much in this amount of time?

This thing is so subtle. But you can see it everywhere around SlickAccount. And it’s a biggest secrete in making SlickAccount work for a lot of small businesses.

So invest on stuffs that can make it easy for you to reach your goal fast and buy you time. But don’t spend on stuffs that’s independent of this relationship. You can do that later.

5 years of projected cashflow, balance sheet and account statement in 3hours!

How cool it is to finish up the tidy bit projected accounting for 5 years in just 3 hours??? We made cahflow, balancesheet, P&L for next 5 years in just 3 hours yesterday. Although the actual process of planning took 2 days. But if I’ll say we just could enter nearly 6500 transactions for these 5 years with our lovely accounting software https://www.slickaccount.com/ within this time you will be surprised.

Though you need to be little familiar with few accounting stuffs to do it this faster. The actual number of transaction for us would have been nearly 3.45crore (i.e. 34.5million). It was drastically programmed to few transactions per day.

But this is really amazing. We are really surprised of what we could be able to do. We never imagined we could prepare a this detailed projected account in this amount of time.

It again justifies our say: “You require only 5 minutes a day to do your accounting.”

And accounting & bookeeping firms can be benefited a lot as they could be able to serve nearly 700 clients per employee in any given year.

Let’s see how better we could be able to make it in months and years to come.