Institute of Finance & Management (IOFM) data reveals that only 5% of PO-to-invoice matches are 100% accurate on the first try. Besides being inefficient, manual accounts payable (AP) or accounts receivable (AR) processes have many hidden and direct costs …
According to research, over 85% of businesses have reported a significant increase in the volume of financial transactions in the past year. This surge in transaction complexity and frequency highlights the growing importance of efficient financial management strategies, such as …
The Goods and Services Tax (GST) came into effect on July 01, 2017 in India. Since then, most small and medium-sized businesses have geared up to make their operations compliant with the new tax laws.
One of the major changes …
Post GST adoption and acceptance, e-Invoicing under GST has now become an integral part of business operations for Indian taxpayers. e-Invoicing under GST system has already been implemented in India since October 01, 2020. A lot of businesses, however, find …
Let us check out a typical “payments day” for Raj, a Proprietor of a supermarket with two outlets and his accountant before adopting connected banking.
The accountant logs into the accounting tool and the two current account banking portals. Through …
Since the boom of digital transformation, transactions have become online and accountants have shifted from piles of ledger books to accounting software.
However, business owners and accountants are struggling to unlock the full potential of their SBI current accounts and …
So you’ve decided to open a current account for your business.
Perhaps you want to open a second one for your cash inflow, or a new account altogether, to streamline your business transactions. Or maybe you’ve chosen a dedicated current …
From the bank’s perspective, transaction banking is the reorganisation of several (sometimes fragmented) transaction-based activities into a single unit. For the end user, or small and mid-sized enterprises in this case, it means being able to conduct several transaction-based functions …
Manual processing of documents is a nightmare for accountants. With non-reconciled invoices and unpaid bills piling up, it becomes increasingly difficult for accounting professionals to keep day-to-day track of the books of account.
As such, automated bookkeeping has become a …
Prior to the introduction of GST (Goods and Service Tax), goods were consigned based on an invoice or a delivery challan. These goods were verified on the incoming and outgoing checkposts of the respective regions. This resulted in heavy investment …
The Covid-19 pandemic has profoundly impacted the economy and placed gig and hourly wage workers at disproportionate risks. They are under a microscope and in the spotlight. This is because the job loss and financial insecurity during the pandemic have …
As the name suggests, a business bank account is an account created exclusively in the name of the business to handle business banking and finance management needs. Running a business involves a huge number …
Accounting automation refers to the use of technology to streamline accounting processes and reduce the need for manual intervention. This can include the use of software to automate tasks such as data entry, bank reconciliations, and financial reporting…
