Accountancy & Financial matters Management blogs

ELEMENTS OF ACCOUNTS:                 Accounting is the art of collecting, separating, analyzing and recording the financial transactions of the business in a certain economic period. There are two different methods or system to record the accounting transactions, one is Double Entry system and the other one is single entry system. Double Entry System is used by corporate accounting business and MNCs . Single Entry System is use by Nonprofit or Charitable Organizations.                 There are three elements of the accounting transactions and every business financial transaction must be fall in one of them. These Elements are Personal Accounts,  Real Accounts and Nominal Accounts. The Further explanation regarding these accounts are as follows: Personal Accounts:                 That means those Accounting Transactions which fall in a specific category which deals or effect with the persons or some organizations.                 For Example there is an a

Accounting Cycle:                 Accounting is the field of study which tells us about how to collect the economic figures, evaluate and analyze them and  record them  in a very respectable and professional way to present to the business stakeholders and helps them to collect the required information from the pool of business transactions. That is an art and we also knows it with the name of book keeping. As I write in the above paragraph accounting of business financial transactions is an art of collection, evaluation, analyzing, recording and presenting to the business management and stakeholders. That complete process is based on some steps of activates which are commonly known as accounting cycle. That Accounting Cycle is consist of 7 different steps  which are Source Data, Journal, Ledger, Trial Balance, Adjustment, Closing Accountings and Stock Valuation and Preparation of Final Accounts. Explanation regarding these steps or stages of accounting cycle is as follows

Profits Can Boost Up through Workforce Planning:                 Making Progressive and Profitable Business Company is the Dream of Every Business Company. Work Force and Finance are the Key Areas to achieve the efficient results. Some Days ago Institute of Management Accountancy conduct a Webinar Training session for their professionals and student. Today I am focusing on their delivered session and share the essentials here for all the accountancy and financial services professionals to plane their business operations in the above subjected directions to give a boost to their profits and market shares. We Know that every company want to get the leverage though its business data. According to the statistics and research analysis of the SHRM - Society of Human Resource Management. Employees Salaries which is a part of the Operating Expenses in the Accounting treatment. That is approximately up to the 70% of their Operating Cost . That Analyses goes further and shows

Achieving Rapid growth for the business:             Everyone from us want that his business  grows up rapidly and he achieve the big share of the market. But many times we know that business take time to achieve the growth and successfully move towards the high profit margins. We has many opportunities that helps a business to improve his growth through their operational activities. Which are as follows: 1.     Entrepreneur  need to re- size his present opportunities and make a final decision about their operations in the future. 2.     Diversification in the products and business portfolios can boot up the business growth and its market share. 3.     Business need broadening in their products and portfolios. Growth with limited products cannot be possible. 4.     They need combinations in their business activities and operations that helps them in their performance and revenue collections. 5.     They need to discover more business opportunities in the

Successful Financial Planning for Business:             Management is the name of Planning, Organizing, Executing and Leading the activities to achieve the given targets and goals in the available limited resources and within the given time period. Finance is the backbone of the company. Companies in the business world always hire the thought, and able staff for this purpose. There are some key steps that show us How can we efficiently make a financial plan for the success and growth of our business. The key points and steps towards the successful financial planning are as follows: 1.     You need a very professional team for making financial budgets and plans. That team make your business able to achieve the better results in a very limited budget and time. 2.     You need to focus on all the key gaps which can ruin your business. 3.     Entrepreneurs needs to be very conscious about their investment and that’s the reason they need very analytical mindset to b

Essentials for an Effective Business:             Making money through business project   is the primary cause of every business . There are some key steps and points that helps us to cover all the needs which helps us in this cause to run the business operations effectively and efficiently and improve the profit margins and increase the market growth . These points are as follows: 1.     Use your full efforts and work smartly to access the right market place. 2.     Being an entrepreneur and owner of your business you need a very strong team. 3.     Prepare  you own business idea  smartly and a very efficient and effective business plan. 4.     Review all the important legal, operational, financial and non-financial documents of your business. 5.     Work Smartly to obtain a value for your business. 6.     Prepare your own personal financialforecast for all business projects. 7.     Prepare your will, Knows your relatives their positions. Choose t

Selling Your Business:             Selling your business permanently is a very tough job of the world. Because It’s easy to left a job as compare to selling your own business . Because you start it after a selection idea and you also reject thousands of ideas for it. You give your precious time to it and worked hard to maintain it and struggled for its growth and success.             Everyone knows that failures are the part of life. The Entrepreneurs and Business owners are the ones who struggle hard to maintain their growth but some time due to internal and external issues they are unable to maintain their grip our their business and at last they decide that to sell it off. There are some important points that helps a person to sell his business easily. These points are as follows: 1.     Struggle till at the last movement to save your business, try to get some soft partnership or business projects which helps you to run your day to day expenses. 2.     Keep yo

Advantages of using Online Invoicing Software:             Internet and Computer changed the business operations. Now the business financial and non-financial invoices generates trough applications software’s which are designed especially for this purpose. Today mostly business organizations using SAP – “System Application & Product”, Tally , Peach Tree , Quick Book , Microsoft Excel are the mostly available application software’s we have in the business market to record our financial transactions and generate the automatic invoices. The Aviation Industry mostly use the Cargo Spot ApplicationSoftware to manage their cargo supply chain management system and generate the financial invoices through it.             Online Invoicing Software has many advantages and these are as follows. 1.     Online Invoicing Software is a very effective and efficient tool which is very simple to use with complete accuracy. 2.     Creating the invoice through virtual means is v

Personal Financial  Improvement through Side Gig :                  Motivation is the key factor which can give a boom to a person productivity . That’s the reason every business organization giving a compensation to their employees to keep their motivation level high for productivity. But that’s not enough the 9 am to 5 pam or the 40 hours weekly work in a very stressful business environment with low job security and in very not comfortable business and economic conditions their productivity level is not same all the time.             That’s the reason now the many researchers they are saying that the side gig or side business and some other means of earning can improve the employees and individual productivity, level of satisfaction and financial worth . That’s the reason many business organization they conduct the workshops, tanning sessions and seminars or on job trainings to motivate their employees and to help them to improve their personalities, productivity