Archives: Countly Learning
Importance & Role of Accounts Payable
Accounts payable (AP) are the amounts a business owes to its vendors for goods and services purchased on credit. Good AP management will maintain the company’s good health in financial terms, develop good vendor relations, and provide uninterrupted operations. It is also paramount to cash flow, reporting, and staying within the bounds of the law. […]
Mastering Fixed Asset Register Compliance with Accounting Standards
Welcome, future commerce wizards and seasoned Chartered Accountants! Today, we delve into the realm of Fixed Asset Register (FAR) compliance with accounting standards. Fixed assets aren’t just numbers on a balance sheet; they’re the backbone of your business. Whether it’s that swanky office in Mumbai or the fleet of delivery trucks zipping through Delhi, understanding […]
Navigating the World of Intangible Assets
Today, in the fast-changing environment of markets and companies, non-physical assets have become critical elements of value and sources of competitive edge. They are thus in contrast with costs associated with identifiable physical assets like equipment, buildings, or vehicles and refer to intellectual property, software, licenses, and goodwill. It is imperative for current day-to-day flow […]
Objectives and Importance of Ind AS
The objectives of Ind AS include the improvement of transparency, comparability, and reliability in financial reporting. In fact, the standards are, in their literal sense, crafted so that Indian accounting practices move in the direction of conformity with international practices, and hence the financial statements can be said to be informative to the stakeholders for […]
Optimizing Asset Performance: Why Maintenance Records Matter
Let’s face it—assets are the backbone of any business. Whether it’s the machines in a factory, vehicles in a logistics fleet, or the systems keeping an office running, they all need one thing to stay alive: maintenance. But here’s the catch—not just any maintenance, but well-documented, properly recorded maintenance. And yet, too many people treat […]
Payment Schedules
Financial transactions are anchored by payment schedules, which ensure timely and organized money transfers. Consider them as a road map that instructs when and how to make payments, assisting in the preservation of order in commercial transactions. What Exactly Is a Payment Schedule? A payment schedule is essentially a pre-arranged agreement between two parties. It […]
Receiving Bills in India
Bills. We all get them. From electricity to mobile charges to taxes, it’s something we can’t avoid. For anyone in India, handling bills is part of life—whether you’re a student or managing a big business. But if you want to stay ahead of the game and avoid unnecessary fines, you’ve got to know how bills […]
Recording Customer Payments
It is essential for Indian businesses to effectively manage customer payments under Accounts Payable (AP) and Accounts Receivable (AR). The primary goal is to monitor the debts owed by customers as well as those owed by the company to third parties. This impacts profitability, cash flow, and overall financial well-being. It is essential to understand […]
Resource Constraints
Managing a Fixed Asset Register (FAR) can be a difficult task, especially when resources are available. Resource constraints can turn the maintenance of an accurate Fixed Asset Register into a nightmare, regardless of whether they relate to time, money, or staff. We will discuss the cause and treatment options. The Importance of a Fixed Asset […]
Role of Cash Flow in Accounts Payable
Role of Cash flow cannot be overlooked as it is considered as an indispensable part in Accounts payable. Accounts payable is intrinsically tied to the business’s financial durability. It involves the amounts due to vendors, suppliers, and other shareholders for goods or services. Fundamentally, it’s the remaining credit a company demands to resolve. What is […]
The Role and Importance of Accounts Receivable
Accounts receivable are definitely an integral part of today’s business world. AR simply ensures that companies get paid for what they produce, and it keeps financial waters running smoothly. With the aid of newer technologies like data analytics and automation, tracking, invoicing, and money collection have become child’s play. It improves the financial situation and […]
Tracking Changes in Asset Status
Anyone who is responsible for maintaining a Fixed Asset Register (FAR) experiences a rollercoaster ride when tracking changes in asset status. Not only are log purchases and disposals involved, but it is also about remaining current with the constant changes in asset conditions, locations, and usage. Discover the importance of asset status tracking, the challenges […]
Understanding the Profit and Loss Statement
The profit and loss statement is a financial document indicating revenues, costs, and expenses incurred during a specified period. Profit and loss statements and income statements mean exactly the same thing concerning companies. This is where you find a company’s important insights, efficiency, and profitability. What is a Profit and Loss Statement? The profit and […]
Unveiling the Pillars of Asset Acquisition
Buying assets is a big deal for businesses. Whether you’re a startup or a well-established company, understanding the key parts of buying assets – dates, costs, suppliers, and payments – is crucial. Let’s break it down in a way that’s easy to grasp, with some real-life examples. Importance of Dates in Asset Acquisition Dates matter […]
Verifying Bills in India: Why It’s a Big Deal and How to Do It Right
If you’re running a business in India, verifying bills isn’t optional. It’s a must. Bills come in every day, and if you’re not careful, you’ll end up overpaying, getting scammed, or messing up your taxes. Verifying those bills is the first line of defense. Whether you’re a small-time trader or a big corporate player, ignoring […]