Archives: Countly Learning
Automated Billing
Technology advancement brings many changes to the finance industry. The era of manual methods has come to an end, and automation methods are now preferred due to their increased efficiency in terms of costs and time consumption. Many softwares are present in the market and that are being used by different companies according to their […]
Payment Terms of Accounts Payable and Receivable in India
For managing cash flow in an effective manner, it is important to know about payment terms first. This leads to smooth business operations and retaining cordial relationships between buyers and suppliers. In a country like India, knowing the payment terms is vital, whether you are a small business owner or a large one. This blog […]
Recognition of Payables and Receivables: What You Need to Know
Managing cash flow is the backbone of any business. And at the heart of it all are payables and receivables—basically, who you owe money to and who owes you. If you don’t understand how and when to recognize them, your entire business can go sideways. Whether you’re just getting into commerce or training to become […]
Mastering the Basics of Matching Invoices in Accounts Receivables
When it comes to accounting, matching invoices with payments is a task you can’t ignore. It’s a key part of managing accounts receivable (AR) and keeping cash flow on track. If you don’t handle this properly, things can quickly spiral out of control—unhappy customers, messed-up financial records, and big problems during audits. But once you […]
Fraud Prevention in Accounts Receivable Management in India
Fraud in accounts receivable (AR) management is no joke. It’s a massive problem, and if you’re not careful, it can rip your business apart. India’s business scene is growing fast, and with that comes more complexity and a higher risk of fraud. Whether you’re running a small business or managing a large company, fraud in […]
Why Regular Reconciliation in Accounts Receivable is a Must
Business can suffer if it does not reconcile the accounts regularly as well as properly. Regular reconciliation is not a task that just needs to be checked off from the to-do list; it is an essential requirement in accounts receivable management. Ignoring this will bring chaos into the books of business. This guide will break […]
The Use of Technology and Software in Bill Management
Managing bills is one of the critical parts, as it keeps the company alive. As a business grows, it leads to an increase in invoices, which can pose challenges in handling payments. But with the advent of technology and software, it is easier to maintain payments. This blog will provide information about bill management with […]
Understanding the Income Statement and Its Impact on Financial Statements
The income statement, often called the profit and loss statement, is a key financial document for any business. It summarizes how much money a company brings in (revenues), how much it spends (expenses), and what’s left over (profits) over a specific time period. In India, knowing how income statements affect overall financial reporting is crucial […]
How Accounts Receivables are Classified on the Balance Sheet
Accounts receivable (AR) represents money that is due to a company by its customers for goods or services supplied but still unpaid. An appropriate classification of AR is important for understanding financial reporting. As per the Companies Act (2013), Schedule III offers a format for the demonstration of financial statements, consisting of classification of receivables. […]
Best Practices for Reducing Receivables Ageing
Managing accounts receivable (AR) is one of the vital aspects for any business. The unpaid invoices can mess up the cash flow and lead to more financial troubles. So, the question arises for a business about how to keep these receivables from aging. This guide provides straightforward strategies for the business for faster collection of […]
Mastering Customer Communication for Managing Aged Receivables
When customers owe you money, how you communicate with them can make or break your business. It’s not just about chasing down cash; it’s about getting paid without destroying the relationship. You don’t want to seem desperate, but you also can’t sit back and hope they pay up. You need to handle aged receivables with […]
Legal Actions for Delaying Payment
In the modern business world, the competition rate in companies is very high, and managing the relationship between buyer and seller has also become difficult. But this relationship is very crucial from the business point of view. The understanding of the buyer and admirable performance by the seller can build the trust that plays a […]
Strategies for Collecting Overdue Receivables
Chasing overdue payments is a crucial part of running a business. If cash isn’t flowing, things can go downhill fast. But collecting what’s owed doesn’t have to be a headache if you know what you’re doing. Here’s a rundown of strategies to help you get those unpaid invoices in line and keep customer relationships intact. […]
Segregation of Duties in Internal Controls for Indian Businesses
One of the main internal control principles that aids businesses in preventing fraud, mistakes, and asset abuse is segregation of duties, or SoD. To put it plainly, it implies that no one individual should be in charge of every stage of an important transaction. Businesses lessen the likelihood that someone may conduct fraud or make […]
Fraud Prevention in Internal Controls
Fraud isn’t new. It’s been around for centuries, but it’s a growing issue for businesses in India. With companies expanding, risks like financial fraud and employee scams are skyrocketing. Whether it’s a small startup or a major corporation, no one’s immune. And if a company doesn’t have strong internal controls in place, they’re asking for […]