Millions of individuals and businesses file Annual Tax Returns to report to the federal government their income, the deductions and claims, the total tax bill, and the underpaid or overpaid amount for the year. Your Tax Return filing obligations depend on your income, if you are claimed as a...
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What is General Ledger? In the double-entry bookkeeping system, General Ledger (GL) sorts, stores, and summarizes a business entity’s all transactions, except sales and purchases. It is the basis for the financial data of a business that incorporates all the necessary financial transactions data to prepare a company’s financial...
For every business, their Fixed Assets are a significant capital investment that requires several accounting transactions regarding purchases, depreciation, revaluation, disposal, and many other aspects related to Fixed Assets. Fixed Asset Accounting records all these financial activities during a business’s lifecycle in related accounts, thus playing a crucial role...
The post-merger integration is a dicey angle of Merger and Acquisition (M&A). It is a long and critical process of combining and rearranging participant companies in order to maximize potential efficiencies. The Post – Merger Integration or M&A Integration Process should be handled carefully because realizing the maximum potential...
When two or more companies come together to be merged with mutual agreement and form a new company, it is called a Merger and when a company takes over another company but not forming a new company, it is an Acquisition. Common reasons for Mergers and Acquisitions are to...
Technology has automated most of the business processes. Automating the purchase cycle is one of the fastest ways to increase the efficiency of a business. Source-to-pay is one of these effective technologies that lead to fasten the procurement system and lower procurement expenses. Therefore, an optimized procurement process is...
What is Order to Cash? TheOrder-to-Cash (O2C or OTC) is the entire process involves in the order processing system starts with receiving an order from a buyer. The order processing involves Order Management, Order Fulfillment and Shipping, Invoice Generation and Payment, and Account Receivables. The complexity of the OTC...
Financial Transaction Processing (FTP) is a very broad term. Recording monetary transactions and preparing financial statements are just two of its aspects. It includes an array of functions like Accounts Receivables & Payables, Inventory Management, Project Finance, Budgeting, Travel Accounting, Vendor Management, etc. Moreover, all these functions are interlinked...
Choosing the right corporate structure is the biggest consideration at the forefront of your business planning. Generally, a business entity can be structured as a Proprietorship, Partnership, a Limited Liability Company (LLC), or a Corporation. Various factors should be considered while selecting the corporate structure for your business-like Capital...
A Startup should be financially backed up through a sound idea. You need to get an idea that can generate funds for sufficient capital. It helps startups to grow further. Lack of sufficient funds may result in failure, especially when it is a startup. Therefore the planning of funding...