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Accounting

  • What is FIFO, LIFO, and HIFO? Inventory and stock accounting management methods

    What is FIFO, LIFO, and HIFO? Inventory and stock accounting management methods

    Inventory and stock valuation might sound like a dry accounting concept, but it’s crucial for businesses to manage their finances effectively. In the various methods available, FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and HIFO (Highest-In, First-Out) are different methods used for inventory valuation in accounting and finance. In this blog post, I’ll try to explain […]

  • Does a fixed deposit counted towards the saving account’s minimum balance?

    No, a fixed deposit does not count towards the minimum balance. I do have to appreciate you, if you come to this article searching such a logical question. The minimum balance requirement is for Saving Accounts (and Current Accounts), it is not waived if you do any other business dealings with the bank. Technically, a […]

  • Double-entry bookkeeping system

    Double-entry bookkeeping system

    The Double Entry Bookkeeping system is scientific, perfect, and a complete method of recording business information in the books of accounts. Generally, in every business transaction, we find two accounts, out of which one account is given debit effect and another account is given credit effect. In other words, in this system for every debit, […]

  • What Is Bookkeeping?

    What Is Bookkeeping?

    Bookkeeping is a systematic method of keeping and maintaining a record of day to day business transactions in words and figures in the books of accounts to show clearly and correctly the financial position of a business. Thus, bookkeeping involves the following actions: What Are the Importance of Bookkeeping? In this present dynamic world, every […]

  • Importance of Accounting in Business

    Importance of Accounting in Business

    Are you a business owner? Do you understand accounting? Relax, most business owners aren’t accountants; they rely on skilled professionals to do the numbers for them. However, having a basic understanding of accounting terms can help you improve your business skills, grow your company with less risk, and achieve your business goals. Here are a […]

  • Small business tools to streamline your business operations

    Small business tools to streamline your business operations

    Running a small business takes a lot of work. There is no doubt that new methods are key to success. Today there’s the technology that will help you with this. This technology won’t only help you stay on top of what you’re doing but it will also help you free up time so you’re not […]