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Accounting and bookkeeping help a business evaluate its worth and plan its future by preparing financial records at the end of a year/ quarter. Bookkeeping and accounting are inseparable, however, there is a thin line distinguishing the two. While accounting has a broader scope, bookkeeping is a part of it. Accounting and bookkeeping might seem like the untrained eye because both require basic accounting knowledge. But they are inherently different and have their own sets of advantages.  What is Bookkeeping for Businesses? The process of maintaining and recording all financial transactions is bookkeeping. Bookkeeping involves summarizing and organizing all day-to-day financial transactions in the system chronologically. The financial transactions in bookkeeping include tax payments, sales revenue, loans, payroll, and other expenses and investments, etc. Bookkeeping involves transactions held in the original entry books of a business. There are original account books to re...

APA (Advance Pricing Agreement) is an agreement between a tax authority and a suitable transfer pricing methodology for an agreed transaction over a specified period of time. The Advance Pricing Agreement offers a better guarantee of transfer pricing methods and is advantageous in providing certainty and unanimity of approach. Merits of an APA (Advance Pricing Agreement) Mechanism Certainty on high-risk transactions– Advance Pricing Agreement is deliberated to as an approach to reduce the risk of a transfer pricing adjustment and gives certainty and guarantee via the negotiation process. An Advance Pricing Agreement can be commenced by an industry having complicated or risky transactions very often.   Avoids double taxation – Double taxation is the most complex issue faced by multinational companies. The goods and services pricing by multi-national transactions is generally administered and regulated by a global pricing policy. The global pricing policy makes sure to offer an...

So, to answer the question as to the meaning of the Operational Audit Process, it can be termed as an audit focused on increasing efficiency, effectiveness, cost reduction & business operations. Its main focus is to remove errors rectify mistakes shorten overstretched procedures and processes that ultimately affect the cost of the business, where it could be reduced it is not focused on whether things were done correctly or not but rather on improving and moving towards making possible improvements so that the processes and procedures can be improved.  Objectives: Primarily there are 2 main objectives: 1) Appraisal:  It can be of the company’s performance, employee performance, remunerations, and the value of assets, creditors/debtors, workforce, company costs, and product retail prices. 2) Evaluation:  It can be of company policies, company plans, organization structure, controls, profitability, and workforce. Advantages of Operational Audit: 1 )  Op...

The EPCG Scheme of Export Promotion of Capital Goods Scheme was intended to promote the export of goods and services with the aim of increasing exports. This is given In the Foreign Trade Policy which is currently under 2015-2020. There are 2 types of EPCG Authorization: a)       Pre-Import of Capital Goods: allows import of capital goods for pre-production, production, and post-production at Zero customs duty except those capital goods which are specifically excluded. b)       Post-Import of Capital Goods : in the form of duty credit scrips can be obtained from the department and such scrips either can be utilized for payment of customs duty on the import of goods or can be sold in the open market. The procedure of EPCG Application: Application to the Regional Authority (Head/Branch/Regional Office) from a Chartered Certified Engineer in Appendix 5A. Nexus Certification from the (CEC) Copy of certification to the Authority Aut...

As per Section 247 of the Companies Act, 2013 Valuation of Property, Stocks, Shares, Debentures, securities & goodwill, or the net worth of a company by a Registered Valuer by an appointed committee which makes a true, impartial & fair value of Assets by considering the factors. When considering Assets, under Financial Assets consist of bank deposits, bonds, and stocks, mutual funds. These are usually more liquid than other tangible assets like land/buildings & are traded on Financial Markets.   The Valuations of Assets  means determining the fair value of the said financial asset. Intrinsic Value is the fundamental method in determining the fair value of the financial asset by determining future cash flows. Valuation may be of various instruments such as stocks, debentures, shares, and mutual funds. There are various steps to a Valuation by a Registered Valuer: 1) Gathering of Information:  Obtaining Information from audited historical data & comp...

KPO stands for Knowledge Process Outsourcing which is increasingly becoming an essential need of an organization, irrespective of company size across the world. Information & in-depth research is the primary need of any business and information-driven knowledge has always proved beneficial and away from crises. Outsourcing KPO services include Assistance in maintaining Accounts Receivables/Accounts Payables Reconciliations of the book of Accounts, Financial reporting/ Group Reporting service, payroll management services , Budgeting analysis, Consolidation of Accounts, GAAP reporting support, Processing Claim Legal matters & compliance support, etc.    Recent research shows, companies of all sizes and types have started hiring KPO providers for expert advisory and market research to achieve business goals and consistent growth. KPO service is the solution for high-level tasks and methods for long term sustainability & growth in today’s economy. Outsourcing service...

Transfer Pricing can be technically be defined as the price charged for the transfer of goods and services. It can also be defined as the price charged for the transfer pricing Services between associates and various entities. Methods of Transfer Pricing in India The CUP Method:   This means comparing the price of service/property transacted in a static transaction vs. comparing the price of service/property transacted in a volatile transaction and comparing them accordingly. The Resale Price Method:  Gross Margin in Resale value in a static transaction vs. Gross Margin in Resale in a volatile transaction and compare them accordingly. The Cost-Plus Method:  The mark-up on costs that the manufacturer/service provider earns in a static transaction vs. The mark-up on costs that the manufacturer/service provider earns in a volatile transaction and compare them accordingly. The Transactional Net Margin...