In 2020, a job in finance, banking and accountancy are high on the charts compared to most normative jobs. It is a common accountancy myth among people who assume it to be a number-oriented boring subject.
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SAP (systems, application & products) module in data processing helps in meeting the accounting and finance requirements of a company. The SAP FICO unit is used by the financial managers to evaluate the financial status of the organization in real-time. This module runs overnight in the system to generate financial statements which are then reviewed by organization management.
A career in Accountancy and Finance is one of the most promising areas in most organisations be it a private, public or non-profit (NGO) sector. Every job division requires Accountancy and Financial professionals and the demand is growing
All of us are aware of the global economic upheavals post the pandemic. There was a sudden jolt when commercial production and consumption spending in India was severely disrupted. Factories closed down, retail purchases flatlined, classes discontinued – we have seen it all.
Ever wondered why you’re not receiving any follow-up calls from potential recruiters for quite some time? Chances are, either you have not upskilled or you’re too casual. Maybe it’s time to flaunt your skills and achievements in a more presentable way.
All companies are dealing with the impacts of COVID-lockdown. As the economy gets mobile, e-businesses are managing their financial assets with the help of advanced SAP projects.
“Charity begins at home” goes the old adage. On similar lines, your first impression begins with your Curriculum Vitae (CV) too. Yes, the CV is the first official/ written point of contact you make when reaching out to your prospective employer. Your CV with its content and presentation alone decides whether you’ll get the interview call or not.
Even though your CV is such an important aspect of your career profile, it is unfortunate to see even in this day and age people make unfortunate mistakes while preparing their CV.
Look out for the following basic errors which are a major turn off for recruiters! You are to strictly avoid them while preparing or updating your own CV.
The GST Council meets are held whenever GoI decides to make wholesale changes in the GST regime. The Council meets once in 2 months as of now. There have been held 39 GST Council Meets till now. The upcoming GST Council Meet is scheduled to be held on 14th June 2020. Every GST course aspirant should keep a tab on these meetings for crisp and authentic information regarding the GST rate and other updates. It is imperative for anyone looking to undergo GST training from a decent GST training institute to know the ins and outs of GST regime updates.
Read on to know what is to be expected from the 40th GST Council Meeting, which will prove beneficial in any kind of GST course or GST training.
But first things first. Let us take a brief look at what the last, i.e. the 39th GST Council Meeting had in store for us.
Professionals with proper accounts training are the human equivalent of Swiss Army Knives. They can venture out into many fields, be it entrepreneurship or service-based careers. Accountants are needed in every type of establishment whether large or small, public or private. A lot of career avenues are open for accounting professionals today, both in India and abroad.
Let us take a look at a few of the career avenues open to the accountancy professionals who have undergone extensive accounts training and are masters of their art.
Data security of any software suite should be nothing other than robust, of Tally.ERP 9 no less. Tally is responsible for housing the sensitive and crucial data of any business organization. But what if one fine day the accountant/ Tally user comes to realize all of the data is just… gone? All of the hard work in vain. Besides features, the security aspect of any software suite especially of the stature of Tally should be reliable and strong. A good Tally training institute like ours often focusses on modular Tally courses that focus as much on the security aspect as anything else.
You know the essential stuff about SAP FICO by now if you have been a regular follower of our blog. We are a reputed SAP training institute in India and provide modular courses on Excel, Accounting, GST, SAP among others.
SAP FICO is one of the 25 odd modules that SAP has to offer. It is one of the most useful in the industry as well.
Product costing is the cost accounting methodology for evaluating the expenses of creating company products. These costs include worker wagers, raw material purchases, transportation costs, production costs, and even retail or wholesale stocking fees.
Product costing comes under the ambit of the controlling module (CO in FICO). It ascertains the quantitative value of the internal cost of materials and production for the purposes of management accounting.
SAP FI is one of the most important modules of SAP. It stands for Financial Accounting and is one of the most important modules of SAP ERP. SAP FICO is primarily for storing the financial data of an organization, although it has more functions. SAP FI also helps analyze the financial conditions of any business at a given point in time. It also has the capability to integrate with other SAP modules like SAP SD, SAP PP, SAP MM, SAP SCM, etc. Today we deal with SAP FI reports and report generation. In any SAP training whether online or offline, knowledge of reports is of paramount importance to understand how the FI specific reporting works.
Tally.ERP 9 as we know is a powerful ERP (Enterprise Resource Planning) and business accounting software suite. There are many accounting software available on the market today which we have already covered here. However, Tally remains the most popular of the lot with around 1.6 million users internationally. A Tally training course these days is in high demand because of the career avenues it opens up for students and even professionals.
Nonetheless, our agenda today is to discuss about the various reports generated by Tally software suite. These help decision makers unleash the full functionality of the software.
As Artificial Intelligence (A) has done for almost every other industry, it’s poised to make a significant impact in the world of accounting and finance. From saving time and money and providing insights, AI-enabled systems for accounting and finance are the way finance professionals and their firms will stay competitive and attract the next generation as employees and customers. AI will be incorporated into accounting course modules in most accounts training institutes in the coming years.
Artificial Intelligence (AI) extends the capabilities of computing to a whole new level. It lets systems to make predictions and make changes accordingly – just as humans would. It enables computers to perform machine-based learning, which earlier was left to humans.
World Hypertension Day (WHD) is upon us. Every year, 17th May is dedicated to World Hypertension Day. This is an initiative of the World Hypertension League (WHL), an affiliated section of the International Society of Hypertension (ISH).
The World Hypertension League (WHL) has announced that it will postpone the celebration of World Hypertension Day (WHD) 2020 until October 17, 2020, due to global COVID-19 pandemic. The WHD was first celebrated on May 2005 and has become an annual event ever since. The purpose of the WHD is to promote public awareness of hypertension and to encourage citizens of all countries to prevent and control this silent killer, the modern epidemic.
The expanded theme for World Hypertension Day 2020 is “Measure Your Blood Pressure, Control It, Live Longer”, with a goal of increasing hypertension awareness in all populations around the world.
Wherever you may live around the world, you cannot avoid having to pay taxes to the local or national government. If you look at the etymology, the word tax comes from a Latin word “taxare” meaning ‘to censure/ charge/ compute’. Taxes come in various shapes and sizes like state taxes, central government taxes, direct taxes, indirect taxes and so on. In India, GST is the most ‘famous’ and functional tax. That’s the reason GST training to pursue various GST careers like GST consultant among others is quite popular in our country.
What is a tax anyway? In layman terms, tax is a compulsory fee or financial charge levied by a government on an individual or an organisation to raise revenue for public works. The amount collected is then used to fund different public expenditure programs. Thus indirectly the money paid for only contributes to general public value in return. Inability or failure to pay taxes in any way sooner or later invites punishment under the law of the land.
Accounting is the art of accumulating, analyzing, recording, publishing and communicating financial information that reflects the financial standing of a company at a given point in time. It can be treated like a language with its own set of semantics and lingo. As such, it is a complex procedure and understanding it fully involves understanding a lot of inter-related parameters. More importantly, it is of paramount importance that accounting follow specific standardization. If a proper convention is not followed there is a high probability that financial statements become uninterpretable. This is why an accounting course generally has modules on accounting standards.
Accounting is a vast discipline which primarily takes care of publishing and communicating the financial information of companies at or over a given period of time. Financial Statements like Balance Sheet can fairly reflect the financial standing of a company but there is more than meets the eye here. Accounting is much more than just the numbers. A decent Accounts training institute teaches not only the basics of Accounting but also how to interpret the financial data to take all-encompassing business decisions and even day-to-day business administration. Today we take a look at how Accounting can help in Corporate Governance.
First things first, in order to understand the role of Accounting in Corporate Governance we must first understand, you guessed it, Corporate Governance.
Accounts training is one of the most popular courses an accountancy aspirant can undertake now. Accountancy is a great profession indeed, more so because it can be safely tagged as recession-proof. And dare I say, COVID-19 proof as well, in the sense that companies would still require accountants in large numbers after this mayhem is over for good.
Today we take a look at 10 very well known Indian personalities with little-known academic (read : accountancy) backgrounds.
Covid-19 Lockdown 3.0 is underway as the coronavirus pandemic is showing no signs of being on the decline. Most of all, whether students or professionals are having to spend our days locked up in our homes with our families. Apart from those professionals working from home, there’s little to cast boredom aside – that is if you’re not a bibliophile.
Yes, for avid book-readers who rarely find time to peacefully gobble up their favorite titles, this is a once-in-a-lifetime opportunity to read away in peace. And what better way to keep yourself engaged, entertained as well as pave the way for self-growth at your own pace than to read perception-altering books?
Today we deal with ten books which can be real great reads. And mind you, some might even change your thinking!
Accounting as we all know by now, displays the financial health of a business. Be it any type or scale of business – ascertaining profits and maintaining books of accounts is absolutely essential to keep a tab on the financial position of the business. Financial accounting operations involve complex scenarios, huge operational budget, more customers, and gigantic ledger records. As the business grows, it faces shortcomings in handling enormous books of accounts and fiddle with adequate tools. Practicing good financial bookkeeping and engaging right accounting software provides a straightforward, initiative and powerful accounting solution. A good accounting institute includes modules to teach one or more popular accounting software in use for the benefit of students.
SAP stands for System Application and Products in Data processing. SAP is a leading ERP (Enterprise Resource Planning) software. Due to its liberal and open architecture, there are millions of programmers working around the world to provide interaction between thousands of major software and SAP. These may include creating plugins or sub-modules for added functionality. SAP is usually implemented in phases. The first phase is when organizational structure and accounting components are configured and tested, after which they are taken live in the next phase. Even more modules are in the development phase and are being gradually added. Due to heavy demand in the industry, a quality SAP course is what most students aspire to enroll in.
But what if you do not belong from a technical/ IT background? Will you be able to learn any SAP module and make a great career out of it? Yes indeed! Read on to understand.
Balance Sheet is one of the most important financial statements prepared by a business firm. It’s like a one-stop shop for gauging the financal status and position of a company. The financial details of the balance sheet helps the business and the external stakeholders to evaluate the financial performance of the business on a given date. Preparing a balance sheet in Tally.ERP 9 is an important skill to master in any Tally course.
Just like every other report, the source to preparing a balance sheet is from the transactions accounted in the firm’s books of accounts. In the process of preparing the balance sheet, the maker needs to prepare other financial statements which will help gather the accounting data.
Accounting and business success are two sides of the same coin. Accounting takes care of the financial aspects of the business. It is taught in colleges and accounting training institutes. Almost everything revolving around accounting deals with numbers, calculations, estimations, and decision making. So people generally take it as something serious, and it is. Accountants mean business. But there are other sides to them too.
Read on to know some unknown, some fun, and some downright weird facts about accounting and accountants.
GST (Goods and Services Tax) was brought into existence on 1st July 2017 by the Statutory GST Act of 2017. Since then a lot of changes and reforms have been brought about to iron out the wrinkles prevalent in the GST regime. One such modification brought about is the introduction of Reverse Charge Mechanism (RCM) under GST. Understanding this concept is important for students enrolled in a GST course.
Accounting, as the art and science of systematically recording financial transactions, is a diverse discipline. A lot of interrelated cogs work together to run the wheel of accounting. In order to make the best use of any accounts course, it is imperative to understand all of them properly. Today we deal with two of them – Accounting and Auditing.
The global coronavirus pandemic rages on with no end in sight. The effects of the disease have been devastating. The pandemic has transformed health, economic balances, and social norms around the globe. A number of small and medium scale businesses are wondering how to stay afloat given the conditions. Accountants are like the backbones of the finance & accounts departments of a business, so they can help out a lot to alleviate some of the pressure. For students pursuing any kind of accounts training, it’s good to know how they, as future accountants, might be able to help out when the going gets tough.
Experienced accountants are serving as crucial partners to businesses at this time. Let’s see some of them in detail.
Commerce is a popular stream among students in India. Having already studied the basics of Commerce in school allows candidates to choose from a multitude of courses at graduation level. It surely paves the way for a range of career choices, but finding the best accounting courses to pursue is often a difficult task.
A bright career in finance and accountancy is what is sought after by commerce students. Students generally learn a plethora of subjects in the commerce stream like business studies, economics, etc. But accountancy is the at the heart of this stream. It’s worth mentioning here that a career in Accountancy and Finance is not limited to commerce students only; it can also be pursued by students with science or arts background as well. In other words, anyone with an interest in finance and accounts can pursue these courses. The students need to develop their fundamental knowledge for pursuing the best accounting courses.
SAP FICO is a core functional component in SAP ERP Central Component that allows an organization to manage all of its financial data. The purpose of SAP FICO is to help companies generate and manage financial statements for analysis and reporting and help with effective business planning and decision-making. Today we will discuss top SAP FICO topics in Q&A format. This will benefit candidates seeking to enroll in any SAP course.
Tally.ERP 9 with around 1.6 million users around the globe is the numero uno ERP accounting software package. As you might know, it is used for recording the daily business data of a company. With the advent of the GST regime in India, Tally.ERP 9 has made strides to be GST-ready. Today our agenda is to talk about how Tally.ERP 9 can be effectively used for GST compliance. This is something that is absolutely necessary to understand before one opts for any kind of GST training.
It’s worth mentioning here that Tally facilitates easy management of GST data, even in the middle of a financial year. Users are required to provide only the date of commencement of GST for the specific set of transactions. This way, GST becomes applicable only for these transactions. Even the data related to the pre-GST tax regime doesn’t need to be altered. Dividing the dataset into two different tax entities is not required as Tally.ERP 9 handles them well as-is.
Tally’s latest introduction to Tally.ERP 9 Release (or Version) 6.6 is GST ready consisting of all features facilitating Tally GST billing, GST returns filing besides error detections and corrections. There are other top features that Tally has to offer when it comes to GST compliance which are important to under for GST training. Let us now see take a closer look.
Accounting is like the Swiss Army Knife of recording financial transactions. What we’re going to deal with today is the very basic terms of this profession. To pursue any accounting course or any form of accounts training we need to have a solid foundation of the terminologies used in accounting.
Read on to know (or recapitulate) the very basic terminologies of accounting which will help you fly higher than your peers in any accounting course that you may enroll in.
Among Enterprise resource planning (ERP) software available in the market, the one made by European multinational firm SAP SE is as good as it gets. SAP SE is the numero uno provider of business software solutions for better work and data management in businesses spanning across industries. SAP or System Application and Products (yes, like it or not, the company and its product names are the same) is efficient and productive, which makes it a priority choice among businesses.
It is estimated that about 4 lakh users across the world including Apple, Microsoft, BMW, Ford, etc. use some or the other component of SAP. Thus it is self-explanatory that SAP training is in high demand.
Goods and Services Tax (GST) as the poster boy of Indirect Taxation in India has been in the news constantly since its implementation. The tax came into effect from 1 July 2017 through the implementation of the 101st Amendment of the Indian Constitution. A thorough understanding of GST is a must for successfully pursuing any GST course.
To recall, GST is an Indirect Tax (or Consumption Tax) used in India on the supply of goods and services. The GST replaced existing multiple taxes levied by the central and state governments except for a few state taxes. It is a comprehensive, multistage, destination-based tax.
Now we move on to our main agenda of today, profiteering and anti-profiteering measures that come under the ambit of the GST regime.
Profiteering
Well, to understand profiteering, it’s imperative to understand profit margins. When a company sells products, it gathers a variety of expenses – like those incurred from taxes, building rent, raw material costs, and packaging costs.
Understandably, the company needs to charge a higher price to make a profit. The difference between those expenses and the revenue got from selling the products is the profit margin. Profiteering happens when product prices are inflated unfairly to create a higher profit margin. Companies may do this when there’s a high demand for their products, or when supplies are scarce.
As things stood right after the introduction of the GST regime, opportunities were readily created for profiteering, thus it called for strict measures right away.
Accounting can be described by roughly 3 adjectives – irreplaceable, inevitable and unputdownable! Accounting is something that is required in every single organization but the fundamentals of accounting are rather easy to learn. Be it full-fledged graduation courses or professional accounting courses, there are ample opportunities available in the market to learn this trade.
And guess what, no prior knowledge is required for candidates to join in and make the most of those professional accounting courses!
In the industry, accounting is often called the ‘Language of the Business’. It is the common financial language used to communicate financial information to individuals, organizations, and government agencies about various aspects of business such as financial position, operating results, and cash flows.
COVID 19 caused by Coronavirus has affected 162 countries and territories across the world and even an international transport (the Diamond Princess cruise ship harbored in Yokohama, Japan).
As of this writing, Liberia is the latest country to have been affected. There are close to 14,000 new confirmed infections with 114 total cases and 3 deaths in India alone.
Kolkata is the latest Indian city to have been affected by COVID 19. A man, who recently returned from England has tested positive for coronavirus and is now admitted to a hospital – making it the latest Indian State to fall prey to this menace.
Tally.ERP9 is an MS Windows-only Enterprise Resource Planning (ERP) software, extensively utilized in the accounting industry. Deployed by no less than 16 lac users around the world, Tally training is also in high demand these days among students looking for job-oriented training programs from reputed institutes.
Accountancy is an age-old profession that can be traced back to ancient civilizations like that of Egypt and Mesopotamia. Over the years accounting careers have evolved considerably advanced techniques and features now in its inventory.
For something which has been around for centuries, stereotypes and myths are bound to seep in. Many of us probably believe that accounting careers have hit a dead-end and lack the razzle-dazzle of other professions. This can even discourage interested candidates to take up accounts training.
India is largely a land of the orthodox. There are too many stereotypes about education and careers to say the leas
Goods & Services Tax (GST) launched in 2017, is one of the major economic reforms by the Indian Government
System Application and Product (SAP) is the name of the software as well as the company’s name. It is one of the most used IT products in the business for different purposes.
India has made substantial economic strides in recent years. The growing economy needs a constant supply of skilled manpower.
In every business, ledgers, bank reconciliation statements, profit and loss statements and income and balance sheets present an unbiased picture of the financial position of an organization.