Bookkeeping
Ensuring effective bookkeeping is essential for any business, as it helps to
accurately track financial transactions and ensure that financial records are accurate
and up-to-date. Some best practices for efficient book keeping are:
Using a consistent method: It’s important to choose a bookkeeping method that works best for your business and stick with it consistently. Options include the cash basis, the accrual basis, or a combination of both.
Using a consistent method: It’s important to choose a bookkeeping method that works best for your business and stick with it consistently. Options include the cash basis, the accrual basis, or a combination of both.
Taxation
Paying taxes is a legal obligation for individuals and businesses, and failure to pay taxes can
result in penalties and fines. However, there are often exemptions and deductions available
to help lower the tax burden for individuals and businesses.
It's important to stay informed about tax laws and regulations, as they can change frequently. Consulting with a tax professional or using tax software can help ensure that you are paying the correct amount of taxes and taking advantage of any exemptions or deductions that may be available to you.
It's important to stay informed about tax laws and regulations, as they can change frequently. Consulting with a tax professional or using tax software can help ensure that you are paying the correct amount of taxes and taking advantage of any exemptions or deductions that may be available to you.
GST
Goods Service Tax is collected by the government at every stage of the supply
chain, from the manufacturer to the retail level. The tax is calculated based on the
value of the goods or services being supplied, and it is paid by the supplier.
The GST paid on business inputs (such as raw materials and services) can be claimed as a credit against the GST charged on supplies made by the business. This is known as the "input tax credit" system and is intended to prevent double taxation.
The GST paid on business inputs (such as raw materials and services) can be claimed as a credit against the GST charged on supplies made by the business. This is known as the "input tax credit" system and is intended to prevent double taxation.
