AMLAN BASU AUDITOR

 

 Auditing Precedure Audits are a process where a company’s financial records are examined and verified to ensure accuracy and fair representation.   Types of Audit Three different types of audits can be performed: External audits  are performed by an external third party. External parties provide more unbiased opinions since they are not subject to conflicts of interest. Internal audits  are performed by internal employees of a company or organization. They are not usually distributed outside the company, and therefore are mostly for internal use. Government audits  are performed by government entities to ensure that the prepared financial records do not misrepresent taxable income. The audits are conducted by tax collectors, such as the  Internal Revenue Service (IRS)  in the U.S. and the Canada Revenue Agency (CRA) in Canada.   Auditing Importance Auditing is important in maintaining trust and efficiency within the financial markets. Without aud...

 

  What should everyone know about accounting? 1.  Financial vs. Managerial:  Accounting has two main disciplines:  managerial  is the one you use internally for keeping track of things and  financial  is the one you present externally to investors, banks and the government. For instance, in your managerial accounting you will enter the day-to-day expenses and sales, while your financial accounting will be a summary of all those transactions. 2.  Double entry book-keeping:  Every transaction must be entered in two accounts and these must eventually balance. This ensures that you are on the right track. Although accounting is as old as human civilization, double entry book-keeping was invented only in the 14th century. Fundamentally, all an accountant does is balance the books - make sure all the transactions are entered in two accounts and they all eventually balance (like the last line in the image below). 3.  Assets & Liabilities....

  Accounting Basic Accounting for the results of your business activities requires keeping your records organized and consistent. While businesses differ greatly, the basic accounting concepts critical to running any business remain the same. Accounting, simply defined, is the method by which financial information is collected, processed, and summarized in financial statements and reports. An  accounting system  can be represented by the following graph, which is explained below. 1.     Each accounting entry is based on a business transaction, which is usually evidenced by a business document, such as a check or bill of sale. 2.     A journal is a place to record the transactions of a business. Typical journals used to record chronological day-to-day transactions are a sales and cash receipts journal and a cash disbursement journal. A general journal is used to record special entries at the end of an accounting period. 3.  ...

  Zoho Books Welcome Guide Navigating Zoho Books We know you're in a hurry! To make it easier for you, we've put together the shortest route to navigate your way around Zoho Books. Before we get into the specifics, see where you'll find what. 1.  The  Navigation Panel  on the left-hand side lists all the modules of Zoho Books. 2.  Get into the  Sales  tab and the  Purchases  tab to manage Estimates, Invoices, Expenses, Bills, and more. 3.  The  Quick Create  button by the respective modules is the shortcut to create new transactions. 4.  The  Quick Create  option can be used to create a transaction on the fly from anywhere in Zoho Books. 5.  Clicking on the  Recent Activities  option will display of list of most recent transactions you have carried out in your organization. 6.  Use the  Search  bar to quickly find a specific transaction, contact, item or more. 7.  The  Noti...