Parties interested in accounting informationAccounting information is of
interest to various persons who are directly or indirectly concerned with an
enterprise.
Owners:Although owners initiate in
contributing fund to the business yet they are the last to receive their claim
on equity's return on their investment. This is true not only in repaying but
also in rewarding their capital. After meeting all the charges including
employees' salaries and lender's interest profit if any can be distributed as a
reward on capital. Naturally, the owners are interested in the safety of their
capital as also for a reasonable return thereon, which rest on the concern' s
stability
and prosperity. Accounting reports (annual) not only appraise the past performance but also assist in assessing future prospects of the entity. Such information is also very important for would-be-owners. Management:A small business is generally
carried on by the sole trader or by the partners. But a large business is
usually conducted by an incorporated company which separates management from
ownership. Managers' responsibility is to operate the business efficiently and
maximize the return on capital without jeopardizing the fund.
Management needs accounting
information in
(i) selecting out of alternative
proposals;
(ii) controlling acquisition and
maintenance of inventories (stock) cash receipts and payments;
(iii) planning or budgeting for the
future
(iv) appraising the performance and
(v) devising remedial measures for
the deviations of the actual results from the budgeted targets.
Creditors:May be short-term viz, suppliers of
goods, lenders of temporary advance or long-terms viz. mortgages, debenture
holders etc. Although both are interested in the stability and earnings of the
debtor firm yet the former specially looks to its short-term solvency i.e.
liquidity whereas the latter is interested in long-term solvency of the
firm.
Employees:Steady employment and stability of
business go together. Again trade unions are interested in sharing the profit of
the firm in the form of bonus. Therefore, the employees are naturally interested
in the accounting information provided by the annual accounting
reports.
Government:Many products now-a-days are
subject to excise-duty and sales Lax. Also the government regulates the prices
of essential goods e.g.. drugs, vegetables, oil etc. So the Government is
interested to know the costing information to administer excise duties and to
regulate the prices of products. Government is also interested in the accounting
information on the profits for income tax purposes.
Consumers:Price-increase is disfavored in
almost all the quarters. Accordingly, a producer endeavors to reduce his product
cost as also its selling price. Recently consumer protection associations have
been formed to exercise control on the business and industry and also to make
them aware of the "Social responsibility" towards society. Thus consumers also
need accounting information.
Researchers:The financial statements, being a
mirror of business conditions are of inestimable value for research into
business affairs. These statements are therefore of great interest to scholars
undertaking research in accounting theory as well as business affairs and
practices.
The nature of business incomeOne of the main objectives of
financial accounting is to ascertain whether the business operations have been
profitable or not. Accounting enables us to find out whether a business has
earned profits or suffered losses during the
accounting period. |
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Note for International VAT USers and GST Users in India
Many business use services of Tax Consultants and Chartered Accountants for filing the Tax Return and the tax return of the software is not used. To assist such activity you can export all reports from the software to MS Excel or MS Word and submit it to your tax adviser for financial figures for the business . The software will perform all Inventory Control, Vouchers, Nominal Ledger Accounts along with Working/Trading and Profit & Loss account that will give you all figures ready for export for filing Tax Return. As soon as you are sure about the changes you want in the visual interface and printing regarding your GST requirements we will modify the software software as per your GST requirements. To get any of the off-the-shelf software modified for visual interface and printing please Contact Us Now. We will carry out all required customization for GST as per your requirements in the existing software in professional and timely manner . For any required customization as per GST in any of the off-the-shelf software, please contact us now. We will carry out required customization for GST as per your requirements in the existing software at nominal additional charges. Give us details of required customization for a man-hour or work estimate. For official reference to GST refer to following links:GST (Goods and Service Tax) Circular by Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance, Government of India. Finance Act 2016 of Government of India HSN codes for Goods and Service Tax (GST) in India Central Board of Excise and Customs - HSN Codes Circular by CBEC, Government of India - About HSN Codes.
Central Goods and Services Tax (CGST) Rules, 2017 Draft government Approved Format Under Goods and Services Tax - Invoice Rules What is GST Compliant Business? What are the specific mandatory fields in an GST compliant invoice? Why the invoice an important financial instrument? What are Registered and Un-Registered Dealers? There is a lot for your business to catch up on those links along with online tax filing and registration for trading. Give us the details of required work you want in the off-the-shelf VAT accounting system and we shall make it GST compliant invoicing and accounting for your business at nominal additional charges. Cheers. Happy Accounting. If you want to know the details of for making VAT/CST system compliant to GST system: Standard rate of $15 per man hour shall be applicable for making any of off-the-shelf VAT based accounting software systems into CGST/SGST Compliant Accounting. Give the details of customization required in any of our off-the-shelf VAT accounting systems made for various business to get a quote of additional charges. See demo of software on website. See official Indian Government CGST/SGST Specification on the panel above here. Click for more information on Value Added Tax (VAT). Free Download of Full Featured Software - Try Full Featured Software Before Order - Time Limited 30 days Full Featured Version of these software are available for download from our website www.freeaccounting.in. HiTech Billing, Accounting Software Off-the-Shelf versions are available for Business, Traders, Industry, Hospital, Hotel, Petrol Pump, Medical Store & Distributor, Automobile or Motorcycle Dealers, Newspaper or Magazine Publishers, VAT Accounting & Billing and Commodity Brokers. | ||||||
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