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Indian Economy, Budgetary Reforms needed for 2022-23

In India, the ongoing Covid -19 pandemic has created a prolonged health crisis. Economic activities were slowing down even before the pandemic struck. Two Covid - 19 waves have resulted into a deep and broad based economic downturn having a potential of long lasting impact. The disruption have exposed the country's dependence for the products ranging from raw materials to finished goods for the manufacturing sector. Also, the growing differences with the neighbouring countries during the time of pandemic choked global trade.   The authorities have responded to with fiscal policy besides scaled up support to vulnerable groups on selective basis. Despite the pandemic, the authorities have continued to implement structural reforms. Though policy steps helped to reduce the pandemic it is still possible to result in more poverty and inequality. Accelerated global monetary tightening could trigger capital outflows and disturb credit growth. Covid- 19 has resulted in India to introdu...
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Book keeping in the business--after Debits and Credits

Book keeping provides a reliable source to measure the performance of the company. Companies need to choose between the two methods of accounting which they have to follow. These are Cash basis or Accrual basis of accounting. The difference between these two is the timing when the company actually records the sale or the purchases made to identify the money inflow or outflow. Some companies follow Hybrid system of accounting by which they manage to follow few accounts on cash basis and few on accrual.   Post debits and credits, role of the Accountant is to ensure compliance of the  following. 1. To gather statements and documents. 2. Check work and confirm results. 3. Review data for errors and questions. 4. Reconcile bank accounts, credit cards and other assets and liabilities accounts. 5.  Print month end reports and close the books. 6. Draw financial statements and compliance reviews. 7.   Present, explain and substantiate reported results. While re...
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Beginning of new blog

In this blog, I shall be sharing my thoughts,experiences about the accounting services, like book keeping, record keeping, payroll processing, formation of the establishment, Audits - both internal and external, Bank reconciliations, reconciling receivable and payable accounts,Tax accounting and all matters concerning investment, share and stock trading, cost, budget, accounting software, warehousing and managerial accounting.  I look forward for the views/suggestions from my friends, contacts, well wishers to guide me to make this blog well noteworthy thereby contributing to the progress of education, skill development  and national economy.   Ranjan Sethi                                                ***************
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