5 Tasks, Every Business should consider Doing in Jan 2023

5 Tasks, Every Business should consider Doing in Jan 2023

Posted by CA Pankaj Kumar Vats
In: Business
On 6 Jan 2023
  1. Ensure Update of Opening Balances in the Balance Sheet 
  2. Update Bank Statements and Credit Card Statements in the Accounting Software, it may be Tally, Busy, Zoho, or Oracle
  3. Analysis of Expenses for TDS Deduction, Specially for Section 194R. It is for TDS on benefits and perquisites, be it in cash or in kind. 
  4. Analysis of Profitability is needed for various reasons such as tax liability ascertainment, Business growth ascertainment, and so on. Comparison of Data of this year with the Data of Last Year, to have an understanding of the direction of the business
  5. GST Reconciliation for Outward and Inward Supplies, this may include but is not limited to checking to report of non-GST supplies. And segregation of the Non-GST supply, Nil Rated Supply, and Exempted Supply, because all of them have different treatments in GST. 
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