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WHAT IS THE VALUE OF LIVE INFORMATION TO ACCOUNTANTS

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WHAT IS THE VALUE OF LIVE INFORMATION TO ACCOUNTANTS
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Live information, also known as real-time or up-to-date information, is highly valuable to accountants for several reasons:

  1. Timely Decision-Making:
  2. Accurate Financial Reporting:
  3. Risk Management:
  4. Budgeting and Forecasting:
  5. Cash Flow Management:
  6. Audit and Compliance:
  7. Performance Monitoring:
  8. Cost Control:
  9. Efficient Collaboration:
  10. Technology Integration:
  1. Timely Decision-Making: Live information enables accountants to make decisions based on the most current data. This is crucial for adapting to rapidly changing business environments and making informed decisions in a timely manner.
  2. Accurate Financial Reporting: Having access to live information ensures that financial reports are accurate and reflective of the current financial position of a business. This is essential for compliance with accounting standards and regulatory requirements.
  3. Risk Management: Live information allows accountants to identify and address financial risks promptly. By monitoring financial data in real time, accountants can detect potential issues and take proactive measures to mitigate risks.
  4. Budgeting and Forecasting: Accurate and timely information is critical for budgeting and forecasting. Live data allows accountants to adjust budgets and forecasts based on the most recent financial performance, helping organizations plan for the future effectively.
  5. Cash Flow Management: Live information is essential for managing cash flow efficiently. Accountants can monitor incoming and outgoing cash in real time, enabling them to make decisions to optimize cash flow and address any liquidity challenges promptly.
  6. Audit and Compliance: Real-time information facilitates smoother audits and ensures compliance with accounting standards and regulations. It provides auditors with access to the most current financial data, making the audit process more efficient and reliable.
  7. Performance Monitoring: Live information allows accountants to monitor the performance of different departments, projects, or business units in real time. This helps in identifying areas of improvement, optimizing resource allocation, and ensuring that the organization is meeting its financial goals.
  8. Cost Control: With live information, accountants can closely monitor costs as they occur. This proactive approach to cost control helps in identifying cost overruns or deviations from budgets early on, allowing for timely corrective actions.
  9. Efficient Collaboration: Live information facilitates collaboration among different departments and stakeholders. Accountants can share real-time financial data with relevant parties, fostering better communication and coordination within the organization.
  10. Technology Integration: The use of technology, such as accounting software and integrated systems, allows accountants to access live information seamlessly. This integration streamlines processes, reduces manual errors, and enhances the overall efficiency of accounting operations.

In summary, live information is invaluable to accountants as it supports informed decision-making, ensures financial accuracy, facilitates risk management, and contributes to overall organizational efficiency.

E-GOVERNANCE & WORKING ON ONLINE PLATFORM

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E-GOVERNANCE & WORKING ON ONLINE PLATFORM

Electronic governance refers to government functioning with the application of “INFORMATION AND COMMUNICATION TECHNOLOGY”. So e-governance is basically a step towards smart governance, which means: simple, ethical, accountable, responsive and transparent governance.

“Online platform” is a broad term that refers to digital tools or environments where users can interact engage in various activities or conduct business. These platforms exist on the Internet and can serve a variety of purposes.

Working on online platforms is a critical component of e-governance. Which have several benefits for governments and citizens.

Benefits E-Governance:

Benefits for Governments:

1. Data Management:

Governments can collect and manage data more effectively. Data-driven decision making can lead to better policy making, resource allocation, and service delivery.

2. Citizen engagement:

E-governance platforms provide opportunities for citizens to engage with their government. Online forums, feedback mechanisms and surveys allow for greater citizen participation in decision-making processes.

3. Transparency:

Online platforms make government actions more transparent. Information on budgets, policies, and decisions is easily accessible to the public, fostering trust and accountability

4. Efficiency:

E-governance streamlines government processes, reduces paperwork and administrative burden. This enables faster data processing and decision making, ultimately improving the efficiency of government operations.

5. Cost savings:

By automating processes and reducing the need for physical infrastructure, governments can save on operating costs. This can free up resources for other important priorities.

6. Better service delivery:

Online platforms enable governments to provide services to citizens more easily. This includes services such as tax filing, permit applications and access to information, which can be accessed from anywhere with an internet connection.

7. Corruption reduction:

E-governance can help reduce corruption and bribery by automating processes and reducing human interaction in certain government transactions.

Benefits for Citizens:

1. Convenience:

Citizens can access government services and information from the comfort of their homes or workplaces, reducing the need to physically visit government offices.

2. Time saving:

Online platforms save citizens’ time by eliminating the need to stand in long queues or fill in extensive paperwork.

3. Accessibility:

E-governance ensures that government services are accessible to a wider audience, including persons with disabilities who can rely on assistive technologies.

4. Transparency and accountability:

Citizens can get information on government activities, budgets and policies, holding governments accountable for their actions.

5. Feedback mechanisms:

E-governance platforms often include feedback mechanisms that allow citizens to provide input, voice concerns, and suggestions for improvement.

6. Less red tape:

Online platforms can simplify bureaucratic processes, reduce red tape and make it easier for citizens to interact with government agencies.

7. Access to information:

Citizens have easy access to government information, public records, and documents, which can be valuable for research and decision-making.

8. Financial Inclusion:

E-governance can facilitate financial inclusion by allowing citizens to pay online for government services and taxes, even in areas with limited access to traditional banking.

9. Participation in Democracy:

E-governance can enhance citizen participation in the democratic process, allowing them to engage in public consultations, petitions and discussions on important issues.

10. Environmental impact:

Moving government services online can reduce the environmental impact associated with physical paperwork and commuting.

USE OF MOBILE DEVICE FOR PROFESSIONALS

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USE OF MOBILE DEVICE FOR PROFESSIONALS

Today, mobile devices have become essential & fundamental tools for professionals across various industries. They provide flexibility and convenience, helping professionals stay connected, productive and organized while on the go. Here are some common uses of mobile devices:

  1. Primary Use
  2. Productive Use
  3. Entertainment Device.
  4. As a Relief Devise
  5. Other Uses

I – Primary Use: The primary use of mobile devices such as smartphones is to provide individuals with a portable means of communication. Here are some of the primary uses of mobile devices:

  1. Communication: Mobile phones are primarily used for making calls, sending text messages, and using various messaging apps to communicate with others.
  2. Navigation: Mobiles have GPS capabilities for navigation and location-based services.
  3. Internet Access: Mobile devices provide access to the internet, allowing users to browse websites, check email, and access online services.

II- Productive Use: Phones can run a variety of efficiency applications e.g. note-taking applications like Evernote, OneNote, task directors and record altering like Microsoft Office.

  1. Document Scanning and Management: Mobile apps can scan documents, convert them to PDFs, and store them digitally for easy access and sharing.
  2. Education: Mobile devices are used to access online courses, learning management systems, and training materials, making them valuable tools for teachers and students.
  3. Banking and Finance: Mobile banking apps allow users to manage their finances, check balances, and make transactions.
  4. Security and Authentication: Mobile devices are often used for two-factor authentication (2FA) and secure access to corporate networks and applications.
  5. Time and Expense Tracking: Professionals can use mobile apps to track billable hours, mileage, and expenses for accurate reporting and reimbursement.
  6. Calendar and Scheduling: Mobile calendars help professionals manage their schedules, set reminders, and schedule appointments. They can sync with desktop calendars, ensuring you never miss an important meeting.
  7. Utilities: Mobiles can function as calculators, alarms, flashlights, and more.

III- Entertainment Device: Mobiles serve as entertainment devices for watching videos, playing games, listening to music, and reading e-books.

  1. Photography and Video: They come with cameras for taking photos and recording videos.
  2. Shopping: Mobiles enable online shopping and payment through apps

IV- Relief Devise:It is misuse of mobile in normal human life. Relief, in a general sense, refers to a feeling of alleviation or the removal of distress, discomfort, or pain.

  1. News and Information: Access to news, weather updates, and information on various topics is readily available.
  2. Social Media: Mobiles are commonly used for social networking, including platforms like Facebook, Instagram, Twitter, and more.

V- Other Uses

  1. Health and Fitness: Mobile apps are used for tracking health and fitness, including step counts, heart rate monitoring, and more.
  2. Remote Control: They can be used to control smart home devices, TVs, and other electronics.

Choice of mobile device and apps will depend on the specific needs of the profession and the individual preferences of the professional. Smartphones and tablets offer a wide range of customization and app options to cater to different professional needs. Regenerate

The Sky At NIGHT

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The Sky At NIGHT

Oh! my deep blue sky,
When I, look at you at night.

I, see the STARS twinkling out bright,
Some forming patterns very nice,
Some seem like telling stories at night.

I, may not know their language
But I, know their stories must be fun.

Some time it seem like they are keeping a secret.
It could be a treasure chest full of candies
or a portal to another galaxy.
In which humans live side by side on stars shining bright.

Oh! my deep blue sky,
When I, look at you at night.

ACCOUNTING POLICIES AND NOTES

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ACCOUNTING POLICIES AND NOTES

Accounting policies are the rules and guidelines chosen by an enterprise for use in preparing & presenting its financial statements. Accounting policies are important because they set a framework that an enterprises follow consistently, and provide comparable and consistent standard financial statements over the years and relative to other enterprises.

A. SINGNIFICANT ACCOUNTING POLICIES:
1. Basic Assumptions
The Financial Statements are prepared on a going concern concept and as per the historical cost convention on accrual basis.

2. Revenue Recognition
(a) Sale is recognized on dispatch of goods to customers
(b) Sale of service/commission is recognized as and when the right to receive arises
(c) Export sales are accounted on the basis of dates of bill of lading and export incentives are accounted for in the year of export.
(d) Insurance & other claim to the extent considered recoverable are accounted for in the year of claim.
(e) Interest is recognized on a time of proportion basis taking into account the amount outstanding and the rate applicable.
(f) Other items of Income including subsidies are accounted as and when the right to receive arises

3. Fixed Assets And Depreciation
Fixed assets are stated at cost less depreciation. Depreciation on Fixed Assets Is provided for on written down value method as per rates prescribed in the Income Tax Act,

4. Investment
Investments are stated at cost.

5. Intangible Assets
There are no intangible assets.

6. Impairment of Assets
There is a policy of assessing whether there has been any impairment of assets at the year end and
necessary adjustment is made in the books of account for impairment of assets.

7. Provision and Contingencies
Provision and contingencies to the extent known and ascertainable have been provided in the book of
accounts. Contingent liabilities are not recognized but are disclosed by way of note in the financial statement Contingent assets are neither recognized nor disclosed in the financial statement.

8. Inventories
Inventories are valued at Cost or market price whichever is lower and the cost is worked out on FIFO basis.

9. Borrowing cost
Interest and other costs in connection with the borrowing of funds to the extent related/attributed to the acquisition of qualifying asset are capitalized up the date when such assets are ready for its intended use and all other borrowing costs are recognized as an expense in period for which they are incurred unless otherwise stated

10. Deferred Tax Liability
There is no such item which attracts temporary timing difference.

11. Other Accounting Standards
The accounts are maintained in conformity with the applicable Accounting Standards.

13. Prior years(S) Transactions
Charges or credits which arise in the current period as a result of error or omissions in the preparation of
financial statement of one or more prior periods are treated as prior period items, whereas the same is treated as current year’s charges or credits if it is determined/decided/approved in the current year.

14. Gratuity and Bonus:
Gratuity and bonus is accounted for on payment basis.

B. Notes on Accounts :

1.The Current Assets Loans & Advances have a value on realization in the ordinary course of business

equal to the amount at which those are stated in the Balance Sheet.

2.Balances of some of the debtors, Creditors and unsecured loans are subject to confirmation, reconciliation and adjustments, if any.

3. Some expenses are not fully supported though circumstances evidencing the expenditure exist.

Future of CA CS Profession and AI Working Together

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Future of CA CS Profession and AI Working Together

Consider the questions

  • Can machines think?
  • Can machine become Human?

What Is Artificial Intelligence? [AI]

Artificial intelligence [AI] is a broad branch of computer science that deals with the creation of smart machines capable of performing tasks that would typically require human intelligence.

Types of artificial intelligence

  1. Reactive Machines
  2. Limited Memory
  3. Theory of Mind Self Aware

Some Examples Of Artificial Intelligence?

We can understand how the AI work with help of few examples AI apps

  • Smart assistants, Sri, Alexa
  • Self-driving cars
  • Robo-advisor
  • Email spam filter
  • Google Map
  • Netflix Recommendations
  • Face Book Customer Recognition.

Reactive Machines:

Reactive machines perform basic operations. This level AI is the simplest. These types react to some input with some output. Face recognition machine recognise human face as input and outputs a box around the face to recognize it correct face. The model does not store any input, it does not do any learning.

Limited Memory

Limited memory type refers to the ability of an AI to store past data and use the stored data for predictions. Data banks enable it to make better predictions. Machine learning architecture tends to be more complex than that of reactive machines.

  • Reinforcement learning Game: eg Like Chess, Loodo, Chinese Checker
  • Long Short Term Memory : To predict the next elements in the sequence, LSTM tags more recent information as more important. Word prediction during typing a sentence is the best example of LSTM.
  • Evolutionary Generative Adversarial Networks (e-GAN): E Gen evolves over time. This model utilizes simulations and statistics to predict outcomes.

Theory of Mind:

Theory of Mind are in their early stages. We are yet to reach the “Theory of Mind” in the types of artificial intelligence. This can be seen in things like self-driving cars. The car starts talking to you like a human.

Use of AI in Accounting and Legal Profession:

Artificial Intelligence in the accounting and legal profession aims to enhance proficiency in basic routines and practices in a way that ultimately leads to better business decisions.

  • Accounting Software
  • Tax Software
  • Credit Monitoring Analysis (CMA)

Suggested read

AI Potential in Accounting:

  • AI technology will improve data entry accuracy.
  • Real-time data helps accountants to give real-time solutions like what to produce.
  • Quickly analyse large amounts of data, evaluate past performance to predict future results.
  • AI will do administrative tasks, repetitive tasks like minutes of small board meeting, routine entries.
  • AI can assist company secretaries in providing data to directors in meetings. AI will help the Company Secretary to prepare the minutes of the Board meetings.
  • Automate the distribution of minutes through email.

What is the goal of artificial intelligence?

AI aims to create machines that can sense their surroundings, understand context, and act to accomplish certain goals, often autonomously or with minimal assistance from humans.

Now the real question is, what is human? What is human work? What is the purpose of Manav?

USE OF TECHNOLOGY FOR ENHENCING EFFICIENCY AND EFFECTIVENESS

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USE OF TECHNOLOGY FOR ENHENCING EFFICIENCY AND EFFECTIVENESS

What is technology:

Technology involves organized ways of doing things with the help of machine, devise, (Information Technology) and human.

Use of Technology: It reduces error and omissions and speed up by automating specific tasks. Technology cuts down on time consumption, paperwork, and manual involvement.

Who is a Professional?

In case of a Company a professional acts as a vital link between the company and its shareholders, board of directors and government officials. The key role is to ensure that all board procedures are followed and reviewed regularly. Maintaining all legal compliance. And in case of other business organization professional also have significant role. In overall we can say professional are trusted advisers.

How to use IT:

1. Strengthen your business with Risk Management:

First, figure out the amount of risk, liability and control you have in your job.

2. Find suitable staff:

3. Document the expected thing and aspects:

4. Organize collected Information:

5. Analyze software options:

To increase accuracy and save time, you need to decide what software and applications are needed in your work.

Must read: All About Mobile Applications

Must read: All About information technology system.

6. Networking: Networking is the exchange of information and ideas between people with a common profession.

– Web-based seminar

– Create your website, blog

– Presence of networking website Like Link den, slide sharing, CA club India. and institute website

All About Mobile Applications

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All About Mobile Applications

A mobile application is a type of application software designed to run on a smartphone or tablet. Mobile applications provide users with the same services as computer applications. Apps were originally intended for productivity assistance such as email, calendar, and contact.

Suggested read:

Types of Mobile App

  • Native Apps
  • Web-based app
  • Hybrid App

1. Native app:

Apps which run on a particular mobile platform are known as native apps. For example, an app intended for Apple devices does not run in Android devices. Examples of hybrid app is WhatsApp, Spotify.

2. Web-based app:

Internet access is typically required for use all features. User data is also stored in the cloud. A web-based app is designed with the standard web technologies of HTML, CSS, and JavaScript. The performance of these apps is like a web application running in a browser. Performance is noticeably slower than the native app.

3. Hybrid app:

Hybrid app is a mixture of native app and web–based app. Examples of hybrid app is Twitter, Facebook, Evernote, Gmail etc.

SOME Useful mobile app for Accounting and Legal professionals: CA, CS and Advocate must have some important mobile app on their mobiles. Few important app are:

  • Google Map
  • Calculator
  • Mailing App
  • Legal Dictionary
  • IRCTC
  • Make My Trip
  • Phone Pay
  • Bhim App
  • LatestLaws
  • Digi Locker
  • Office 365

Where to get mobile app

Typically, mobile apps are released through official app stores such as the Google Play Store for Android devices and the Apple App Store for iOS devices. In order to get their apps accepted and featured on these platforms, developers have to follow a set of rules and regulations.

Conclusion

With the ability to meet the different needs and interests of users around the world, mobile applications have become an essential aspect of modern life. With continuous technological advances, they expand the number of options available to users and enterprises.

How to Register Legal Representative Assessee in Income Tax Portal

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How to Register Legal Representative Assessee in Income Tax Portal

The legal representative has to register on the Income Tax website as a legal heir. Registration as legal heir is mandatory for e-filing of return on behalf of the deceased person.

To know who legal representative is, I recommend you please read our earlier article “Taxable Aspects of Income of Deceased Person.

Here one more question arises, Who can register as a Representative Assessee on the e-Filing portal? and What are the documents required to be furnished?

Click here for table lists of persons and documents :
Category of Person being represented Who shall Register as RepresentativeCopy of documents required to register as Representative Assessee
Mentally IncapacitatedGuardian / Manager who is managing the affairs of such person– PAN of mentally incapacitated
– PAN of Representative Assessee
– Medical Certificate certifying mental incapacitation
 Legal Heir Legal heir of the deceased person-PAN of deceased
-PAN of legal heir
-Death Certificate
-Legal Heir Certificate / Surviving Member Certificate / Pension Order / Registered Will
 Minor Guardian / Manager who is managing the affairs of such person-PAN of minor
-PAN of guardian
-Proof of Guardianship
Lunatic or IdiotGuardian / Manager who is managing the affairs of such person-PAN of Lunatic or Idiot
-PAN of guardian
-Certificate issued by medical authority
 Court of Wards Administrator General / Official Trustee / Receiver / Manager who manages the property-PAN of ward
-PAN of receiver / manager
-Court Order
 Trust in Writing Trustee-PAN of beneficiary
-PAN of trustee
-Attested declaration by trustee
 Oral Trust Trustee-PAN of beneficiary
-PAN of trustee
-Attested declaration by trustee

The PAN of both the deceased person and the legal heir should be registered in the e-filing portal. However, if the PAN of the deceased person is not registered, the legal heir can get the registration done on behalf of the deceased. Following are the steps for registration of legal heir:

Step 1 – Go to income tax department E-filing portal.

Step 2 – Login to e-filing portal using legal heir credentials

Step 3 – Go to My Account and register as Representative.

Step 4 –  

  • Select the type of Request – New Request
  • Select the Add/Register as representative – “Register yourself on behalf of another person”.
  • Select the category to register as Estate of deceased.

Step 5 – Upload the requisite documents like PAN of deceased person, legal hire certificate   

After completing the above process, the legal representative request is sent to the e-filing administrator. The e-filing administrator will verify the request and may approve or reject same.

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