This glossary provides definitions of common terms you’ll encounter while using OPEN Money. It’s organized into categories for easy navigation. Each term is explained in simple, easy-to-understand language.
Use …
Managing financial paperwork doesn’t have to be complicated. Among the various documents you’ll handle, cash memos stand out as particularly useful tools for tracking your transactions. Let’s explore what makes these simple documents so valuable for both businesses and individuals.…
Prepaid Payment Instruments (PPI) lets you purchase goods with prepaid money in your online wallets, paper vouchers, prepaid smart cards, and more. India allows Prepaid Payment Instruments under Reserve Bank of India (RBI) regulations.
In 2015, introducing Prepaid Payment Instruments …
When it comes to doing business in India, understanding the income tax rate for companies is crucial—be you a domestic enterprise or a foreign entity operating in the country. Whether you’re a startup founder, a seasoned business owner, or simply …
Managing transactions efficiently is crucial as a business owner—whether you’re paying vendors, receiving customer payments, or handling cash flow. Understanding the RTGS limit and NEFT maximum limits can help you better plan payments, avoid delays, and optimize cash flow …
Taxes are an integral part of our financial ecosystem. Among the various forms of taxes that individuals and businesses need to pay, advance tax plays a critical role. As a taxpayer in India—whether you’re an individual, freelancer, or business owner—understanding …
Ever wondered how businesses keep their finances on track and avoid cash mishaps? Proper financial record-keeping isn’t optional – it’s a critical foundation for any company’s long-term success. At the core of sound financial management is a fundamental tool: the …
Companies today constantly seek ways to enhance efficiency, streamline processes, and ensure scalability. One of the most powerful tools to achieve these goals is an ERP system. The ERP full form is Enterprise Resource Planning, and it integrates various business …
GST compliance is a critical aspect of running a business in India. Breaking it down into manageable steps can make a significant difference. Among these steps, two critical forms—GSTR-1 and GSTR-3B—play an essential role in ensuring your business adheres to …
Running a successful business is all about relationships–not just with customers but also with the people and companies who help you deliver your products and services. That’s where vendor management comes in, and doing it right can make or break …
Break-even analysis is a crucial tool for business owners, whether planning a business idea, launching a new product, or writing a business plan. It will help you estimate when your idea could start generating profits so you know where you …
Running a business means dealing with lots of paperwork, especially when it comes to money. Two common documents that often confuse people are invoices and bills. While many use these terms interchangeably, they serve different purposes. Understanding the distinction …
The Goods and Services Tax (GST) was introduced in India on July 1, 2017, as a revolutionary tax reform. It simplified the complex web of indirect taxes by subsuming multiple taxes into a single, unified framework. GST operates …
