By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: India aims to be the accounting back office to the world, manycollege need to teach US GAAP (Generally Accepted Accounting Principles), based on which all accounting work is done . India compete with the Philippines, which teaches this subject in its universities and colleges. ICAI (Institute of Chartered Accountants of India) needto add this as a subject .The Indian business process management (BPM) industry is expected to grow to $50 billion in the next four years, up from $26 billion in 2016, helped by greater adoption of analytics, digital technology and automation, industry body Nasscom said. The sector, which has grown about 1.7 times in the past five years in India, has 2,500 companies and employs close to 1.1 million professionals, covering around 40 languages. India has 37.6% share in the global BPM offshoring market, mainly due to low operating cost. America and Europe continue to be the main growth drivers, but Asia-Pacific too is beginning to offer opportunitie.Project management tools enable businesses to run their processes and tasks and activities which are planned to be completed within in predetermined time and budget allocated.
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Accounting Memento For Entrepreneurs (US GAAP) : The Profit and Loss (P&L) report shows the performance of the company over a specific period (usually the current year).The Gross Profit equals the revenues from sales minus the cost of goods sold.Operating Expenses (OPEX) include administration, sales and R&D salaries as well as rent and utilities, miscellaneous costs, insurances, ... anything beyond the costs of products sold.The Balance Sheet is a snapshot of the company's finances at a specific date (as opposed to the Profit and Loss which is an analysis over a period).Assets represent the company's wealth, things it owns. Fixed assets includes building and offices, current assets include bank accounts and cash. A client owing money is an asset. An employee is not an asset.Liabilities are obligations from past events that the company will have to pay in the future (utility bills, debts, unpaid suppliers).Equity is the amount of the funds contributed by the owners (founders or shareholders) plus previously retained earnings (or losses).Each year, net profits (or losses) are reported to retained earnings. (https://www.odoo.com/documentation/user/11.0/accounting/overview/main_concepts/memento.html) and training online https://odoo.thinkific.com/courses/odoo-functional)