Business Budgeting Small Business Accounting

Feasibility Study: Everything You Should Know About Creating One

When it comes to entering an industry with an original business concept, all that matters is how the execution of the research will be conducted. One of the factors that enormously influences the success of the new business is the way the feasibility studies are done. If you haven’t studied economics or industry-related courses, it will be hard to do it by yourself. Fortunately, there are a lot of ways to equip yourself with knowledge and try to finish it on your own. One of those ways is reading and self-educating about the feasibility studies and then creating one. You can always consult an expert but, doing the deed yourself is by far more convenient for you in terms of costs and being on top of it.

What Is a Feasibility Study?

The feasibility study ensures the economic viability of the project in a specific market. It is a document that ascertains a quality mandate accepted by financial institutions or investors and operators and private equity firms as well. Inside the document should be included a decision basis for the development, financing, or operation of the business within the selected industry. The segments are executive summary, market analysis, positioning, supply and demand analysis, POS revenue stream, forecasting, expenses, the return of investment, cash flows, financial ratios, and investment appraisal.

How to Create a Feasibility Study Template?

There are several steps you need to follow in order to create a feasibility study template by yourself. However, it is always a good idea to have the feasibility study template checked by a consultant who has experience in the industry. Now, let’s see the steps. 

1. Conduct a Preliminary Analysis

In this step, you need to outline the plan. Look where on the market the demand is greater than the supply and make sure that the service or product you intend to sell has a distinctive value. Then, observe if the challenges are too hard to overcome by yourself, or you would need investors or partners in your business endeavor. 

2. Compile a Projected Income Statement

To do this step think backwards – what is your expectation of the income from the project and what investment do you need to get there. This is the basics of the income statement – how much money you will need in order to make a profit as expected. 

3. Do a Market Research

You need to dive deep into the market and thoroughly inspect the demographics, the location, the competitors, the value of the market, and how expansive the market is. This step is crucial for your attempt in positioning your business on the market. 

4. Plan How the Bussiness Will Function

The next step is figuring out the business operations. What will be your start-up costs, operation costs, and fixed investments? What kind of equipment you will need as well as the advertising methods that will bring your brand in front of the target audience. 

5. Prepare a Balance Sheet

Evaluate your assets and liabilities and do this as accurately as possible. Create a list and categorize items, sources, costs, and available financing. Think about how you will lease or purchase land, facilities, and equipment and how you will finance the assets. 

6. Review All Data

In the end, make sure you carefully review everything you have compiled. Don’t skip steps and go over every information you have collected. This will prompt you the reassurance that everything is achievable and nothing requires changes. Ask yourself – Is the plan realistic? Can you carry it out without spending more money than you have planned?


The feasibility study template is a crucial step towards success in the launching of your new business. Once again, it is recommended that an expert in the field takes a look at the document just to make sure you haven’t done anything wrong. Plus, it will cost much less than hiring them to do one for you. However, keep in mind that the studies and analyses you do before the launch of the business are what will set you apart from the crowd and make you beat the competition.

Small Business Accounting

How to manage your Business GST easy and stress free

No doubt GST was intended to simplify the taxes from the legacy of VAT and Service tax. However because of lack of knowledge, there is growing pains for an average small business owner. This has increased tax and compliance cost for small business owner. The Goods and Services Tax (GST) is a brought together, goal based circuitous assessment framework rehearsed in India. This assessment is exacted on the products and ventures, including an incentive at each phase of the flexibly chain. As products and ventures go from the provider to the purchaser, they are burdened in a roundabout way. The purchaser who is toward the finish of the chain needs to pay just the GST charged by the past provider. This extensive duty replaces all other circuitous charges. The focal extract obligation, state VAT, focal deals charge, buy charge and numerous others are completely secured. The GST returns is a record that the assessment experts for ascertaining charge risk. As a representative or firm, documenting a GST return ought to be a need. The GST law specifies that dealers, producers or specialist co-ops in India register under GST to record returns. Subtleties of their business, buys and paid expenses must be outfitted with the regulatory specialists. This procedure needs to done electronically on the GST gateway. Check this comprehensive GST guide for an complete understanding of GST.

GST Suvidha Providers

GSP represents GST Suvidha Provider. A GSP empowers a GST citizen to follow all the procedural arrangements of the GST law through its web stage. ClearTax, an online expense recording stage has been conceded the status of GSP. A GSP gives creative strategies or methods for a viable intuitive stage for citizens to get to GST entrance administrations extending from enrollment and invoicing to finish of GST bring recording back.

GST Accounting Software

GST Accounting App to set up your business GST Compliant Invoicing, Bookkeeping, become more acquainted with how well your business is getting along continuous, and set up your GST Returns. Send GST consistent solicitations to customers and business in with print arranges in accordance with the GST rules. Set up your alter tax assessment on things with various duty rates (28%, 18%, 12%, 5%, 0%) in the single exchange. Utilizing our GST bookkeeping programming receipt position, get charge separation for everything HSN code-wise.

Online GST Portal is the administration’s legitimate GST site and is otherwise called the GST entry/GSTN entryway. It encourages various administrations for citizens going from acquiring GST enrollment, documenting of GST returns, application for discounts, to the time a citizen applies for the crossing out of the GST enlistment.

The significant part of the GST system is that the expense organization must have a solid sponsorship of innovation. This implies the citizens will never again be required to visit the expense offices face to face for evaluations and present the applications or returns, despite the fact that assistance habitats are available across India. The GST site permits all correspondences to be done on it, for example, favoring, dismissing, or reacting to applications. It incorporates insinuation of notification by the office and window to react to the equivalent by citizens.

Small Business Accounting

How to do accounting for your business from mobile app

Probably you own a business and are in trouble with the complicated task of financial management. Well, your search directed you to the right platform. Here we are going to talk about some of the most effective and simple ideas to manage business accounts. Spare a few minutes to go through this article and soon you will be able to take your business to a whole new level.

We understand that it is difficult to manage mammoth ledger entries while handling plenty of challenges in your business. You might be doing unlimited transactions every day, and keeping a record for all of them may take lots of your precious time. Don’t worry! Some creative software developers have designed an innovative and efficient solution to deal with your financial transactions. The best thing to know is that there is no need to sit on the computer to manage entries in this software. Here we are going to talk about a simple Small Business Accounting App that can help you handle all the details on the go. Yes, myBooks accounting app makes this task pretty straightforward while maintaining adequate insights of profit and loss for your business.

Whether you are at the beginning stage of your business or are trying to beat the competitive forces in the market, this scalable accounting management app can help you manage everything with complete peace of mind.

How to maintain business accounts with myBooks accounting app?

myBooks is basically a cloud-based solution for your business accounting management. This modern app offers plenty of features that work on all smartphone models. Millions of businesses are already using this app, and they are satisfied with its incredible performance.

This app works perfectly for all small and mid-sized businesses; moreover, it can be employed for all industry verticals. The simple and handy features of this mobile accounting app make it easier to get rid of all the stress related to accounting transactions.

Here we have listed few points displaying details about how myBooks Android accounting app makes it easier to handle all financial transactions:

  • This smartphone-based accounting management tool is easier to manage. With its innovative features, it can make the entire accounting process simple and stress-free for new-age business owners.
  • myBooks is basically a cloud accounting software; it means one can access it at any time, from anywhere. Even if you are on a business tour overseas, you can track all the ongoing transactions at your business platform with ease.
  • Another interesting aspect of this free accounting app is its highly secured servers and data management tools. With this mobile app, you will find data transfers 100% safe while keeping adequate track of all transactions.
  • The experienced team of customer support professionals is always ready to serve your needs on a timely basis. Moreover, the daily backup process ensures higher safety to all the financial data.

With all such amazing features, you will find it much easier to manage all your accounting transactions. It can handle all your data on real-time basis with simple and interactive dashboard.

Financial Planning Small Business Accounting

Bookkeeping tips for freelancer workers


As befitting of a profession as it may seem, freelancing is not all roses and unicorns.  Even though you get to be your own boss, there are a zillion things you need to take care of in the process.  Work execution, client management and filing company taxes for freelance workers are all part of this job description.  It is of utmost importance that freelance workers keep their books up-to-date.  This not only streamlines their work, but also ensures that filing taxes by the end of the year is a hassle-free task.

Hire a CPA to file your company taxes for freelance workers.  A professional can also provide you with better strategies to manage your accounting and can help strengthen your financial gains.  Nonetheless, hiring an accountant is only beneficial if the scale of work is high enough to accommodate the need for an accountant.  Otherwise, it can be just another expense.  There are multiple considerations you need to make when hiring an accountant for freelancers.

If you just

started as a freelancer, then it is advisable you manage your accounting on your own for a while.  This will give you a good understanding of your business.  Work on your business’ growth and try to cover different projects, then hire an accountant to file your company taxes for freelance workers.  This implies that in your initial years, you will be on your own.  The first and foremost way to keep up with your finances is by ensuring your bookkeeping skills are on point.  Excellent bookkeeping skills allow you to account for every little profit you earn, as well as for the corresponding expenses.

Here are some tips and tricks from experts to help you stay on top of your accounting.

  • Stay organized

When you are the only person managing everything about your business, it can actually be easier for you to stay organized, as there is no middle man and potential miscommunication risk.  Bookkeeping is all about keeping track of your financial transactions.  It is really important you have a sound filing system.  For digital filing, have properly labeled folders and for offline management of documents, do the same physically.  If you find it difficult to do this on your own, then yes, it is time to hire an accountant – organization is the fundamental aspect of bookkeeping!  Something you can do to make sure your filing system works is opting for online invoicing software that will manage your invoice statements for a small monthly fee.

  • Make copies

It does not matter whether it is just a receipt or a lot more; every document is necessary and you might end up needing them at some point in time.  Tangible documents may not be prominent among millennials, but they can prove to be a lifesaver when filing company taxes for freelance workers.  Make sure that you have hard, as well as soft, copies of all documents and receipts.  This will ensure that, even if a file crashes on your system due to malfunction, you have a backup copy of every document that you might need to either file your taxes or for an audit.  Alternative: place your documents into cloud storage such as on the Google Drive, the iCloud, Dropbox, etc. 

  • Monitor your expenses

It is of great importance for freelancers to keep track of expenses.  People tend to focus on their income, but it is their expenses that play a critical role in managing their finances.  For freelancers, it can be difficult to track expenses as they are numerous and you are all on your own.  However, every penny you spend towards building your business is an expense.  So, detailed and thorough monitoring of your expenses will allow you to manage your finances and, consequently, prevent the squandering of your hard-earned income.

  • Plan ahead

Planning ahead for tax filing gives way to preparing and organizing in a better manner.  It ensures that you get enough time to streamline your documents and to make essential corrections in your accounting, when needed.  If it seems that you are falling behind in tax filing, then planning ahead can prevent any possibility of carrying over tax debt.  A rough estimate suggests that taxes cost you almost 30% of your income.  Make sure you build up to this amount adequately by planning ahead.

  • Transparency

Since you don’t need to answer to anyone, you might get tempted to sweep a few paychecks “under the rug.”  Yet make no mistake, the Internal Revenue Service (IRS) can audit any individual.  If the IRS concludes that you are trying to hide some of your income, then it can lead to big-time repercussions for you.

  • Keep track of your due payments

The way a freelancer earns money is through the projects they work on.  Once a project is completed and approved by the client, the agreed-upon amount should be paid and the freelancer moves on to new projects.  However, there always seem to be a handful of clients that take the term ‘freelancer’ too literally and create problems when it is time to pay up.  Do not shy away from sending emails to such clients, reminding them their payment is due.

It does not matter how small the projects you work on are: if you do not keep track of your accounting, it will eventually pile up and, by the end of the year when it comes time to file your company taxes for freelance workers, you will find yourself sitting on a pile of poorly-kept documents.  Well, fret not!  It is not too late to manage your accounting efficiently. 

Agro Accounting CPA is an online CPA platform that provides convenient and hassle-free business formation and tax services, along with taking care of your bookkeeping needs.  Visit the official website,, to find out more.  And hopefully, this article was helpful in guiding you through the essentials of bookkeeping.

Small Business Accounting

Why should a Startup or Small Business not take a loan from NBFCs?

In the wide range of loans offered by banks, the one on top of the list for every startup owner is the unsecured business loan offered by banks.

You must be wondering “why not secured loans?”.

The answer lies in obvious reasons. To start with, the majority of the time (I would go as far as to call it 9 out of 10 times) we are without property and bank balance.

No bank in their right step of mind wants to fund a Startup without any bank balance or property. In fact, banks are wary of taking risks and giving loans to Startups.

So, what do Startups do? How do they fund without spending months waiting for a VC to give them a look?

The answer lies with NBFCs aka Non-Banking Financial Companies. A Startup or a small business can get an unsecured loan from an NBFC at different stages of business.

However, I do not suggest that go to NBFCs because of the issues that plague the NBFC sector in India. Please note – I am in no way suggesting that the loans provided by NBFCs are not good. Instead – all I am saying is that these loans are not suitable from Startups.

And why is that? Let’s discuss why startups should avoid loans from NBFCs:


  • High-interest rate and higher charges

The interest rate of an NBFC could be way higher than that of banks. This is major because the cost of funding of NBFC’s is higher than that of banks.


Banks have a lot of funds through their savings and current accounts. Hence the cost of acquisition is lower and hence they can offer loans at lower interest rates.


Further, NBFC’s may have a higher late payment and associated charges. Also, NBFC’s tend to have a higher processing fee.


As a startup, you’ve not really raked in money and each of these extra or higher payments would pinch you.


In my experience, you are looking at close to 18 to 22% per annum as the rate of interest for unsecured funding from an NBFC.


Now you are a new business and anything in that interest range should be a red flag for you. Irrespective of how well your business is doing, you will be saddled with debt and will be paying from your nose to repay this amount.


  • More risk:


NBFC’s are subject to less stringent supervision and regulations. This, however, reduces the lending standards, leading to higher borrower leverage building up credit and liquidity risks.


The lending through NBFC’s has increased in recent years but so have the vulnerabilities including credit risks, higher interest rates, and higher contagion rates.


In times like today, when Coronavirus has bought all financial institutions to their heels. NBFCs will be the first one to sink – thereby, putting your startup to more risk.


  • Corporate mismanagement;


NBFC’s are known to be less stringent when passing loans. Although this could be a boon, it also turns out to be a disadvantage. When the supervision is minimum and the regulations are less stringent, the chances of bad loans increase drastically.


In the recent NBFC crisis, NBFCs had borrowed short term loans from banks and mutual funds while lending to developers of long-term projects, which however got held up.

According to Live Mint, they also lent to unscrupulous developers and willful corporate defaulters indulging in round-tripping of funds and ever-greening of loans.


As cash flows dried up, NBFCs couldn’t repay their lenders. The start of the bad loans was ignited with one of the biggest companies in India – ILFS accumulating a debt of Rs.91,000 crore.


With debt like that with a company like IL&FS, it only sets a bad example for the other NBFC’s.



Outstanding credit by NBFCs/HFCs to real estate developers increased four times from Rs 64,000 crore in FY 2011-12 to about Rs 260,000 crore till 2017-18 fiscal


It is also found that there is a growth in the bank advances to NBFC’s.


  • Troubled sector:


NBFC’s disburse loans without making any checks, and this is more a disadvantage than an advantage.


When banks lend money to startups, they analyze every aspect and detail of your business and make various projections as to the viability of your project.


They need to be convinced as to the profitability of your business, and only after that being done would they disburse a loan to you.


Thus, if a bank passes a loan, you have a certain kind of certainty that your business

is heading in the right direction, which does not exist in the case of NBFC’s.


An analysis was done by the Federal Reserve bank of San Francisco (Pacific Exchange Blog) with various findings.


This rapid growth of India’s NBFC industry and its attendant vulnerabilities was highlighted by the high profile collapse of the Infrastructure Leasing & Financial Services Limited (IL&FS) last year. The incident incurred an estimated $12.8 billion in investor losses and raised concerns on NBFCs’ financial soundness.


The firm’s heavy use of leverage—with a debt-to-equity ratio of 16.8x, as of March 2018—amplified potential risks for its investors.


Many mutual funds and banks that hold IL&FS debt—roughly $13 billion in total—faced significant market losses as agencies slashed ratings for companies that were part of the IL&FS Group.


According to Credit Suisse, as of the end of 2018, bank lending to NBFCs was up 55 percent year-over-year, accounting for roughly one-fifth of all new loans, and now 7 percent of total Indian banking sector loans.


Since public sectors lend to NBFCs, the exposure of some public banks to NBFCs is as high as 10-15 percent of banks’ total loan books.


In real estate and construction, non-banks have provided essential funding, over 55 percent of NBFCs’ portfolio, as of FY2018, for commercial and residential real estate combined.


  • No Assistance or advisory

NBFC’s are in the business of providing financial capital and not financial advice.

Banks, on the other hand, have gone beyond the traditional roles of being finance providers and also give great financial and investment advice.


They could give you a good idea of what is a good investment and what is not.

Entrepreneurs are known to be the engine in the growth of the economy and this is well understood by commercial banks.


Apart from the above, banks also provide general business advisory and counseling and assist you at every stage of your business. Besides, a lot of commercial banks also provide book-keeping services and help your business maintain its accounts.


None of this exists in the case of NBFC’s.


In a case study done by the IOSR Journal of Business and Management (IOSR-JBM) on ‘The Role of Banks in the development of entrepreneurship in India’, the advantages of getting finance from banks was bought forth.


One of the objectives of the study was to know the role of banks in the development of entrepreneurship.


That’s the theory part of why startups should stick to Banks and not NBFCs for loans. Let me share some past experiences of why you should not be taking loans from NBFCs:

One NBFC changed the conditions of term loan they gave us by setting a repayment structure in which they took the majority of principal in the first year.

Their repayment structure worked in a way where you pay the highest installment in the first year and then the installment would cut drastically in the second year and it will come down a notch in the third year.

Incidentally, I was told that I must pay a flat EMI for the 3 years.

When I saw the repayment structure I was furious. My first thought was “This is not what I agreed on”.

I called up my agent to discuss the issue. As usual, he said he will revert to me by the end of the day.

He did call me at the end of the day only to sound apologetic. He said, he left the blanks for the NBFC to fill.

These guys are good with fill in the blanks. They score a perfect 10 out of 10 in this section of the question paper.

Now, I have nothing against the NBFC. They have their own rules and since they work in a high-risk environment, they are entitled to protect their interest.

But the terms now imposed on me were unfair.

Let’s just keep aside my emotional outburst and think logically about why I found the terms of repayment – so draconian.

I needed a loan “urgently” because I had some catastrophe to take care off. Usually, such incidents don’t just go away overnight and can take months of your business’s life.

The first few months of any business under distress taking a loan are crucial because you are to wisely spend the money and get business back on its feet.

What I had with me was a repayment structure where I paid say 20 Rs./month for the first year. 10 Rs. /month for the next one year and 7 Rs. /month for the last year of term loan.

So basically, when I should have paid the least EMI was the year, I was paying the most EMI.

The NBFC. in pursuit to cover its risk broke our back by putting terms that are beyond comprehension.

I accept the fact that I did sign the papers but that does not make me guilty. Let me ask you “How many of them have ever read every single line presented to them by a financial institution?”.

You know the answer.

Overall, I would personally ask you to stay away from them. However, if you fall upon bad times and urgently need a loan – you know NBFCs don’t mind turning a blind eye to an issue or two.

Here are some simple tips to help you deal with NBFCs:

  1. Never leave the blanks empty while applying for the loans
  2. Deal with NBFCS with extra care. They are the modern version of Money Lenders from bad old days.
  3. Always have a backup plan when things go south with these financial institutions.
Small Business Accounting

How No Guarantor Funds Be the Backbone of Every Financial Folly?

In life, it becomes difficult to address, predict or keep yourself prepared every time to save from financial loop.  But there is always that you must cover and accept that no matter how many problems you face because of low funds, the solution will always be there. It may help you to know about the areas so that you can proceed with a note of positivity. It is because the best deal of solution keeps you working and attentive the moment you come across the financial trouble.

There are times where the performance of the best ruling in the making business the strategy of money comes first. You must be wondering that to keep yourself safe and aloof from the better working of the projects you are working upon. There are times that you should be handling to proceed and the making of every situation run in the favour. But the matter of the fact is that it might be challenging to capture and always be looking for a unique strategy.

The performance may help in giving the factual achievement of solving financial trouble if you think that practising of managing the money is not everyone’s cup of tea. Therefore, you must understand that people should not get afraid of any trouble related to finance.

The first concern should be HOW?

It is because the performance of online borrowing can be taken as the best source, which may help you to overcome the money with less trouble. With the help of the given platform, you can get yourself clear of the fact that you can anytime make the best use of functioning towards the best learning. For example, if you avail the money called no guarantor loans, then the planning of the situation gives rise to the beneficial fact of any time.

You can quickly fill the online application form by sitting in the comfort zone. You do not have to worry about the approval, as it is acceptable from every corner. The most important take on the betterment of the situation is that you can figure out the plan of making things working in the situation.

When should ‘borrowing’ be the only decision?

The important fact of making a situation run in your favour is to know about the fact that it may help you to perform everything wisely. If you have planned to use the money, then you should not take its criterion lightly. You must prepare to figure out a solution that should be working by every means when you avail the online funds, and then you should know that you must be aware of the situation for better working.

You can keep the borrowing for the time when you have no option left because, with the help of the given platform, you can manage the juggle of finance anytime. By getting the instant disbursal, you can take the risk of making a decision that should be right and convincing.

Down Below Are Some of the Tips to Handle the Borrowing

The benefit of online borrowing is to make the work easy and trustworthy that any financial loop can be handled properly.

  • You need to check for the credit score, as it is an essential tip to follow when you use the financial take. The best possibility of getting the funds allows you to discover and handle mark in the best way possible.
  • The reason to use the money freely that you are not liable to present the guarantor to get the money. The ease of the service allows you to be the anchor of the borrowing in the best way possible.
  • Savings corners can never go wrong when you know that online borrowing is the only option left for you.  The best thing to plan is to enhance the skill and earn from extra sources to repay the amount on time.

These are some of the essential learning to proceed for the better working of the solution.


If you think that using the online platform gives the best reason to climb, and you must ensure the idea that you should be confident. The best benefit is needed to handle the borrowing in the best way possible. Therefore, with financial terms like loans for bad credit with no guarantor people can always assure the online platform to be the backing for covering financial folly.