MYND Business Glossary

Aadhaar: India's Digital Identity Cornerstone Aadhaar is a unique identification number issued by the Unique Identification Authority of India (UIDAI)...

Accrual Accounting Accrual accounting is an accounting method where revenue is recognized when it is earned, and expenses are recognized…

Accrued Expenses: Understanding What You Owe Accrued expenses, often referred to as accruals, represent the costs that a business has…

ADT-1 (Auditor Appointment): Understanding the Foundation of Financial Scrutiny ADT-1, formally known as the Auditor Appointment, is a crucial regulat...

Advance Tax: Paying Your Dues Before the Fiscal Year Ends Advance Tax , also known as Tax Deducted at Source…

Aging Analysis Aging analysis , also known as aging of accounts receivable or aging of receivables , is a fundamental…

What Exactly Is Amortization? Amortization is an accounting process that systematically allocates the cost of an intangible asset or a…

Annual Return Filing (AOC-4) The **Annual Return Filing (AOC-4)**, officially known as the "Form AOC-4," is a mandatory annual statutory…

Anti-Money Laundering (AML) Anti-Money Laundering (AML) refers to the set of laws, regulations, and procedures implemented by governments and financia...

Accounts Payable (AP) Accounts Payable (AP) , often abbreviated as AP, represents the money a company owes to its suppliers…

Appeal Filing: Challenging a Decision Appeal filing refers to the formal legal process by which a party dissatisfied with a…

Accounts Receivable (AR): Understanding What Your Customers Owe You Accounts Receivable (AR) , often abbreviated as AR, represents the money…

Arrears Payment An arrears payment refers to a payment made for a debt or obligation that has fallen past its…

Accounting Standards (AS) Accounting Standards (AS) are a set of rules, principles, and guidelines established by authoritative bodies to ensure…

Assessment Order An Assessment Order is a formal, legally binding document issued by a tax authority (such as the Internal…

Asset Capitalization: Transforming Expenses into Valuable Long-Term Investments Asset capitalization is an accounting principle that dictates when a b...

Automation Automation refers to the use of technology to perform tasks with minimal human intervention. It involves the application of…

Balance Sheet: A Snapshot of a Company's Financial Health The balance sheet is one of the three core financial statements,…

Bank Reconciliation A Bank Reconciliation is a process used to compare and verify the accuracy of the financial records of…

Basic Salary: The Foundation of Compensation In the realm of employment, Basic Salary refers to the fixed, regular amount of…

Bookkeeping: The Foundation of Financial Understanding Bookkeeping is the systematic process of recording, classifying, and summarizing financial tran...

Business Process Outsourcing (BPO) Business Process Outsourcing (BPO) refers to the practice of contracting a specific work process or task…

Budget vs. Actual Analysis Budget vs. Actual (BvA) analysis , often referred to as variance analysis, is a fundamental financial…

Business Intelligence Business Intelligence (BI) is a technology-driven process for analyzing data and presenting actionable information to help execu...

Business Valuation Business valuation is the process of determining the economic value of a business or a business interest. It…

Carve-out Services Carve-out services refer to the specialized, often external, provision of specific business functions or processes that are separat...

Cash Accounting Cash accounting is a method of bookkeeping where income and expenses are recognized and recorded when cash is…

Cash Flow Statement A Cash Flow Statement , also known as a statement of cash flows, is one of the…

Cash Management Cash management refers to the comprehensive process of managing a company's cash and cash equivalents to ensure it…

Casual Leave (CL) Casual Leave (CL) is a type of paid leave granted to employees for short, unforeseen, or urgent…

CGST (Central Goods and Services Tax) Central Goods and Services Tax (CGST) is a direct tax levied by the Central…

Chart of Accounts (COA): The Backbone of Financial Reporting The Chart of Accounts (COA) is a systematic listing of all…

Understanding the Corporate Identity Number (CIN) The Corporate Identity Number (CIN) is a unique, 21-character alphanumeric code assigned by the…

Cloud Accounting Cloud accounting refers to the practice of using accounting software and services that are hosted on remote servers…

Collections Management Collections management refers to the systematic process of acquiring, cataloging, preserving, securing, and making accessible t...

Commission Structure A commission structure is a compensation plan where employees, typically in sales or service roles, earn a portion…

Compensation and Benefits (C&B) Compensation and Benefits (C&B) , often referred to as Total Rewards, encompasses all forms of monetary…

Compensation Benchmarking Compensation benchmarking is a process used by organizations to compare their employee pay and benefits packages against tho...

What Exactly is a Concurrent Audit? A Concurrent Audit is a type of audit that is performed continuously or on…

Consolidated Financial Statements: A Unified View of Business Operations Consolidated financial statements represent a cornerstone of modern accountin...

Contract Workforce Regulations, mainly guided by the Contract Labour (Regulation and Abolition) Act, 1970 (CLRA), set the basic legal standards…

Conveyance Allowance: Understanding and Managing Employee Transportation Costs A Conveyance Allowance is a financial benefit provided by an employer t...

What is Corporate Governance? Corporate governance refers to the system of rules, practices, and processes by which a company is…

Cost Accounting Cost accounting is a branch of accounting that tracks, records, summarizes, and analyzes the costs associated with the…

Credit Control Credit control refers to the systematic management and monitoring of a company's credit transactions, encompassing the policies, proced...

Credit Management: Safeguarding Financial Health Credit management refers to the systematic process by which an organization manages its credit exposu...

Cost to Company (CTC): A Comprehensive Overview Cost to Company (CTC) , often abbreviated as CTC, represents the total expenditure…

Customer Master Data Customer Master Data (CMD), also known as Customer Master Record or Customer Information Master, refers to the…

Dearness Allowance (DA): Bridging the Gap Between Wages and Living Costs Dearness Allowance (DA) is a component of salary paid…

Dashboard Reporting Dashboard reporting, often referred to simply as "dashboards," is a critical business intelligence (BI) practice that involves the...

Data Analytics Data analytics is the process of examining raw data to draw conclusions about that information. It involves applying…

Data Migration Data migration is the process of transferring data from one storage system, computer, or format to another. This…

Deferred Revenue: Understanding Unearned Income Deferred revenue, also known as unearned revenue, is a liability account on a company's balance…

Depreciation Schedule A depreciation schedule is a systematic accounting record that outlines how the value of an asset is expensed…

Digital Transformation Digital transformation (DT) refers to the integration of digital technology into all areas of a business, fundamentally changin...

Director Identification Number (DIN) The Director Identification Number (DIN) is a unique, 10-digit identification number assigned to individuals who ...

DIR-3 KYC: Understanding Director Identification and Compliance DIR-3 KYC refers to the mandatory process for every individual holding a Director…

Double-Entry System The double-entry system is a fundamental accounting method where every financial transaction is recorded in at least two…

Days Payable Outstanding (DPO) Days Payable Outstanding (DPO), also known as Accounts Payable Days or Average Payment Period, is a…

Days Sales Outstanding (DSO) Days Sales Outstanding (DSO) is a financial metric used to quantify the average number of days…

Due Diligence Due diligence refers to the reasonable steps a person or entity takes to satisfy a legal requirement, especially…

E-way Bill An E-way Bill (Electronic Way Bill) is a mandatory electronic document required for the movement of goods valued…

Employees' Provident Fund (EPF): A Comprehensive Guide The Employees' Provident Fund (EPF) is a mandatory retirement savings scheme primarily prevalen...

EPFO: Safeguarding the Financial Future of Indian Employees The Employees' Provident Fund Organisation (EPFO) is a statutory body under the…

ERP Implementation Support ERP implementation support refers to the comprehensive range of services, expertise, and resources dedicated to assisting a...

The Employees' State Insurance (ESI) is a comprehensive social security and health insurance scheme in India designed to provide socio-economic…

ESI Deduction: A Comprehensive Explanation ESI Deduction , short for Employees' State Insurance Deduction, refers to the mandatory contribution made…

ESIC (Employees' State Insurance Corporation) The Employees' State Insurance Corporation (ESIC) is a statutory body under the Ministry of Labour…

Expense Management Expense management refers to the systematic process by which businesses track, approve, reimburse, and analyze employee expenses in...

External Audit Coordination: Streamlining Scrutiny for Clarity and Compliance External audit coordination refers to the systematic and proactive manag...

Factories Act, 1948 The Factories Act, 1948 is a landmark piece of legislation in India that governs the operation of…

FCPA Compliance: Navigating Global Business Ethically FCPA compliance refers to the adherence by individuals and organizations to the provisions of…

FEMA (Foreign Exchange Management Act): Managing India's External Transactions The Foreign Exchange Management Act, 1999 (FEMA) is a landmark legislat...

FIFO (First In, First Out): Ensuring Order and Efficiency FIFO, an acronym for "First In, First Out," is a fundamental…

Financial Audit Support Financial audit support refers to the comprehensive set of activities, services, and resources provided by internal or…

Financial Close Process The Financial Close Process , often referred to as the 'close' or 'month-end close,' is a standardized,…

Financial Due Diligence: Uncovering the Truth Behind Transactions Financial Due Diligence (FDD) is a comprehensive investigation and analysis of a…

Financial Planning & Analysis (FP&A) Financial Planning & Analysis (FP&A) is a critical business discipline that involves the strategic process…

Financial Reporting Financial reporting refers to the process of producing statements that disclose an organization's financial status to management, ...

Fixed Assets Register A Fixed Assets Register (FAR) is a detailed ledger or database that systematically records and tracks all…

Flexible Benefits Flexible benefits, also known as a cafeteria plan or flex-plans, is an employee benefits program that allows employees…

Forecasting Forecasting is the process of making predictions about future events based on past and present data and analysis of…

Form 12BB (Tax Declaration) Form 12BB, officially known as the "Statement of Particulars to be furnished by an employee for…

Form 15CA/15CB (Foreign Remittance) Form 15CA and Form 15CB are mandatory documentation requirements under Indian income tax regulations, specifically...

Form 16 (Salary TDS Certificate) Form 16, officially known as the 'Certificate of Deduction of Tax at Source from Income…

Form 16A: Your Essential Guide to Non-Salary TDS Certificates Form 16A is a crucial document in India's tax system, serving…

Form 26AS: Your Annual Tax Statement Explained Form 26AS, often referred to as the Annual Information Statement (AIS) or the…

Finance Process Outsourcing (FPO) Finance Process Outsourcing (FPO) refers to the practice of contracting out specific financial and accounting functi...

General Ledger (GL) The General Ledger (GL) is the central repository of financial data for an organization. It is a…

Global Business Services (GBS) Global Business Services (GBS), also known as Global Business Services, Shared Services, or Business Process Outsourcin...

Grade Structure A grade structure , often referred to as a job grading system or job evaluation structure , is…

Gross Salary Gross salary , also known as gross pay, refers to the total amount of money an employee earns…

GST (Goods and Services Tax) The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that is levied…

GST Filing Services GST Filing Services refer to the professional assistance provided to businesses for the accurate and timely submission…

GST Reconciliation: Ensuring Tax Compliance and Financial Accuracy GST Reconciliation refers to the process of comparing and verifying the Goods…

GSTIN (GST Identification Number) The Goods and Services Tax Identification Number (GSTIN) is a unique, 15-digit alphanumeric identification number al...

GSTR-1 (GST Return Filing) GSTR-1 is a monthly or quarterly return that registered taxpayers under India's Goods and Services Tax…

GSTR-3B (GST Monthly Return) GSTR-3B is a self-declared, summarized monthly return filed by registered taxpayers under the Goods and Services…

House Rent Allowance (HRA): Understanding a Key Employee Benefit The House Rent Allowance (HRA) is a component of an employee's…

Human Resources Outsourcing (HRO) Human Resources Outsourcing (HRO) refers to the practice of delegating specific human resources (HR) functions or…