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A General Ledger, or the nominal ledger, is one of the main accounting records of a business using double-entry bookkeeping system. It contains accounts for items like current assets, fixed assets, revenue and expense items, liabilities, gains and losses etc. In short, a general ledger is a summary of all transactions of a company. A general ledger is divided into certain categories in which all accounts are grouped. They are:
• Asset
• Liability
• Owner's equity
• Revenue
• Expense
• Gains
• Losses

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MIS or Management Information System is a computer based system that is used by most of the organizations to transform data into useful information for better decision making. It helps management to make better plans and carefully organize business operations.

This system is used for generating reports, which include inventory status reports, performance reports financial statements etc. These reports are important for assessing different aspects of business and also help in clearing out the probabilities that would affect the cash flow of the company in case the credit term is changed for its customers etc.

Professional MIS reports are made by accounting firms for accurate analysis. These reports are comprehensive and help the middle and top management take important decisions regarding the finance, accounting and overall business operations.

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Payroll is the sum of all financial records of salaries, wages, bonuses and deductions. Management of payroll saves time as it reduces the hours spent in producing payroll information and preparing payroll registers on quarterly and year to date payroll reports. Leading companies generally, outsource their payroll to accounting professionals for better management. Companies keep a record of payrolls which are based on the objective criteria that includes time cards/ time sheets etc., and accountants can perform related calculations and also issue pay checks to employees. Companies just require to update changes in pay rates and deductions of individual employees.

Advantages
• Less paperwork
• Higher accuracy
• No errors
• Cost effective
• Time saving
• Highly committed professionals
• Management can concentrate on other important issues

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Ratio Analysis is defined as the study and interpretation of relationships between various financial variables, by investors or lenders. It is an investment technique that is used for comparing a company's financial performance to the market in general. This analysis is helpful as this ratio analysis helps to bring about a change in the way a company works and also helps to identify the areas where the management needs to change.

There are two types of ratios that can be defined as below :

Liquidity Ratio
Liquidity Ratio is the ratio that indicates the proportion of a company's assets that can be readily converted into cash in the short term. Some of the liquidity ratios are :
• Current ratio
• Quick ratio Defensive interval ratio
• Activity ratio
• Acid turnover
• Receivable turnover
• Inventory turnover

Profitability ratio
It is a type of ratio that explains the profitability of a company during a specific period of time. These ratios are useful to find out the overall performance of the company when compared with the different financial years. Some profitability ratios include the following:
• Return on assets
• Debt ratio
• Return on common stock equity
• Profit margin
• Leverage ratio
• Times interest earned
• Debt to equity ratio
• Equity ratio

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Records Management is a system that uses an administrative system to direct and control the creation, version control, filing, distribution, retention, storage and disposal of records, in such a way that is administratively and legally sound and also serves the operational requirements of the business preserving an adequate historical record. Record management is beneficial as the framework document identifies the main benefits that the business hopes to gain by introducing and improving records management practices.

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Sales tax is an indirect tax that is imposed by the central or the local government on retail goods and services at the point of sale. Thus, sales tax has to be paid by every dealer on the sale of any commodity, irrespective of the fact that no liability to pay tax on the sale of goods arises under the tax laws of the appropriate state. He is to pay sales tax to the sales tax authority of the state from which the movement of the commodities commences. The tax collected by retailers is passed on to the state.

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It is statutory liability that a tax return should be duly filled and signed by the individual and in case of a company or partnership by authorized director or partner. Accounting firms help individuals, as well as corporations, partnerships firms and other organizations to fill accurate tax returns on time. These professionals also help the companies prepare their tax returns.

A tax return form is filled for paying tax to the central or state government. This form helps in computing the actual tax liability. It includes all the related paperwork that is required for making tax remittance to the government. The form is provided by the government (taxation authority) to citizens for filing in the details of :
• Income earned
• Expenses incurred
• Deductions & rebates