Author: BrizoSystem
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Understanding VAT and GST: A Guide to Indirect Taxes
Introduction VAT (Value-Added Tax) and GST (Goods and Services Tax) are two of the most commonly used indirect taxes worldwide. They play a crucial role in raising government revenue while directly impacting businesses and consumers. Although VAT and GST share similarities, they also have distinct features depending on the country implementing them. Understanding these taxes…
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Understanding Amortization: Spreading Costs Over Time
Introduction Amortization is a fundamental accounting and finance concept that involves spreading the cost of intangible assets or loan repayments over a specific period. Like depreciation, amortization helps businesses allocate expenses systematically, ensuring financial statements reflect an accurate financial position. Whether you’re managing a company’s intangible assets or repaying a loan, understanding amortization is crucial…
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How to use Journal Entries
The video demonstrates how to use journal entries in BrizoSystem. It begins by navigating to Journal Entries under settings. Users can create entries for scenarios like Actual, Forecast, or Budget. By clicking “Add a new journal entry,” they input a Journal ID, description, date, debit and credit accounts, and the amount to apply. Once confirmed,…
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Understanding Depreciation: A Key Concept in Accounting
Introduction Depreciation is a fundamental accounting concept that reflects the gradual reduction in the value of an asset over its useful life. It is an essential aspect of financial reporting and tax calculations, allowing businesses to allocate the cost of tangible assets over their productive use. Understanding how depreciation works helps businesses make better financial…
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Introducing Custom Reports: Tailor Your Financial Insights with BrizoSystem
We’re excited to announce a powerful new feature in BrizoSystem: Custom Reports! This enhancement allows you to create personalized financial reports that meet your unique business needs, giving you more control over your data and insights. What’s New? With the Custom Reports feature, you can: Why Use Custom Reports? See It in Action To see…
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Built in Reports and Custom Reports
The video explains how to navigate and create reports in BrizoSystem. It starts by showcasing various pre-built reports under categories like Financial Statements and Profitability. Users can view these reports, adjust settings, and export them to Excel or PDF. For custom reports, users can click “Add a new Report,” enter a name, set categories, and…
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Elimination Entries for Multiple Company Consolidations
Understanding Elimination Entries in Consolidations When consolidating financial statements for multiple entities, one key aspect to address is the removal of intercompany transactions. These transactions, which occur between entities within the same group, must be eliminated to avoid inflating the group’s overall financial performance. Elimination entries ensure that the consolidated financial statements present an accurate…
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Understanding Different Fiscal Periods Across Countries
Introduction Fiscal periods, or financial years, vary significantly across the globe, influenced by government regulations, economic cycles, and cultural factors. While the calendar year (January to December) is commonly used, many countries have distinct fiscal periods that differ from the standard calendar year. Understanding these differences is crucial for multinational companies, investors, and accountants who…
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Elimination Entry Example
The video demonstrates how to create Elimination entries in BrizoSystem within a consolidated organization. Users navigate to Settings > Elimination Entries and click “Add a new elimination entry” to input details like the Elimination ID, description, date, debit, and credit accounts. The system handles differences between debit and credit amounts by posting them to the…
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Announcing the Release of BrizoSystem: Transform Your Financial Reporting
We are excited to announce the official release of BrizoSystem, the ultimate solution for seamless financial reporting and data integration! Designed to simplify your financial management, BrizoSystem connects directly with popular accounting software like Xero, QuickBooks Online, and MYOB, providing real-time insights, automated consolidations, and customisable dashboards tailored to your business needs. Why BrizoSystem? BrizoSystem…