The Essentials of Financial Accounting Every Startup Must Know

Taushif Patel
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The Essentials of Financial Accounting Every Startup Must<a></a> Know

Entrepreneurs must learn finance and accounting or have someone assist them in order to drive business success and growth and maintain their company’s financial health.

Most startup founders place little value on financing. The reasoning is that finance is a back-office, non-revenue producing job that is not necessary in the early phases of a corporation.

It is essential for startup entrepreneurs to understand finance and accounting for two reasons: one is to maintain track of what is going on in their firm in terms of performance and outlook, and the other is because they cannot afford to engage a finance specialist in the early stages.

If entrepreneurs struggle to learn finance at the level necessary to manage a firm, they should hire a strong finance hand. Accounting and finance have an impact on practically every aspect of a company’s operations.

Finance and accounting can help you with:

• Strong understanding of assets and liabilities

• Strategic decision-making based on data from the Profit and Loss Statement (Income Statement in the US), balance sheet, and cash flow statement

• Preparing the business for fundraising

• Preparing the business to manage costs, working capital, and risks

Most entrepreneurs are focused on attracting and maintaining their initial clients and gaining traction, especially in the early stages of their firm.

Financial literacy will allow business owners to have complete control over their operations. Even if you have a strong financial background, an entrepreneur with a rudimentary grasp of money has an advantage.

The capacity to sustain the firm throughout the crisis and grow profitably necessitates financial and accounting expertise.

It is needless to emphasise the importance of paying attention to cash inflows and outflows in order for entrepreneurs to plan and manage sustainability and growth, avoid avoidable financial shortages, and reinvest or use extra cash wisely to build the firm.

Even if your aim is to build your firm rather than profit, you must have complete control over your spending and restrict your fixed expenses.

A solid grasp of finance and accounting is required to control costs by analysing what spending might damage the firm and what expenses can be avoided.

There is a risk of getting into problems if you do not prioritise compliance with numerous tax and company rules and regulations.

Good communication skills are necessary in any organisation, but they are especially critical when working with money and accounting.

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Meet the Steel Woman who helped SAIL hit record turnover: Soma Mondal

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Meet the Steel Woman who helped SAIL hit record turnover: Soma Mondal

As Soma took charge for the role of Chairman of SAIL on January 1, 2021, she became the organization’s first female CEO.

Soma Mandal, Chairperson of SAIL, is unafraid of her position. For her, the terms chairman and chairperson are interchangeable. As Soma assumed the role of Chairman of SAIL on January 1, 2021, she became the organization’s first female CEO. Surprisingly, the organisation has grown tremendously under her guidance.

During 2021-22, Steel Authority of India Ltd (SAIL) produced 18.733 million tonnes of hot metal and 17.366 million tonnes of crude steel, its best-ever output.

Soma addressed the shareholders virtually during the 50th Annual General Meeting that SAIL had joined the elite club of Indian firms with a turnover of more over Rs 1 lakh crore for the first time.

The company’s sales of Rs 1.03 lakh crore in 2021-22 was a more than 50% increase over the previous highest turnover of Rs 68,452 crore in 2020-21.

According to Soma Mondal, the rise in turnover, along with increased operational performance, enabled the firm to attain its highest-ever profitability figures.

Soma is an electrical engineering graduate from NIT Rourkela who comes from a Bengali family in Bhubaneshwar.

She began her career as a trainee with NALCO in Bhubaneshwar in 1984 and rose through the ranks to become Director (Commercial) in 2014. She joined SAIL in 2017 and became the organization’s first female director.

At SAIL, she was in the forefront of implementing marketing strategies based on the Company’s Complete Turnaround Plan, which contributed to increased sales and market expansion for SAIL goods.

Soma was instrumental in developing tactics for promoting various items and building the distribution network. She was important in the creation of two new brands, NEX and SAIL SeQR.

Since her appointment as chairman last year, the firm has grown steadily. Notably, it was pointed out that the corporation “meet its entire need of iron from its captive sources. The captive mines of SAIL generated about 30.06 million tonnes (MT) of iron ore.”

Soma was elected Chairman of the Standing Conference of Public Enterprises (SCOPE) for a two-year term in March 2021. The Central Public Sector Enterprises are represented by SCOPE (CPSEs).

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How Log9 Materials became India’s largest maker of EV batteries

Taushif Patel
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How Log9 Materials became India’s largest maker of EV batteries

In this article, we look at Log9 Materials, a Bengaluru-based company that manufactures lithium-titanium-oxide batteries for electric vehicles and invests in climate-tech firms.

Deeptech battery installation Log9 Materials thinks that material science may help our country become self-sufficient and self-sustaining. With this conviction, the business is developing lithium-titanium-oxide batteries for the country’s EV (electric vehicles) market. Initially, the Bengaluru-based business produced graphene-enhanced goods such as air filters, smoke filters, and oil filters for use in a variety of sectors.

The firm made a significant breakthrough in 2019 when it opted to join the EV industry with its RapidX battery line. In 2019, the business began experimenting with new battery technology and created an EV battery testing pack. A year later, it introduced the RapidX line of ‘fast-charging’ batteries built in India for India and the tropical belt.

Log9 expects that RapidX will reshape the country’s EV sector, which is heavily reliant on imports to satisfy demand. According to the business, its batteries last nine times longer than ordinary batteries and can be charged in under 15 minutes for two-wheelers and 35-40 minutes for three- and four-wheelers. The batteries are likewise long-lasting, lasting over 15 years. The batteries are built with lithium-ion cells created at the company’s Jakkuru factory near Bengaluru.

Log9 has partnered with Metastable Materials, a Bengaluru-based business with proprietary lithium-ion recycling technology, to minimise the carbon impact of its batteries. With a recovery rate of more than 90%, the method aids in the extraction of a wide spectrum of materials from batteries.

To assist customers utilise EVs without the stress of upfront payment, the business has also launched BaaS (battery-as-a-service) and MaaS (mobility-as-a-service) models.

Although the BaaS model allows clients to lease Log9 batteries, the MaaS service allows them to purchase EVs powered by Log9 through partnerships with key Manufacturers around the country. Through its investments in firms battling climate change and addressing energy infrastructure concerns, the company is also pioneering other advancements in climatetech.

Log9 invested in Bengaluru-based deeptech firm Chara Technologies last month. The three Log9 founders have individually invested in climatetech business Climes, urban mining startup Metastable Materials, deeptech startup Praan, agri-biotech firm Loopworm, and drone logistics service provider TSaw.

In 2018, Log9 produced what company claims to be India’s first aluminium air fuel cells after a year of rigorous research and tests. Log9 has attained a revenue rate of $20 million a year after entering the EV business. Since its establishment, it has raised $65 million.

Log9 intends to utilise the new funds to increase its battery manufacturing capacity from 250 MWh to 2 GWh by the end of 2024, as well as to launch India’s first fully integrated lithium-ion cell production line. Around Rs 100 crore would be invested in cell and battery technology stack developments.

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Jitendra Singh Urges Industry to Support Start-up Boom with Equal Partnership and Responsibility

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Jitendra Singh Urges Industry to Support Start-up Boom with Equal Partnership and Responsibility

According to MoSJitendra Singh, the government would encourage industry-driven start-ups to create wealth and jobs.

Jitendra Singh, Minister of State (MoS) for Science and Technology, stated that the government will encourage industry-driven startups to create wealth and jobs.

Singh also called for “equal stake with equal collaboration” in his speech to the 37th Foundation Day of the Department of Biotechnology (DBT) National Institute of Immunology, NII, Delhi, and challenged the sector to take responsibility for sustaining the startup boom.

The minister stated that startups would be viable if industry identifies the theme/subject/product from the start and invests matching equity with the government. He guaranteed that financing will not be a limitation for boosting the “innovation ecosystem” in the country.

He noted that if the sector can identify the concept, issue, or product and invest matching equity with the government, the startups would become viable.

Singh stated that India is poised to become a global bio-manufacturing hub and will rank among the top five countries in the world by 2025, citing the Biological Research Regulatory Approval Portal (BioRRAP), a national portal launched last year to provide single window clearance to startups and researchers seeking regulatory approval for biological research and development in the country.

He claims that biotech startups have increased 100 times in the previous eight years, from 52 in 2014 to over 5,300 in 2022.

He stated that three biotech firms were formed per day in 2021, with a total of 1,128 biotech startups established in 2021 alone, indicating the sector’s tremendous expansion in India.

According to a research, the Indian biotechnology sector was valued at $63 billion in 2019 and is predicted to surpass $150 billion by 2025, rising at a 16.4% CAGR.

The Covid-19 epidemic boosted the biotechnology industry. Major participants in the field include Biocon and the Serum Institute of India, as well as startups like MedGenome.

During the last two years, the Centre has been pushing entrepreneurs and has launched a variety of programmes, such as ‘Startup India,’ to aid companies. Furthermore, different state governments have been pushing entrepreneurs in order to create jobs. The prolonged fundraising winter, however, has tainted the mood, with entrepreneurs failing to raise capital. As a result, nearly 22,000 people have been laid off by Indian companies since last year

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Anand Mahindra calls RRR star Ram charan a Global Sensation

Taushif Patel
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Anand Mahindra calls RRR star Ram charan a Global Sensation

Chairman of Mahindra & Mahindra Anand Mahindra posts an interview with Ram Charan, referring to him as a “global celebrity,” to which the actor answers with a “thank you” letter.

Anand Mahindra, chairman of Mahindra, has posted an interview with Ram Charan, describing him as a global celebrity. Ram Charan was interviewed on popular American television network ABC’s afternoon chat show ‘GMA3: What You Need to Know,’ where he was seen promoting the flick.

Immediately after Mahindra’s tweet, Ram Charan reacted, adding that the moment has come for the nation to flourish in all fields. This became viral on Twitter, and the interview itself has received over a million views.

In the interview, Ram Charan compliments RRR director S.S. Rajamouli, referring to him as the “Spielberg of India” and having the “finest writing on Earth.” He went on to call the chart-topping picture NaatuNaatu a “celebration of Indian Cinema.”

Ram Charan will appear in S. Shankar’s next film, which is a political thriller starring KiaraAdvani.

RRR got the coveted Hollywood Critics Association Awards in five categories on February 24, 2023. Best International Feature, Best Action Picture, Best Stunts, Best Music (NaatuNaatu), and Spotlight Award were among the five categories.

The Academy Awards will be hosted in the Dolby Theatre in Los Angeles on March 12, 2023, and all eyes will be on them. RRR has been nominated for Best Original Song, with NaatuNaatu competing against Lady Gaga’s Hold my Hand (Top Gun: Maverick) and Rihanna’s Lift me Up (Wakanda Forever).

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Pankaj Tripathi to sue makers just before Azamgarh’s release

Taushif Patel
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Pankaj Tripathi to sue makers just before Azamgarh’s release

A film titled ‘Azamgarh’ is set to be published on OTT, but Bollywood star Pankaj Tripathi has filed a legal case against the producer.

Nowadays, there are more scandals in Bollywood than films. It is impossible for a picture to avoid controversy before its debut. This happened recently with the large budget film ‘Pathan,’ and now a debate has erupted over the film ‘Azamgarh,’ which is set to be distributed on OTT. Pankaj Tripathi, a powerful actor in Bollywood, has launched legal action against the producers. The motive for pursuing legal action is also startling.

The trailer for Kamlesh K Mishra’s feature film ‘Azamgarh’ was just released. The film focuses on several true terrorism instances. Pankaj Tripathi appears in the film’s poster and trailer.

Pankaj appears to be a villain, a Maulvi who guides the young down the road of terrorism. Even after working on the project, Pankaj Tripathi is upset that his visage appears more prominently in the teaser and poster. There is a complaint against the usage of his name in the publication. Not only that, but he has filed a police report against the producers and has discussed legal action.

Let us remind you that Pankaj Tripathi shot for a cameo in this film 5 years ago. This film could not be released at that time. Pankaj was then provided no information on the release of ‘Azamgarh’.

In such a scenario, he was taken aback when its ads, trailers, and billboards appeared in front of him. Because he is portrayed as the main figure everywhere. He appeared in the film as a guest star. Pankaj only filmed for the film for three days. Pankaj believes that using his name and face in this manner is inappropriate in this scenario.

Pankaj Tripathi now feels that he does not want such ‘cheap popularity’. Pankaj has also stated that he did not get any compensation for his services on this film. Because he was simply asked to make a cameo. That’s why he doesn’t want the film’s producers to advertise ‘Azamgarh’ using his name.

SHOCKING remark from Arbaaz Khan on Shah Rukh Khan’s KBC stint: People may found him fake

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SHOCKING remark from Arbaaz Khan on Shah Rukh Khan’s KBC stint: People may found him fake

Arbaaz Khan, a Bollywood actor and producer, has characterised Shah Rukh Khan as a false host, while simultaneously complimenting Amitabh Bachchan and Salman Khan.

For a long time, Bollywood was in a slump, but Shah Rukh Khan’s hit film ‘Pathan’ helped to turn things around. The film was a huge hit, and it effectively quiet the trolls. Everyone is now applauding Shahrukh Khan. Meanwhile, Arbaaz Khan, an actor and filmmaker, surprised audiences by labelling ‘Pathan’ Shah Rukh Khan a dishonest and weak host.

Yes! Arbaaz Khan’s new YouTube chat programme, ‘The Invincibles with Arbaaz Khan,’ has begun. During an interview, Arbaaz discussed the show’s hosting and criticised Shah Rukh Khan’s performance. In terms of hosting, he has likened him to Salman Khan and Amitabh Bachchan.

In an interview, Arbaaz Khan lauded Salman, stating – How Salman Khan jumped from ‘DusKa Dum’ to ‘Bigg Boss 16’ whereas Amitabh Bachchan handled ‘KaunBanegaCrorepati’ for years and years. Even Shah Rukh Khan’s film career was rejuvenated as a result of these television reality series.

The problem did not end here, further Arbaaz added – I think Shahrukh Khan could not deliver kindness and naturalness to the little screen. Everyone thought he was a fraud. At the end of the day, you can’t be false in front of the camera if you don’t want to confront Amitabh. Bachchan’s intelligence is required.

Remember when Shah Rukh Khan hosted the third season of Amitabh Bachchan’s most successful TV quiz programme, ‘KaunBanegaCrorepati’? But, at this show, he was disliked by the audience. Following that, Big B took over as host of the show, which he continues to do to this day.

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Kapil Sharma’s Zwigato: A Heartfelt Look at the Struggles of Food Delivery Workers

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Kapil Sharma’s Zwigato: A Heartfelt Look at the Struggles of Food Delivery Workers


Kapil Sharma shines in a drama for the first time in Nandita Das’ Zwigato releasing on March 17. The movie also stars Shahana Goswami with Sayani Gupta and Gul Panag in special roles.

The second trailer of the movie shows Kapil playing a food delivery agent who loses his job as a factory floor incharge and takes up this new job. He delivers food to different people, clicks selfies with them and strives to get a five-star rating. His wife, played by Shahana, also starts a new job, something that Kapil is not very happy about.

Soon, his ratings take a nosedive and he struggles to understand the cause. Zwigato had its world premiere at the 47th Toronto International Film Festival in September 2022, followed by Asian premiere at the 27th Busan International Film Festival and was also screened at the International Film Festival of Kerala (IFFK).

In an interview, Kapil said, “I recently told my wife that if the film succeeds and is a hit, I will get a lot from it. People will say ‘Kapil ne bahut accha kaam kiya ha’ (Kapil has

IPL 2023 due to start but will David Warner’s record break?

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IPL 2023 due to start but will David Warner’s record break?

The IPL 2023 season begins in roughly a month, but David Warner holds a record that no one will be able to beat for many years.

IPL 2023 has only one month remaining. The 16th season of the IPL will begin on March 31 with a match between Gujarat Titans and Chennai Super Kings.

Nevertheless, the moment has arrived to learn about the ancient IPL records. At the commencement of the IPL, new records will be set. But now we’re going to tell you about a record set by Australian player David Warner that is not only tough to break, but also appears unattainable. So far, we’ve learned about the two players who have scored the most runs in IPL history, but they’re both Indians.

Do you know who has the most runs in the IPL? It is, indeed, David Warner.

David Warner has scored 5881 runs in 162 IPL matches so far. But, when we compare ViratKohli’s matches to David Warner’s matches, we can see that David Warner is much ahead of ViratKohli. David Warner is the only player in IPL history to have four hundreds and 54 half-centuries.

After David Warner, the foreign player with the most runs is AB de Villiers, who has 5162 runs in 184 matches. David Warner will play in the IPL again this year for the Delhi Capitals, and if his bat performs well, he will become the first foreign player in IPL history to reach 6,000 runs. He is not participating in the IPL. That is, no player has the capacity to challenge David Warner as a foreign player.

Every year, the player with the most runs in the IPL receives an orange cap. Thus far, David Warner has won it three times. He is the first foreign player to have won this title three times.

Apart from foreigners, no Indian player has ever won it three times. Kane Williamson and Jos Buttler are the two overseas players currently playing for New Zealand.

To match David Warner, he must win this championship at least twice more, and to defeat him, he must win it three times. But, it remains to be seen how David Warner plays for his new side, the Delhi Capitals, in the IPL 2023.

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Kolkata cop goes beyond call of duty for teenage girl; wins netizens praise

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Kolkata cop goes beyond call of duty for teenage girl; wins netizens praise

Inspector Souvik Chakraborty ensured a green corridor and informed the Traffic Control Center to ensure the student arrived at her test centre on time.

A Kolkata police officer is gaining popularity online for assisting a frightened teenage girl and getting her to the examination centre on time. On February 25, the Kolkata police department’s official Facebook page publicised the tale of Inspector Souvik Chakraborty.

According to the post, Chakraborty, OC, Howrah Bridge Traffic Guard, was patrolling the Strand Road near Raja Katra when he observed a girl in school uniform weeping and pleading for assistance. According to the post, the girl was scheduled to take her Madhyamik or Class 10 board test at AdarshShikshaNiketan in Shyambazar.

According to the post, the youngster, a resident of N S Road, was alone since her grandfather had suddenly died and her family had gone to attend the burial.

Chakraborty picked up the girl in his official car, informed the Traffic Control Room to assure a green corridor, and as they sped towards the exam centre, he told her not to worry. They arrived at the centre just as it was due to open at 11.30 a.m. According to the article, the officer wished the relieved and thankful girl luck on her exam. The Kolkata police department also shared images of the officer and the student.

The Kolkata police post has gotten over 77,000 likes and netizens commended the officer for going above and beyond the call of duty.

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