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What Is The Sequence For Preparing Financial Statements?

Posted on by Imarticus Learning

What Is The Sequence For Preparing Financial Statements?

Financial statements are the last step of a financial process. Financial statements are used by investors, financial analysts, and creditors to evaluate a company’s financial condition and trends. The annual report involves audited financial data that contains the firm’s financial statements. Every firm uses them to analyze and determine its performance and prospects. 

What are Financial Statements? 

Financial statements are written records that give you an idea about a company’s business activities and financial performance. They are a collection of summarized reports of an organization conveying its financial position, cash flows, financial health, etc. They are generally compiled in a particular order since the information of one statement is based on the previous one. 

In other words, a financial statement is structured data. It has the Balance Sheets, Income Statement, and Cash Flow Statement. 

  • Balance Sheets give you an overview of the firm’s assets, liabilities, and stockholders’ equity. 
  • Income Statements inform you about the company’s revenues and expenses for the period. 
  • Cash Flow Statements (CFS) tell you about the amount of revenue generated by the company to pay its debt and fund other functioning expenses. 

There has been a massive demand for financial analysts and CFAs (chartered financial analysts). Financial statements’ reports should be business-empowering, sophisticated, and simple. They must be prepared and produced with proper care. However, designing a financial statement is a challenging task as it carries all the important financial reports, account details, assets, and liabilities of the firm. 

The various challenges faced by firms have raised the demand for financial analysts. In preparing financial statements, there are vital factors to consider, such as accuracy of the report, management and compiling of the data, collaborative measures, etc. The common problems faced in preparing financial statements are: 

  • Lack of information about the financial performance 
  • Requirement of manual entries, which are time-consuming processes. Entering every data in platforms in an Excel sheet takes hours, and this lack of a dynamic approach proves to be an obstacle. 
  • Inaccurate financial data; data that are entered manually will naturally result in human errors and miscalculations. 
  • Improving data quality by managing data using diverse systems; data quality is important for deciding the future financial status of your firm. 
  • Format changes when working in a standalone environment result in inconsistent data. 
  • Lack of efficient collaborative measurement; preparing financial statements and reports requires the implementation of a collaborative working strategy. Every team in the firm must coordinate and collaborate to prepare the financial data. The administration and financial divisions must work together in preparing such financial data.
  •  Adapting to constant regulatory changes in the financial environment; along with this, the accountant should also be aware of any latest regulatory changes. The frequent changes in rules and regulations for preparing financial statements are detrimental to deciding how the data should be assembled and how the financial statement should be prepared. The recent changes, such as IFRS 16 in 2019 and ESEF regulation, are a few examples. 

Financial analysts can avoid these shortcomings by undergoing proper training in financial modeling. For acing the job as a financial analyst, you must attend skill-building programs which are offered in CFA courses and financial modelling courses. CFA is the most recognized course in the financial field, providing a plethora of high-profile jobs, such as those of research analysts, portfolio managers, and financial analysts in corporate firms, and even the dream role of an investment banking analyst. 

In order to develop the skills, having a solid backup in the form of financial analyst training and placement at the right institute is crucial. If you are looking for a career as a financial analyst, Imarticus is the perfect place for you. Providing 180+ hours of the skill-building program, we have the best experience in training aspirants in the financial field. 

Job-relevant skills crucial for financial statement analysis and financial modeling are taught by expert trainers from KPMG in India. Achieving more than 2400 career transitions, our career support modules stand out to be the best that will transform your career. Grow your skills and stand tall in financial modeling by enrolling in the financial modeling courses of Imarticus – these will give you industry certifications.  

Here in Imarticus, you will be receiving experiential learning, which involves industry-oriented practical courses. Training is conducted by senior faculty members and experts from KPMG India. We also provide digital learning facilities by having a tech-based enabling system. 

With a learning management system and tech-aided instructions, you will be guided every step of the way. After completion of the course, there will be mock interviews. These are expert-driven mock interviews that will train you to handle job interviews. There is also an Imarticus Portal service that gives you access to high-profile jobs. The syllabus is endorsed by KPMG India.

The program mentors guide you through courses as you proceed in the professional world.  So, what are you waiting for? You can contact us through chat support or drive to our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, and Gurgaon. 

Top 5 Reasons To Study Tax Planning

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Top 5 Reasons To Study Tax Planning

Taxes chew up a large portion of a person’s income. If you earn well (above Rs. 10 lakhs), you fall in the highest income slab, where the tax rate is 30%. It does not end here! Then there is a surcharge and cess to be added over and above tax. To put it into perspective, you pay four months of your income into paying taxes. That’s huge!

One could not afford to pay four months of his income in taxes and meet 12 months of his expenditure with only eight months of his income in hand. This highlights the importance of tax planning.

Tax planning is not only knowledge but a skill one should possess for healthy personal finance. If you are willing to learn tax planning, you should undergo tax planning training to understand the world of taxes.

5 Reasons Why to Study Tax Planning

Here are the top 5 reasons why you should study tax planning:

 

  • Will keep your taxes in check: One of the foremost benefits of tax planning is that you can plan your taxes yourself and wouldn’t have to depend on anyone. Once you learn tax planning, you will realize that planning taxes is not a one-time exercise but a series of financial and investment decisions you make throughout the year. Further, you can also help your relatives and friends to plan taxes on their income. This will help you earn a good reputation among your peers and near ones.

 

  • Helpful in banking and finance career: Taxes play an important role in banking and finance career. Every transaction has tax implications, and proper guidance must be given to the banking customers. Further, finance is an ocean of opportunities. Whether you get involved in loans, stock markets or project financing, it is important to understand the tax implications.

 

  • Chart your path as a tax expert: How about becoming a tax expert or a consultant? Being a tax expert requires thorough knowledge and expertise that you can only attain through training. Everyone requires a tax planner who understands the laws and can provide guidance. If you undergo proper tax planning training, you can establish your tax consultancy firm to help people sort out their tax needs.

 

  • Will open doors for many other opportunities: Understanding tax does not only open the doors for becoming a tax expert. You can be a person of value in a lot more areas. Many job opportunities open up for you, including investment firms, chartered accountancy firms, advocate firms, etc., where you can practice your knowledge and training. This will help you brush up your knowledge further and help you understand the intricacies of taxes in practical life.

 

  • Good income opportunities: If you qualify as a tax expert, you can create good income opportunities. While the law may change, taxes are here to stay! Companies pay dearly to their tax experts. A person who can help people and companies solve their tax issues and save on taxes can earn well in his entire career. As there are frequent changes in law, those who stay updated stay relevant.

 

How to Study Tax Planning?

While you understand the benefits of learning tax planning, you might be curious to find out how to study tax planning. The primary law applicable for income tax is the Income Tax Act 1961 and Income Tax Rules, 1962. These govern the direct taxation in India. However, studying the bare act might be a little tricky. A good way out is to enrol with a professional institution that can help you not only learn tax planning but also guide and shape you for a better future in your tax expert journey.

Imarticus Learning is one of the pioneering institutes that has been training people and transforming careers across multiple industries, including but not limited to business analysis, artificial intelligence, analytics, financial services, core technology, etc. With a contemporary concept of professional degrees, also known as ‘Prodegrees’, it has tie-ups with various global giants, including KPMG, IBM, Rise Mumbai by Barclays, Motilal Oswal, Moody’s Analytics, and more. Apart from tax planning, you can also jump in for banking and finance online training if you wish to proceed with a banking and finance career.

If you are willing to get tax planning training and stay relevant and up-to-date with the newest changes in the tax arena, then it’s time you enrol with the reputed organization and start your learnings now. You can contact us through chat support or drive to our training centers.

The future of Bitcoin and the cryptocurrency economy

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The future of Bitcoin and the cryptocurrency economy

Cryptocurrency seems to be the future of transactions and payments. Millions of dollars in cryptocurrency is exchanged every day, increasing the total valuation of the market which is already in trillions. Just in 2021, the crypto market crossed 2 trillion dollars. The value of a Bitcoin has been fluctuating from $30,000 to even over $60,000. Proving many predictions about its downfall wrong, Bitcoin has still managed to remain highly valuable. There are more than 11,000 cryptocurrencies that are stored across more than 100 million digital wallets. Economists and experts have been reported as declaring that the crypto universe will only become more relevant in our day-to-day lives while the cryptocurrency economy keeps growing.

Currently, cryptocurrencies are used as investments by individuals, crypto-farming or crypto-mining firms, and small groups. However, experts predict that institutions and banks will soon start investing in crypto assets as well.

The future of Bitcoin

The future of Bitcoin seems to be bright according to many crypto market experts while some believe that it is a bubble that is about to burst. According to experts, Bitcoin might not touch absolutely zero, however, the long-term value of a Bitcoin might be closer to $100 than it is to $100,000. Even without Bitcoin increasing in value, the cryptocurrency might become quite common in retail and daily transactions. 

Bitcoin transactions are still quite slow and charge a hefty network fee (close to $20), thus still not being a preferred mode of payment. The distributed ledger technology behind Bitcoin can only support about 180,000 transactions daily while other centralized or national payment systems can enable 100,000 to 300,000 transactions per second. This is another reason why Bitcoin will not be replacing regular currency anytime soon. However, with a second layer or lightning network that bypasses the blockchain, other cryptocurrencies offer much faster transactions and lesser network fees. Bitcoin (BTC) can also be threatened by the likes of Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), which users are preferring due to faster transaction speeds and the coins having a lower value.

The future of the cryptocurrency economy

According to Kenneth Rogoff, a Harvard University professor of economics and public policy, the market capitalization of cryptocurrencies can become anything between $5 trillion and $10 trillion. If cryptocurrencies start being processed through verified ETFs or exchange-traded funds, then the number of people investing in cryptocurrencies will automatically increase. However, due to being decentralized, authorities and governments cannot monitor or track crypto-based transactions. This ends up helping many illegal activities such as weapon trading, money laundering, and drug peddling. Thus, regulatory bodies across the globe will not allow cryptocurrencies to enter the mainstream economy that easily.

Cryptocurrencies are finite and only a certain number of them can be generated. Thus, these coins will retain their value due to their rarity and a lack of overabundance. Till the time cryptocurrency users believe or trust in these coins and their worth, the value of the cryptocurrency market will keep soaring.

There are already platforms that promote institutional-grade crypto trading and investments. Cryptocurrencies are true alternatives to conventional currencies but lack the guarantee centralized currencies provide. There is a risk factor and a lot of anomalies in the performance history of cryptocurrencies. If cryptocurrencies are floated on NASDAQ, eventually, they will gain more credibility. Cryptocurrencies are decentralized and minted on blockchain networks, thus, already being impossible to manipulate by any single entity. A fintech course with blockchain certification or a Bitcoin course can definitely help you learn more about cryptocurrencies.

5 Business Analytics Course Blogs You Need To Read

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5 Business Analytics Course Blogs You Need To Read

Organizations are rapidly growing and adapting, and data is becoming an ever-changing commodity. A company’s performance is strongly dependent on various elements, with studying Business Analytics is one of the most important. Learning about the many levels of business intelligence is essential for a successful corporate career. 

Here are the top 5 business intelligence blogs to follow for insider insights, upcoming trends, and other material to help you outshine this sector as part of your continuous business intelligence education. These blogs can help you become a sophisticated and talented BI master.

Here are 5 Business Analytics Course Blogs you need to read: 

  • Adrian Reed’s Blog

Adrian Reed is a fantastic storyteller who blogs on many themes to emphasize the importance of business analysis. This is one of the most active business analysis blogs on the internet.

  • Phocas Business Intelligence blog

The Phocas Business Intelligence Blog avoids excessively technical topics. You won’t find many posts with lines of code or opaque language. Instead, you will have the chance to master the fundamentals of data analytics and how to use what you have learned to make educated business decisions at work. As such, it’s the site that marketing, HR, finance, and sales professionals would appreciate.

  • Forrester Business Intelligence

For over 40 years, Forrester has been assisting firms in understanding and reaching their audiences, which is why it is on the list of business intelligence blogs you should follow. While Forrester works with a wide range of businesses, not all of its material is about business intelligence. However, you can anticipate Forrester to publish business intelligence articles among its various content pieces on the site, and you can quickly jump right to BI topics that may interest you.

  • Bridging the Gap

This website, owned by Laura Brandenburg, is dedicated to assisting people in beginning their careers as business analysts. It provides various tools such as business analysis books, courses, templates, and free articles. This is one of the top business analysis blogs providing information on how to begin a career in business analysis.

  • Eric The BA

Eric is a passionate blogger as well as a competent business analyst. He is passionate about simplifying things and explaining complicated topics to clients.

Discover data analytics certification courses online with Imarticus Learning

We build predictive models that improve business outcomes by learning how data science gets applied in the real world. This data analytics course with placement is appropriate for professionals and recent graduates who wish to pursue a career in data science and analytics. 

Course Benefits For Learners:

  • Learn how to become a data analyst and master the abilities of Python for data science, SQL, machine learning, and data visualization.
  • 25 in-class, real-world projects will help you master data science abilities. Participate in hackathons, capstone projects, and mock interviews to develop practical skills.
  • Our curriculum includes capstone projects, real-business initiatives, pertinent case studies, and mentoring from relevant industry professionals to assist you in becoming a skilled data scientist.

Contact us through chat support, or drive to one of our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, and Gurgaon. 

A Quick Guide To Master Ratio Analysis

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A Quick Guide To Master Ratio Analysis

Financial statements contain financial data about a company. Ratio analysis is the key tool used to analyze and interpret the financial data of a company. If you want to work as a financial analyst, this is one of the most important tools to have in your repertoire. Company shareholders, business analysts, and other stakeholders use ratio analysis extensively to interpret financial data.

Financial ratio analysis is a quantitative tool to understand the company’s financial position, cash flows, long-term trends, and capital structure decisions as it impacts its profitability, leverage, and the market price of the company’s share price. Chartered Financial Analysis course gives you an in-depth understanding of Financial Statement Analysis. If you are pursuing a CFA course in India, you can do a financial analyst’s course online at https://imarticus.org/.

An Overview of Financial Ratio Analysis: 

Calculated ratios can be fractions, number of times, ratios, or percentages. The key presumption is that data contained in the financial statements is accurate for ratio analysis to deliver an accurate picture of the company’s financial health. Also, a relationship between the numbers is essential when comparing two accounting numbers. Moreover, a company’s ratio analysis alone is not enough; you have to analyze its peers to do an inter-firm comparison and an industry analysis. 

Accounting ratios are classified into:

  1. Solvency ratios

  2. Liquidity ratios

  3. Activity or turnover ratios

  4. Profitability ratios

  5. Liquidity ratios                                                                                                                                                                                                                                                                                                                                                                                                  These ratios measure the company’s short-term solvency and its ability to meet its short-term obligations in the form of short-term bank loans and payables. It examines how quickly its short-term assets are converted into cash. This determines the company’s ability to meet its short-term obligations. 

Ratios under this include:

  • Current ratio (current assets / current liabilities)
  • Quick ratio (cash + short-term investments accounts receivable)/ Current liabilities
  • Cash ratio (cash and cash equivalents) / Current liabilities
  • Working capital cycle: Inventory days + receivable days – payable days

Solvency ratios:

These ratios measure the company’s ability to repay its long-term liabilities. It also analyses the efficacy of the capital structure decision and measures the total amount of debt capital compared to the equity capital in the company. It analyses whether the earnings and cash flows are sufficient to repay the principal of its borrowed capital and make interest payments. 

Ratios under this category include:

  • Debt to total assets: Total debt (short term + long term) / total assets
  • Debit to capital : Total debt (short-term debt + long-term debt) / (debt + equity + reserves)
  • Debt/Equity: Total debt (short-term debt + long-term debt) / (equity + reserves)
  • Interest Coverage Ratio: Earnings before interest, depreciation and amortization, and taxes/interest

Profitability ratios:

These ratios measure the company’s ability to generate profits against sales, operating costs, total assets, and the company’s equity.

Ratios under this metric include the following:

  • Gross profit margin: Gross profit / net sales revenue
  • Operating profit margin: Operating profit / net sales revenue
  • Pre-tax profit margin: Earnings before interest, depreciation, amortization, and taxes / net sales revenue
  • Net income: Net profit / net sales revenue
  • Return on assets: Net profit / total assets
  • Return on equity : Net profit / equity

The Chartered Financial Analysis course gives you an in-depth understanding of Financial Statement Analysis. If you are pursuing a CFA course in India, you can do a financial analyst’s course online at https://imarticus.org/.

Turnover ratios: These ratios analyze how long it takes to convert accounts receivable and company inventory into cash. Ratios under this category include:

  • Receivables turnover ratio: Accounts receivable / sales
  • Days receivable: Number of days in a year/accounts receivable turnover
  • Inventory turnover: Cost of goods sold / inventory turnover
  • Days inventory: Number of days in a year/inventory turnover
  • Accounts payable turnover: Accounts payable / purchases
  • Days payable: No. of days in a year/accounts payable turnover
  • Cash conversion: Receivable days + inventory days – payable days
  • Asset turnover days: Total assets/sales
  • Fixed assets turnover: Total fixed assets/ sales
  • Equity turnover : Total sales / equity
  • DuPont ROE analysis: Net profit/ sales x sales/total assets x total assets/ shareholders equity

Business risk: Business risk is analyzed by operating leverage, financial leverage, and total leverage

  • Operating leverage = % change in net profit to % change in sales
  • Financial leverage = % change in the net income to % change in EBITDA
  • Total leverage is a product of operating leverage and financial leverage

Per-share ratios include:

  • Earnings per share= Net profit / total number of outstanding shares of the equity capital of the company
  • Dividend per share = Total dividend paid / total number of outstanding shares of the equity capital of the company
  • Price to earnings = Market price of the share/earnings per share
  • Price to book value = Market price per share/book value per share
  • Bid-Ask spread = Difference between the highest price the buyer is willing to pay for the share compared to the lowest price the seller is willing to sell.

These are key ratios used to analyze a company. Most ratios are interlinked and have to be looked at cohesively. A Chartered Financial Analysis course gives you an in-depth understanding of a Financial Statement Analysis using ratio analysis. 

Visit website to learn more. Contact us through chat support, or drive to our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, and Gurgaon. 

Cryptocurrency And Education – What Can We Expect?

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Cryptocurrency And Education – What Can We Expect?

Until 2020, terms like blockchain technology, cryptocurrency, and digital trading were limited to industrial and business-specific circles. Today, these have become household terms in the urban sector. Everyone has either heard of, is investing in, or looking to invest in cryptocurrency. What is a cryptocurrency really, and what does blockchain technology have to do with it?

And are there opportunities to gain expertise in the field through dedicated certification programs or financial technology courses? The short answer is yes. There are Cryptocurrency Courses, and you can find them on our Fintech Certification Programs!

Cryptocurrency is a digital currency that can be used for trade finance and purchasing of goods and services.  It is an encrypted currency. It ensures high security regarding the probability of fraud and scams. This is further ensured by the cryptocurrency being embedded in blockchain technology. This technology is a decentralized, digital, and permanent ledger that records all transactions transparent and accountable.

Read on to know how Cryptocurrency and Financial technology courses are all the buzz in today’s world and how the Fintech Certification Programs can help you get on the right track with these! 

Blockchain Technology in the Education Sector:

When blockchain technology took the market and industrial world by storm in the last two years, one should have known that the education sector would not be exempt from its impact. The education sector was one of the fastest to digitize its work during the pandemic. Entire courses were moved online. They relied on digital technology to make the process seamless, efficient, and effective.

Owing to the transparency and accountability of blockchain technology, there is considerable potential for its use in education.

  1. Student Records: Organising academic transcripts is a very time-consuming and resource-intensive task. This can be made accessible. Entries can be safely entered and information retrieved in a few clicks with high accuracy.
  2. Certificates and Diplomas: Massachusetts Institute of Technology (MIT) has been using digital blockchain to store their student’s certificates since 2017! Essential documents can be stored securely and in an organized manner here. More and more institutions will follow this lead. This reduces paper-based diplomas, which are at risk of being lost, damaged, or forged. Links to the digital diploma can be submitted to employers in minutes, as opposed to postal or in-person submissions!
  3. Document Storage: The education sector thrives on documentation of all aspects-curriculum, course work, lesson plans, evaluation papers, certificates, and more. This technology offers a hassle-free, permanent and secure medium to ensure organized storage of all relevant documents. They can be retrieved instantly.
  4. Communication: Schools and education institutions can publish notices, calendars, and announcements on the blockchain. Further, class recordings, presentations, and other media could be stored and shared on the decentralized platform. The students and teachers can access this. There are already decentralized social networks that reward the creators of cryptocurrencies. Educational institutions, where content creation is at the core, can benefit greatly. 
  5. Evaluation: Course instructors could create a list of tasks to be completed to certify a course as completed. This can be created as a smart contract using blockchains. Every task that the student completes or submits can be tracked and verified by the smart contract. This saves hours for the instructor. Credits could also be awarded based on this contract.
  6. Lower Costs: Many of the tasks that require large amounts of time and are labour-intensive can be resolved by adapting to blockchain technology. This, in turn, could mean students are not deep in debt at the end of their education.

Need for Expertise in Knowledge and Workings of Blockchain:

For all of these applications to become effective in the education sector, there is an excellent need for those who are being called cryptocurrency engineers and blockchain technology experts. We have come a long way from bitcoin being the first cryptocurrency to how this technology is revolutionizing the market at large today. 

Suppose you are looking to up-skill your knowledge and understanding, explore questions about what is blockchain technology, how do you want to be involved with cryptocurrency, transactions on the blockchain, the future of the blockchain, cryptocurrency today, the blockchain ecosystem, and the real-world applications of the technology, Fintech Courses, and Certificate programs are definitely for you! Learn today, be an expert and be a part of the storm that cryptocurrency and blockchain technology is!

Fintech Certificate Programs and Financial Technology Courses are designed with a unique pedagogy to empower the learner with hands-on training from industrial and technology experts. Learn more using the chat support, or meet us at our training centers in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, and Gurgaon. 

4 key differences between AI courses and robotics

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4 key differences between AI courses and robotics

Artificial Intelligence and robotics are branches of science that people often get confused with. People think that they are related to each other, that one is a branch of the other. The fact is, though they serve some similar purposes of automation of some systems, they are entirely different.

Those who want to pursue a career in either of these must understand this difference. One should not enrol for an AI certification thinking that it deals with making robots. Let’s find out what are the main differences between AI and robotics. 

Artificial Intelligence vs Robotics

An artificially intelligent robot is what is making the public confused about the relationship between AI and robotics. The main differences between them are mentioned here.

  1. Robotics is a branch of engineering while Artificial Intelligence is a part of computer science.
  2. Robotics creates robots that have a physical form, while AI creates smart machines that can solve problems for humans or make their tasks simpler.
  3.  Robots are programmed to do different tasks which enables them to be autonomous or semi-autonomous. They cannot make changes on their own. On the other hand, algorithms can make modifications based on the input they get, using machine learning or similar tools.
  4. Artificial intelligence is widely used in the daily lives of the public while robots are used in selected areas, which is very low at the moment. 

At the same time, it should be noted that not all robots that we know about have a physical form. The term ‘bots’ refers to robots but the one that most of us see in our day-to-day lives refers to the chatbots, search engine bots, etc are software and are only part of the digital world so they may not be called real robots. 

Where do AI and Robotics meet?

AI and robotics meet where Artificial Intelligence is used in the programming of the robots to make them intelligent. They are known as intelligent robots where the robots make the physical part and the AI forms its ‘brain’. Such robots can move, pick up things, and can also keep them at their specific places.

What helps the robot here are AI algorithms and a camera that helps determine the usual places. AI here almost works as a ‘sixth sense’ where the robot can be sensitized to use its various ‘senses’. 

Future of AI in robotics

AI and robotics are here to stay for a long time. This combination could perform several tasks very well, regardless of how complex they seem to be. People could own a robot and even be able to train them to do customized jobs for them. Intelligent robots could be useful in various industries such as delivery systems, agriculture, etc. 

One can find several AI and Robotics courses. Those who want to pursue that career could start with the Artificial intelligence and Machine Learning course that introduces them to all the latest technologies and tools in this field. The AIML course at Imarticus is conducted by the IIT Guwahati. Participants for this course will be getting lectures directly from the academic professors as well as from the experts in the industry.  

Conclusion

One of the cons of the future of AI and robotics is the lack of enough creativity to practically use them. To counter this, we need more interested people in the AI industry. The primary step towards this should be the Artificial Intelligence certification, both entry-level and intermediate. At Imarticus, one can find one of the finest courses that will provide expertise, experience, and proper guidance. Enroll now!

Digital Leadership In Tax Planning- Beyond The Textbook

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Digital Leadership In Tax Planning- Beyond The Textbook

The introduction of online financial services has transformed the way the finance sector of India functions. However, the effect of technology has not been limited to this sector only; it has also affected associated sectors. In this regard, a prominent example will be India’s tax planning or tax filing system. 

In the current scenario, almost everything related to taxation is now operated via different online processes. Therefore, it is essential to be accustomed to this changing landscape, and you can read on to get a better idea of the same.

What Is Tax Planning All About?

But before we dive deep in, we need to understand what tax planning is and what all it involves?

Tax planning means the procedure to reduce tax liability. It is done by introducing deductions, benefits and tax exemptions. In India, tax planning gives the taxpayer a chance to make the best use of these liability-reducing instruments to save on the total tax payment every financial year.

How Is Tax Planning Handled Presently?

This complex affair is handled by the best accountants, chartered accountants, and lawyers. In the current system, this is all done manually via some basic software and majorly via bookkeeping.

At the same time, a point to note here is the importance of maintaining reconciliations. 

Since an extensive amount of data is shared between various Tax and Regulatory Authorities, if there is any discrepancy between the various channels of reporting, then auditing is performed by both the external and internal authorities. Organizations, therefore, maintain a strong data reconciliation in various reports sent to different taxation authorities.

Expenditures are reported in the form of –  

  • TDS return
  • Income-tax returns
  • Inward GST supply under GSTR 9/9C GSTR 2A/2B and Outward supply as per GSTR 1, GSTR 3B and GSTR 9/9C
  • Form 26AS
  • Tax audit under section 34(a)
  • The Financial Statements are required in MCA filings.  
  • AIS/TIS

How Has Tech Been Infused Within the Tax Planning Structure?

Tax planning structure is tech-enabled these days. It is a must-have for every tax planning organization. The authorities related to Indian Tax have led the way with the use of advanced technology in tax planning. 

Some of these tech-enabled taxation changes are –  

  • Launch of faceless assessment scheme
  • Electronic filing of TDS and TCS
  • GST system-generated notices
  • AIS/TIS form
  • Red flag reporting
  • Auto-generated return
  • Blocking of ITC

These changes have depicted how vigilant the taxation bodies are these days. They are constantly upgrading themselves in terms of the use of technology. This has resulted in significant evolution in digital governance and tax compliances. This approach has led to an increase in the efficient functioning of tax regulating authorities and better management of risks related to tax. This has been advantageous both in the short and long term. Those who have braced the technology for tax and finance would agree with this statement.

The Educational Setup behind Tax Planning Training Also Needs to be Upgraded

Tax planning training needs to be also upgraded if these technological changes need to be pushed in public. Otherwise, people will still feel taciturn in using these changes, and there will be several bottlenecks in incorporating tech in tax planning.

As the demand for a banking and finance career is becoming a lucrative one, a detailed course on taxation can be a part of it, be it at the graduate level or as a post-graduate specialized course.

Apart from this, the KYC and AML Certification is another way to counter this ever-increasing demand for online tax filing and planning.

Final Word

To sum up, the emergence of the online taxation method has changed the way of managing this whole system. Hence, training new tax professionals in digital methods will strengthen the foundation of the nation’s taxation system.

A Python Guide For An Excel Person

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A Python Guide For An Excel Person

The most widely used programming language today, Python, has countless uses in various industries. It is the best option in terms of deployment and maintenance, thanks to its dynamic and flexible capabilities. MS Excel is one of the well-known Microsoft programs that functions like a spreadsheet and is used to store and analyze numerical data. 

It was among the first tools businesses worldwide used to evaluate data and draw conclusions. The phrase “conventional BI tool” is also used to describe it. You may easily transmit data from any source to any destination by using Python Excel Automation. 

Using Excel and Python for Data Science

In the year 1987, Microsoft created the spreadsheet program known as Excel. Almost all operating systems, including Windows, Android, etc., formally support it. It already has the Windows OS pre-installed and is simple to connect with other systems. Microsoft Excel is the most powerful and widely used application for working with structured data. 

Your data is arranged, processed, and stored in a tabular row-column format. Calculations, pivot tables, graphs, and much more are all possible! Since its introduction, this program has grown in popularity and is used extensively around the globe in various application sectors and domains. 

How Can Python Automate an Excel Spreadsheet?

Step 1: Analyze the datasheet 

Analyzing the Dataset is the first stage in Python Excel Automation. This lesson makes use of a sales dataset.

Step 2: Using Pandas to create pivot tables

Designing pivot tables is the next step in Python Excel Automation. Pandas often read an excel file, which generates the pivot table and exports it to Excel. Then, you can create charts and spreadsheets in Python and write Excel formulae using the Openpyxl module.

Step 3: Using Openpyxl to design the Reports

Designing the reports is the next phase in Python Excel Automation. You must use the “load workbook” function from Openpyxl to create the report, and you can save using the “.save()” method.

Step 4: Using Python to automate the report

The automation of your report is the next Python Excel Automation step. To make it simple to automate the report, you may write all the code in a single function. 

Discover Python Certification with Imarticus Learning

We build predictive models that improve business outcomes by learning how data science gets applied in the real world. This ensured placement program is appropriate for professionals and recent graduates who wish to pursue a career in data science and analytics. 

Course Benefits For Learners:

  • Learn how to become a data analyst and master the abilities of Python for data science, SQL, machine learning, and data visualization. 
  • 25 in-class, real-world projects will help you master data science abilities. Participate in hackathons, capstone projects, and mock interviews to develop practical skills. 
  • Our python tutorial includes capstone projects, real-business initiatives, pertinent case studies, and mentoring from relevant industry professionals to assist you in becoming a skilled data scientist.

Contact us through chat support, or drive to one of our training centres in Mumbai, Thane, Pune, Chennai, Bengaluru, Delhi, and Gurgaon. 

An Introduction To The Certificate Program In Data Science And Machine Learning In Association With Ihub Divyasampark @ IIT Roorkee Course

Posted on by Imarticus Learning

An Introduction To The Certificate Program In Data Science And Machine Learning In Association With Ihub Divyasampark @ IIT Roorkee Course

Introduction 

In today’s world of innovation, data science is a wonderful opportunity. It makes great use of technologies like artificial intelligence, machine learning, analytics, and more. The recent technological revolution in the industry has significantly increased the demand for these elite technological talents.

Data science trends

Data science is currently emerging as a very demanding trend in the industry. The size of the Data Science Platform market is projected to increase from USD 95.3 billion in 2021 to 322.9 USD billion in 2026, with a compounded annual growth rate of 27.7% over the forecast period (CAGR).

As business modernization and digitization double, data continues to grow. By 2025, the global data sphere will have 175 zettabytes of data, according to Seagate UK. And the data crafter is in high demand.

The US Bureau of Labor Statistics estimates that the growing importance of data science will create approximately 11.5 million jobs by 2026.

Data science vs. machine learning – which one is a promising career? 

Machine learning engineer and data scientist are two of the most popular jobs in the industry. Writing code and distributing ML solutions is the primary responsibility of an ML expert. Data experts, on the other hand, examine raw data and extract useful information from it. Over time, the line between machine learning engineers and data scientists is narrowing as technology integrates their work into a single solution. Professionals who can organize this vast data to provide business solutions will be in high demand.

If you get a chance to learn both subjects in the same program, you will be lucky. Right?

Why train yourself in data science and machine learning?

According to a 2021 India Talent Trends report published by recruitment firm Michael Page, data science professionals with 3-10 years of experience earn an annual salary within the range of Rs 25-65 lakh, while those with more experience can offer a salary package of more than a crore.

If you are a beginner in the IT industry or a mid-level developer aspiring to become a data scientist or machine learning engineer, you can confirm your career with a certificate token in the data science/machine learning programs available online. Many data sciences online training providers conduct short dredging courses in data science and machine learning. You can choose one of the best data science courses available.

Of course, those who want to pursue a career in data science, machine learning, data analytics, or even business analysts need to recharge their skills in the data science domain. Certification programs in data science and machine learning will help them align their qualifications. Go to the course and visualize yourself on the path to your dream role as a data analyst, data scientist, data manager, BI expert, business analyst, data analysis consultant, or similar. 

Data science certification

The certification program in the Data Science and Machine Learning program at Imarticus Learning is an ideal opportunity for new graduates and those in transition to a career change in data science and machine learning. This is a 5-month live online training program designed by the top faculty members of IIT and industry experts.

Program outcome

You will learn the basics and aspects of data science and machine learning. Students can build a strong foundation in data science. Using Python, you can specialize in machine learning with core algorithms and data-driven decision-making. When you exercise with the right knowledge, the use of learning in live projects helps solve real-world problems.

The guidance and mentoring of industry experts with extensive experience working in the data science and machine learning domains in many organizations certainly help students to excel in project work. The great thing about project work is that you get to work in various industry domains, adapting to your current work domain or your subject specialization.

Some interesting examples of projects are:

  • Developing a predictive model for property valuations in real-estate companies
  • Fare prediction of online taxi service in transportation/logistics sector companies
  • Vaccine prediction using patient medical attributes analysis in the healthcare industry 

The resources behind this program

This course is thoughtfully designed to create the entrepreneurs of tomorrow under the scheme of Digital India Support, tagged iHUB DivyaSampark @ IIT Roorkee. The program also provides an excellent platform for those young learners who are enthusiastic and startup-minded. Such entrepreneurs can develop innovative ideas to implement and gain funding support.

You will receive a certificate issued jointly by iHUB DivyaSampark @ IIT Roorkee, Department of Science and Technology (DST), and Imarticus Learning.

Please contact us via live chat and/or message to get more information about the courses or visit one of our training centers in Mumbai, Thane, Pune, Delhi, Gurgaon, Chennai, and Bangalore. 

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