If you are not adequately managing your inventory or not managing at all, your business will suffer as a result. There are so many benefits of inventory management, which can help both your customer and employees. Benefits of Inventory Management: – 1. Proper Procurement Planning: – Excess Purchase requisition & approvals and unnecessary stocking of…
In the recent scenario, the role of government officials is no longer restricted to passing laws rather making everyone adhere to these laws is a new challenge faced by them. Some Taxpayers are intentionally or unintentionally getting themselves engaged in the activities of evading tax which ultimately results in the loss of revenue of the…
Managing and Maintaining the Fixed Asset Register is a very crucial part of all types of organizations. It helps the organization know the total number of assets they have. Many times we have found that the small business is not maintaining the Fixed Asset Register, they think that they can calculate the assets on their…
Since the implementation of GST, it has been clear that health care services provided by an authorised medical practitioner or para medics through a clinical establishment are exempt vide Notification No. 12/2017-Central tax (Rate) dated 28-06-2017. But there have been certain grey areas in health care services regarding the availability of Input Tax Credit (abbreviated…
A standard operating procedure (SOPs) is a set of step-by-step guidelines gathered by an organization to support its employees to carry out regular operations. SOPs Objective is to achieve consistency of productivity, value output, and performance while reducing failure to comply with industry miscommunication and regulations within the organization. Appropriately designed SOPs define: The objective…
Ever since the enactment of GST, there are many contentious areas that still need clarification. It includes areas like taxpayers have no certainty over the tax liability which may arise in the future or applicability of various provisions of law and related notifications. These ambivalences may lead to long drawn and expensive litigations at a…
A vendor is a faction in the supply chain that makes goods and services accessible to organizations or consumers. The phrase “vendor” is habitually used to explain the entity that is paid for goods and services. Normally, vendor evaluation is crucial as it can reduce supply chain costs and enhances the quality and timeliness of…
India has a very complicated tax structure and even more complicated dispute resolution system. The system gives a tax-payer opportunity to go against the tax department for any grievance via appeals at various levels starting from Commissioner (Appeals) to the Supreme Court, which is the Apex Court in India. As a result, there is a…
Inventory for an organization are assets-held for sale in ordinary course of business (finished goods), in process of production (work in progress) and raw material & other supplies. Inventory management is the process of tracking and controlling business’s inventory. It starts right from the procurement of goods and its warehousing and continues to the outflow….
What is Standard Operating Procedure (SOP)? Standard operating procedure can be defined as a detailed documented procedure which guide to every person of an organization to perform assigned activity step by step to ensure uniform and quality output. In an organization different personnel perform different task at different level. SOPs standardized the processes of task…
