Showing posts with label accounting. Show all posts
Showing posts with label accounting. Show all posts

Friday, April 20, 2012

BSE announces guidelines for SME listing

The Bombay Stock Exchange (BSE) has stipulated eligibility norms for listing on SME Exchange. This exchange was unveiled in March this year. 
 
AS per the circular on BSE SME website, the eligibility rules are - 

1.Net Tangible assets of at least Rs. 1 crore as per the latest audited financial results

2.Net worth (excluding revaluation reserves) of at least Rs. 1 crore as per the latest audited financial results 

3. Track record of distributable profits in terms of sec. 205 of Companies Act, 1956 for at least two years out of immediately preceding three financial years and each financial year has to be a period of at least 12 months. Extraordinary income will not be considered for the purpose of calculating distributable profits. Other wise, the networth shall be at least Rs 3 Crores.

4. Other Requirements
· The company shall mandatorily facilitate trading in demat securities and enter into an agreement with both the depositories.
· Companies shall mandatorily have a website

Tuesday, March 13, 2012

SMEs & Taxation

Small & Medium Enterprises (SMEs) make up for a majority of businesses and a bulk of employment in developing countries and thus their taxation process becomes a subject for discussion. They are one of the most rapidly growing business segments and thus should be aware of information regarding taxation.

Registering for tax

Any SME or a new business needs to be registered with the government to avail any kind of tax incentives offered by the government. The company must be primarily be approved by Registrar of Companies (ROC) to begin business in a country like India. Registration also qualifies the SME to attain a taxpayer identification number (TIN) which is a pre-requisite for conducting business operations. They also need to register for a permanent account number (PAN) and pay VAT or sales tax. They also need to be member of Employees Provident Fund Organization (EPFO) and Employees State Insurance Corporation (ESIC). 
Paying the right taxes gives your company better value

Each state of India has a separate registration which is covered under Shops and Establishments Act. Stamp duty also needs to be paid at the time of registration. Even though the tax details are a bit complicated, tax compliance is necessary for smooth operations of business. Also, to set up a new business or to get licences for the same, SMEs need to visit various authorities both at State and municipal levels. The procedures could involve the participation of a wide variety of agencies regarding building permits, land use approvals, power and water connections and obtaining final occupancy certificates, etc.

Making use of tax benefits
Besides setting up, there are regulations which govern the hiring of labour and employees for a particular organization. These regulations vary according to the size of the company and are often very strict pertaining to employee rights. SMEs can benefit from a range of tax benefits which the government has allocated to encourage their growth. For example, new businesses can avail a substantial reduction in employer NI (National Insurance) contributions.

They can also utilise capital allowances for buying an asset such as cars, tools or other equipments related to the business. They do not need to deduct the expenditure from their trading profits and can claim a capital allowance for the same. This can also be used for various expenditures related to converting space for commercial benefit, investing in research and development and other heads which can be diverted to boost production. Topics such as research and development are also encouraged by the government and SMEs can enjoy additional tax benefits on their investment in that sector. Many SMEs in the export-import sector are also eligible for paying excise duties.

To continue a long term business, any SME should be competent in its accounting. The services of a reliable and efficient professional is a must. Also, besides the proprietor’s tax returns, payroll taxes of the employees also need to be filed. Most of this information is filed on a quarterly basis and advanced filing always get some incentives offered by the government. Three kinds of financial statements are presented for the accounting which includes balance sheet, income statement and the cash flow control.

There is a famous saying, 'A stitch in time saves nine'. So, know your taxes, plan their returns wisely and harvest satisfaction & mental peace later.

Sunday, June 5, 2011

Custom ERP Solution for Your Enterprise: Tally ERP

Enterprise Resource Planning: ERP is a software application which is modeled around, creating a smooth business management process flow, adding to the operational capability of a business. ERP affects a business across the business value chain. In simple words, ERP amalgamates the various points of business information available into a more cohesive, readily available online resource, which is available on demand to business users across the various functions as: HR, Marketing, Finance, Administration etc.

Though ERP softwares have evolved overtime and there are large versions of the same available for large businesses. SMEs can use specialized ERP offerings which enable them to manage inventory control, order management, warehouse management, purchase orders and invoicing.


Challenges for the SME
For any emerging business automating smaller tasks which are repetitive in nature is a major challenge and a relief, once implemented properly.

Eg: accounting: though for smaller businesses hiring a finance manager is a solution. Ensuring that the business has all its accounts always updated and in line is a heavy task. Putting in place a process which automates the system makes it more scalable and easier, while ensuring that the business is managing its accounts powerfully.

Similarly SMEs can look at either automating complete OR some part of the business functions by implementing smart ERP solutions.

Tally ERP Makes Your Business Smart
One of the strongest and the most known accounting solutions software available in the industry, Tally makes it easier for SMEs to manage their accounts. And not just that. With specialized offerings for various industry verticals, Tally now also offers powerful support for verticals like: retail, finance etc.

The Various Functions and Features

  • Accounting
  • Financial Management and Control
  • Inventory
  • Purchase and Payables
  • Sales and Receivables
  • Point of Sale
  • Manufacturing
  • Costing
  • Job Costing
  • Payroll
  • Branch Management
  • Data Synchronization
  • Statutory Compliance
  • Special Needs
  • Security and Access control
  • Remote Access
How Can I See a Demo
You can schedule a Demo for your team at your office by filling up the following form on the URL given:

What are the Industry Specific Solutions Available?
Tally today covers the following industry verticals extensively:
  • Manufacturing
  • Pharmaceuticals
  • Engineering
  • Bulk Drugs & Chemicals
  • Textiles
  • Packaging
  • Retail
  • Supply Chain
  • Government
  • School Management
Can I Customize the Software for My Company?
Yes you can, with Tally customization solutions which are offered by Tally TDL's. Customization essentially develops your specific business features directly into Tally.ERP 9 to leverage on the much strength that the Tally.ERP 9 platform inherently provides.

Tally Integration
To meet the challenges of the new business environment, information systems need to communicate with each other as seamlessly as possible, provide real-time visibility of transactions across the entire enterprise and be flexible enough to accommodate the changing structure of the business. 

When more and more information needs to be shared across traditional business boundaries, the way you integrate your systems and processes is rapidly becoming one of the most important priorities in business today.

What Benefits Do I Get by Integration
Simply by managing a strong integration you save on costs by reducing data duplication and its processing.

There are many such online platforms available, which are benefiting the Small and Medium Enterprise segment. To know more, get in touch with the experts at IndiaMART Knowledge Services. Do drop in a comment to this post to let us know what else would you want us to share about!

Saturday, June 4, 2011

Free Open Source Accounting Software: TurboCash

For Small and Medium Enterprises managing accounts is one challenge, they always find hard to address. They find the challenge of focusing more on their core offering rather than the other aspects of the business. Especially in cases of start-ups accounting and other activities take a bask seat as the focus is on sales and core offerings in order to rise up the value chain for its customers. Also many in most of the SMEs, the core team which starts a company, might not really be well versed with accounting and the related procedures, this also gives a certain hit to accounting procedures, which obviously poses a major challenge for the company, in terms of making scaling up decisions. Also this hinders the process of raising investments.

Being a Non Accountant, Can Technology Help me?
Now that's the interesting part. Many of the start-ups and SMEs in India might not have sound accounting team on board and hence it becomes a challenge for them to understand the nuances and manage theirs accounts. Now you can use TurboCash to keep your business on the right track and manage.

What is TurboCash?
TurboCASH .7 is an open source accounting package that is free for everyone to download and distribute under the terms of the General Public Licence (GPL). It is one of the world's first fully-featured open source accounts packages for small businesses.

TurboCASH accounting software is flexible. It can be configured for any country and any small business. We currently have chart of accounts available for free download for the UK and USA. More countries and languages are being added continually. We strive to provide powerful small business accounting software that doesn't break the bank.

What are the various features of TurboCash?                                                
    • Easy setup wizards
    • Country-specific accounts
    • Design your own invoices 
    • Multi-lingual
    • Create your own accounts chart
    • Multi-company
    • Easy Setup 

  • Powerful Accounting Software
    • 256 batches
    • 10 bank accounts
    • 999 sets of books 
    • 12000 accounts & 24000 sub-accounts
    • 40000 debtors & creditors
    • 64000 stock items



  • Accounts
    • Debtors/Creditors
    • General Ledger
    • VAT/GST accounting
    • Full stock control


  • Transactions
    • Batch entry system
    • Invoices/Quotations
    • Orders/Purchases
    • Credit notes/Stock returns
    • Bank reconciliation
    • Point of Sale


  • Comprehensive Reporting
    • Trial Balance, Cash Flows
    • Income Statement, Balance Sheet
    • Debtors/Creditors Analysis 
    • Stock Items Analysis
    • Sales and Purchase Analysis
    • Customised User Reports
    • VAT/Tax Reports



  • Misc
    • Multiple users
    • Year end procedures
    • T-account viewer
    • XML Import/Export
    • Plugins
    • Backup/Restore
    • Context-sensitive help



How do I get TurboCash Accounting?
Being an open source software, you can simply download TurboCash Accounting from the following URL: http://turbocashuk.com/accounting-software-download.html Also you can get access to the developer code which allows you to build over the basic functionalities of the software and customize them according to your need.

There are many such online platforms available, which are benefiting the Small and Medium Enterprise segment. To know more, get in touch with the experts at IndiaMART Knowledge Services. Do drop in a comment to this post to let us know what else would you want us to share about!

Friday, June 3, 2011

Web-Based Online ERP Accounting Freeware: Blue ERP

Enterprise Resource Planning: ERP is a software application which is modeled around, creating a smooth business management process flow, adding to the operational capability of a business. ERP affects a business across the business value chain. In simple words, ERP amalgamates the various points of business information available into a more cohesive, readily available online resource, which is available on demand to business users across the various functions as: HR, Marketing, Finance, Administration etc

Source: http://yehtechnologies.com/erp.jpg

Though ERP softwares have evolved overtime and there are large versions of the same available for large businesses. SMEs can use specialized ERP offerings which enable them to manage inventory control, order management, warehouse management, purchase orders and invoicing.

Challenges for the SME
For any emerging business automating smaller tasks which are repetitive in nature is a major challenge and a relief, once implemented properly.

Eg: accounting: though for smaller businesses hiring a finance manager is a solution. Ensuring that the business has all its accounts always updated and in line is a heavy task. Putting in place a process which automates the system makes it more scalable and easier, while ensuring that the business is managing its accounts powerfully.

Similarly SMEs can look at either automating complete OR some part of the business functions by implementing smart ERP solutions.

Blue ERP makes it easy and free
BlueERP is a double entry accounting application for small and medium business. Written in PHP, it is delivered through a LAMP environment to provide web access to your account.


Blue ERP is an Open Source project with the following goals:
  • provide a feature full ERP application
  • be open in licence and in spirit - in blue ERP everything is open, especially the development
  • be user friendly by providing adequate documentation and assistance to users to encourage widespread adoption
Blue ERP is inspired by CK ERP; however it offers a different approach to those of CK-ERP by being more open and less intimidating to users.

What are the various features of Blue ERP?
The various features of the current version of Blue ERP are:
  • Contact, suppliers and customers
  • Services and products
  • Tax accounting (such as the kind of accounting required for VAT/GST reports)
  • CRM and management of Quotes->Sales Orders->Invoices
  • Supplier management and management of the Purchase Order -> Vendor Invoice process
  • Comprehensive reporting on Payments/Receipts and outstanding amounts to suppliers/from customers
  • Double entry accounting
  • General Ledger
  • Customisable chart of accounts
How can I start using Blue ERP?
Its simple, all you need to do is download the latest version of Blue ERP on your machine, which you can do from here: http://open.mitija.com/blueerp/download

Can I see a demo?
Yes, you can demo the product my going on the "Demo" section of the website and logging in with the guest login details. User id: demo and password: guest.


This is how the software looks like:

Advantage of using Blue ERP for your business?
The one major advantage of using Blue ERP for your business is that being free it can really help Small and Medium Enterprises to align their accounting procedures, while scaling up the software to the next 
level as per their needs and requirements.

There are many such online tools available, which are benefiting the Small and Medium Enterprise segment. To know more, get in touch with the experts at IndiaMART Knowledge Services. Do drop in a comment to this post to let us know what else would you want us to share about!

Thursday, June 2, 2011

Simple, Easy, Free Accounting for Non Accountants - myAbakus

Managing accounts for any business is crucial. Especially for start-ups and Small and Medium Enterprises (SMEs), which have the challenge of focusing more on their core offering rather than the other aspects of the business. Many a times accounting takes a back seat as the focus is on sales and core offerings in order to rise up the value chain for its customers.

Many SMEs have realized that managing finances is one of the most crucial aspect for their sound and stable existence. Financial accounting for any business is a critical task and moreso from the perspective that it helps understand the performance of the business and the future growth it can expect. Business decisions of every kind and nature are affected due to finances.

Challenge for the SMEs
For the emerging enterprises one of the critical challenges is to either have a specialized team in-house which handles finances or outsource the finance function, till the time they are able to do it themselves. This is an extended challenge for many entrepreneurs who are not well versed with the accounting aspects. SMEs generally are not aware of the various financial accounting tools, technology and objects which can go a long way in helping them align their accounting in the initial stages of the business.

Being a Non Accountant, Can Technology Help me?
Now that's the interesting part. Many of the start-ups and SMEs in India might not have sound accounting team on board and hence it becomes a challenge for them to understand the nuances and manage theirs accounts. Now you can use myAbakus to keep your business on the right track and manage:
  • Billing
  • Cash Control
  • Stock Control
  • Accounts Receivables
  • Cash Flow Management
  • Business Management
What is myAbakus?
myAbakus is a free bookkeeping software designed to help you run and control your business, so that you can keep it organized, online and on the right track. In more formal terms, myAbakus is an accounting, bookkeeping and financial management software.

Any person, group or entity interested in keeping its accounting and bookkeeping in order and up-to-date: entrepreneurs, small businesses, freelancers, non-profits. Whether you’re in professional services, retail, or manufacturing, or simply trying to keep track of your personal expenses, myAbakus can help you.

Is it free, really?
Yes, myAbakus accounting software is free for the following reasons as given by the company:
  • Because we want to promote accounting and bookkeeping as management tools instead of legal requirements
  • Because we want to support new and small business in their quest for growth
  • Because on top of the free version we offer premium services for those who need to extend its functionality
How to use myAbakus?
The following YouTube video explains the software and gives a descriptive information on how to use it:


The screen capture below shows how myAbakus can be used for the various accounting functions:

You can use use myAbakus as your free accounting software focused on improving your business management

For premium customers, myAbakus does have premium pricing which is explained in the screen capture below:

You can simply Sign up for free for myAbakus by clicking on the following URL: https://www.myabakus.com/en/signup

There are many such online tools available, which are benefiting the Small and Medium Enterprise segment. To know more, get in touch with the experts at IndiaMART Knowledge Services. Do drop in a comment to this post to let us know what else would you want us to share about!