This Suggestion is going to help all of you
If you get anything manufactured outside, from your job workers
if you yourself manufacture something from your customer and the customer himself provides the raw material to you… this called customer job work
this video is about the suggestion…. to convert this into a Purchase and Sales Relationship
It will reduce a lot of hassle of Reconciliations
Hassle of ITC-04 returns
A level of Hassle during the next GST Audits
and so on
Outsourcing is the business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company’s own employees and staff.
MAKING BUSINESS BETTER.
Outsourcing is a one stop solution to the operational issues. Here are the 5 reasons why it is important for your business:
1. Helps you to increase your focus on your core services: It helps you to focus on your main goal by outsourcing you non core business activities such as accounting and ERP services.
2. Reducing and controlling operating costs: Cost reduction is one of the main motives of any company and most important reason why a company outsource. It gives you access to international quality at much lower price
3. Gaining access to the best talent: Through outsourcing you get the people with superior skills without the hiring process.
. Improved quality of service: A company’s service is what makes it stand apart in the market. And outsourcing gives you that improved quality of service. For example, who is better than a CA to do your GST compliances.
5. Technological advantages: In this era of everyday changing technology, you can expect from an outsourcing company to give you the best technologically advanced solutions.
And all these services are brought to you Finsys via our associates, MAKING BUSINESS BETTER.
Youtube Video – Weekly Stock taking, Daily Physical verification of some items in stock
Continuous Stock Taking and Daily Physical Verification | Part 1
This video tells you about the importance of Physical Verification of your raw material on a daily basis, with the example of corrugation box industry.
According to Oxford Reference “A system of stocktaking designed to ensure that all the items of stock are physically counted and reconciled with the accounting records shown on the bin cards and the stock ledger within a specified period. For example, a stocktaking team may be working continuously so that all items of stock are checked four times a year, when adjustments are made to the accounting records to adjust them to the physical stock.”
Advantages of Continuous Stock Taking:
Prevents Unnecessary Losses and Wastages
Improved Stock Management
In-house experts can be used
No Need to Shut down Operations
Eliminate Delays in Production/Delivery
Now why is Physical Verification Important?
For correct Profit and Loss Account
For Bank Stock Report # For Correct Drawing Power
MRP : Material Requirement Planning
To know correct closing quantity
and many more..
But does Physical Verification mean redo from the start? NO!!
But that happens so.. and it is not advantageous for anyone.
There could be many reasons for this difference in ERP records vs Actual Records such as Wrong opening reel no., missed some reels in opening, wrong kg in opening, wrong supplier reel no. in opening, barcode not put back on the reel, etc.
So in order to prevent such situations Continuous Stock Taking is essential to prevent wastage of resources and this can be done through a good ERP. In next video we will show you how it’s done in Finsys ERP.
ERP Software for Corrugation, machine manufacturing, Software development company India, ERP Gurgaon, Gurgaon, Faridabad, India, Africa, Dubai