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Atmanirbhar Bharat

Atmanirbhar Bharat As we all know “Atmanirbhar Bharat” means self-reliant India. It involves analysing India’s current dependence on other countries. How can we reduce it? And try to make a better position in World Trade. Today India is engaged in higher Imports & lower Exports, thereby resulting in Trade Deficit. Total Imports of our country are approximately 23.64% of GDP whereas Exports are 19.74% of GDP. China is on the first position constituting the total imports in India & resulting in a Trade Deficit of approx 50 billion, followed by the United States, United Arab Emirates and so on. Imports from China are five times more than Exports. From clocks & watches, electrical equipment, fertilisers to mineral fuel, we are mainly dependent on China. We not only import necessities from China but also import raw materials from them. China is the largest producer of phones. Even if the phones are not from a Chinese brand, the raw material imported is from China, and Indian brands assemble it. Almost 1/3rd of our population is less than 15 years of age group, resulting in demand for toys. The toys market in India is practically worth 4500 crores, but sadly 80% of our market is acquired by China. The toys imported are of cheap quality and fail most of the safety standard tests. Not only this, but we all have heard a familiar name “Hydroxychloroquine” a drug that is manufactured in India & resulted into the prevention of Covid-19, but the shocking part is that India is dependent on China for the raw material of the medicine. How did China manage to set up such a massive market in India? The answer to this question is quite simple. China initially analysed the demand of the products in India, later provided them at a very cheap cost which in turn resulted in considerable losses to local manufacturers of India. Unfortunately, our local manufacturers had no other option than to shut down their business. It made sure that the Chinese counterparts had no competition in the Indian market. Eventually, when the people developed the habit of using Chinese products, China started selling them at a higher rate by which they earned not only huge profits but also recovered previous losses. This system is known as dumping system. Can we stop this? The answer is yes; we can become self-reliant. There are a lot of products that we can manufacture in India. For this definitely, we require a lot of capital, proper infrastructure, adequate resources & a global market for which our PM emphasised the slogan “Vocal for Local”. The Government of India has now decided to move forward towards self-reliance and “Atmanirbhar Bharat Package” which is a relief package will play a vital role to not only resume normal business activities but also to make our Bharat “Atmanirbhar”. Excel Solutions, Pune www.excelsolutionstally.com https://www.facebook.com/excelsolutionstally/ https://twitter.com/excelsolu_tally https://www.linkedin.com/company/excelsolutionstally/

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Financial Derivatives

Financial Derivates Investments are a great way to earn significant returns, but every investment comes with their risks. These risks can be inflation, the uncertainty of market or other external factors. It is always beneficial to be acquainted with methods to minimize these risks. Having a derivative is one such way. Derivative, as the terms suggest, is a financial contract, which has its value dependent on some other underlying asset or group of underlying assets. Most common underlying assets are stocks, bonds, currency exchange rates, commodities, interest rates and market indexes. Derivatives derive their value from the fluctuating prices of these assets. In simple words, it is a contract between a buyer and a seller to trade on a predetermined date in future on a mutually consented selling price. Both the parties agree to execute the trade irrespective of the value of the product at that time. Having a derivative contract is very useful for hedging and putting off potential risks of fluctuation in the prices. Derivates are an effective way of risk management or speculation of the trend of the market. We are going to go through some common types of derivatives. The first one is a Futures Contract or only futures. It is a standardized contract between two parties for the trade of a product on a date in future at a fixed price. Either or both parties use this contract to hedge risks. If either or both the parties are speculators, they can decide to execute the trade before the expiration date-unwind the contract. The second type is Forwards. Forwards are similar to futures, but they are not traded on an exchange. When parties sign forwards contract, they can customize the terms of the agreement. The counterpart risk is that either of the party may not be able to live up to the obligations, and the other party may have no recourse and could lose value. Swaps are one of the most common types of derivative. As the term suggests, the swap contract enables a party to swap one derivative with others. Consider that a person X pays a variable interest at 6% but speculates that the rates are going to appreciate. He signs a swap contract with a company Y for a fixed derivative of 7%. Now, if the price rises to 8%, Y will pay 1% to X, but if the rate remains the same or decrease, X will pay the difference to Y. Swap is one of the most effective ways to minimize risks. The fourth type is the options. The options contract is similar to futures, but the parties are not obligated to execute the trade. Derivatives have a broad scope and could be used in many ways to redeem considerable returns. A good accountant will guide you through each step of derivatives. As we always say, think of your accountant as your best-friend, for an excellent accountant is a key to brilliant investments. Excel Solutions, Pune www.excelsolutionstally.com https://www.facebook.com/excelsolutionstally/ https://twitter.com/excelsolu_tally https://www.linkedin.com/company/excelsolutionstally/

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Audit Trail In Tally Prime

Hello Friends, On April 01, 2021, the Ministry of Corporate Affairs issued a Notification on Mandatory of Audit Trail in All Accounting software and Audit Trail topic came in highlight. Lots of peoples are not aware of the Audit trail concept, because very few software providers are focusing to incorporate it into their application. Even Tally has given a Security feature & Basic audit trail, but It doesn’t give detailed information on audit data. So First we will go through what is a notice issued by MCA. Notification The Ministry of Corporate Affairs issued a notification dated March 24, Mandates companies to use Software with an Audit Trail of each Transaction. “They shall come into force with effect from the 1st day of April, 2022. 2. In the Companies (Accounts) Rules, 2014 - (1) in rule 3, in sub-rule (1), the following proviso shall be inserted, namely:- Provided that for the financial year commencing on or after the 1st day of April 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled," Everyone may have a question in mind, what is an Audit trail. So, we will understand this concept. “Audit trail aims to track, penalize and discourage fraudulent changes in accounting entries, it is important to note that there is an aspect of ‘human error’ also involved in this subject.” In the Indian, market most of the SME’s or traders, wholesalers are using Tally software, which is very popular software. So, keeping current requirements in mind we have developed an add-on module, which will help tally users to utilized the Audit trail facility in tally software. How this Add-on will help tally users. Key Features 1. Voucher Authorization Addon will keep a log of all activities like Create, Alter, and Delete Records. 2. Provision to keep the reason list in a template. 3. Authorized person can get user-wise / Date wise audit records. 4. Why the user has made such action, that information gets reported to an authorized person with reason entered by the user. 5. Number of reports for authorized users. Benefits 1. Easy to configure and implement. 2. Using a predefined template option, user can keep a list of reasons. 3. While doing such actions as Alter, Delete, the user can select a predefined reason from the template, reduces operational time of user. 4. Authorized users have control over these activities by checking Audit trail reports. Audit Trail demo or trial version of add-on module available for you. Click on the link and share your inquiry- https://forms.gle/zz9KeCR63aQ5iJSD9 , Our team will connect with you for your requirement. Excel Solutions, ( Tally Authorised 3* Channel Partner) Pune www.excelsolutionstally.com https://www.facebook.com/excelsolutionstally/ https://twitter.com/excelsolu_tally https://www.linkedin.com/company/excelsolutionstally/

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Access Real Time Tally Prime Data on Mobile

Access Your Business Anytime, Anywhere From Your Mobile If everything is digital these days, then why not your business information? Your business dashboard should be at your fingertips. No matter what the situation, your business dashboard should appear in front of you. So what things would you like to see in that dashboard? The thoughts that come to mind are how much sales have been made in a day? How much payment has been collected? Is the sales team working well? What all products/stocks are available? All these questions popped up in every business owner's mind. The solution to all these questions is a Biz Analyst -Tally on Mobile App Why? With this mobile application, you can access your business 24 x 7. With Biz Analyst - Tally on Mobile App you can grow your business sales by - Create Sales Invoices, Sales Orders, Receipts, Purchase Invoices, Purchase Orders, Receipts directly from the app which syncs automatically with Tally. - Managing Customer Outstanding and getting paid faster by sending timely reminders. - Send Outstanding reminders to multiple customers with a click of a button. - Share Invoices, Ledger Report via Whats App, Email anytime anywhere. - Create Quotations for customers and send them directly from the app. - Keep track of your sales, purchases, expenses and get detailed analysis as well. - Follow up with your inactive customers and get repeat orders from them. - Detailed analysis of Stock report. - Get access to inactive items that have not been sold for a long time. - Add your sales team and give them restricted access to data, so that they can get the view summary before visiting a customer and share outstanding bills, GST invoices, ledger report, etc right from the app. To access your business data remotely, book 7 Days free trial. Call On 9075006095

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