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A short introduction to Tally

To begin with accounting in Tally the most important thing one needs to be informed about is how to create company in Tally ERP 9. The people who have multiple business running can make use of this smart feature to add up multiple companies in the Tally software at the cost of just one software. The Tally ERP application has theseays evolved itself from the concept of just being limited to a n accounting application.

It provides an active support for improved for legislative observance by overhauling these files at tally solution site. One can operate tally remotely while using the Tally.net smart features. The latest version of Tally ERP 9 is packed along with the GST advancement. Nevertheless addition of the companies is the best feature that the ERP has rolled out with.

For creating a company : Quick Guide
  1. Start with opening the Tally application on tally ERP 9.0
  2. If is it so that you are accessing tally ERP 9, for the very first time you will be able to see a menu which can also be considered as company info.
  3. Shortcut for doing that is reach out to the gateway of Tally and right after that Alt+F3 and you will be able to see the menu.
  4. Select the icon which shows the symbol of creating a company and push the enter button.
  5. The very next screen that pops up after selecting the create company icon is the company creation in tally screen.
  6. The user needs to enter the company name, address, the financial year beginning and end which includes all the other essential details which may be required in the company creation.
  7. After all information is fed into the required fields  press enter which will ask for confirmation, Yes or No.
  8. To create and save company hit enter or press Y key.
  9. Finally the company creation is complete.

(I) Creating a company step by step in detail

Step 1

  1. Open the Tally application by double clicking on the desktop.

2. For those who are using it for the very first time after installation one will have a screen like this.

This will be the first screen of company. On the right handside one will come across a menu box which will be having Company Info, Company info Screen company info.

Step 2

Let’s say you land in the company info menu. To get this done one needs to choose the option create company from menu with help of up and down arrow keys and press enter key.

what can now be seen is company creation screen

In the company creation/generation screen one will need to enter all the mandatory details of the screen. Let us take a look on all the informative details

(A) Directory:-

Directory can be explained as the location of the data storage. To put it more simply it could be understood as a place where tally stores all the data which has been fed into Tally ERP 9.

Read:- Tally ERP 9 Tutorials Basic & Advanced online guides & classes

The data by default will be stored in the installation folder which can be changed to desired location manually.

(B) Name:-

Enter the name of the company in the field, for example XYZ Ltd.

(C) Address:-

The field where the address of the company could be entered.

(D) Country:-

Choosing the company’s origin country where from the business operates primarily.

(E) State:-

Choose the state where the mandatory operations are carried on.

(F) Pincode:-

The pincode of the location is where the company’s office exists.

(G) Phone Number:-

Feed the telephone number.

(H) Mobile number:-

Enter the mobile number

(I) Fax No:-

Enter the FAX details if any.

(J) Email:-

One needs to enter the official communication mail ID.

(II) Financial Year and book Details

1. The financial year starts from: Enter the financial year according to which you wish to create the company. For example let’s take the beginning of the year for the company is October 01 2016 Then the financial year start date should be 01.04.2016

2. Book starts from: Majority of the company have a book beginning date just as similar to the financial year beginning date which may vary from one company to another.

3. Those which start in mid of the financial year.

4. The firms which move from Manual Accounting to Tally ERP 9 in mid of the financial year.

(III) Control of Security while company creation in Tally ERP 9 1. Vault password for Tally:-

The vault password for Tally is basically for security reasons. When enabled the Tally ERP transforms the entire data in protected (encrypted) format. Encryption can be explained as the activity in which Tally transforms the data from a recognised to an unorganized format.

Read:- How to Create Journal Entries in Tally

If the password of the Tally is Tallyman@47857 it will encrypt the password into something like @28484154%^&$#@(&^. The advantage of this encryption is that it is very tough to get a read on what is written or stored if the data is stolen.

By making use of vault password one can prevent the unauthorized access if company crucial data.

2. Financial Year and book Details:-

A. The financial year starts from: Enter the financial year according to which you wish to create the company. For example let’s take the beginning of the year for the company is October 01 2016 Then the financial year start date should be 01.04.2016

B. Book starts from: Majority of the company have a book beginning date just as similar to the financial year beginning date which may vary from one company to another.

C. Those which start in mid of the financial year.

D. The firms which move from Manual Accounting to Tally ERP 9 in mid of the financial year.

The use of security administering:- When enabled the user will acquire a complete access over the data wherein the users can assign for specialised use, for instance.

One can allot data entry executives who have the access to entry screens

One can allot the billing executives who are limited only by the access of the sales invoice voucher

An individual can also allot financial executives who have the access for financial reports and data as admin administer the access.

In the below module you will be prompted about the admin and password info. Tally will furnish the user with a cautionary message’ Forgetting the password will lead to loss of the data which will be inaccessible for some time as mentioned below in the image.

Making use of the Audit features of Tally:-

By sanctioning this option the admin will have the access to the auditor information as he will have the access to the advantage of the auditor changes made by the user.

Prohibit the opening of educational mode:-

One cannot have the access to company is the program has pushed itself to the educational mode. As we all are aware that the Tally is a liberate option for the educational application in which one can feed in the transactions only in the last and first dates of every month.

Step 3

Authorize the upcoming screen when you have fed in all the details, tally vault password will be asked. So one needs to enter the Tally Vault password here.

Here you need to enter the password which will grant you the security control. Make sure to enter those details as well.

Now the Tally ERP will create a company which will provide you the access of Menu Gateway of Tally as it will authorize to create master and enter the numerous transactions.

On the left hand side it is visible that the current time and date including the name of the company and details of the last entry. This all comes under Name of the company where the name of the newly created company is visible. This means that the company which is visible is loaded. While on the right handside there are multiple menus where the company creation option is available.

(IV) GST composition and regular dealers

Right after the GST was implemented or brought to action and implementation both in tally the users were very much struck with the question of company creation for GST dealers. It is created very much normally and can be created by following the above mentioned steps. Following the steps you will finally be able to get started with GST in Tally ERP 9. While right after that the activation screen of GST one will be having the option for setting the GST regular dealer, composition dealer etc.

This all is accessible at

  1. F11 Features > Statutory F3
  2. Enable GST : Yes
  3. Set alter GST details : Yes
Conclusion

With the above mentioned information one can come to know how a company is added to Tally. Tally ERP has been evolving right since it was designed. People who are confused with how to add other companies or how to create company in tally while the option to add GST is an additional feature that was packed along the ERP version.

The post How to create a company in Tally? appeared first on Startupopinions.

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There are a lot of people who are running their businesses and use different tools for Accounting. To keep the business running smoothly a lot of things are to be kept under control. The most important thing here is journal entry. People in the field of Accounting must know about the things related to journal entry and all. Simple situations are dealt by everyone easily.

The thing here is that there are situations other than the journal entries of just credit and debit as well which are needed to be taken care of as well. So these are important part of Journal entries as well.

Purchased returns

So we are going to talk about something very specific in this article. We are going to talk about purchase return journal entry. This is important aspect of Accounting as well. There are a lot of situations and times when a merchandise or a company sells some time, it turns to be defective. So you can take the product back but it is clearly not enough. This is not how things work in big companies.

There is need to put these purchase return things under something very specific column or journal. So we put these items in journal as sales return entry. These things are really needed to be taken care of in the best possible way. You just do not want to ruin your systematic setup of journal just because of purchase return entry thing. So these entries are also maintained in a best possible way.

It is clear that maintaining purchase return journal entry column in the journal will keep things intact for the merchandise. There are no risks of conflicts with the customers and other people who are managing the accounting stuff.

Read:- Tally ERP 9 Tutorials Basic & Advanced online guides & classes

Journal entry

So we know if the merchandise purchased are not according to specification or they are defective, buyer may return them to the seller and even ask for an allowance as well. To record such returns and allowances cases, an account called as purchases returns and allowances is used in the books of the buyer. These are also termed as returns outwards.

The journal entries for these merchandise are to be kept. But the journal entries for the return of merchandise purchase for cash and merchandise purchased on Account are different.

Return of merchandise purchased for cash

When merchandise purchased for cash ard returned to supplier we need to recidd two journal entries. In first entry we debit accounts receivable account and credit purchases returns and allowances Account. This entry is made to recognise the return of merchandise.

Now in the second entry we debit cash account and credit accounts receivable account. This entry is made when a refund is received from supplier for merchandise returned to him.

Let’s say A merchants purchases merchandise for 1500 dollars from B traders. Now serious defects are found in the merchandise by A trader and he or she returns the merchandise to B traders in same day. Z traders returns the full amount of cash to Y traders.

Read:-  What do you need to know about golden rules of accounting?

Now it is required to make journal entry in the book of Y merchants.

  • To record the purchase of merchandise from Z traders.
  • To record the returns outwards.
  • To record the receipt of refund of cash for goods returned to Z traders.

Return of merchandise purchased on Account

When merchandise purchased on Account are returned to supplier, we debit accounts payable Account and credit purchases returns and allowances Account.

This is how journal entries for purchased returns are kept the businesses for the smooth process of everything.

The post Maintaining journal for purchased returns- Get all the details here appeared first on Startupopinions.

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If you are searching for small scale business opportunities in Uttar Pradesh then you are and the right place. This is an article where we have tried to compile 13 small scale ideas of business which you can start in lucknow which needs very small investment.

There are many opportunities of businesses in Uttar Pradesh as the state is growing very rapidly in all fields. The tourism business is also increasing bhaiya lot of margin in the lucknow. The ranking of Uttar Pradesh is 10th among all the states in India based on the business.

Uttar Pradesh has a lot of Manpower and due to the Exclusive population in Uttar Pradesh it is very easy to grow a business. From this list of small scale business in lucknow you can try any of it which matches your skills.

Here is the list of top 13 small business in lucknow –

1. Fruits Vegetables Export

Everyone eats fruits and the production of fruits in all of the Uttar Pradesh is very high. You can start a business of Fruit and Vegetables export and this is a type of business which is very profitable as well.

2. SECURITY SERVICES

There are lots of factories that are available in all of the Uttar Pradesh and Lucknow as well. Everyone is looking for security equipment’s nowadays because in most of the factories there are many expensive equipment’s that are used.

Many people also looking for security equipment’s to be installed in their homes as well. You can start a business of security system of your own and this is a type of business which is very profitable. Along with security equipment suggest camera and security dual elements you can also provide facility all guards as well.

There are numerous types of equipment’s that are available in the market for security and it is a market which is growing very rapidly as well.

Read:- 11 Most successful small business ideas in Gujarat 2019 3. Real Estate agency

Due to increase in growth of business many people are looking to invest in different type of properties which may be residential or commercial. You can start a business of real estate agency and this is a type of business which does not need a lot of investment.

In this type of business you need to have contacts and nothing else. If you are successful in making contacts in the real estate industry then you can make a lot of money.

You need to be aware of the Property rates as well as what type of property is selling out in your area, what is the basic need of buyers and how to talk to your clients so that you can carry out the deal in a way which would be satisfactory for both buyer and the seller and you would be able to make profit in the deal as well.

4. Stationery supplies

Stationery equipment’s are used in offices, schools and colleges as well. You can become a supplier of stationeries who would supply stationery equipment’s to retailers as well as big schools, colleges and offices as well.

Generally the orders that you get in this work are big as people need stationery supplies time to time such as books, pen pencils and many more items as well.

If you are successful in providing good quality stationery supplies to your client’s then you can make a great business out of it and this is a business which is very profitable as well. You don’t need to invest a lot of money in this business as you have to directly supply the products from Industries to the retailers and your clients.

This is a type of business where you will see your money mostly getting invested from one deal to another deal.

Read:- 31 Small Business ideas in Kerala with Low Investment 5. Tailoring business

You might call people of Lucknow a bit old school but they prefer to get their clothes stitched by a tailor instead of buying a piece of cloth from a Shopping Complex for any kind of retail store. If you are good at tailoring, then you can start a business of tailoring. For this type of business you need to have a good skill in tailoring and if you are successful in providing good quality clothes at reasonable price then you can make good profit in this business.

You can keep different type of clothing materials in your Store or you can ask your clients to give them the cloth of their own choice and what type of item they want. This business is completely based on skill and profit margin is also very good.

6. Tuition Classes

You can start your own coaching center in Lucknow and it is a business which is very profitable and has a lot of scope as well. Studies are a part of life which everyone does and most of the students nowadays take tuitions other then there regular routine of school.

If you are a person who can explain things in a better as well as easy away to the students then you can start your own coaching center and teach students about any topic that you are an expert in.

You can take group tuitions are you can also take home tuitions according to your choice. Both of them are very profitable and there is a lot of scope in both of them.

Read:- Top 17 Small business ideas for Mechanical Engineers 7. Career Counselor

Most of the students after completing their 12th standard are confused about what to do with their life. If you have a lot of knowledge about different type of courses that are available in the market which would be perfect for students according to their interest then you can become a career counselor.

You can take counseling sessions of students and listen to their thoughts and what all things they are good at and decide what stream we should choose. If you are good at making choices then you can become a good career counselor.

If you become a good career counselor and you are recommended by the students to other people then you can make good profit by doing this business.

8. Fitness trainer

If you have a good fitness and you like working out on the daily basis then you can become a fitness trainer in any gym or you can also become a fitness trainer who trains in natural surroundings as well.

You can train people according to their body conditions and tell them about the specific exercises which will help them to reduce weight or which might help them to gain muscles as well.

If you have lot of knowledge about fitness then you can become a fitness trainer and earn a lot of money as well.

9. Nutrition expert

If you have a good knowledge of Nutrition and can tell people what type of food they should have according to their physic and what they want to achieve then you can become a nutrition expert.

Because of the unhealthy lifestyle there is a lot of scope in this business and you can make great profit by doing the same.

Read:-  Top 27 Manufacturing Business ideas in India 10. Building maintenance

You can provide Maintenance Services to clients who want to get their property well maintained. This can include works like Paints, furniture, maintenance of lawns and any other things that they have in their building.

This is also a very profitable business with the help of which you will be able to earn good amount of money.

11. Pest control services

You might not have noticed but this is a business which is very profitable and has a good capture towards the market. You can provider services of pest control to your clients at reasonable price and good profit.

You can do this business online and you can also open a small shop of a one according to your choice and investment is also very less as you have to only invest in some of the chemicals which you can get at very cheap prices.

12. Musical instrument repair

You can start your own business of repairing musical instruments. You can contact the people who take classes of Music and provide them repairing service for the instruments and you can also open a small shop of your own where people can come to you to get their instruments repaired.

It is also a very profitable business with the help of which you will be able to make good amount of money.

Read:- Top 11 Small Scale Business ideas in Punjab 13. Vehicle repair business

I don’t need to tell you that vehicle repair business is a great business as most of the people nowadays own a vehicle of their own and each and every vehicle usually get some kind of problem at some point of time.

The business is very profitable and for this you need certain amount of skills with some equipment’s and the business of your own is ready.

Conclusion

This was the article on business in lucknow where we provided list of small scale industries in uttar pradesh. There are many business opportunities in lucknow and from this list of list of small scale industries you can choose any.

I hope this article was helpful to you and if you have any suggestions then you can mention them in the comments on below and if you have any kind of questions then you can mention them in the comments as well.

The post Top 13 Small Scale Business Ideas in lucknow appeared first on Startupopinions.

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Everyone in this world is into different kind of business. These things help them earn their living and keep them running in their lives. Accounting is one of the major fields into which there are a lot of people. So these people must need to know golden rules of accounting.

This thing is very basic when things comes down to the road of accounting. So what are the golden rule of accounts? This is a question we are trying to figure out today.

Three golden rules in finance and accounting

These 3 golden rules of accounting which we are going to discuss today form the very basic part of accounting and finance. A lot of people here must already know about these golden rules of accounting with examples even. But we need to get down to the bottom and very basics of this thing.

Read:- All you need to know about TDS

What is the use of these golden rules?

The 3 golden rules are really important in the field of accounting and finance as we have discussed. The usage of these rules is also very important. When one needs to prepare an accurate journal entry then these golden rules of accounting are used.

The importance of these rules of accounting which are referred to as golden increase even more because of the thing that an accurate journal entry preparation is very basic part of accounting and act as a cornerstone for all bookkeeping.

What are these golden rules?

These golden rules of accounting are also referred as traditional rules of accounting and rules of debit and credit.

These golden rules have usage under different accounts.

For real account the golden rules are.

  • If the item which is real account is coming into the business then there is debit.
  • If the item which is again real account here is going out of the business then there is credit.
Read:- TDS on withdrwal of EPF under section 192A wef 01.06.2015

For personal account we refer to golden rules of accounting in this way.

  • If the person, group or legal body is receiving something then there is debit.
  • If the person, group or legal body is giving something then there is credit.

For nominal account the things are referred to as follows.

  • If its an expense or loss for the business then it is referred to as debit.
  • If its an income or gain for the business then it is referred to as credit.

So this is how the golden rules of accounting works when the different types of accounts are involved in any kind of business or something like that.

Example

Let us go through golden rules of accounting with example. Let us there is situation of some kind of goods sold for 5,000 rupees on credit to Mr. X.

The account involved is of Mr. X account. In this personal account the receiver is involved and there is debit of 5,000.

When the account involved is of sales then the rule applied is related to nominal account and there is credit of 5,000.

The post What do you need to know about golden rules of accounting? appeared first on Startupopinions.

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In this article we will be sharing the information regarding Boodmo. It is a company that helps the present vehicle industry with the goal that purchasers and seller of replacement or spare vehicle parts and other related things can work together and do business conveniently.

Boodmo is an organization based in India and was founded in 2015. The primary objective of the organization is to give an online resource of automobile spare parts catalogue, uniting the offer and interest for replacement vehicle parts in a market place. Right now, Boodmo is utilizing 100% foreign investment and employs 20 workers. In 2016, Boodmo site upgraded its feature by showing actual prices of spare parts and contact information and data of spare parts providers for passenger vehicles in India. Boodmo mediates deals for individual spare parts merchant and is planning to broaden site capabilities later on to accommodate spare part sellers inside the catalogues alongside contact prices and other information.

Boodmo is a biggest online organization which gives an appropriate marketing platform to individuals looking to buy automobile spare parts. It offers many types of automobile spare parts, including both genuine parts as well as aftermarket replacement, which are given by in excess of four hundred providers from all over the country. The automotive industry is quite disorganized in the country. Individuals frequently find themselves occurring a loss from where they can purchase genuine and authentic spare parts for their vehicles. That is the reason Boodmo gives a stage that such people can make of. The stage is ideal for uniting vehicle owners and suppliers of car spare parts to benefit by each another.

It is an online marketplace of spare parts of automobiles and is running under Smart Parts Online Private Limited. INR 7 Crores have been raised by this company from a source of Ukrainian private investment fund. It had been received a funding of total of INR 27 Crore and this is the third capital raised by the organization till date.

Read:- List of 10 Best Automobile Parts manufacturing

Boodmo deals only in genuine and high quality spare parts as its main focus is on satisfying the customers with their genuine spare parts and other product. The products offered include a huge variety of spare parts.

1) Their list comprises of more than 3.2 crores of genuine, high quality and aftermarket spare parts.

2) They have a stock comprising of 2.7 crores auto spare parts that are accessible for their customers.

3) Their list of parts and components adds up to 4.8 crores in number from approx 400 worldwide suppliers and manufacturers.

4) They also import auto-related products from Europe, Japan, USA, UAE, China and South Korea.

5) They have customer friendly return policy too.

6) Potential customers can purchase what they need from a choice of spare parts which are offered by more than 3000 brands.

7) The organization offers a 100% assurance that any part obtained from it will be according to your need and requirement.

8) This business provides best prices of spare parts that directly benefit the customers. Besides this they have secure method of payment that makes for a checkout procedure without any problem.

Conclusion-

The automotive industry is one of the fastest growing industries in India. Numerous individuals are purchasing vehicles every day. Ordinary use results in the wear and tear of vehicles. That is the reason why replacement and spare parts are required to keep the vehicles working properly. Boodmo gives helpful information and is an online market for buyers and dealers of spare parts of vehicles giving complete and accurate information about the items offered. The employees of Boodmo organization keeps up catalog by checking vehicle spare parts sources for every vehicle brand and model. This causes the purchaser to find the part that will be most suitable for their vehicle, and this also supports the dealer by giving a huge market for their items and products.

The post A leading automative Spare Parts Startup -Boodmo appeared first on Startupopinions.

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There is a significant growth in the automobile parts manufacturing in the US over the recent years. The US automobile parts market has surpassed US$70 billion in income since 2016. 70% of automobile parts had been produced for OEM (Original Equipment Manufacturer) items and the rest 30% is for aftermarket vehicle parts. Many of the leading auto parts supplier and manufacturer in the US have truly profited by great achievement as a result of these recent trends — particularly US tire manufacturers, where trading has reached to $4.48 billion in 2016.

In this article we will share some best and leading automobile parts manufacturing companies in US-

1. Dana Inc. 6B

Dana Incorporated was founded in 1904 and it’s headquarter is in Maumee, Ohio and the company has given employment to more than 23000 people in 25 countries. It is a worldwide supplier of sealing, thermal management technologies and drive train for auto industry. Dana Incorporated items have driven history’s greatest vehicles – from the World War II-era Jeep and the Model T, to London cabs, giant earth-moving machines, 18-wheel rigs, and each vehicle on the NASCAR racing circuit.

2. Lear

Lear Corporation is a leading supplier of automotive electrical and seating and serves with global capabilities to its customers and maintains individual commitment. This company is ranked 151 on the fortune 500 with superior products designed and these products have been manufactured by team of talented employees.

3. Tenneco

It is another company that deals in automobile parts manufacturing and is a distributor of technology solution and ride performance products for diversified markets including commercial truck, light vehicle, off highway equipments etc. It is headquartered in Lake Forest and has around 31,000 employees that works in 15 engineering and technical centers and 90 manufacturing facilities around the world.

4. Borg Warner

BorgWarner is a one of the largest automobile part supplier and is known for its superior products for light, medium and heavy vehicles, aftermarkets and off highway. Borg Warner is a great company having 27,000 employees that works in 62 facilities in 17 countries.

5. Visteon

Another global automotive supplier is Visteon that designs and manufactures electronic items. Visteon is an automobile parts manufacturing company that supplies its items to large car brands such as Ford, Mazda, BMW, Honda, PSA, Renault/Nissan and others.

6. American Axle & Manufacturing

It is another top global leader in engineering, designing and manufacturing of automobile parts, drive train components, and systems for commercial, automotive and industrial market. AAM has approximately 25,000 associates working in 90 facilities in 17 countries.

7. Good year tire and Rubber Company

The good year tire and Rubber Company              is another one of the top American tire manufacturing company. It was founded in 1898 and it is based in Akron, Ohio. With Goodyear-brand tires, the organization likewise manufactures other well-respected global brand names including Fulda, Debica, Dunlop, Sava and Kelly and its non-tire business gives rubber items and polymers to a variety of business sectors.

8. Cooper tire & Rubber Company

It is another automobile tire company which is specialized in the manufacture, design, marketing and sales of truck and replacement automobile tires for medium truck, passenger cars, motorcycle and racing cars. It is a automobile parts manufacturing company that basically deals in tires.

9. Standard Motor Products

Standard motor products is a company that is traded on NYSE and is established in 1919. It is an independent leading firm dealing in manufacturing, distributing and marketing of replacement parts of vehicles with a focus on original equipment and equipment service market in the automotive industry.

10. Accuride Corporation

Accuride Corporation has it’s headquarter in Evansville. Indiana. It is a leading supplier and manufacturer of wheel and wheel – end components to European and North American commercial vehicle market. The product of Accuride Corporation includes aluminum and steel commercial vehicle wheel, assemblies and wheel – end components.

Conclusion-

So in this article we have shared the names of best companies of US that basically deal in automobile parts manufacturing and its supply and distribution. There are many companies that deal in such operations but these are some of the best companies available in the US. You all can consider these companies if you are having any problem related to automobile parts. Hope this article would be helpful to you.

The post List of 10 Best Automobile Parts manufacturing appeared first on Startupopinions.

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The definition of small scale industries is that they provide services, manufacturing facilities and any other services which is related to industrial work. In this type of industries the production is done on a very small scale or we can see it is done on a micro scale. Let me explain it to you with an example, tissues, napkins, Water bottles, papers, pen, small, toilet papers, napkin and any other small item which is manufactured by small industries comes and small scale industries.

These are the type of industries which does play a vital role in the economics and social development of the country India. These industries does an investment which is only one time and it is for the plants, machinery and any other item which takes only one time investment. These can be on the basis of leaves, hire purchases and ownership basis.

For the small scale industries in the costing should not exceed the limit of Rupees 1 crore. If the costing exceeds the mark of 1 crore then they does not come in the small scale industries. Now let us discuss more about it down below.

Small Scale Industries

As I told you about in a small scale industry we need small machinery and few workers and employees which can work in the industry to create and produce small products. The Enterprises like these should fall under the guidelines which are provided by the government of India.

Those guidelines are:

  • The investment done for the manufacturing of goods should be between 25 lakhs to 5 crore.
  • If the company is providing any kind of service then the investment in the machinery should be between 10 lakhs to 2 crores.

We all know that India is a developing country and you should know that these kind of small scale industries are the real life line of the economy of India. These industries are generally labor incentive to create a large amount of employment for people. This is a sector which is very important part of our economy when will look it as the social as well as economic view.

Read:- Top 17 Small business ideas for Mechanical Engineers

Now let me give you some examples which would be ideal for small scale industries in India.

Candles

Water bottles

Paper bags

Printing and Xerox

School stationeries

Bakeries

Photography

Beauty parlor

T-Shirt printing

Small toys

Now let me tell you the characteristics of the small scale industries

1. Ownership

These are the type of industries which are under single ownership and generally there is not any kind of partnership in these kind of industries.

2. Management

Management is generally controlled by the owner itself and there is not any kind of third person environment in these kinds of industries.

Read:- Top 27 Manufacturing Business ideas in India 3. Limited reach

The area of operation in these kinds of industries is generally restricted so that they could meet the local as well as the regional demand of public.

4. Labor Intensive

There is generally the use of Manpower as well as labor for the activities of production and the dependence on the technology and this area is actually pretty limited.

5. Flexibility

These are the units which are very adaptable to the changes in the environment of business and if there is any kind of sudden changes as well as unexpected development then they are flexible enough that they will be able to adapt at and carry on with their work. In the case of large Industries it is difficult for them to adapt to these kind of changes very easily can a very short period of time.

6. Resources

The resources are usually readily available to the locals and this is usually a great help which helps in the utilization of the resources which are natural and there is very less wastage as well.

What is the role of small scale industries in the economy of India ?

1. Economy

20 of the type of Enterprises which does have 40% account of the total goods and services which are produced all over the India. Please help in the growth as well as strengthening of the economy of India.

2. Employment

Many people in India are getting employed because of the small scale industries. These are the type of industries which provide a lot of livelihood to the workers in India.

Read:- Top 11 Small Scale Business ideas in Punjab 3. Contribution to the Export

If you look we will find that around half of the goods that are manufactured in India are exported and are produced in these small scale industries. About 15% of these are indirect exports and around 35% of these are direct Exports. You will notice that in the case of export business small scale industries play a very Vital role.

4. Welfare of public

These are the industries which help in the development as well as social growth of the country. These are the type of industries which focuses on the lower as well as the middle class public in the country and help in the employment of other people and give them an opportunity to earn money.

Conclusion

There are many different types of small scale industries in India and a lot of people are working in these industries. These are the backbone of Indian economy.

I hope this article was helpful to you and if you have any suggestions then you can mention name in the comment down below and if you have any kind of question then you can mention it in the comments as well.

The post Small Scale Industries in India: Characteristics, Definition appeared first on Startupopinions.

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Customer relations management systems are vital for any modern entrepreneur. It is impossible to envisage a business without a CRM system put in place. Contemporary entrepreneurs use customer relations management to drive sales operations, lead generation and customer complete invoicing.

In fact, a CRM makes it possible for a business to resolve customer related issues and manage returns professionally.

Different customer relations management systems are usually tailored for different businesses sizes, levels of industries and enterprises. It is important to choose a custom made CRM system that goes as per the size of your business.

There are so many different types of ready-made custom relations management systems that are process automated for companies of different sizes. Despite the existence of these ready-made solutions CRM systems, it is important for small and mid-sized businesses to develop their own custom CRM system.

This blog post explains how to develop a custom CRM system for your small business.

Factors to Consider When Building a Custom CRM for your Small Business Complexity

Your set of business requirements will influence the type of CRM you build. Depending on the specification, size and functions of the business, the type of technology set that will be implemented will vary. You have to choose a framework that works.

Read:- Top 17 Small business ideas for Mechanical Engineers Compatibility

The analytical tools in your CRM system should blend well with your business sales processes, leads and profit margins. Additionally, you should consider porting additional resources with your system. For instance you might need to integrate the CRM with telephony, accounting software, mail etc.

Flexibility

An effective CRB system should adapt to changing technology, give room for scalability and allow system configurations that work with changes in your business. A perfect customer relations management system should be intuitive and flexible.

Convenience

Make sure that the customer relations management system is convenient and does not keep customers waiting and searching. The user should be comfortable to create analytic reports and communicating with the business directly.

Reliability

Make sure the CRM system takes into account the privacy and security of user data, as well as taking care of the different levels of access for various user groups.

Define the objective s of the CRM system

Before you create a CRM system for your small business, make sure you define the goals and objectives of the CRM system. Have a clear set of requirements will help create a CRM system that works for your business.

Read:- 31 Small Business ideas in Kerala with Low Investment Define the Scope of the CRM System

The scope of the CRM system is usually categorized into two; Interactions with customers and interaction with employees.

Basically, interactions with customers can be initiated through email correspondence, telephony, meetings, messages and notifications. Therefore, the system should be implemented with a sms service, telephony or email template. Additionally the system should be ported with a base of customer names, addresses and filters. Note that the CRM system should have the ability to generate reports.

On the hand, we have interaction with employees. The CRM should offer employees with an avenue that they schedule workloads effectively, plan working hours and put in places functions that work in hand with business operations.

Conclusion

With a great CRM system, you will transform your business to a whole new level. You will improve the efficiency of your business and returns will increase dramatically.

The post How to Develop a Custom CRM System for Small Businesses appeared first on Startupopinions.

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Facing bankruptcy is very scary and stressful and it is a situation no one wants to be in. However, help is out there for people facing bankruptcy but finding it isn’t always easy. Many people facing bankruptcy feel like they are all alone without any help or assistance available.

But in this post, I’ll be explaining how people facing bankruptcy can get all the help and support they need. These help and support networks won’t always be able to stop a bankruptcy from happening but they will be able to provide help and advice to people.

Going bankrupt isn’t a pleasant experience and the whole process can be long and stressful but it is survivable and while it might sound cliché you will come back stronger from it. So, without further ado let’s look at where to find help if you are facing bankruptcy.

Read:- How to Improve Your Credit Score to Get a Loan? Upsolve

Upsolve isn’t a traditional support helpline but it is a valuable resource for people considering a chapter 7 bankruptcy. Founded in 2016 Upsolve is a recently new non-profit legal aid organisation that operates in many different states throughout the United States.

Upsolve is designed to help make the bankruptcy process easier for people and they have an in-depth guide on their website that helps layout exactly how they take you through the process. You can also use Upsolve to find out more about the bankruptcy process and they will be able to advise you on whether it is the right path for you to take.

Read:- How to Get a Better Rate for Your Business Loan The United States Courts

Visiting the United States courts websites can be a great way to get some general guidance on bankruptcy from an official source. While you will find plenty of websites online explaining the bankruptcy process the documents and guides available from the United States courts are more in-depth.

There are also valuable links to other areas like information on bankruptcy fees and the essential documentation you will need. However, while the information presented will be very valuable the courts themselves do not provide financial advice or guidance so you will need to look elsewhere for more in-depth personalised information.

A Bankruptcy Lawyer/ Attorney

If you want personalised professional help with bankruptcy then there really is no better option than a bankruptcy lawyer/ attorney. An experienced bankruptcy lawyer like the Best Bankruptcy Attorney In Los Angeles will be able to give you professional advice tailored to your unique situation.

There are so many different variables to take into consideration when it comes to filing for bankruptcy that the only real way to get personalised guidance and support is to contact a bankruptcy lawyer. By hiring a bankruptcy lawyer you will also get legal representation which will help make dealing with the bankruptcy process much easier.

A bankruptcy lawyer will also be able to handle any calls from creditors as well. While this help and support does come with a cost it is usually going to be worth it in the end. Many lawyers specialise in bankruptcy and will be able to offer help and support in many areas so if you need professional assistance getting in contact with a bankruptcy lawyer is highly advisable.

A Financial Advisor

A financial advisor can be a great way to get advice if you are considering bankruptcy and want to get a better idea of what to do and how successful you might be in applying. A financial advisor can also be a good way to avoid potential bankruptcy as well if you struggling with your debts then an advisor will be able to help give you possible ways to reduce them.

However, financial advisors will often be limited in how much they can help you. They often won’t be able to provide the same professional legal advice a bankruptcy lawyer would and how much they’ll be able to help will depend entirely on your circumstances. Meeting with a financial advisor can be quite costly as well so many people might be simply better off using a bankruptcy lawyer for advice and guidance instead.

So, that is a look at some of the methods you can use to get help, support, and advice if you are facing possible bankruptcy. Every method has its pros and cons but looking at them all fairly I think a bankruptcy lawyer is your best chance of getting professional advice that can be tailored to your exact circumstances.

The post Where to find help if you are facing bankruptcy appeared first on Startupopinions.

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More and more people are attracted to the idea of becoming an entrepreneur. They want to become financially independent and to have a lifestyle that it is not bound to nine to five. A career in entrepreneurship is indeed alluring. You can put your idea to work in the competitive economy, not to mention generate considerable wealth while you do it. You answer to no one but yourself, and your clients and customers.

However, entrepreneurship is not all fun and games. You face many challenges along the road to success. For instance, you may be wrongly charged with a DUI. You did not drink, and yet you are arrested on impaired driving charges, based on the police officer’s mistaken observations. Being charged with a DUI is a serious offence and can have immediate aftermath. What could happen to your business? Can it have a significant impact? The answer is yes.

Read:- 5 Tips for young entrepreneurs The effects a DUI can have on your business

A DUI conviction has important ramifications and can have long-lasting impacts. A guilty verdict could cause irreparable damage to your professional life. Let us see how exactly a conviction for driving under the influence could affect you from a business standpoint.

1. Your reputation can be affected

The reputation of a business, no matter its size, is crucial to its survival. The organization’s reputation is the key ingredient that determines whether or not the company will survive in the market. While a great reputation opens the door to fantastic opportunities, a bad one will affect more than just the sales. Negative press impacts will make it impossible for you to hire employees. What is more, even if you are able to retain some of the top talent, it will cost you, as you have to raise the salaries. Needless to say, a DUI can affect your company’s reputation in the community.

Even if being arrested and charged for drunk driving does not affect your organization’s reputation, it will hurt your personal reputation, in the community and at work. Operating a vehicle under the influence of alcohol is strongly disapproved of. The court’s judgement is not as severe as that of your contacts. Some people resort to public shaming, even if there is no conviction. So, it does not matter if you were tested below the legal limit the moment you got arrested. You are guilty in the eyes of the public. Taking into account the legal and social consequences of a DUI, you need to have a strong legal team behind you.

Read:- Top 7 types of Entrepreneurs in 2019 2. Your driving privileges can be suspended or revoked

Having a driver’s license is a privilege and not a right. The driving privileges can be suspended or revoked as penalization for a DUI arrest or conviction. A license suspension means that your privilege to drive is deprived for a short period of time. A license revocation means that your driving privileges are permanently revoked. If you work from home and rarely meet with clients face-to-face, this should not be a problem. However, if you have to catch up with clients, deliver samples or drive to your place of business, this can considerably affect your operations. You can have your driving license revoked by simply refusing the breathalyzer test. This makes it impossible to get around.

The courts have taken this aspect into consideration. In San Diego, California, you can apply for a restrictive license and carry out your daily routine. When you are arrested for the DUI, the police officer gives you a temporary license, which grants you driving privileges for 30 days. If you wish to continue to drive beyond the 30 days, you have to contact the DMW. Eligibility depends on certain factors, such as age and the time of arrest. A DUI lawyer San Diego will be able to help you out. Administrative processes are complicated, so it is recommendable to use an attorney. Get a lawyer and avoid losing your driver’s license.

3. Your insurance premiums can increase

It is no secret that a DUI conviction can have serious financial consequences. It can increase your premium rates for 3 years or more. This is because getting a DUI makes you a liability. Insurers believe that you will continue to drink and drive and cause an accident one day. Insurance companies see people who have been charged for a DUI as a business risk. Therefore, if you have a DUI, you will pay a lot more than someone with a clean driving record. Actually, you are lucky if the company does not drop you.

Several factors can influence auto insurance after committing the crime or offense of operating a motor vehicle while impaired. They include age, time and number of DUIs. The overall cost can be expensive, depending on the state. Nevertheless, the formal decision made by the court will not affect business-related insurance, such as general liability or commercial property insurance.

Important step to take after being charged with a DUI: Hire a lawyer  

In the off-chance that you have been arrested for a DUI and are awaiting trial, it is important to get legal representation. You are completely innocent in this ordeal and others need to see that. A criminal defense attorney will help you avoid conviction, challenging the accuracy of the breathalyzer and challenging the belief of the police officer. Even the most diligent officer can make a wrong guess. A DUI conviction is avoidable, even if you have been arrested. After collecting pertinent information, the lawyer will put together a solid case for why you are not at fault. Consult with a DUI lawyer for a legal opinion.

Although some entrepreneurs opt not to hire a legal professional, there are many situations in which having a defendant can turn out to be useful. Repair your legal standing, as well as your reputation. In this sense, you might want to write to the local paper, explaining them your situation. Reaffirm how important the local community is to your business and insist on the fact that you are innocent. Innocent people are frequently convicted of DUIs and have no option but to defend themselves.

The post Are you an entrepreneur? Learn how a DUI can affect your business appeared first on Startupopinions.

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