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The New Financial Year is Approaching, can you stick to your budget! Read on…
To have a smooth financial proceeding in the coming year the first step is to have a perfect budget. This seemingly simple, yet powerful, exercise can be crucial in achieving your financial goals i.e. acquire assets or staying debt-free, and focusing on growth. Whereas so many companies find it hard to stick to budget consistently in the long run, here are some steps that can help you to maintain discipline and ensure compliance.
Have clear goals
An easy way to justify the spending is that you have a lot of money lying in your bank account and you may not need it immediately. If you identify your goals and calculate how much you will need to save every month to reach, be it your next expansion or next big acquisition it will hard to use that money on other dispensable stuff. Thus, the first key is to Identify all your goals, however big or small, and fix the goal values by taking into account the inflation. It will be easy to resist the temptation if you know you are jeopardizing your own company’s future.
Make it realistic
Don’t think of a budget as the magic wand that will instantly take away all your money woes. For e.g. If you think you can suddenly start saving from your pre-decided lavish spending when you have been an impulsive spender all your life, you will be disappointed. Similarly, don’t expect to save a large amount if you have low income and all your spending is on needs and not wants. Initially, you must track expenses for few months then set the realistic targets you need to cut.
Discipline your spending
Many times, income is received at the start of the financial year, however, the expenses are staggered throughout the year. Big spenders find it especially hard to stick to a budget because they are unable to control the cash outgo. One suggestion is to have a recurring deposit type savings account where a fixed amount is transferred every month without the user deciding on its whims. Once the money is out of the bank it becomes difficult to spend.
Ensure your budget is dynamic
A budget that does foresee a change with changes in real circumstances would become a static budget. The altered circumstances and life stages of the organization require a dynamic approach. Higher revenue growth could mean you could save for an additional goal that was beyond your reach earlier. The dynamic circumstances could be positive as well as negatives which one needs to be prepared for examples can be: It could be an unexpected penalty from the government OR a fantastic new product to market it.
Give some leisure to yourself
One of the biggest stumbling blocks while trying to stick to a budget is dealing with eventualities for which you have made no monetary provision. So, if your office/factory requires urgent repairs which you may not have provided can upset your budget. The key is to ensure all small and big expense prospects are decided upon.
Track and keep records accurately
You may create a budget enthusiastically but are you putting in work to maintain it accurately? If you are not tracking every spend or forget to get recorded it rigorously then you will not get the correct picture which can result in wrong decisions or the setting of unachievable goals. The key here is to use the planning and tracking feature available in software like TallyPrime. Fix up a specified time periodically (Weekly or monthly once) and review where exactly are you standing in terms of your goal. You will get the respect of budgeting exercise only if you inspect rigorously.
Include all your stakeholders
If your seniors and the team are either unaware or not kept in the loop of your plans or refuse to go along and heed to the demands of the budget, it will be impossible to work. If you are saving and your senior team cannot resist the urge to spend big expenses or employees keep on insisting on peer company spending styles then you alone will not be able to sustain it. The key here is to solicit cooperation from all stakeholders in preparation and confirmation of budgetary allocations.
Do not forget to have an emergency fund
A plan for Emergencies must be maintained and ensure about 2 to 3 months of cash expenses are available in liquid assets. These small and yet important steps would ensure a perfect financial year 21-22.
Decide what is worth spending and let us know why Budegting is important by subscribing and writing us at email@example.com
Ever realized why Tally Solutions do ask you to renew your TSS (Tally Software Services)?
What is the need of renewing the TSS (Tally Software Services) when you have already spent a good amount on Tally License Purchase?
What will happen if you do not renew the TSS (Tally Software Services)?
With the launch of Tally 18 and new price i.e. for Single User at Rs. 22500/- (+GST) and Multi-user at Rs 63000/- (+GST) what shall be TSS price?
Let us understand what exactly the TSS is, how it works, and what we can miss out on if we do not renew our TSS?
FAQs on TSS (Tally Software Services)
Query: What is TSS?
Answer: TSS (Tally Software Services) is a collection of services that help you derive more value from your TallyPrime by providing you additional capabilities, such as continuous improvements to the product in the form of personalized updates, central consolidation of branch data over secure servers, banking services, instant support from within yours. TallyPrime and many more that enhance your business performance.
Query: How does TSS (Tally Software Service) work?
Answer: TSS gives you access to a broad range of services by connecting to the Tally.NET server over the Internet. It provides enhanced connectivity for your business while ensuring complete security to your crucial business data.
Services are rendered through TSS framework as follows-
Query: What are the services offered through TSS?
Answer: The services offered through TSS currently are
Query: Is there any difference in the benefits I will get with TSS as compared to TNS?
Answer: Currently, all the features and benefits available in TNS will be available in TSS. However, many more services will be added in the future and TSS will be the platform to access these services.
Query: Tally 18 is being launched with Increase in Base Price, would I have to pay separate charges for Update?
Answer: For those licenses where TSS is valid NO separate charges have to be paid.
Query: Can I pay for TSS for Two years together.
Answer: Yes, One can pay for Two years of license subscription together, The validity of TSS shall be extended for two years from the date of payment.
Query: How can I procure TSS?
Answer: Following are the ways by which customers can procure TSS:
Query: What if I do not renew my TSS?
Answer: A Valid TSS (Tally Software Services) is required to complete this Action. Renew your TSS and Try Again.
This error appears in 3 scenarios:
Also, you will not be able to enjoy the following features without an “Active TSS”.
Features of TSS include:
How useful is the banking feature for me?
Refer our earlier blog http://aimtechbs.in/increase-your-productivity-banking-in-tally-erp9/
Is the auditor feature really useful? Connect to us to explore more about the auditor features in TallyPrime.
Please write to us on firstname.lastname@example.org we shall send interesting ways in which the Auditor feature can be useful to you.
Hence it is always recommended to renew your TSS timely to enjoy the benefit of all the above features.
An organized software and good customer relationship is what everyone should aim at.
Mr. Rajesh, 28 years old left his well-paid job in the mobile accessories industries in July 2016. He had the entrepreneurial instinct which inspired him to start grocery and raw food delivery business. This business includes delivering basic necessities like Atta, Rice, and Spices etc. In the initial days, tall and well-built Rajesh, would take orders on call and give a handwritten invoice from the invoice book. His Unique Selling Point was delivering quality goods directly at the doorsteps.
The stocks he would purchase would be against sales only and mostly were delivered on the same day. As the number of deliveries started increasing he realized that purchasing stock in a bulk quantity would give him better profit margins and he would not fall short of stock supply. After about 7 months, he started buying in bulk quantity and took a place on rent.
Rajesh started building his team for delivery and had set up an office as well. As the business grew, he understood the importance of recording all the sales and purchases in organized software rather than handling it manually. He also learned that Inventory Management is essential. His outstanding was also well managed as the receipts were directly accounted in the books from the software. He was now able to get his entire Inventory statement from the software which helped him plan his purchases and meet the customer demand. Every day morning the first thing he would do is verify the aging of stock as the expiry date is an important element in the food/grocery business.
Also, click on the link to manage Inventory in a simple way:
By the end of the year, Rajesh had set up an office and also had a team of seven members to run the business. By the word of mouth publicity the number of customers has increased, however, the business process remains the same i.e. taking orders on call and delivering quality products and services.
When asked Rajesh about the working of the business, He said “Great”. When probing further we asked, “How are you expecting the next level of your growth?” There was some kind of confusion that was felt he stated that “by reiterating the process adopted till now it would be sufficient for growth.”
Rajesh isn’t alone, In India, 85 % of SME’s aren’t clear about the growth opportunities and processes required. The business method that Rajesh individually followed in 2016 was multiplied by “Team Rajesh” in 2017. To ensure business growth change in processes is a must.
Here are the following suggestions which “Team Rajesh” can adopt in order to keep a balance between the Demand & Supply for the products:
All the above features (Except 4 and 7) are available in the standard TallyPrime which is the simplest tool for Accounting and Business. It helps the organization to grow leaps and bounds.
Manage your Inventory efficiently by using TallyPrime. To learn the working of the software and Inventory management in TallyPrime write to us at email@example.com for assistance.