One of our clients, Mr. Shah owns a company with multiple branches. He has more than 10 units across the states of Gujarat and Maharashtra. He used to manage his business well when it was a medium scale business. But now as his business is expanding he is failing to compete in his full strength. He is missing out on opportunities for new clients, wasting his time doing repetitive activities. He is tenser than before. He is not aware of what is going wrong, what could be done to correct it?
The answer is somewhere revolving around the use of the latest technology and smart working. Technology is an important and integral part of our work environment to make things simple and quick. Also, effective time management is necessary for timely and prompt actions.
Call people before meetings– Give people a ring before a meeting. Ask them if they are still coming and if they have anything for the agenda. This takes a little time but saves tons of time because you’ll be able to make a decision far more quickly.
Use Templates – Never write a project document from scratch. There is always something you can start from. Use pre-defined templates.
Delegate your work – Delegation empowers a subordinate to make decisions, i.e. it is a shifting of decision-making authority from one organizational level to a lower one. So that you can you can use the time for other stuff.
Plan your day – Careful planning of your day is also another great time management activity. Technology can help us in this area. Online calendars help with scheduling events and reminding us, so we do not miss them. You can even sync these calendars to your mobile device.
Use evolving technologies – Technology helps you to work faster and in an accurate manner. Smart work is better than hard work.
Similar is the case when you have to prepare a financial statement. Making it manually takes a lot of time and resources. What if we can automate the same?
USE OF TECHNOLOGY TO AUTOMATE PREPARATION OF FINANCIAL STATEMENTS
Now for sure, this is a super saving deal for you. Have you ever imagined that preparation of Balance Sheet & Profit and Loss can be done in a few minutes? Are you eager to know about this more? Let’s start with the basics.
WHAT IS SCHEDULE-III?
As per the 2017 modification to the Companies Act 2013, every company should prepare the profit and loss account and balance sheet as per the format prescribed in the new Schedule III of Companies Act 2013. The format of Schedule III as per Companies Act 2013 is given in the below link.
HOW TO PREPARE BALANCE SHEET AND PROFIT & LOSS AS PER SCHEDULE-III MANUALLY?
For the preparation of Balance Sheet and Profit & Loss as per Schedule-III “Manually” one needs to follow the following steps.
Extract the Trial Balance in a detailed format.
Prepare the format of Balance Sheet and Profit & Loss as per Schedule-III.
Copy-paste the amounts to the Previous Year Fields.
Link the Current Year Trial Balance with the Schedules.
Then Link Schedules to Notes to Accounts.
And Lastly Notes to Accounts to respective fields of Balance Sheet and Profit & Loss Account.
Usually, the above step takes 1 to 2 days depending upon the volume of data of the assessee.
HOW TO PREPARE IT FASTER OUR UTILITY?
Aimtech has developed a fantastic utility with the help of which you can prepare the Profit & Loss Account and Balance Sheet as per the format prescribed in Schedule III of Companies Act 2013 with just a few clicks. All you have to follow these simple steps.
Open our excel sheet and press “Enable” on the macro settings.
Open Tally with Current Year Data. (Also ODBC Server should be running on Tally).
Press the “Sch-III Financials” button in the “AutoBal” Tab given in Excel.
The code will run in a few seconds and your Balance Sheet and Profit & Loss Account will be ready in a click
If there is any difference then you will have to map those items as given in the instruction manual of the excel sheet.