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SIMPLIFIED BILLING, INVOICING AND PAYROLL MANAGEMENT – BILLING AND PAYROLL SOFTWARE OF SMART ADMIN AND FEATURES

An invoice or bill indicates the sale or supply of products or services by one business to another or consumer.  Ideally, the invoice shall contain information about each transaction, buyer’s details, quantity, value, tax, and payment terms.  Payroll is another important function in an organization for disbursing compensation to its employees. A payroll report has the further utility for filings of compliances like TDS, PF, ESI, PT, and more.  While billing or invoicing generates revenue, the payroll activities fall under the expenditure head.  Overall, the effort of all enterprises is to create surplus through billing, and thus meet the requirements of salary and other payments.

There are plenty of software tools for billing or invoicing.  The majority of such software is structured to meet specific country invoicing or limited to specific circumstances.  Similarly, the tools for payroll are abundant in the market.  The arrival of the excel sheet generated automation in payroll, followed by the development of standalone software.  Of late, many companies have quickly assembled multiple tools in the mobile apps to speed up their activities.  This market is much revolutionized with cloud-based software.

The cloud-based software as developed and sold under the brand name – Smart Admin has many of the features needed for small and medium enterprises to meet their need for billing and payroll software.  The cost of subscription is the lowest in the industry for Smart Admin, and it helps enterprises to move to the digitization era with the least investment.  The tools of Smart Admin under billing and payroll help to generate invoices, configure invoices per each country’s legal requirements, and generate tax reports / monthly reports in addition to generating payroll.  The timesheet entry of each staff member will result in a set of data points in the system.  Smart Admin uses such data points and further generates billing and payroll.  It easily automates and process payments to the workforce as well as generates an invoice for the work done

The subscriber has the option to display required data in billing, update the data points with approvals, and generate reports.  Smart Admin has the feature to automatically apply rates in invoices based on the initial data configuration.  The initial estimate as generated while agreeing for a business transaction will turn out to be an invoice or bill and the same will be further used for generating receipts and monthly reports.  Thus, it saves a huge lot of repetitive tasks and harnesses the data points in an organization to generate the required reports.

The salary package can be created in multiple combinations for employees that match with their offer letter.  The automated time tracking and attendance data points are used further to generate pay slips.  The employer can configure and rename allowances, and deductions and can set up custom rules to complete the generation of pays lip.  The feature of leave and its activation results in capturing all paid leave, absence, and overtime.  The option to claim reimbursements, loans, and tax deduction further simplify much of the manual work.

The minute features incorporated in Smart Admin, and the product sophistication with unique features differentiate SmartAdmin from many of the other comparable products available in the market.

SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

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HOW TO BRING EFFECTIVE HYBRID WORK MODEL – SMART ADMIN TOOLS TO MAKE HYBRID WORK MODEL A SUCCESS

Covid – 19 has brought multiple changes in society and its behavior, and a few of such changes are directly visible.  The hybrid work model is one such change that has been evolving over a period but is yet to get fully crystallized.  This Hybrid work model is expected to break the traditional mode of working. Hybrid work is what is coined as a quick fix to bridge the gap between work from the office and in a remote location.  It is a flexible approach that allows employees to split their time between working in the office and working from home.

The continued work from home and reluctance of a few to come back to the office in addition to a few quantifiable benefits as perceived by the organization have resulted in the evolvement of the Hybrid work model.  The perpetrators of this model have made to think about the relevance of attending office with multiple travel hazards and waste of time.

There are certain industries that are not suitable for this type of work model.  During the lockdown period, even the Banks and Insurance companies had successfully engaged the work from home.  The industries depending on the employee’s physical presence in the office or unit premises need to deal with their traditional working model.  However, there are remote possibilities to adopt a hybrid work model in manufacturing, healthcare, education, and retail.

There are many pitfalls connected with the Hybrid work model.   Data security is prime among it.  Organizations that deal in financial services, banking, and sensitive data have concerns about the work from home and hybrid model.  Allowing employees to work from outside the office can make it harder to monitor employees’ activities. They could be risking certain threats that are minimized when working in the office.

Another concern is Employee productivity and job security.  While some employees enjoy the freedom of working from home, others feel overwhelmed. They may feel stressed about finding ways to keep up with work and stay organized.  Sometimes the need for required input to complete the task bothers them in spite of all sorts of project management and communication.  At the end of the day, there is an element of human touch in successfully completing any task.  This will give a competitive advantage to those working from an office on a regular basis and hybrid employees will be treated as Guest employees over a period of time.

There will be cases, employees may feel the need to do their job beyond their normal working hours and also there are chances that some may cut their hours of work. This can lead to employee burnout and decreased productivity, which is harmful to the company’s success and the employee’s health.  The decreased productivity will eventually lead to loss of job and replace such position with able hand in office without much knowledge of the employee.   The loss of grapevine as exists in office culture cut them off from the rest.  The firing will be much faster for those work from home than office since the management can attribute valid reason for those work from home.

The tracking of employees’ hours, project tracking digitizing timesheet, attendance, and payroll are important while designing an effective hybrid work model. The tools as devised for Smart Admin is highly effective to tackle the situation and documents the overall contribution of employees in each project and tasks.

SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

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DIGITIZATION, E-INVOICING, AND CURRENCY CIRCULATION – MODE OF E-INVOICING AND USAGE OF INVOICE SOFTWARE

Generally, there is a belief that COVID -19 had significant impact of in currency circulation.  The Covid put greater thrust on digitization and dependence on contactless transactions.  Also, there was tremendous growth in the usage of UPI, IMPS mode in financial transaction. Many platforms like PhonePe, Google Pay became more popular as alternate modes of fund transfer.   Even, there is a belief that the demonization helped in reducing the dependence on hard currency. The demonetization intended to reduce the usage of hard currency in financial transactions. However, the currency circulation is going in an accelerated mode during all the previous years.

Currency in Circulation (CiC) includes banknotes and coins. Presently, the Reserve Bank issues notes in denominations of `2, `5, `10, `20, `50, `100, `200, `500 and `2,000. Coins in circulation comprise 50 paise and `1, `2, `5, `10 and `20 denominations. According to RBI report, the volume for the Banknotes in circulation in terms of value, reached INR 31,05,721crores by 2022, almost double prior to demonization.

Currency in circulation is the amount of money that has been issued by monetary authorities minus currency that has been removed from an economy. Currency in circulation is an important component of a country’s money supply. Currency in circulation can consider as currency in hand because it is the money used throughout a country’s economy to buy goods and services. The currency in circulation in a country is determined by the nation’s need or demand for cash.  RBI is responsible for ensuring that there is enough money in circulation to meet the economy’s commercial demands, and for releasing additional notes and coins when there is a demand for the same.

Now, with the reduction of threshold limit on e-invoicing to INR 5 crores by Jan 1, 2023, one can expect further control on currency circulation.  The process of validating all E-invoices in B2B transactions by the GST Network (GSTN) will push up further digitization in commercial transactions soon the threshold limit is brought down.   This will compel all commercial firms to depend on reliable invoice software to run their business since the GSTIN portal needs data points to validate e-invoices.  E-invoicing ensures that the invoices generated by accounting software are valid throughout. The system automatically compiles such data during the GST filing process.

The invoice software helps to go for e-invoicing in order to facilitate e-invoicing. Such software generates invoices, transmit the data to GSTin portal.  It further pushes up digitization in work environment and reduce the usage of currencies.

SMART ADMIN is a cloud-based software for Office Automation.  Smart Admin Tools are designed for Payroll management, Timesheet and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

For more information visit https://www.smartadmin.co.in/

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BENEFITS OF INTEGRATES SOFTWARE TOOLS TO BOOST UP BUSINESS OPERATIONAL EFFICIENCY – SMART ADMIN TO ENHANCE EMPLOYEE PRODUCTIVITY WITH ITS INTEGRATED WORKFORCE MANAGEMENT TOOLS

The increasing digitization in personal and business settings has posed new challenges for small and medium organizations, of late. Without the right software tools, these challenges will only become more complex in the future. The recent spurt in multiple software apps �� both web and mobile, has further aggregated the situation. The deployment of multiple software tools to manage business operations brings its own set of difficulties with its inability to interact with one another. This can lead to risks such as data interoperability issues and the loss of consistency in important data.

The lack of data integrity can have a negative impact on decision-making at the management level. To mitigate these risks, it is recommended to use an integrated tool for scheduling revenue generating activities, which can help reduce complexities and improve overall productivity and operational efficiency.

Operational efficiency is the key to generating surplus in any businesses. This refers to the ability of an enterprise to maintain the same level of output while reducing inputs. It is crucial for managers and supervisors at all levels to prioritize achieving desirable profit margins by improving operational efficiency. The primary factor that can be controlled is its prime resource utilization, including the utilization of human resources. By optimizing resource utilization, businesses can increase its operational efficiency and generate surplus.

Smart Admin is one such software tool that helps to improve operational efficiency as well as to improve employee productivity.  The features as incorporated helps to manage project scheduling and it links all organizational activities with income as well as expenses.  It can be used to generate meaningful timesheets and helping HR monitor employee activities. The entire dashboard works as a tool to measure return on investment.  The account department will be able to prepare invoices, payroll, and monitor real-time revenue against overall expenditure with the help of various analytical data points as generated by Smart Admin.

Further, Smart Admin offers options to reduce duplicative data entry, control workflows, and bring better inter departmental visibility.  This software can be used for project / program management in an organization, and HR can assess manpower requirements at any point of time.  It is customizable for multiple industries and can integrate local rules for compliance purposes. The multiple reports provide data analytics option for each department by defining associated metrics.  The clients can be given access to project progress to build trust in the work.  The employees can schedule their day based on the tasks assigned and thus the features are more for small and medium enterprises.

SMART ADMIN is a cloud-based software for Office Automation.  Smart Admin Tools are designed for Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

For more information visit https://www.smartadmin.co.in/

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CREDIT AND DEBIT NOTE UNDER GST – SMART ADMIN HELPS IN COMPILING GSTR 3B AND GSTR-1 BY CLICK OF A BUTTON WITH DATA FROM INVOICE, CR NOTE AND DR NOTE

Everyday business involves numerous transactions in relation to selling goods and providing services.  It is mandatory for a GST-registered supplier to issue a tax invoice.  There are situations where the supplier commits error while filing the tax invoice.  In order to rectify these kinds of situations debit and credit notes are defined under GST.  Debit and Credit notes play a crucial role in context of GST since it helps to rectify errors and adjust the value of supplies made.  It is good to use appropriate software to general all such reports by click of a button to avoid errors in GST filing.

What is a Credit Note?

A credit note is a document that is issued by supplier to a buyer in case of reduction in the value of goods or services supplied.  After the supplier’s issue of the tax invoice, if there is any reduction in the taxable value then a credit note is issued mentioning the prescribed particulars.  Various reasons when a credit note is issued such as return of goods, excess payment, quality issues, damaged goods, and post-sale discount.

When a credit note is issued following entries should be made:

The value of credit notes needs to be reduced from the total value of the original invoice.

The amount of tax paid on the original invoice needs to be reduced from total tax paid.

The value of a credit note needs to be recorded in books of accounts as a negative amount.

Assuming that Supplier A sells goods to Buyer B along with a tax invoice.  Buyer B observed some quality issues and then returned goods along debit note.  Supplier A accepted the debit note and issued a credit note as an acknowledgement to buyer B.  This example illustrates when a credit note is issued. With a Credit Note, the tax liability of the seller decreases correspondingly.

What is a Debit Note?

A debit note is a document that is issued by a supplier to a buyer, which indicates an increase in the amount of money owed by the seller.  Debit notes are issued in situations such declaration of lower tax value, quantity received by recipient is more or any errors committed.

When a debit note is issued following entries need to be made:

The amount of debit note should be added to the total value of original invoice.

The amount of tax paid on the original invoice should be added to the total tax paid.

The value of debit note should be recorded in the books of account as a positive amount.

XYZ Ltd. Sells 1,000 T-shirts at the rate of Rs.150 per item to ABC Enterprises. XYZ makes the delivery and issued an invoice for the order to ABC Enterprises.  However, XYZ Ltd. realizes that the rate per item was Rs.140 on the invoice instead of Rs.150 per item.  It resulted in an understating of the invoice by Rs.10,000.  XYZ Ltd then issues a debit note to ABC Enterprises, thus rectifying the error mentioned.  This example illustrates when a debit note needs to be issued.

 Time Limit to Issue Credit/Debit Note

GST law defines a certain limit for the issue of a debit note or a credit note to get the benefit while filing tax return.  The issue of debit notes and credit notes should be declared in the GST returns filed for the month in which such a document is issued.  GST law mentions the maximum time limit for declaring the same in GST returns if it pertains to a particular financial year as follows.

30th September of the following year in which such supply was made.

The actual date of filing the annual return of the concerned period.

The credit note and debit note records must be kept on file for seventy-two months following the deadline for submitting the annual return for the year relevant to such accounts and records.

Overall, debit and credit notes play an important role in accounting and are essential for business to maintain accurate and transparent financial records.

Once you start using Smart Admin for invoice purposes, the system accumulates all data points related to GSTR Reports – GSTR 3B and GSTR-1, and generates reports as needed.  By Click of a button you get all reports with details of each invoice issued and thus reduce the need for multiple review of data points while filing GSTR.

Readers are advised to refer to GST literature for updated and accurate information pertaining to GST, and the info given above is only indicative in nature.

SMART ADMIN is a cloud-based software for Office Automation.  Smart Admin Tools are designed for Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

For more information visit https://www.smartadmin.co.in/

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DO WE NEED TO CHANGE PAYROLL AND INVOICE SOFTWARE IN BETWEEN? WHAT ARE THE BENEFITS OF REVIEWING ALTERNATE SOFTWARE IN THE MARKET

An efficient, and reliable software system is the foundation of any successful organization.  It is good to maintain the right payroll and invoice system in place to ensure that the business operates smoothly while guaranteeing all are paid on time as well as all payments are tracked. This, in turn, boosts the morale of the workforce leading to greater productivity, while improving the brand image of the business.

Switching payroll or invoice software appears to be a challenge to many. But accompanied by sound planning and selection of the right software, one can manage the transition smoothly.  Other than the factors related to billing, there are many reasons to go for a newer version of payroll or invoicing software.  New service providers bring a lot of innovation to their products but at a very lesser price.  This is mostly due to the change in technology, competition, and updated thought processes with multiple feedback over a period of time.

If you are using traditional software or using spreadsheets it is time to move to cloud-based solution providers.  The primary benefit of cloud-based software is its ability to implement the software update faster.  Accessibility from multiple users, security, synchronization, collaboration, scalability, and cost savings make cloud-based software the best option for automation.  It is affordable to all types of businesses since the cost is shared among the users in proportion to the actual usage.  The setup and configurations used to be very fast, and once configured it runs without any issues.   One can subscribe to the cloud-based services for a specific tenure as well. Once the subscription for the period is completed, the subscriber has the option to renew it or move to another service provider.  Such transitions are much easy in the cloud-based system.  This compels the service provider to keep its product in a competitive mode.

Now, the question is when do we need to go for this transition? The best time to switch software providers is the end of the financial year, as your business is preparing to start fresh. By switching vendors at the end of the year, one can start on a fresh page with lesser data entries.

There are multiple barriers that stop one from changing their invoice software and payroll services.  The fear of change and its consequences is the primary one.   But it makes sense to relook at the system in place and scan through the options in the market.  The technological innovation of recent times brought much innovation in the market accompanied by a lower cost of using technology.  Mostly, the benefits will be well worth the effort and start reviewing the products now.

SMART ADMIN is a cloud-based software for Office Automation.  Smart Admin Tools are designed for Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

For more information visit https://www.smartadmin.co.in/

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WHY TIMESHEET IS IMPORTANT IN THE CURRENT WORKING MODE. MULTIPLE TIMESHEETS OF SMART ADMIN AND TIME TRACKER

It is good for all businesses to maintain timesheet for effective planning of a day.  Timesheet is ultimately a set of data points which help managers to track hours of an employee.  Timesheet has taken multiple dimensions with the change in technology, of late.  From a noting pad, it moved to punch card, spreadsheet, access card and set of log in and log out data.  It is common that organization working without timesheet will end up in listening to observation of supervisor or the grapevine in an organization which ultimately brings wrong input.  Thus, it would be difficult for an organization to plan workflow in the absence of a proper timesheet.

Now, with the latest remote working or hybrid working, the  old style of timesheet recording is getting outdated, and most of the businesses are moving toward full tracking of a day.  It is much different from the mere log in and log out of a day.  Such time tracker will have the data on time spent on tasks, projects, or clients and break time.  It helps to study the work pattern of a project in order to improve its workflow.   Further, such recording of days task will result in generating the summary data of a day or a week or month.  Also, it helps in accurate forecasting of task completion.  The data points will provide opportunity to analyze timesheet data to bring a big picture about the project progress or project delays.  It would help to refine processes or re-assign tasks.

The timesheet as designed by Smart Admin helps employees to schedule their day with the help of daily allotted tasks.  Other than the access data points, the timesheet has multiple options for workflow management.  The timesheet can be configured with or without approval of hours.  It has the option to record hours in precise mins or roughly in 30 mins interval.  Such set up can be done based on the level of employees and the target set for each one of them.  The metrics available the Smart Admin timesheet allow managers to analyze the productivity of employees.  This makes it easier for them to see who works well, and who needs more help.  It would help to identify the one who should be assigned with next important project,  Thus, there are multiple benefits of setting up timesheet. The exact recording reduces the wastage of valuable human resources.  Once we start using timesheet for project management, it gives higher insight to manage tasks and workforce efficiently.  Further, it gives an indicated costing on each new estimate and the profitability input as well.

Smart Admin timesheet can be used 100% effectively by implementing the log-in and log-out restrictions with option to enter hours within the time period.  It will accurately calculate employee’s contribution against their daily target.  The summary will outline project hours, unproductive hours of team members, and summarize the attendance, and leave.  Those data point further help to generate payroll as well.

SMART ADMIN is a cloud-based software for Office Automation.  Smart Admin Tools are designed for Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration. For more information visit https://www.smartadmin.co.in/

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MANAGE EMPLOYEES, CLIENTS VENDORS, PROJECTS, AND EXPENSES IN SINGLE PLACE. RE-USE DATA AND SAVE RESOURCES WITH SMART ADMIN

As enterprises adopt more digital mode of working, one can find explosion of software tools to manage the business processes.  The digitization of business operations results in higher customer experience.  Its relevance increased of late and gained much prominence in all types of industries due to frequent work disruption during the pandemic.  With plethora of tools, it is difficult for business owners to select the right software to manage business processes.

Service Sector in the economy is linked with activities related to training, consulting, maintenance, repairs, and more.  Customer relations are primary in this sector since the ‘word of the mouth’ plays an important role.  The sector can further increase its profitability by managing employees’ contribution.  As we know, any saving will create enterprise surplus, and such saving can be deployed for more customer service activities.  All expenses under hiring, training, retaining, and managing employees can be considered as employee cost.  At this point if one goes for reducing compensation it will have counter effect.  Rather, the aim should be to monitor the output per wage unit and improve the metric.  Hence, automation is very important for the Service Sector.

Now, the challenge is calculating output and comparing the same with wage unit.  The solution is linking contribution of participants with each invoice and measuring the output. It will end up in linking Clients, Timesheet and Tracking Employee Hours.

With the digital mode of working, other than the actual deliverables, the system will generate set of data points which is very important in optimizing the business processes.  The data so generated needs to be tweaked right from output and can be further analyzed for better outcome.  Hence the generation of data, and usage of such data are important in the digital mode of working.  Thus, there is a need to have control over the data generated and need to re-use data.

Smart Admin has all the features to capture relevant data about employees, maintain the client information and generate reports as needed.  Smart Admin has been set up with focus on the optimum capturing of data.  With wider re-use of data, Smart Admin ensures data accuracy and consistency.  All the data points which are collected while adding employees, clients, Vendors, and generating invoice / purchase order are properly re-used in Smart Admin to improve enterprise efficiency.  The data points can be used to optimize employee performance, measure contribution, and link the same with revenue generated.

SMART ADMIN is a cloud-based software for Office Automation.  Smart Admin Tools are designed for Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

For more information visit https://www.smartadmin.co.in/

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BEST TIMESHEET MANAGEMENT SOFTWARE

Smart Admin has multiple features which would help to implement timesheet management effectively in an organization. The log in and log out option records entry and exit of employee accurately.

The inbuilt features of Smart Admin depict the overall picture of the pattern of spending hours of each employee. The multiple data points generated can be channelized to assess performance and implement correction in managing process and people.

There is a general question. Is it good to keep timesheet management system for employees and in all organizations? The implementation of timesheet management is to be decided by the nature of the job. One among the good indicators for the need to implement timesheet entry software is that if the job function necessitates the availability of office network to employees throughout their job function. If so, it can be implemented with full control features as given in Smart admin. If the employees are micro managed and there are enough supervisors to monitor their activities then timesheet management system is not needed. The timesheet and payroll software as designed in Smart Admin helps those employees who are given tasks based on objectives, and further link their compensation with timesheet.

Once we implement timesheet invoice software, it saves lot of time in doing duplicate activities in preparing salary, sending invoice and more. Timesheet entry software helps recording hours spent on different tasks. It helps employees recording the exact time when they start work and end up with the hours logged out. With timesheet management, the total time worked on each task and project is assessed. It helps to keep track of what everyone is up to, and where people are spending their time. Timesheet management system provides solution to problems that can affect growing companies, it helps to minimize wastage of productive time and improve overall employee performance. The data points of timesheet can be used for generating payroll as well as invoice using the GST Compliant Invoice software. If you look are looking to implement timesheet management software in your organization, you can check the top 10 timesheet software available on the market. Smart Admin’s timesheet management system could be the right solution for your organizational requirement and Smart Admin would stand in the top.

The benefits of the timesheet entry software are summarized as follows:

Attendance Recording

Billing Clients

Project Estimating

Leave Recording

Preparing Payroll

Progress of projects/programs

SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

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INVOICING – E-INVOICING & DIGITAL INVOICING – HOW SMART ADMIN HELPS IN E-INVOICING PROCESS

Electronic invoice, e-invoice, and digital invoice are terms associated with digitization of invoicing process.  Generating an invoicing using a spreadsheet or using software will not mandate the same to be known as e-invoicing.  Such invoices are digital invoices.  Both E-invoicing and digital invoicing are processed electronically from creation to payment but there are a few fundamental differences.  E-invoicing is the next level of digitization in the invoicing process.

The fundamental difference is that the e-invoice files come as structured data.  It allows interoperability of invoicing software.  There are options to send e-invoices directly to the buyer’s software if both parties use an e-invoicing system and also define their e-invoicing address.  Thus, the e-invoice can be processed by both buyer and sellers’ software using the defined methodology of e-invoicing.

Also, e-invoicing is another process defined under the regulatory laws of each country.  In India, the GST rules define the e-invoice process.  After the 35th GST Council meeting, the country implemented e-invoicing, starting with large enterprises.  Now the annual turnover limit has been defined as INR 10 crores in the previous financial year for a company to fall under the e-invoicing option.

e-Invoicing helps the GST portal to do validation of each invoice generated. Under e-invoicing, a taxpayer has to report the invoices just once, and get it authenticated by the Invoice Registration Portal (IRP).  The portal which validates the invoices, thereafter, issues the Invoice Reference Number (IRN).  Upon authentication, the system will auto-populate the data to the GSTR-1 return.

This reduces the manual reporting process and improves accuracy. Thus, with e-invoicing automates multi-purpose reporting with a one-time input of invoice details. Further, e-invoicing reduces multiple manual data entry, and it does accuracy checks.  E-invoicing helps to get accurate tax credit in time to the buyer.  Thus, e-invoicing can contribute to increased productivity.  Invoicing used to be a tedious task and consumes more time if error occurs in transactions. With the introduction of e-invoicing, such incidents will not happen and thus both parties can save time.

The e-invoicing is applicable to B2B invoices only and is not applicable to B2C transactions.  Also, certain set of businesses are exempted like Banks, Insurance Financial institutions as defined under GST rules. We cannot cancel e-invoice partially, but we can cancel wholly.  On cancellation, it needs to report to the IRN within 24 hours. No option to cancel thereafter it needs to be cancelled on the GST portal before the returns are filed.

If you are falling under e-invoicing limits then you can opt for Smart Admin cloud-based, project management and, and invoicing software.  The invoicing feature can be accessed from a browser, and you can create your invoice directly.  You need to register with your business details and select the invoice option during the registration process. There are options to link a project and generate invoice as well as to generate invoice for goods / services delivered.  By subscribing to Smart Admin, you can keep all your business-related data on one platform.  It generates automatic payment tracking.

SMART ADMIN is a cloud-based software for Office Automation.  Smart Admin Tools are designed for Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration. For more information visit https://www.smartadmin.co.in/

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EXPORT OF SERVICES AND INVOICE FORMAT – OVERVIEW OF EXPORT OF SERVICES

The Goods and Services Tax (GST) literature provides detailed guidelines about the content of an invoice in its various notes.  The ‘Export Invoice’ related to Service is also a document containing a description of the services provided by an exporter, and the amount due from the importer.  Export invoicing is governed by various laws and regulations including GST regime as well as the guidelines of RBI.  Export invoices are used by the governmental authorities in the assessment and calculation of taxes.

There are three types of transactions that are related to export in GST:  Export under IGST, Under Bond/LUT, and Zero- rated supply.

Under the GST Law, the export of goods or services has been treated as follows.

inter-State supply and covered under the IGST Act.

‘zero rated supply’ i.e., the goods or services exported shall be relieved of GST levied upon them either at the input stage or at the final product stage.

Zero- rated supply means that the entire value chain of the supply is exempt from tax. This means that in case of zero rating, not only is the output exempt from payment of tax, but there is also no bar on taking/availing credit of taxes paid on the input side for making/providing the output supply.

The export transaction can be completed on payment of IGST that can be claimed as refund after the goods have been exported, as per the defined procedure.   In the case of goods and services exported under bond or LUT, the exporter can claim a refund of accumulated ITC on account of export. The export goods are to be made under self-sealing and self-certification without any intervention of the departmental officer.

Export invoices fall under electronic invoicing system for taxpayers with aggregate Annual Turnover of more than 10 Cr from 01st October, 2022. This ceiling will be modified on a periodical basis.  All supplies to SEZs (with/without payment), exports (with/without payment), deemed exports, are also  currently covered under e-invoicing except those fall under exempt list with the turnover limit.

Generating the right export invoice is an important part of export services. Business needs to ensure that it complies with all regulations while issuing an export invoice to avoid any legal or financial penalties.  There are no specific guidelines mentioned for the format of invoice while exporting services.  Generally, export invoices for services need to contain the following details based on the available info.

Name, address, contact details and GSTIN of exporter and similar details of recipient

Invoice number and date

Details of Shipping

Type of export and total value of invoice and currency

Conversion rate from INR to applicable currency and Total Value of the Document

Taxable Value, Tax rate and Tax as applicable, if the refund is claimed and type of export is Export with Tax

HSN Code

Signature of authorized person

Shipping bill number, date and Port are not needed for Invoice related to Export of Services as per the Annexure documentation of GST.

Exporters need to submit various forms and documents to report on their export transactions to RBI pe the type of exports and need to follow RBI guidelines.  If the exporter is claiming any benefits under export promotional schemes, the relevant details should be included in the invoice.  DGFT is responsible for administering various export schemes.

SMART ADMIN is a cloud-based software for Office Automation.  Smart Admin Tools are designed for Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration. For more information visit https://www.smartadmin.co.in/

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NEED FOR AUTOMATION DURING ECONOMIC DOWNTURN – DIGITIZATION AND ITS ROLE IN MINIMIZING THE EFFECTS OF RECESSION

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TASK AND PROJECT MANAGEMENT – HOW TO BENEFIT BEST OF PROJECT MANAGEMENT USING PROJECT MANAGEMENT SOFTWARE?

Project management involves multiple elements of planning, organizing, leading, and controlling.  The effective project management results in team completing tasks per the scheduled time.  The objective of project management is to produce work products/end results that comply with the client’s objectives.  The importance of sound Project Management can be summarized as follows:

Strategic Alignment:  Project management ensures what’s being delivered, is right, and can deliver real value against the business chance.

Clarify in Objectives:  It helps team members to work with proper briefs, focus, and with well-defined goals.

Proper Project Planning: Good project management will results in projects getting delivered in time, and within the budget.  Without proper project management, budget estimates and project delivery timelines will not get aligned with the end result.

Quality Control:  Projects are also usually below enormous pressure to be completed.  Without a dedicated project manager, who has the support and buy-in of executive management, tasks are underestimated, schedules tightened and processes rushed.

Managing Risks: Risk management is critical to project success.  The temptation is just to sweep them under the carpet, never talk about them to the client, and hope for the best.

Learning Repository:  Project management will break bad habits and once you’re delivering projects, it’s necessary to not create the same mistakes twice.  Project managers use retrospectives or post-project reviews to consider what went well, what didn’t go this well, and what should be done differently for the following project.

For better project control, it is a good practice to bifurcate projects into multiple tasks.  Any project or program can be divided into multiple homogeneous tasks.  The completion of such tasks at different points of time results in the completion of a project or program.

Task management consists of planning, testing, tracking, and reporting stages.  Proper task management will result in the success of a project.  The appropriate task management facilitates the accomplishment of project goals, and result in team members collaborating effectively to reach the collective goals.

While managing tasks, it is important to look into all aspects of their status, priority, time, resources, dependency, and so on.  There are multiple software tools to manage individuals or team tasks.  The software tool as developed by Smart Admin is an effective tool for project management software.

Tasks can be classified as ready but not scheduled, assigned, completed, expire, and paused.  The user can prioritize tasks and can work based on the time limed and deadline.  The project manager can evaluate the progress of tasks regularly.

One can initiate the setting up a strong foundation for efficient processes in an organization by implementing the processes for project and task management.  This will result in Project managers adhering to task-oriented management bounded with a commitment to delivering detailed and up-to-date project progress in time.

SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

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REMOTE WORK AND PROJECT MANAGEMENT – HOW TO MAKE REMOTE WORKING MORE EFFECTIVE USING SMART ADMIN?

Remote project management differs from traditional methods of managing projects.  When we try to manage projects from multiple locations, it would be hard to stay on top of tasks and deadlines without implementing proper project management tools.  Video calls and frequent remote meetings are good to get status updates but not provide tools to track the results.  There will be multiple unreasonable excuses at the end of the day for not meeting the completion of the task.  Whereas, once you implement a project management tool, it can sum up the contribution of each team member irrespective of their excuses.  In the absence of such a tool, the tabulation of contribution with accumulated data points would be difficult and this results in poor project management in remote working.

The tools as provided in the project management option of Smart Admin help to keep work moving without the traditional necessities like frequent meetings or daily status calls or morning waking up calls.  There are chances that team members are very active in such calls but not so thereafter.  Smart Admin can be effectively configured for following associated activities in any project management

Adding Hours against completion of tasks

Collaboration

Defining Projects and Tasks

Meeting deadlines

Project Estimates

Status Updates

Setting up Clear processes for task

Set deadlines in advance

Team Management

The tool facilities the team to work most productive but with lesser distractions focusing on the task of a day.  They can work at different times of the day but eventually, the project management tool counts the output of each task.  It provides higher flexibility and freedom to organize tasks and work productively for team members.

It is a fact that there are multiple tools out in the market there only a few really fits into all industries.  Smart Admin has been configured to meet expectations of multiple industries and it is highly customizable.  Once you subscribe to Smart Admin there is little need to combine a set of tools and platforms to manage your remote team project. It gives solutions to all your questions and challenges in remote working.

SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

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WORK FROM HOME – HOW THE PROJECT MANAGEMENT TOOL OF SMART ADMIN HELPS IN CHALLENGES IN WORK FROM HOME?

Work from home has been in the tech industry for a long time and of late it spreads into all industries.  Now, it has spread like continuous work from home and not occasional or weekly work from home.  The recent event in the country associated with COVID – 19 has forced industries of all types to go for work from home.  The tech companies with an existing set of tech tools did not find many issues as it was a practice for them for years together.  For other traditional industries, it was a big challenge in their lifetime.  It forced many companies to embrace the remote culture but without adequate tools to manage the workforce.  This resulted in a growing trend of adapting software to manage the remote workforce.  As we know every project is different, as well as every remote team.  However, the features of Smart Admin can be used together or separately to manage teams of multiple industries.

It is the duty of the Management to identify the right remote project management tool.  Smart Admin with its features of attendance, login, task, and project management falls handy in this domain.  While working remotely, it became the responsibility of the management to provide the right tools and guidance to team members to perform them optimally.  The fall in productivity will result in a drop in the performance of the company, which ultimately leads to the stability of the employee job.

There is believed that the office has distractions of all kinds, and in work from home such distractions are absent.  They believe that having the flexibility to work whenever they want, makes them adapt to their natural energy cycles and thus be more productive. There are additional distractions in work from home as well.

While the benefits of remote working are as clear as day, managing remote project teams comes with its own set of challenges.  In addition, the work from home will reduce team dynamics and their effect on output. The team spirit can be built up providing centralized software to manage projects which help all employees to understand the happening in their project and company.  In the absence of the same, the employee gets isolated and slowly drifts away from the team or its objectives.  Here are a few top issues attached to Work from Home.

Absence of cohesion within the team

Failure to understand goals and expectations

Feedback Issues

Irregular schedule and timeline

Lack of communication in project

Lesser Guidance in Tasks

Missing accountability

With the help of Smart Admin, the above problems can be resolved.  There are specific tools to record the working hours, completion of hours against tasks, and assign tasks to team members.  It helps to streamline and digitize business processes.  The dashboard provides an overall picture of project progress and gives 10x more effective than multiple team meetings to understand the project progress.  The information as need about project, goals, and expectations are clearly exhibited in multiple tools of project tracking.  Smart Admin is a cloud-based tool; it can be accessed from any location.

SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet, and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

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HOW DO WE SHORTEN TIME TO PERFORMANCE?

By using strategic on boarding we can get 77% of new hires to hit their first performance goals within the formal training.  So every job role takes some amount of time frame to achieve the proficiency in the required job skill which performs consistently which is referred as “Time to Proficiency” (TTP). Instant growth in time-to-proficiency translates to Best Payroll, productivity and the gains in time to market. Accelerated proficiency results to higher level of proficiency in minimal time.  Accelerated proficiency can be defined in three types:

Rapid Training- the idea is to train the individuals to maintain some minimal level of proficiency at a rate faster than the traditional training

Accelerated Learning is also referred to as idea of getting individuals to gain high level of proficiency which leads to faster than ordinary

Once trained with accelerated learning, stabilize to that level of skill should be maintained

Acceleration Methods:

Rapid training and proficiency training can be done through the use of simulations, computer games and immersions all of them are improved through application intelligent tutoring and artificial intelligence capabilities.

Accelerated proficiency can be gained by Timesheet, use of case-based instructions, and realistic case based instructions by focusing on the errors.

The 5 P’s stages of the Accelerated learning are as follows:

1. Preparation:

Always adopt the positive and resourceful state of mind which will impact on learners mind, emotions and physical state positively. It may be by means like use of white board, covering walls with posters which will act as a tool for subconscious learning.

2. Practice:

Under this process learners practice the information they had collected through the hands on experience, working on small project.

3.Performance:

It will provide you the test knowledge on the thing you learned

Cognitive test – It is to check either the participant is able to recall the information from the training session.

Computer Skill- the purpose is to know participant has learned the required Computer skill to a job?

On-the-job performance- It is accounted after the completion of the one month of training which evaluates effective rate of the training

4.Polish and Perfect:

The final stage is to review entire learning process of Accelerated learning. Know the best way of learning on process which needs practice and revision.

Conclusion:

So here you will be able to find the ways and different strategies to minimize the time spent on task to increase the performance. And will also provide you the factors on which the employees should be focused.

SMART ADMIN is a cloud-based software for generating GST Compliant Invoice, Payroll management, Timesheet and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

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CLOCK HOURS AND DECIMAL HOURS – CONVERTING AND ADDING DECIMAL HOURS IN SMART ADMIN

Clock hour is the time as recorded per clock reading.  Usually, we follow clock hours for tasks like the time spent attending to a particular task or for project management activities.  If the clock hour is recorded as 7 hours and 30 minutes, then in the decimal format the same is equal to 7.50 hours.  The 30-minute portion becomes .50 because 30 minutes is equal to 1/2 hour or .50 hours in decimal format.

The Decimal system always represents a duration and not a specific point in time.  The decimal number of hours allows time to be expressed as a fraction of a day, enabling mathematical comparison, data analysis, and calculations with other numerical values.  Decimal hours are frequently used in accounting for payrolls and hourly billing.  It is a common way to calculate the total time worked when you want to generate payroll or determine the total time spent on a project by using a timesheet.  It will help to sort or analyze the hours using a common spreadsheet.  Whereas the clock hours have limitations in addition, to sorting and other data analysis activities.

How to Calculate Decimal Hour from Clock Hour

The formula to calculate clock hour to decimal hour is as follows.

Number of minutes / 60

It converts minutes to decimals.  If we worked for 15 mins then per clock hour it is 15 mins and per decimal hours, it is .25 hours.  Here are the examples.

15 minutes   =15/60 = .25 hours

30 minutes = 30/60 = 0.50 hours

Converting a large hour to decimal

To convert a large unit of time into a decimal unit, the conversion factor must be multiplied.  For example, to convert hours to minutes, the number of hours is multiplied by 60, and add the minutes and then divide by 60.

4 hours 30 minutes   =270/60 = 4.5 hours

The 12-hour or 24-hour format is the most used in daily life, as it provides a clear and convenient way to express a specific time.  To perform mathematical calculations with time, it is recommended to use decimal hours, which requires converting units.  There are various online calculators available, such as https://www.calculatorsoup.com/calculators/time/time-to-decimal-calculator.php for converting minutes to decimal time, which can assist with the conversion process.  The key to achieving a successful conversion is using the correct conversion factors and having a thorough understanding of the units being converted.

The timesheet report as provided in Smart Admin displays both clock hours and decimal hours.

SMART ADMIN is a cloud-based software for Office Automation.  Smart Admin Tools are designed for Payroll management, Timesheet and Project Tracking – visit SMART ADMIN for FREE Trial and Registration.

For more information visit https://www.smartadmin.co.in/