Best Investment Tips for the Stock Markets.

With the advancements in technology and improvements made with stock market software, investing in stocks is as easy as grabbing a cup of coffee. However, the answer to “which stocks to invest in?” is still complex. If anything, the process of picking the stocks has become more complicated and tricky over the last few decades.

 

Understandably so, with so many companies getting listed in the stock markets and the amount of data and information flowing in the world, no one but the prudent investors are able to make the right decisions and pick the right stocks.

 

In this post, we are going to share some tips with you on how to make good investments in the stock markets. So, before more companies get listed on the stock markets, let’s get started with our first tip on how to make good investments in the stock markets:

 

Think with a long-term approach.

Never think of stock markets investment as a “make quick money” trick. It can prove out to be counterproductive, and even fatal for your financial situation at times. The most important thing about investing in stock markets is that: “Do not invest any money that you might be needing within the next 5 years or less”.

 

Before you go ahead and invest your hard-earned money in a stock, ensure clarity at the back of your head about when and how will you be needing those funds in future. If you are going to need those funds within the next couple years or so, consider an option other than stocks. Because of the volatility in stock markets, you can’t be sure if the total amount will be available when you need it.

 

Avoid the herd mentality.

This is one of the most important things you must remember when you are investing in the stock markets. Not only does it save you the peace of mind, but it makes sure that you are not losing your investments just because of what a random person or TV show host is saying. Don’t sell because everyone is selling, and don’t buy because everyone is buying – sweet and simple!

 

While it’s true that you need to keep yourself informed and make prudent decisions by knowing what’s going on in the market and with the companies you have invested in, make sure that you are not losing money while doing it.  One of the best investors in the stock markets, Warren Buffet has a very interesting quote on avoiding the herd mentality: “Be fearful when others are greedy, Be greedy when others are fearful”. So, always remember: “Avoid the herd mentality”.

 

Pick Companies, Not stocks.

The notion that investing in stocks is like buying chips at poker, is fundamentally wrong. When you buy a particular stock, you are essentially buying a share in the company. And before you put money into something, don’t you think twice before getting associated with it. I’m sure you do!

 

The same way, you should invest in a stock only after you understand the company and the kind of business it does. Make sure that you know about the company culture, their products, the way their industry works, and what are their plans in the future. Pick a stock only if you trust and believe in the company it’s associated with.

 

Build up positions gradually.

Since we emphasised so much on the fact that you should have a long-term approach towards choosing and investing in stocks, why should the process of buying them be any different? If you are supposed to keep invested in a company for years and decades, you should take your time in buying them as well.

 

Research about different buying strategies and then use them so that you can smooth-out the fluctuations and reduce your exposure to price volatility. You can use a good stock market software for doing this as well. Some of the best buying strategies that you can use for building up positions are:

 

  • Dollar Cost average.
  • Buy in thirds.
  • Buy “the basket”

 

So, this was our guide on how to make good investments in the stock markets. Have any questions? Or want to know how stock market software can help you make the right investments? Get in touch with us!

How to start a Medical Shop in India?

With the rising population in the urban parts of India and the increasingly rampant urbanization of even the rural areas, people are getting more buying capacity. And that has made them more aware of their health in the last couple of years. Access to medicines and other health products has become a priority for Indians across the country.

 

That is the reason why starting a medical shop can turn out to be an extremely profitable business option for you. In this post, we are going to walk you through the whole process of starting a medical shop in India. We would also tell you how a medical shop billing software can prove out to be instrumental for the success of your business. Let’s get started:

 

  1. Business and Tax Registration: First of all, you need to make sure that all the registration processes are taken care of. You will have to choose one of four options. The four options are Hospital Pharmacy, Standalone Pharmacy, Chain Pharmacy, and Township pharmacy.

 

Depending on where you wish to start the medical shop and how you plan on creating a set of customers, you will have to choose one of these four options. Following this, you will have to choose the way you want to register your business as a legal company. You will have to choose one out of LLP or Private Limited Company.

 

After you’re done registering the company, you will have to make sure that the tax registrations are done right. Obtain a GST number and other paperwork is very important for your business. For streamlining your tax process, you should employ good GST software.

 

  1. Pharmacy or Drug License: To start a pharmacy business, a drug license from Central Drugs Control Organization as well as State drugs standard control must be obtained. Retail Drug License (RDL) is given to pharmacies whereas Wholesale Drug License is required if you and your company is going to be involved in the wholesale business of medicines and drugs.

 

The requirements for getting a license include a minimum of 10 square ft. area of operation, refrigerated storage facility, and qualified staff.

 

  1. Go Digital: To make sure that your medical shop succeeds and has a lot of customers, you will have to understand the digital world and use it to grow your business. First of all, you need to sign-up for Google Business so that people can discover your shop via Google Maps. Following this, you need to get on social media and engage with your customers. You should also go for medical shop software to make sure that everything in your business is running smoothly. Not only this, you can even integrate with your GST software to reduce paperwork for your business.

 

  1. Give Buyers a great experience: For making sure that the customers visit your shop regularly, you have given them an amazing shopping experience. A medical shop billing software can save a lot of time of your consumers and you can even provide them an invoice with it. You should also accept payments online and cards to attract more customers who are tech-savvy and believe in going cashless.

 

So, this was all you needed to know about how to start a medical shop in India. Have any questions? Feel free to ask us in the comment box.

Interim Budget 2019 Unravelled: Everything You Must Know!

Every business person worth his salt would dedicate the due time to understand the fiscal union budget of the nation because of how crucial it is to drive the economy of country, and influence their business itself.

 

As the elections are just around the corner and everyone was glued to the tabloids so they can know each and every aspect of the budget. And for the right reasons, the interim budget somewhat lived up to the hype that had been created before it was presented by Piyush Goyal, Minister of Finance.

 

While the government was commended for its step to exempt taxes on the middle-class and even welcomed by the public, the announcement of ₹6000 in income support for the farmers was criticised for being insensitive by the pundits as well as the public too.

 

However, there are gazillions of other things that the people should know about the interim budget. In this post, we are going to do just that. This post will be a comprehensive and detailed highlights of interim budget 2019. Let’s have a look:

 

Let’s talk the numbers: Breakdown of Budget.

The total union budget for this year was amounted to be Rs. 27,84,200, which has seen a clear increase if we compare it to Rs. 24,42,000 of the year 2018-19. Out of this Rs 27 lakh crore rupees, only Rs 20 lakh crore has been the revenue for the government while the rest of Rs 7 lakh crore rupees will be either borrowings or liabilities. Here’s a breakdown of the money received for the total budget that the government will be spending this year:

 

21% – Corporation tax

17% – income Tax

4% – Customs

3% Capital Receipts

8% – Non-tax revenue

7% – Union Excise tax

21% – GST Collection

19% – Borrowings and Liabilties

 

If you notice, the collection from the GST has already started making an impact. Many factors such as steps taken by government and ease of paperwork due to products such as cloud GST software and billing software can be given the credit for this.

 

Tax Proposals for 2019-2020.

Here’s a list of notable announcements regarding the tax proposals made in the interim budget:

  • Contrary to the popular belief, the tax slabs will remain the same for the year 2019-20.
  • The tax on the second house rent of second occupied house shall be exempted.
  • The tax rebate limit under Section – 87A shall be increased from Rs 3.5 lakhs to a whopping Rs 5 lakhs. This move has been appreciated by public on a wide scale.
  • TDS limit for post-office and bank savings has been increased along with the TDS threshold on rent.
  • For the housing projects approved before 31st March, 2020, the benefits under Sector 80-IBA shall be extended for one more fiscal year.
  • SMEs that earn less that Rs 5 crores will have to file GST only once in 3 months.
  • The sourcing of SMEs by Government enterprises has been increased to 25%, out of which a 3% is reserved for SMEs owned by women.

 

Reforms in the Banking and Financial Sector.

The increasing number of outstanding loans in the public sector was one of the major considerations in the interim budget. The total amount for these outstanding loans increased from Rs 18 lakh crores to a magnanimous Rs 52 lakh crores. Prompt corrective action (PCA) is being implemented and only 3 public banks are kept out of this as of now. Insolvency and Bankruptcy code (IBC) has devised a resolution-friendly mechanism to speed-up the recovery of NPAs.

 

Recapitalisation of public sector banks will be done too in this fiscal year. A sum of Rs 2.6 lakh crores has been assigned for this very purpose.

 

Agricultural Reforms.

As the pressure from various fronts was mounting, the government made an attempt at wooing the farmers too. However, it didn’t receive the response that they’d expected. Pradhan Mantri Kisan Samman Nidhi has been introduced with a promise to pay Rs 6,000 annually to the farmers. Minimum Support Price (MSPs) has been introduced with rates 50% more than the cost for all the 22 crops which can be a major relief for the farmers.

 

So, these were the highlights from the interim budget 2019. Have any questions? Feel free to ask us in the comment box

Latest GST News & Updates | SpineBlog

GST, Goods and Services Tax also defined as a direct tax which has replaced many indirect taxes in India. The act came into effect on 1st July 2017 and is a comprehensive, multi-stage, destination-based tax that is levied after every value addition. In case of intra-state sale, Central GST and State GST both are charged. In case of inter-state Integrated GST is charged. Welcome to our bimonthly GST Update post. Without any further ado, let us discuss the latest developments about the GST.

GST IN THE IT SECTOR

Many of our readers and customers have been asking us to write about the impact of GST in the IT industry. So, we’d like to start with that. One of the most important things that has been seen in the IT sector after the roll-out of Goods and Services Tax is ITC. ITC is also called as Input Tax Credits and is very popular among decision makers and other individuals working in the IT sector. Companies and traders in the IT industry selling goods and services could not claim service tax paid on AMCs for their computers and software before GST. With ITC, it has been made a cakewalk.

Earlier purchasing a CD, DVD or hard disk would consist of 3 taxes being levied on it:

  1. Excise Duty
  2. VAT
  3. Service Tax

GST on IT sector attracts 18% of software services provided by software companies. For purely software services, the cost of such services will increase under GST. If you have a software business then you need to change your accounting system and ERPs to get them in sync in with GST. This would increase infrastructure costs and also management costs. Most large companies in fact do set up teams to manage their GST.

LATEST GST NEWS AND UPDATES

  • In case you are a taxpayer who’s GST registration has come to and end you are required to give the final return in FORM GSTR-10 till 31st December 2018.
  • The 30th GST Council meet was held via video conferencing and revolved around the administerial progress made in GST system. There was also discussion in levying cess in case of exigencies.
  • A seven member group of ministers was formed to submit recommendations to the GST council by 31st October 2018.
  • The council recommended 10% cess to recover loss due to Kerala floods.
  • October GST collections topped Rs 1 lakh crore. In a tweet by finance minister, he attributed the success of GST to lower rates and lesser evasion and higher compliance.
  • The GST revenue rose to Rs 94,442 crore in September and the government was hopeful that it could surpass the landmark of Rs 1 lakh crore in the following months due to the festive season.
  • This GST prediction suggests that collection might be improving and economic growth is set to be better in the second half of the financial year.

So, these were the latest updates about the Goods and Services Tax (GST). Found anything useful? Share it with your colleagues and friends. Feel free to let us know your thoughts in the comment box.

The Definitive Guide to Understanding all About GST Returns

The 1st of July 2017 marked a historic day for the country of India. It was on this day that the primitive taxing system on goods and services was abolished, and a single goods and services tax, better known as the GST, was brought into practice. Aimed at uniting the nation into a single market, the goods and services tax affected individuals and businesses alike. Service tax, value added tax and other taxes all gave way to the GST, which is a tax levied on value addition at each stage. Therefore, the consumer has to pay tax charged only by the last supplier in the retail chain. GST ranges to a maximum of 28% tax levied on products, the actual amounts vary from service to service. Obviously, a new system will bring with it new rules and regulations, which was the case with the implementation of GST. As employed personnel file income tax returns, retailers and business owners are required to file GST returns, which includes 3 monthly ones and 1 annual one. This amounts to a total of 37 returns in a financial year. Registered dealers file GST returns which include purchases, sales, output on sales and input tax i.e. GST paid on purchases. Under the new GST rules, tax return filing is mandatory. Every individual registered under the GST act has to file tax returns, which can be easily done online. Special cases such as composition dealers require special returns to be filed.

 

Scepticism regarding implementation of GST was an all-time high when the tax was first introduced. Most of those doubts have been resolved now, still, a few nagging questions remain here and there. Let us attempt to solve them by listing the advantages of implementation of GST and filing GST returns on time.

A larger tax base

As more and more businesses become GST compliant, overall tax liability is expected to be reduced, due to the enlarging of the tax base in the country. Expectations are that GST will have quite a significant impact on the tax base in India. Using technologies such as Aadhaar and PAN databases will also make GST return filing and compliance an easier and streamlined process, thereby speeding up the enlargement of the Indian tax base.

Reduction in taxes

Under the VAT scheme, businesses are forced to comply with VAT regulations if they cross an annual turnover of INR 5 lakh. This is way less when compared with the GST regime. According to the new GST rules and regulations, businesses must become compliant only if they have annual turnovers of INR 20 lakh or more. This figure is INR 10 lakh for the north eastern states of India. Hence, the implementation of GST brings about lower taxes for all parties involved. Customers also pay lower taxes for goods and services, since they only pay the tax charged by the last supplier in the chain.

A unified platform

With the advent of GST, businesses have said goodbye to multiple VAT registrations in different states, in addition to different service tax registrations. Now, a single GST registration and compliance is enough to do your businesses pan-India. Indirect taxes have been standardized and streamlined, and the implementation of GST has brought about a unified platform in the Indian economy for all types of businesses and individuals.

The ease of doing business

Due to the unification of all taxes, businesses find it easier to operate and earn profits. As mentioned before, the convenience of not having to run around to multiple states or obtain multiple service tax and VAT compliances is a major factor why GST has been touted to be so successful. No compliance burden on businesses means that doing business is easy, with the tax distinction on goods and services now blurred. With taxes like purchase tax, customs duty, and luxury tax now subsumed under the GST banner, it makes tax collection and compliance easier than ever before for all businesses and individuals registered with the GST act.

GST and India TAX

 

GST returns and types

In accordance with the new GST laws, there exist 11 types of GST returns which are to be filed. A few of these need to be filed by all regular businesses, while others are for special cases such as composition schemes. Return filing is mandatory, even if no tax amount exists, a nil return needs to be filed. All filing of returns is done online.

For regular businesses, they need to file 5 kinds of returns-

  1. GSTR-1

This return contains details of outward supplies affected from July to March, on taxable goods and services. This return needs to be filed monthly and is due on the 11th of every month.

  1. GSTR-2

As the GSTR-1 contains details of outward supplies, the GSTR-2 contains details of inward supplies of taxable goods and services, and services affected claiming input tax credit. The return is due on the 15th of every month, but has been suspended as of now.

  1. GSTR-3

This can be viewed as a summarization of GSTR-1 and 2. It is calculated after analysing the details of both outward and inward supplies and payment of tax. It is due on the 20th of each month.

  1. GSTR-3B

Containing details about returns up to the month of March, this is another monthly return that needs to be filed by the 20th of the next month.

  1. GSTR-9

The GSTR-9 is the annual GST return which is filed by the 31st December of the next financial year. Companies with turnovers of less than 1.5 Cr INR in the previous financial year can file quarterly returns (GSTR-1) by the end of next month in the July-March period.

For certain special registered retailers or dealers, here are the other return types that need to be filed-

  1. GSTR-5

A monthly return that needs to be filed by the 20th of the next month under consideration, this contains information on returns for non-resident foreign taxable persons.

  1. GSTR-6

This is the return type for input service distributors, and is due on the 13th of every next month.

  1. GSTR-7

Returns for authorities deducting tax at source are filed under the GSTR-7 category, and are due on every 10th of the next month.

  1. GSTR-10

This is the final return that needs to be filed by dealers once upon cancellation or surrender of registration.

Composition scheme

To enjoy benefits of lower tax rates and compliance, dealers often enter composition schemes with other affiliate businesses. If your business has an annual turnover of up to INR 1 crore, and you are a manufacturer of goods, dealer or restaurant owner, you can opt for a composition scheme. Two types of returns need to be filed under the composition scheme-

  1. GSTR-4

This is a quarterly return for compounding taxable person, and is due on the 18th of the month succeeding the quarter under consideration.

  1. GSTR-9A

This is the annual return which is filed by the 31st December of the next financial year.

Late fees and interest

GST return filing is mandatory for all compliant businesses. Even if there is no tax to file returns for, a nil return must be filed. If one does not file the previous applicable return, he/she cannot file the next return due, thus having a cascading and devastating effect. Late fees and interest pile up for each return not filed, which ultimately leads to heavy penalties.

The late fee as per the GST act is INR 100 per day per act, which sums up to INR 200 for CGST and SGST. For a few returns such as the GSTR-1, 5, 6, and 4 are now INR 50 per day. For nil returns, the same is now INR 20. For the months of July, August, and September, the late fees of the GSTR-3B have been waived off.

There you have it! A crystal clear guide to understanding GST returns, the filing processes, types of returns and late fees. Now you know all there is to know about filing your GST returns. Don’t wait! You just might incur a late fee penalty!

Difference Between Indian GST and GST Around the World.

India finally adopted the Goods and Services Tax in the July of ___. Aimed to establish a singular tax over the entire nation, the GST unites the myriad pre-existing taxes under one umbrella. But India is not the first country to introduce a tax aimed at increasing tax collection efficiency, reducing corruption, tax evasion, and making movement of goods easier. More than 140 countries have implemented the GST, with France winning the race by doing so in 1954.

It is important for the people and especially business people to understand how the GST and it’s rules varies from country to country. Not only this, it is even more important as the specifications and functioning of GST Software varies too.

India’s GST

India has adopted the dual-GST model which can be seen in countries like Canada and Brazil. This has been done as India is a federal country where both the Centre and the States have powers to levy and collect taxes. Both the levels of government have responsibilities as assigned by the Constitution for which they need to raise resources. A dual GST, thus, justifies the Constitutional requirement of fiscal federalism.
It’s still not a uniform tax as there are five tax slabs – 0%, 5%, 12%, 18%, and 28%. It technically is not a single tax. The distinctive factor in the Indian GST is the 18% slab, which is higher than any other emerging market economies.

GST around the world
New Zealand
New Zealand adopted GST way back in 1986, where the tax for everything has been a singular slab. The slab stood at 10% until 2010, after which it was bumped up to 15%. The GST does not apply to residential rents and financial services. Businesses here can recover the GST as an input cost. Due to the fact that GST was adopted such a long time ago, the GST Software in New Zealand is much simpler and direct.

Singapore
Singapore has a universal rate system on every purchase. Initiated in 1994 with a flat rate of 3%, it was not until 2007 that the rate was increased to 7%.

Indonesia
The Indonesian model is slightly complicated with imports being subjected to both VAT and GST, but most exports are exempted from the list. If the services are supplied out of the country by foreign taxpayers, the tax rate is 10%, and certain items are taxed at 20% with the maximum cap being 35%. Imports subjected to the luxury tax are marked between 10% and 50%. Most items like gold, mining products, arts and entertainment, education and medical health are not subject to pay any VAT. This broad range of tax slabs makes the pharmaceutical management softwares even more complex.

China
There are three tax rates existing in the model: 0%, 5%, and 19%. China has maintained the GST applications over goods and the provision of repairs, processing, and replacement assisted services. This means that is partially collected on goods which are consumed in the manufacturing process as the fixed asset goods.

Canada
The Canadian GST closely resembles the Indian GST with taxation regimes under three schemes: Federal GST, Joint Federal, and separate Federal. Federal tax is the predominant system while joint federal runs on the synchronisation between the economy and the states. Separate federal only applies to Quebec as it is deemed a quasi-independent province. The tax rate is 5%, except for some provinces where a sales tax of 15% exists.

USA
The USA collects taxes at separate levels ie the federal, state, and local governments. The federal tax rates are marked between 10% and 39.6% of the taxable income, while state and local governments mark the tax from 0% to 13.30% of taxable income.

Ukraine
The standard tax rate is 20% and the VAT is added to the cost of goods and service prices. Some supplies are subject to lower rates like 0% and 7%. Generally, pharmaceuticals, medicines, and medicinal equipments incur the 7% slab while the export of goods and services are marked at 0%. These slabs are needed to be weighed in while creating or procuring a pharmaceutical management softwares.

France

GST was born in France with 4 tax rate slabs. The rates here are chargeable in the slab of 2.1%, 5.5%, 10%, and 20%. Most of the goods are marked at the standard 20%.

This was our take on how the taxation system varies from country-to-country around the world. You think we miss something that the readers must be told about? Feel free to let us know in the comment box or contacts us.

Tips for Filing GST in India | GST Blog

The advent of the Goods & Service Tax, which has replaced the numerous indirect taxes levied, had brought with it a lot of chaos and confusions about how the new system will plan out. After facing the initial hiccups since its launch in July 2017, GST compliance has started picking up pace.

That does not make it less confusing to file returns.

A return is a document used by tax authorities to calculate tax liability. It contains details of income which a taxpayer is required to file with the authorities. A typical GST returns includes:

  • Purchases (Inward supplies)
  • Sales (Outward supplies)
  • Output on sales
  • Input tax credit

According to the norms, any regular business must file GSTR1 and GSTR3B every month. This amounts to a whopping 24 returns in a year. Returns like GSTR2 and GSTR3 have still not come in practice due to the compliance challenges faced by the users.

But there is good news. Your business need to not have any additional complications from filing returns.

Here are some tips on filing your GST returns safely:

  1. ITC is your lifeline
    Input Tax Credit is something that keeps your life in balance, more so for SMEs. The availability of ITC could determine the cost of compliance and estimate the competitiveness of a business. ITC can be claimed on expenses incurred during ‘furtherance of business.’ SMEs can claim ITC across a lot of avenues if they’re familiar with the law, and thus reduce costs of operation.
  2. Keep invoices and transaction details safe
    ITC (Input Tax Credit) can be claimed based on the GST returns submitted on the GST portal. Initially, it was thought to work after matching GSTR1 and GSTR2. But now, it works based on the GSTR1 and GSTR3B filed. However, the invoice records must be maintained meticulously to ensure proper entry at the time of return filing.
  1. Do away with manual bookkeeping
    GST is a step towards digitizing the entire Indian economy. The GSTN portal is the most used source for uploading all types of returns, verifying account balance and checking the ITC granted. Transcribing manual records onto a computer screen not only is taxing, it can also result in a costly mistake.
    Softwares for filing GST turn this entire process into a pleasant experience.
  2. Easy Way Out?
    Here’s the ultimate cheat: third party
    GST software for filing your returns. Of course, tax returns can be filed directly on the GSTN portal, but if you are not well-versed with the forms or the technical aspects of the entire situation, it is much more convenient to file taxes using a GST software.

Benefits of using a GST software:

A GST software incorporates convenience and digitization into a single user-friendly experience.
Usually, most businesses settle with a bookkeeping software that usually takes care of all the inventories, tax calculations, invoices, and bills. The introduction of
GST software takes care of these technicalities. It makes the registration and migration of data extremely easy.

GST software also simplify invoicing. Service based companies have to follow the tedious procedure of calculating taxes based on transactions and different items with varying rates. Filing returns with a GST software puts all of this on a computer screen with drag and drop ease of access.

Customizability is another brilliant aspect of a GST software. It automates tax and other rates according to business processes. The user can customize the tax calculations based on their business requirements. There exist a lot of myriad taxes, using a software to file GST makes sure that all tax penalties are appropriately addressed. A GST software comes as a time-saving, cost effective measure that is practically error free. There is no threat of miscalculations or losing invoices. Filing taxes with a GST software can help manage all of the operations with ease. And finally, all your data is accessible anytime, anywhere. This is the main benefit of using a GST software. Data check, and verification, keeping track of cash flow, and real time payment analysis are all possible due to GST softwares moving the entire bookkeeping experience online.

The two types of GST softwares available in the market are:
– GST enabled accounting software, that help with accounting and filing
GST filing software, that help only with reconciliation, filing, and invoicing

As with everything else, there is no one-size-fits-all best GST software. You have to decide according to your requirements, which would be the best GST software for you.

While looking for a GST software consider the price, its unique features, advantages, and disadvantages. If possible, try various softwares before settling on your final choice. A few popular choices are Tally ERP, SpineTrader, Marg ERP, Zoho Books, Quick Books, Gen-GST, Sine Wave, and Clear Tax.

Conclusion
GST has fixed a lot of problems with the original cascading system of indirect taxes levied on good and services. It has benefited logistics, regulated small businesses, reduced compliances, and is already benefiting small businesses. Filing returns on time, claiming proper ITCs, and keeping a record of all your transactions are all you need to keep on top of your tax game.

7 Tips to Effectively Run Your Retail Store

Running a retail store is not a child’s play. The main job of such an establishment is to buy wholesale
goods and then resell them to the customers. Believe us, this job is not as easy as it sounds. There
are some things that you simply must know about running a retail store. You need to know what’s
best for business, how to perform a given activity and how to manage your employees.
Using technology to aid your retail store management is a must these days. Billing software and GST software for retail ensure that your retail business transactions are done efficiently, and the GST
compliance is done as well. This ensures that the work at your retail store is spick and span, and
efficient and effective. Now, running a retail store requires knowledge of some key areas of the
trade, which one must know. Here are 7 tips to effectively run your retail store.

Research and planning
The research and planning of a store come before running a store. The trader must ensure that it
sells what customers are willing to buy. After all, what is the point of investing your hard-earned
money into something that isn’t even wanted by customers? So, look around. Ask people if they
would pay for what you’re about to provide them. Create a proper plan. For instance, if you are
looking to open a coffee shop, why not follow “Book N Café” in New Delhi, and provide your
customers with wonderful reads over a hot cup of coffee? Being creative in your plans, and
methodical in your research is the key to success.

Efficient merchandise selection
Visiting different wholesalers and getting an idea of what you want to stock your shelves up with is
probably a good idea. This can be one of the most important, and the most fun-filled activity
involved in successfully running a retail store. Here’s also where technology can come real handy.
Once you fix the merchandise for your store, you can add its inventory to your Billing and GST
Compliance software for quick billing. The software can also be customized to create categories as
per the customer preferences or discounts offered on products. This in turn ensures an automatic
management of goods in a store.

Effective employee management
A retail store owner spends a lot of money in order to build up the store, but it can all be brought
down by incompetent and negligent staff. Employees need to be managed in such a way that they
know exactly what they’re doing, what is the best way to do it, and how to communicate politely
with consumers. Why is it that huge chains like Walmart and Target just seem to grow every day?
Their employees are a huge factor. For example, if the cashier knows the ins and outs of the billing
software being used by the retail store, he/she can process more customers in a given time frame
than someone who is relatively amateur.

Communication is key
Whether it be with your employees or customers, communication is one of the most important
aspects of running a retail store. Informing your customers about your GST compliance, by
mentioning the GST software for retail gives an additional credibility to your store and generates
trust among customers. It is equally important to let your employees know how good or bad they
are at their assigned jobs.•
Advertising
A follow-up to the previous point, some sort of advertising must be employed by a smart retail store
owner. Flyers, newspaper ads, signboards and other advertising media can prove to be beneficial for
store owners and can draw in customers who may be looking for the exact thing that you’re
providing. In this huge world, how will your business thrive if people don’t know about it?

Promotions and offers pull customers in herds
Attractive prices, discounts, and benefits are all that a customer wants from their retail store. In
order to survive in this highly competitive market, you need to have an edge over your rivals.
Whether it be using the latest billing or GST software for retail, or discounts and promotions, there
simply needs to be an X-factor to your business. Offers and benefits do the job really well, with
customers attracted to the reduced prices, thereby increasing your sales.

Scouting competition is a part of the process
A store manager at More megastores must think about the marketing policies, offers and other
promotions that, for instance, Big Bazaar is doing. Similarly, you need to check out what your local
competition is up to, and how can you outperform them. Simply knowing about your competition
isn’t enough, you need to have the tools to outsmart and out-sell them. Whether the tools be using
the latest billing software or unique marketing strategies, the choice is up to you.
There you have it! 7 effective and efficient tips to keep your retail store running for decades and
centuries to come!

What Should a Perfect Medical Billing Software Look Like?

The advent of technology has made our lives easier in more ways than one can imagine. Advancements in science have seeped in so deeply into our lives, that a life without mobiles, computers, and electronic gadgets is unimaginable. The field of healthcare and medical sciences is no exception. Using the latest cutting edge technologies, researchers and doctors have been able to develop not only life-saving but efficiency-increasing machines and software, the kind which make the job of saving lives just that much easier.

Talking about the financial aspect of healthcare, gone are the days when accounting of hospitals and chemist shops used to be done by hand. Computers have successfully aided man in quick and correct accounts management, especially when it comes to using medical billing software. NueMD, Navicure and Eclipse are all top medical billing software that are used by hospitals and doctors worldwide. Doctors, chemists and pharmacists take the help of computer software wherever they can, be it accounting, billing, or scheduling appointments. So, when it comes to a great pharmacy billing software, what all features must it have?

Electronic records, preferably cloud-based

The data of patients and customers is one of prime importance for hospitals and pharmacies. Therefore, it must be stored in a reliable manner. Cloud services are emerging as one of the leading data storage solutions, so it makes sense to incorporate cloud computing into a medical and pharmacy billing software. It reduces worry about server downtime and prolonged data fetch times. An automatic backup facility will only help in increasing server and data reliability.

Practice management

Storing billing information of patients, scheduling appointments and sending reminders is another set of features that a good medical billing software must contain. With the help of an efficient pharmacy billing software, doctors and pharmacists could potentially work less hours and cater to more patients than ever before.

Mobile companion apps

Since it is not possible to have access to a computer system 24X7, it only makes sense to have a mobile companion app to complement the medical billing software. The app should cover all basic features, such as the day’s billing information, appointments, claims and statements on demand. The app should run on preferably both iOS and Android, the most popular mobile platforms.

Multiplatform support

Windows is not the only operating system people use on their computers. A great medical billing software is one which runs on multiple OSes without hassle, such as the Mac OS, flavours of Linux etc.

Thus, having an efficient and effective pharmacy billing software is a must for doctors and hospitals. It relieves them from the tension of managing their accounts and practices, and gives them more time to concentrate on doing what matters most. Even for small chemists and pharmacies, software can provide an effective billing solution for medical stores.

Thus, when choosing a pharmacy billing software for your requirement, keep in mind the aforementioned features, analyse your needs and wants, and choose the perfect billing solution for medical stores and hospitals.

Advantages of Inventory Management Software for Pharmaceutical or any Another Industry – PharmaTrader and SpineTrader

In the past, inventory Software Solutions were limited. They provided very few features and were difficult to use. Due to this, many pharmacies refused to use new inventory software as it would over complicate the daily workings of the pharmacy and any benefits would be delayed. Now however, inventory Software Solutions are extremely capable. Full of features, they allow users to add in and manage their work from previous financial years, which allows them to update their business working from the earlier dates.

Inventory Software Solutions provide many advantages to pharmacies. While it’s true that being able to manage inventory levels and track goods throughout the supply chain is essential for any business, Pharmaceutical inventory software provides much more value to any organisation that uses it.

The primary advantages of Pharmaceutical inventory management software are:

1) Providing better data for accurate decision making – By keeping an eye on profit margins, product performance as well as inventory levels, managers will be able to increase their sales and profits. Tracking the sales of different medicines will allow the users to make accurate predictions of which medicines will need to be stocked depending on the requirement.

2) ‎Synchronization – If a Pharmacy has multiple branches served by a distributor, synchronisation of data is absolutely necessary. By synchronising the data, managers will be able to tell when the reorder point will crop up for every single outlet. This makes the logistics of ordering and supplying much simpler, which can also help save money and earn a profit.

3) ‎Increased Efficiency – inventory management software helps managers automate a variety of inventory related tasks. The Pharmaceutical inventory software automatically collects data, creates records and performs calculations. It also transforms all this data into handy graphs making analysis much easier. This in turn boosts business efficiency.

4) ‎Warehouse Organisation – This kind of Pharmaceutical inventory software can also help distributors as well as retailers perfect their warehouse optimisation. By using Inventory management software to group popular products, and by placing them near the entrance for easy access, the process of picking them up is greatly hastened. By applying inventory management software to the warehouses, the chances of any product spoiling or going out of stock reduced drastically. The software also increases inventory visibility, making it easier to track all the products.

5) ‎Cybersecurity – By restricting user rights, companies can allow employees to assist with inventory management. By giving the employees enough access to receive products, order out of stock products, transfer products to other branches and perform other tasks, a great deal of the manager’s time is saved. The point of restricting user rights is to create levels of access. One employee must never have access to all the company data and files, as it creates a major weak spot in cyber security. Good cyber security is a combination of factors, and inventory and sales data protection is a part of that. This also protects company security and by dividing the work, speeds up the inventory management process.

6) ‎Expense – Since Pharmaceutical inventory solutions are mostly stored on the cloud, managing the inventory requires nothing more than internet access and Barcode Scanner. Even barcode scanners are now becoming obsolete since smartphones have QR code scanners. Since smartphones can function as QR code scanners and deploying cloud based software is inexpensive, the costs of using cloud-based software, internet, and scanning technology are reducing day by day. This drop in cost makes sure that any pharmacy can use the appropriate inventory management software to increase their business efficiency.

7) ‎Complexity – As time passes, Pharmaceutical inventory management software gets more and more intuitive to use. Despite the increasing complexity of business, inventory management software tries to keep things as clear as possible. Almost all such softwares provide training manuals to teach employees how to use it. Once the basic level of complexity is cleared, employees are able to use the software and all its features correctly.

8) ‎Quick deployment – Cloud based Pharmaceutical inventory software is extremely easy to deploy. The only thing business owners have to do is sign up for the subscription and start using the software via the internet. By connecting it to the warehouse database, the cloud-based software immediately catalogues the entire available stock. This kind of real time tracking and analysis is very helpful to business owners. Along with warehouses, business owners can even integrate this software with their outlets as well as their cloud-based accounting software. This kind of holistic integration leads to connectedness and reduction in multiple data entry. This enables the users to simplify their working. But connecting the inventory software to the accounting software has another benefit. It allows users to integrate GST billing into the system. With the GST software price rising day by day, this kind of integration helps offset that expense.

9) ‎Coordination – Properly used, inventory management software allows various departments to work together more efficiently. The software can help with coordination between different departments regarding stock transfer or orders. Mismanaged coordination can create bottlenecks of inventory, where one branch is getting too many orders, while others have too much inventory. This software reduces bottlenecks and creates inter departmental efficiency.