Payback Period

The payback period is the time needed to recover the total cash invested. Payback period is an important factor for taking up any investment or project or not. Projects with shorter time payback period are most preferable than ones with longer payback period.

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Why GST Compliance Rating is an advantage for tax payers?

What is GST Compliance Rating?

GST Compliance rating is one the most needed initiative taken by Government under GST. Compliance rating is a score card for tax payers under GST. It will provoke tax payers to comply with GST rules and regulations in order to be on good rating scale. It can be termed as a performance indicator for business owners, tax payers etc.

How GST compliance rating works?

As it’s a performance rating businesses so rating would be based on some parameters. The basic parameters would be:

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How to be a high performing employee and entrepreneur

NB: Read if you are a Student or Entrepreneur or Professional in a company.

For a very long time I have been thinking and practicing about how to improve people’s ability to be successful and in a way learning. It has always occurred to me why when a good tool or process is given to a good candidate result in higher output, but even better tools and processes fail for bad candidates.

The primary thing we all know is interest. But once that’s achieved you still suffer from bad output. Then I come across is intensity of interest. Then the motivation and gain of the intensity of interest. But still it was hard.

Then recently I concluded, everyone is missing some core things that they need to know to leverage and intensify their speed towards becoming the better self. The followings are key essential human characteristics that need to be correctly identified and practiced:

1. Motivation
2. Problem solving 101
3. Responsibility, Objective clarity and ownership
4. Science and engineering of successful networking and practice to leverage daily.
5. Effective Googling (Or, you can say effective way of asking question and finding answers)[because if you can’t google correctly you get garbage :P ]
6. Emotional intelligence (a basic average here is still good)

Each of these points have many broad steps if practiced will work really fast in your favor.

I think these foundations and principles of getting successful should be taught to entrepreneurs, professionals, students and even normal people in their curricula. Even Superman had Kryptonite :) These are actually not difficult and can be taught and practiced easily.

So I have started sessions for our employees weekly. In future I’ll conduct this in colleges we normally get interns and hires from. We hope we can get people who already practiced and acquainted in these processes.

We’ll continuously post things on our blog and what we discussed here each week. Please do subscribe to our blog to get the email notifications when we post new things. You can find the subscription form here: http://eepurl.com/b0-UQL

Saved search and complex budgeting : new feature

So last week we introduced a cool new feature called saved searches and we introduced a budgeting of such. With this tool you can save the search that you frequently do and a bit frustrated to filter the Cash summery every time.

Screenshot from 2015-11-21 12:42:15

As shown in the picture. Once you searched something in the cash summery, click on the star icon to save that search. You can keep the dates boundary for your search or keep it open for adjusting to any date.

Plus you can mention the budgets you want to create. You can do budgeting for either income or expense for now.

This kind of budgeting would help you in budgeting expenses for a particular project or for a particular  employee or activity that you tagged.

Screenshot from 2015-11-21 12:43:05

We’ll soon publish a video explaining what more and effective you can do with this tool. Till then ponder over your own ideas and create fabulous saved searches and budgets for them. And do let us know how it helped you.

Try it. See ya.

Don’t shy away asking for a favour

Asking a favor/help is not a bad thing at all if it doesn’t cost them more time and money. You will so so many people love you and share a helping hand. 

During building our Accounting Software, for promotion, for advice, for understanding the foreign markets and small businesses there and for making things possible we asked all possible help we could ask for to everyone (even to a complete stranger sitting in USA or UK whom we never knew few hours back) and really can see the amount of help and love it is creating for us.

Be it to Rackspace, Twitter, several small businesses, lots of investors, market experts, accounting firms, local Bank officials; we got help-love form nearly everyone.

It really helped us getting insights, minimize our costs, being on our budget and grow. Thanks you all.

And my friends “Don’t shy away from asking a favour if and only if it’s not taking a lot of their time and money”.

Profitability tools, books & blog links

Why most small business owners are unprofitable?

1. They don’t know at which price point to sell.
2. They don’t know who to sell and why.
3. They don’t understand marketing is more strategy, positioning, messaging and customer segment than tools to reach more people.
4. Good books on Sells are lesser read. They read more books on marketing. 
5. Most are fearful when approaching to a client. They fear about if they’ll lose the sells, even before understanding whether they are his target or not. They don’t know how to say NO.
6. Basically most are not confident about their business.
7. They never really keep a track of their progress and goals.
8. They don’t give importance to the relationship between finance and their organisation.

So if any of the above defines you. You’re most likely doomed to fail.

If you are one of these then ping me with your email id to sanmaya@slickaccount.com and in one line what your business does. SlickAccount is going to send you a list of tools, books, blog links that can make you better in all the above areas on the 1st birthday of SlickAccount on 19th July, 2014. Plus you will get a free subscription to Profitability University Newsletter starting from September.