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The concept of cloud computing has been on the rise in recent years due to multiple benefits of adopting cloud-based applications.  It works on the same principle as web-based applications.  It permits users to access all features and files of the system without having to keep the bulk of that system on their own computers.  Many use multiple cloud-based applications without realizing it. Gmail, Zoom, Facebook, and many of the file-sharing applications are all cloud-based.  The users need to register with such an application, create an account, and then access the cloud-hosted server that stores the information for later retrieval. Businesses also can leverage the benefit of cloud-based applications to access large amounts of data over a secure, online network connection.

The higher savings, multiple device accessibility, flexibility, and even environmental friendliness are a few such reasons for the popularity of cloud-based applications.   Capitalizing on cloud computing will be an important IT decision in your business success.  It will have far-reaching consequences for the overall IT policy, future purchase of IT infrastructure, compliance responsibilities, staffing, and more.

Cloud computing fits businesses of all sizes and there are a host of reasons to make a switch to cloud-based applications.  The cloud-based application with its agile and flexible architecture not only lets you respond to change easily but also promotes creativity and allows for innovative business models.  The high cost of acquiring technology and the increasing information security risks makes it a business priority to switch over to cloud-based applications. There are multiple cloud-based applications available for file sharing, video chats, project management, employee management, rental services, payroll generation in the market. Cloud solutions enable organizations to reduce IT resource requirements and improve productivity, as well as reduce costs and time-to-market.

One among the key initiative for companies which are transitioning to the cloud technologies is to leverage Software as a Service (SaaS), Platform as a Service (Paas), and Infrastructure as a Service (Iaas).  For smaller businesses, it is always impossible to set aside resources for an already limited budget for such huge investments.  In order to fill the gap in IT assistance, many SMB’s either fully outsource managed IT services.  To make the transition easier, cloud consultants help all kinds of organizations from a variety of industries and backgrounds.   One needs to engage cloud application consultants to prepare and handle the cloud migration as a whole and this will reduce the cost of investment in IT infrastructure.

During the life cycle of the project, project manager has to handle multiple documents related to planning, tracking and reporting. Documents range from feasibility report, resource allocation, financial data, change request forms, project status reports, post-implementation reviews, and more.

The effective document management can be the driving force behind a project’s success or in the absence of the same it will turn out to be the bottleneck that often places a project in despair.  Project manager is expected to manage the unexpected and that makes him or her unique in their role.  A project management plays a vital role in mitigating and managing the unexpected.  It also helps to effectively communicate progress and status updates to all stakeholders.  The reusing of successful project plans, complex business-case documents, standard contracts, detailed specification sheets, and project status reports are necessary to improve the effectiveness of a project manager.  This helps in balancing the evils of unmanageable paperwork that can impede their ability to focus on their core competencies of managing the project.

Although the project document workflow will vary from organization to organization, good project managers will develop a number of basic project documents as follows.

Project Definition

Project Planning

Project Execution

Project Closure

Project Definition:  In this phase defining the charter and the details surrounding the project’s objectives are key aspects.

Project Planning:  In this phase, the project leadership plans for the unexpected.  The documents detailing the project plan, scheduling of resources, client agreements, and risk management, house the strategic details of the project.

Project execution:  In this phase, tracking and reacting are the main functions of a manager.  Here the project documents are delivering the actuals and updates to the project plan.  Tracking cost, time, physical progress and emerging issues are documented in this phase.

Project Closure:  In this phase, documents will detail outstanding issues and/or deliverables, review of project outcome, and best practices project management processes to be utilized for future use.

The primary issue project managers’ face when managing the multitude of documents is the sheer volume of information.  Most of the time such documents need to be shared among all project stakeholders.  And at times, Project Managers are challenged with the ability to effectively access the most relevant information across all project documents to quickly respond to project bottlenecks.  Some of the best practices for document management are:

Document Retrieval

Version Control

Reporting and Analysis

Document Retrieval:  It is very important not only to capture electronic and paper documents in different formats in organized manner, but also to be able to easily retrieve information and archive historical data.

Version Control:  Managing the documents in versions, ensures data integrity and provide different levels of security such as read and write access.

Workflows:  Designing and applying configurable workflows that map to the business processes makes the approval workflow of documents easy.

Reporting and Analysis:  Ability to exchange information between documents, as well as consolidate data in multiple documents for reporting and analysis purposes to provide better visibility across your organization.

Collaboration: Sharing documents among relevant stakeholders, as well as restrict the documents to those who should have access.

SMART ADMIN is one tool that can be used throughout the project life cycle from project planning, organizing, monitoring and controlling.   Smart Admin helps to document the relationship among various teams, define their authority, and associated responsibilities.  SMART ADMIN allows easy sharing of files, documents, with clients or team.  Files can be attached to each project which gives overview of everything that’s happening around the project.

Generally, the invoicing process is an important activity in an enterprise.  It needs to be more structured, reliable, and effective since it is the mode of asking customers to make payments and bring cash to the company.  Any business selling goods or services needs to be paid for.  Invoice is an instrument asking for such payment.  Any business enterprise needs to maintain records to keep track of transactions occurring as part of its business activities.  Invoice is a document that preserves this important transaction record related to payment.

When it comes to invoices, every industry sector has its own specific requirements.  The invoice for a construction industry would not necessarily have been the same as the invoice for any retail transaction.  That is because invoices differ on whether they are for services provided on a time-based, weekly or regular basis or whether goods are bought or sold.  On the basis of these various criteria for specific sectors, as well as for various goods and services, invoices can be classified as below’ However, in the end the invoice structure needs to comply with the regulatory requirements of each State/Country.

Types of Invoices

Standard Invoice

It is straightforward and is used to bill your services whenever a service is provided.  This will include a description of service, cost, tax,  payment methods accepted, and the due date.  The standard invoice is used by a number of industries, such as retail, agriculture, wholesale and one can add other elements like shipping, discount, etc.

Export / Import Invoice

These invoices are one of the most important documents for international trade and ocean freight transport.  It is a legal document issued by the seller (exporter) to the purchaser (importer) in an international transaction and serves as a contract and proof of sale between the purchaser and the seller.  Simply it is used for customs declaration when the product is crossing international borders.

Progress Invoice

Progress invoicing also referred to as progress billing is the process of invoicing the client incrementally for the percentage of work that has been completed by the total amount of work due.  It is commonly used in works that stretch over a long period.  It is mostly used in the construction industry that not only takes a lot of time for each project but is also very expensive

Timesheet

This is a combination of timesheet and invoice which is generally used during a project.  It is mostly used in process-oriented units.   Not only does it record the number of hours worked on the project, but it also attaches the invoice for the amount payable by the client for the amount of work done.  This is a special type that is preferred by professionals whose services are accessed on the basis of the time period for which the service is provided.

Utility Invoice

Utility invoice differs from other invoices as it mentions a due date, the amount of penalty payable after the due date, and the billing period.  Generally, these are the invoices received by a company for natural gas, electricity, water and sewer charges that the company used during the previous month or another period of time.

Recurring Invoice

Recurring invoices can be used to bill customers for on-going services.  This usually applies to the rental industry.  This type of invoicing tool works well for subscription-based businesses and utility segments as well.

Pro-Forma Invoice

This is basically referred to as estimation or a quote.  A Pro-forma invoice is a commitment to provide something.  The terms in this may change as the project proceeds.  It can be termed as Estimate or Quote and ultimately it moves to standard invoice later. Registration and Free trial are available for SmartAdmin’s invoicing software.

SMART ADMIN dashboard always gives live update of the project progress to better control project activities.  It lets you identify critical control points to effectively monitor project progress.  The audit of the project can be performed by setting up the criteria accordingly and retrieving reports. The task allocation feature in SMART ADMIN lets the Project Manager to assign task for specified hours, and it allows Project Manager to take full control of activities of the team.

Visit  https://www.smartadminmanager.com/project-management

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 circulation during the period 2016 – 22 as below.

                          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 and

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.

The new Goods and Service Tax (GST) Return is being tested in the market with the help of Return Offline Beta Tool.  This tool facilitates taxpayers to prepare Form GST ANX-1 and Form GST ANX-2.  The tool has option to upload data and generate JSON file.  Such data as populated by the taxpayer will be available on the GST Portal for a specified period of time.

The new GST Return will have one basic return and 2 annexure.   The FORM GST ANX-1  will have all details of all outward supplies, inward supplies on a reverse charge basis and import of goods and services and it is to be reported invoice-wise (except for B2C supplies) on a real-time basis.Thesupplier can upload invoices on an ongoing basis which the buyer can accept/reject.  The supplier has the option to upload invoices in real-time, which will be available for the buyer to view simultaneously and take action in FORM GST ANX-2.  The invoices can be marked as accepted or rejected by the buyer, or the same can be kept pending for action to be taken at a later date.

If the supplier does not upload invoices or file his return, there will be a mechanism for availing input tax credit by the recipient on a provisional basis.  The credit available in such cases would not be more than 20% of the specified value.  The current system does not provide any scope for provisional credit.There is an option to file amendment of returns up to two times for each tax period.  Since the amendment return can be filed for the same tax period, interest on the amended tax liability can be avoided or reduced.

The following details can be entered by the taxpayer using the tool

3A- Supplies to unregistered persons/consumers (B2C)

3B- Supplies to registered persons (B2B)

3C & 3D- Exports with/without payment of tax (EXP WP/WOP)

3E & 3F- Supplies to SEZ with/without payment of tax (SEZ WP/WOP)

3G- Deemed exports (DE)

3H- Inward supplies attracting reverse charge (RCM)

3I- Import of goods (IMPG)

3J- Import of services (IMPS)

3K- Import of goods from SEZ units/developers (IMPG SEZ)

4- Supplies made through e-commerce operators