SBS Global

  Background During 2019 and 2020, as many as 29 labour laws amalgamated, simplified, rationalized into 4 labour codes as below: The code on Wages 2019 The Industrial Relations Code 2020 The code on Social Security 2020 The Occupancy Safety, Health and Working Conditions Code 2020 These four codes are likely to be implemented soon as around 23 states have already come out with draft rules (as Labour is Concurrent subject) How New Labour Code Impact Employees? The four codes, if implemented, will drastically alter the way industrial houses treat their employees and also impact the working hours, take home salary and other rights of employees. Once the wages code comes into force, there will be significant changes in terms of salary restricting, basic pay, provident fund, gratuity of employees are calculated. A key change is that it would impact take-home pay, but increase retirement savings—something that a section employers are opposed to as it may increase their employee costs. As...

  The journey of every small business in the first five years is generally saddled by effective funds management. Put simply, not enough money is seen coming in to pay employees or cover other expenses. The   financial challenges   of running a small business can quickly escalate and soon become the reason for closure. We list few of the financial challenges that businesses face and how to overcome them: 1. Cash Management Simply put, collect receivable in advance or on time and settle payables on longer credit terms gives enough room to manage funds. Usual tools include adherence to cash-to-cash conversion cycle, extend credit terms to customers, establishing clear payment terms, invoicing effectively, offering discounts for early payment are means to maximize liquidity. 2. Budgeting Technique Every business has their share of Fixed, Variable, One-time costs that must be captured on a budget. Develop and stick to a flexible budget. This will help management to plan for f...

The advent of technology has revolutionized businesses and has done away with paperwork in offices. A lot of space has been saved as files are now stored in electronic gadgets and virtual storage. Paperless accounting involves transaction processing that is entirely electronic, with almost no paper involved in any business process. The intent is to streamline processes, reduce transaction error rates, and eliminate document storage. Every business, from small scale to large scale companies are going paperless to keep up with the modern age technology. A business that wants to operate economically and efficiently in the tech world needs to transit to a paperless operation. The methodology is to adopt best Document Management tool to support the activity. Document Management system for any organization should prioritize features such as index and search, optical character recognition (OCR), enhanced security measures for access, data back-up, document trail, and email management so that ...