Blog

5 Best Business Accounting Software India

Business Ideas

-

February 10, 2018

5 Best Business Accounting Software India

A business accounting software is mandatory need of every business owners. A business accounting software help you to organize your financial data so that you can take an informed decision as and when required. One of the most popular software used for accounting in India is tally. However, apart from tally, there are multiple accounting software available in the market. Let’s evaluate and find out best business accounting software available in India.

In order to evaluate these software first, you need to prepare the features you are looking for. I have evaluated software based on general features which is required for all types of businesses.

Key Features of an Accounting Software:

Sales and purchase management
Billing & Invoicing
Taxation
Inventory & asset management
HR & Payroll
Accounts payable and receivable
Payment & Expense handling

Based on above feature set best business accounting software in India for small and medium enterprises are given below.

Also Read – 5 Best Current Account for Small Business in India

5 Best business accounting software India

Tally ERP 9

Tally ERP 9 is one of the most popular and widely used business accounting software in India. Tally ERP 9 provides powerful features such as accounting & finance, sales and purchase management, inventory, payroll, branch management and remote access. It is one of the oldest software developed two decades ago. Tally is available in two version (1) Standalone client (2) Client-server model.

Tally is user friendly software and suitable for small, medium and large enterprise. You can download evaluation version of Tally from Tally website.

Quick books

Quick books is business accounting software for small business. Quick book provides features such as book keeping, billing, invoicing, payroll, online banking etc. Quick books is developed by Intuit Inc and it is widely used accounting software in USA and other countries. Quick books is also available as a mobile app for mobile users. Quick book is easy to operate and economical business accounting software.

For more information please visit Quick books website.

Also Read – 10 Best Salary Accounts in India

BUSY

BUSY is best business accounting software for Micro, Small and Medium businesses. BUSY provides features such as financial accounting, Inventory, Sales, Taxation, MIS reporting etc. BUSY also provides support for multi-currency and multi locations. You can download 30 days evaluation version of BUSY from the website.

Profit Books

Profit Books is cloud-based business accounting software. Profit Books provides features such as bookkeeping, sales, inventory, taxation, payroll etc. Profit books is easy to operate and provide almost everything for small business enterprise. You can download free evaluation version from profit book website.

MARG ERP 9

MARG ERP is software developed for small business organizations. MARG provides features such as payroll, accounting, sales and purchase management, barcode bill printing etc. MARG is also available as an app on mobile. You can get more information about MARG from MARG website.

Over to you –

It is recommended to evaluate the accounting software based on features requirement, after sales support, future version development plans and pricing. I hope this article Top 5 Best business accounting software in India will help you while selecting the software.

Which business accounting software is used by you for your business?

Do share your feedback in the comment section.

10 Golden Rules for Successful Business

Business Ideas

Shitanshu Kapadia

-

February 10, 2018

0

Starting a business in India is easy today. Availability of fund, a good business environment and willingness to start a business is major driving force behind it. If you are fed up with your job and planning to start a business I have something for you. Today I will be sharing 10 Golden rules for running successful business. These rules are proven rules and drive from careful research and analysis. These rules are adopted by many successful business tycoons.

10 Golden Rules for running Successful Business

Rule 1 – Select your Business idea or product carefully

A first thing you should do before starting a business is select business idea or product. You should be careful in selecting a product. A product should be unique and fulfilling customer requirement. It is good to select a product which is must to have like Aspirin. You should not select product which is nice to have like vitamin.

Rule 2 – Commitment for Work and Business

A second golden rule for running successful business is commitment for work and business. You should be committed to what you are doing. You should trust your business greater than anyone else. If you have passion for work chance of getting success in business is very high. You can take example of any successful business person and you will find that they are successful in business because they are passionate about business and work.

Also Read –15 Best Distribution Business Ideas

Rule 3 – Share your profit with others and treat employee as your partner

In order to keep your employee with you, it is good to share part of your profit with them. If you treat them as a partner, they are likely to perform better.

Rule 4 – Select your Team Carefully

Another rule which you must follow for building successful business is select your team carefully. Your team members are equally responsible for success of your business. You should always select expert in respective area and pay them nicely.

Rule 5 – Keep Motivating your Team members

You should keep motivating your team members. Money and ownership is not enough. Praise and motivation also play a big role in success of business. Motivated people will bring your business to next level.

Rule 6 – Appreciate your business associate, partner and employees

Sincere words of praise to business associate, partner and employees are fuel to business. You should appreciate the effort place by them in timely manner.

Read – 30 Manufacturing Business Ideas with Low Investment

Rule 7 – Know your customers

You should know your customer and give them what they want. Knowing customer mindset and taking decision in same direction will always help your business.

Rule 8 – Satisfy your customer and always exceed your customer expectation

You should always exceed your customer expectation. Give them extra and stand behind them and do whatever reasonable is required by them. Remember one happy customer will bring other ten customers.

Rule 9 – Control your Cost

Another golden rule of success is control your cost. This is where you can always find the competitive advantage. Less cost will help you to increase your foot print in market.

Rule 10 – Build a business or brand as you own it forever

You should build a business or brand as if you will be owning it forever. You should have burning desire to solve the pain of your customer.

Hope above golden rules for successful business will help you in running your business.

If you have any query related to business, please free feel to post in the comment section.

Rakesh Jhunjhunwala Story from 5K to $6 Billion

Stock Market

Shitanshu Kapadia

-

February 9, 2018

0

Rags to riches a success story of Rakesh Jhunjhunwala is truly inspirational. Big Bull Rakesh Jhunjhunwala Indian Warren buffet and king of Dalal Street has made a fortune of $6 Billion from small investment capital of Rs.5000. (5k to $6 Billion) Rakesh Jhunjhunwala is a common man with uncommon intelligence.

Making money from the stock market is like child’s play for Jhunjhunwala. Rakesh Jhunjhunwala is a qualified charted accountant and stock market Investor. He manages his stock portfolio as a partner in the asset management firm, Rare Enterprise.

You must be wondering how Rakesh Jhunjhunwala has done it. Well here is a success story of investment guru big bull, Rakesh Jhunjhunwala.

Rakesh Jhunjhunwala Success Story

Rakesh Jhunjhunwala Story from 5K to $6 Billion

Rakesh Jhunjhunwala was born in Mumbai on 5th July 1960. He was born in a middle-class family. His father was an Income tax officer and stock market investor.

From childhood days Rakesh Jhunjhunwala had thought to become a pilot and later stage he wanted to become a journalist. However, from the beginning, he was introduced to the world of the stock market by his father. He used to listen to a lot of stock market jargon from his father. His intuition about learning stock market was increasing day by day. Once he asked his father, what is the reason for fluctuations in the stock price? He got a simple answer that price fluctuation is linked to news flow. This was his first learning about the stock market. He started reading a stock market column in the newspaper with fascination. During the initial stage of his life, he decided to make a career in the stock market.

Rakesh Jhunjhunwala Portfolio Holdings

Before entering the stock market, he completed his graduation in commerce from Sydenham College. After commerce graduation, he enrolled himself in ICA and became a Chartered accountant in 1984. After completing CA, he expressed his wish to become a stock market investor to his father. This type of move was unorthodox and unacceptable to most people, but his father was democratic, he reacted differently by telling him that he can start a career in the stock market, however, he would not support him financially in this endeavor. He further advises him never to take any shortcuts and never forget that “Your word is your bonding”.

Rakesh Jhunjhunwala started stock market investment in the year 1985. He started his career with a small capital of 5000 Rs/- At that time BSE Sensex was at level 150. He was knowing that such small capital will not help him in the stock market. To get capital, Rakesh Junjhunwala approached his brother and was able to raise capital of 1.5 million. With this capital, in a short span of 1 year, he earned nearly 1 million and invested this profit in 5,000 shares of Tata Power.

He realized that trading is the only option for him to earn big money from the stock market. He started trading in stocks. He purchased Sesa Goa and Telco Stock. These stocks had generated a good return for him. He was doing trading extensively and trading gave him all the money required to invest. His every small move was making him wealthy.

Also Read – Dolly Khanna Stocks Portfolio Holdings

Rakesh Jhunjhunwala on Trading

The first and last principle of trading as per Rakesh Jhunjhunwala is “Trading is price based trend and not opinion-based”.
This means that if you buy the stock at Rs 100, and then the price falls to Rs 95 you can take your loss and square off your trade. This is one common quality of successful traders.

In trading you should remember Churchill’s words –

‘You have to lose many a battle to win the War’.

Along with that, one should also remember a word of George Soros –

“It’s not important whether you are right or wrong, it is more important how much you lose when you are wrong and how much money you make when you are right”.

This requires you to square unfavorable trade, and pyramid your profitable ones. In trading, everything else is illusion and hope, the sole reality being a price.

Good Trader qualities as per Rakesh Jhunjhunwala

Knowing what and how much to risk
Knowing when and how to take a loss
Independence of thought
A lot of discipline
Control over emotion

Ten Commandments for Trading

Be realistic. Make trading price dependent, no opinion dependent
Trading is a full-time profession, not a part-time job. It cannot be half-hearted
Know the rules and verify them for they may not do what you assume
Never aspire to be the market’s master. It’s best to be its slave.
Leverage your skills, not your capital
Have a broad idea of direction. Remember, the trend is your friend
Don’t be afraid to make a mistake. Only ensure you make one that you can afford so that you may love to make another
Play Seen’, not Blind’ for the market offers many opportunities even after the cards are open
Know what and how much to risk. Assess risk
Good judgment comes from experience. Experience comes from bad judgment. Trading can only be learned, it can’t be taught

Rakesh Jhunjhunwala on Investments

As per Rakesh Jhunjhunwala to be successful in investing, many elements have to fall into place. But four things are critical.

Attractive, addressable, external opportunity
Sustainable competitive advantage
Scalability and operating leverage
Management should be of high quality and integrity.

Ten Commandments for Investment

Be an optimist: the necessary quality for investing success
Expect a realistic return. Balance fear and greed
Invest in broad parameters and the larger picture. Make it an act of wisdom, not intelligence
Caveat emptor. Never forget this four-letter word: R-l-S-K
Be disciplined. Have a game plan
Being flexible in investing is always in the realm of possibilities
Contrarian investing: not a rule, not ruled out
It’s important what you buy, it’s more important at what price you buy
Have conviction, be patient. Your patience may be tested but your conviction will be rewarded
Exit an independent decision, not driven by profit or loss

I hope the inspiritional success story of Rakesh Jhunjhunwala will help to get succeeded in the stock market.

Do share your views on the success story of Rakesh Jhunjhunwala!

How to earn passive Income?

Money & Wealth

Shitanshu Kapadia

-

February 9, 2018

2

Before talking about passive income first, let’s do a simple exercise. I will ask few questions and I expect you to answer these questions in two minutes. Let’s start.

What is your money making mindset?
What will be your primary source of income in life?

Just visualize and try to answer this questions.

Ok, what comes into your mind?

I bet that maximum people have thought about Job or business for making money. Some smart people might have thought about job and business both for making money. Good, I sincerely appreciate this approach.

Whatever answer you got but one thing will be common in all answer would be – I need to work in order to earn money.

Work = Money
No Work = No Money

However, today I will be sharing a new way of earning money where you need to work only one time and money will come multiple times. Isn’t it interesting?

Work One Time = Money Multiple times

Yes, I am talking about Passive income or residual income. Passive income or residual income is a way to earn money smartly. So, for all you smart people here is detail about residual income and ways to generate the same.

Also Read – 20 Best Passive Income Ideas & Opportunities

What is passive income?

Passive income means income where you need to involve yourself actively. Some examples of passive income are –

Income coming from your investment such as rent from your home or shop.
Royalty income from the sale of copyrighted material.
Interest earned from fixed deposit or dividend earned from stock.
Commission income from the sale of insurance policy.
Network marketing income.

Passive income does not mean extra income of 4-5 thousand per month. I see residual income as the main source of income. This income could be 40-50 thousand per month or 4-5 lac per month. In short, you should able to live happy financial life from passive income.

As per me, maximum people who are living financially abundant life are living on passive or semi-passive income.

For example today famous writer Chetan Bhagat is earning residual income for royalty on a regular basis. Big Bollywood movie stars apart from earning acting fees they earn a lot of passive income from businesses.

They never get actively involved in managing these businesses. Famous cricketers Sachin Tendulkar and Kapil Dev is managing restaurant chains and earning lot of money.

Many big businessmen follows similar thing they invest money in business and appoint CEO for managing they never get involved in business. So, in life, if you want to earn more money you should think about making passive income.

Also Read – 10 Income Ideas & ways to make extra money

How to earn passive Income?

You must be thinking now how to earn passive income? A simple answer to this question is a place from where you brought Active Income. Your thought process. You are able to generate active income because you thought about it.

You have thought and taken certain actions to start building active income. Some example could be –

You got your degree to get a good job.
You have cleared banking exam to become a bank manager.
You are running internet café to earn money.
You have started restaurant business to make money.

There is no doubt that whatever job or business you are doing for earning active income is an outcome of thought process. The thought process which is superimposed on you from your childhood by your father and mother or relatives. Or it may be an outcome of your observation where you have seen everyone earning money in the same manner.

Do work and earn money regularly, maximum people adopt this theory and never thought about anything else. They will never think that whatever is earned, they can invest and generate passive income so that they need not to work again.

Also Read – 10 Best Investment to get regular monthly income

So it means it is possible to retire early in 40’s instead of 60’s. Yes, it is with the power of passive income.

Friend’s intention of today’s post was to make yourself aware of residual income and to change your money making mindset. I hope this post will inspire you in generating residual income. Remember you don’t require a lot of money to start building residual income. You can build a passive income with your skill or by doing a small set of investments.

At the end, I want to clear one thing that I don’t want you to run away from work by developing passive income mindset. I just want to inspire you to start working for passive income so that you can live happy financial life forever.

Good Luck and All the Best.