India biggest reform, Goods & Services Tax scheme implementation is a little bit closer, Combine a number of central and state indirect taxes into a single levy. The finalisation of rate structures for goods and services, although subject to formal approval by the GST Council, has set the ball rolling for a pan-India GST roll out by July 1. As the GST Council has finalised the rates of the new tax for most goods and services, the companies and the other tax payers must start adjusting their accounting systems to roll out the new tax at the earliest. The implementation of GST will allow free flow of tax credit in intra and inter-state transactions leading to more efficient markets and leaner tax structure. Following are the changes that the economy, the government & the common man will witness post implementation of the new indirect tax system:
Prices Are Neutral for Most of the Goods
However, for certain food, agro products of daily use like soap, hair oil etc. the new price are considerably lower. As a result the overall impact is likely to be inflation neutral.
Changes of Process to Taxman & Tax Payer
Tax controlling will be easier on account of the strong GST Network platform where all returns will be accessed quickly in a user-friendly manner. This will help revenue officials in monitoring the sequence of supply of goods and services as well as flow of input tax credit.
Gross Domestic Product & Government Finances
In the short-period, GDP growth is unlikely to receive a booster as the adoption of a brand new indirect tax structure will entail a meaningful disruption. From the Government finance point of view, Central Government finances will be unfavorably affected in FY18 as it will have to pay compensation to supplier-state.GST can increase working capital requirements across manufacturing sectors on account of tax liability on inter-state tock transfer’. Accordingly, businesses will not be able to claim their tax credits until the delivered goods are sold
Improvement for the Organized Sector
Need for registration and filing of returns in many states, compliance costs are likely to go increasing. This will also impact some of the smaller entities in Small and medium sized dominated sectors. Over the long-period this is likely to lead to conclude and share gain in the organized sector.
The rollout now appears certain on July 1, unless there is any unexpected development. The government is ready and so is the large businesses coupled with mid-size companies. There is still a month time for the rest of the businesses to be ready and get registered under the new tax scheme. GST, being ‘one country, one tax’ format, thanks to lower rates and efficient taxation and, as a result, better compliance. This implies, it will also be boost up for the Indian value as well for the medium to long term point of view.
When restaurant owner think generally when they start a restaurant business. How to improve the Sales? in what ways would you go about doing it?
A Restaurant Innovative business model, a sellable product, Analysis market based on competitor and staff, appropriate financing probably come to mind.
This can be done via the various outlet, from self-financing to private sector to enterprise capital recently. You do need all of these, of course, to even start a business, much less prepare and maintain it. There is also a crowd of another drawback that will surely present themselves.
In my own experience with a Restaurant Business startup, just a few difficulty I had not considered prior to starting a business were the irresponsible nature of us to customs, the difficulty of holding inventory, and the general failure of unexpected setbacks. However, one factor that I and many administrators and new business owners possibly did and do not know is that they can actually begin to grow their restaurant businesses from their point of sale. So what point of sale promotes the most well-to-do business growth? All-seeing, all-knowing The best way to begin growing your business with your Point of Sale is to ensure that whatever application you choose to use easily and flexible your income against all of your expenses. Your income should be shown alongside your costs for rent, payroll and credit card fees. Your most essential quantity of data is a thorough, clear-cut profit and loss report; without paying an unreasonable amount for a Tax and VAT, all of this should be easily clear for the most starter administrator. Your point of sale as your business’ integrated with other features to watch for in an excellent point of sale system is the capability for automated bank agreement, with zero error between your accounts and sales reports, and line item detail. Your core financial software is more important than any aspect of your business. Growing your business from the point of sale means that you should be able to consider every single aspect critical to your business in one place, including:
- Payment Transactions (Credit, Debit, Cash Cheque)
- Inventory assets
- An accurate Day sheet at your fingertips in real time, at all times.
- Sales Reports
- Table Management
- KOT management
- Expense management
To make a business more profit , one needs to keep experimenting with various new strategies while simultaneously focusing on the business model as usual. Whether a particular strategy is effective for your business or whether it achieved the goals it was expected to, can be determined by generating reports and drawing comparisons while keeping an eye on the P&L sheet.
A restaurant management application can be a life saver for those business owners still using traditional ways of making calculations. By generating accurate reports of daily, weekly, monthly, and quarterly happenings at the restaurant, evaluation of multiple things like service, staff productivity, offerings, promotions, location, etc. becomes convenient. Since it is backed by real data, the fear of risk taking is drastically reduced.
Data Analytics Report:
The reports generated (for e.g. daily sales report or item category sales report and customer database) give insight information to the owner(s) such as which item is ordered most and therefore the price for which can be increased, which item is not ordered at all and must be eliminated from the menu, which outlet is performing brilliantly and which needs some push, the amount of wastage, the number of days the stock lasts for, service delivery time, effect of promotions, online and offline, etc. Reporting also helps in gauging whether investment in maintaining the restaurant’s website or reputation on social media makes business sense.
Our restaurant management solution understands the importance of reporting for business owners. It helps in generating reports for a single outlet as well as multiple outlets in real-time. Also, with everything being mobile and stored on cloud, reports can be accessed on the fly without much ado.
Therefore, a technologically advanced software combined with a smart device can help restaurant business owners keep a tab on the performance of the establishment from anywhere in the world, all in real-time.