Inventory management helps companies to identify which and how much is stock to order and at what time. It also tracks inventory from purchase to the sale of goods, this practice also identifies and responds to the trend so that it will ensure that there is always enough stock to fulfil the orders of customers and proper warning in case of any shortage. Once sold, inventory becomes revenue. So before it sells inventory tie-ups with the cash.
Therefore, too much stock always costs money and it reduces cash flow. One measurement of good inventory management is to calculate inventory turnover and accounting measurement. Accounting turnover also reflects how often the stock is sold in a particular period. Inventory Management is vital to the health of a company because it helps in making sure that there is really too much or too little stock on hand and it limits the risk of stock out and inaccurate records.
Public companies also take inventory as a requirement for compliance with the SEBI rules. The two main benefits of inventory management are that first; it ensures you can fulfil incoming or open orders or raises profits along with this it also helps in saving money or improving the cash flow. Inventory is often called stock in retail businesses, manager frequently used the term stock on hand, this refers to the products like housewares or apparel.
E-invoice is a system in which B-to-B invoices are authenticated electronically by GST for further use on the common portal of GST. Under this electronic invoicing system, an identification number will be issued against every invoice by the invoice registration portal or IRP that is to be managed by the GST network. It helps in eliminating the need for manual data entry while filing the GSTR 1 return as well as for the generation of Part-A of the e-way bills, as this information is passed directly by the IRP portal to the GST portal.
An electronic bill or e-way bill is a document used to track the goods in transit. E-way bill generation is done when there is a moment of the goods of more than Rs. 50,000 value to or from a registered person. The registered person can even generate an e-way bill if the valuation of goods is less than rupees 50,000.
Apart from this, an unregistered person is also required to generate an e-way bill when the unregistered person makes a supply to any registered person or the receiver must ensure that all the compliances are complied with. A transporter carrying goods via road, air, rail, etc required to generate an e-way bill if the supplier has not created any kind of E-way bill.
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