How Small Retail Businesses Can Reduce Shrinkage: VGNC Tips

Inventory shrinkage is one of the major hindrances in the growth of small retail businesses. Inventory shrink is the difference between the expected revenue to the actual revenue the retail business makes. Now that been said, how can this shrinkage be reduced so that your retail business can achieve its full potential?

Loss prevention is the next step to reduce shrinkage in the business. However, it requires a lot of precision and expertise in identifying the factors associated with shrinkage and accordingly act upon it.

Let’s Understand First What Is Shrinkage? Shrinkage is the loss of inventory for certain important factors such as administrative error, damage of goods while in transit to the store or in-store damages, shoplifting, employee theft, and even vendor fraud.
Identifying the Causes of Shrinkage There are various reasons associated with loss. These can be damaged goods during the transit to your store or in-store damages of goods. There can be shoplifting or theft by dishone…

Why Your Business Needs GST Audit in FY 2017-18?

If you are confused about whether or not to get GST audit and account services in Delhi NCR, you should. Why? After the implementation of the Goods & Service Tax Act in India, it will be the first financial year of GST for all the businesses. And having gone through the transition period of GST implementation – which was a quite confusing one. You will certainly want to avoid errors while complying with GST. Especially, in the very early year.

What Are the Common Errors You Can Make? Non-payment/Short Payment of Output liabilityThe excess claim of Input Tax Credit (ITC)Non-reversal of Input Claimfailure (willingly/unwillingly) to correctly read, understand, check the applicability, and applying the provisions such as Place of Supply, Time of Supply, taxability of goods & services, payment of respective taxes (IGST, CGST, SGST)matching of Electronic Cash & Credit ledger with the books These some of the common errors that can have big financial impacts on our business and its…

Strategies to Make Internal Audit a Success for Your Company

Why do most successful businesses perform internal audits for statutory compliance?
Yes, to an extent but internal audit serves beyond just helping you to comply with taxes and other regulations. Internal Audit process helps you to keep your system effective and compliant. Internal audit service providers in Delhi focus on developing a strategic process that drives your business towards continuous improvement by identifying issues which hinder the growth and smooth operation of your business enterprise.