How to Start a New Business?

How to start a new business?

 One can start a new business by following these steps:

Many years ago, we started a small business. There was not much help available and we learnt things as we went along - learning things on the fly and doing course correction. This gave us the impetus to share with others what they need to do start a new business - even if one does not have prior experience. So read on and best wishes for your new venture!

We also offer a course telling people how to start a Export Import business in India from Kolkata or Eastern India. So we thought budding entrepreneurs would be interested to know how to start a business in India from anywhere in India be it Kolkata, Guwahati, Patna or Ranchi.

The start of any company is a business idea. So if you think you've found a great business idea and eager to take the next step then read on. There is more than just registering it with the state to start a corporation. To begin your foreign language instruction company, we have put together this simple step guide. Such measures will ensure the proper planning and registration of your new business in a legal manner.

STEP 0: Separate yourself and your business

The biggest challenge that all entrepreneurs or promoters have is that they are not able to separate themselves from the business. It is quite similar to how parents feel when their children grow up but refuse to accept the reality.

STEP 1: Create a Plan for your Business

A famous person once said - the devil is in the detail. It is more true when it comes to starting your business. A detailed plan and well thought out plan is a recipe for success as an new business person. It will help you plan out the details of your business but never the less be prepared to discover some unknowns. A few important points to consider are:

• What are the initial investments required?
• Who is your target market? Where is the target audience
• How long will it take you to break even?
• What will be the name your business?
• What is the best location for your business?

Choosing the right name is very important. You will also want a website in the name of your business so be sure to check out if the same is available.

STEP 2: Form a separate legal entity distinct from yourself

Establishing a separate legal entity distinct from yourself prevents you from being being held liable if the business were to be taken to court. It is better to engage the services of a knowledgeable professional who can guide you on the right path.

STEP 3: Pay your tax dues

One of the things we learnt as we went along is that a business should always stay on the right side of the law whether it is taxes or financial accounts. So ensure you are registered for the correct taxes in your country and you pay your correct taxes on time.

STEP 4: Opening a bank account

All business transactions should go through the business bank account only. This also helps to separate your personal transactions from that of the business. When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business gets sued.

STEP 5: Set up business accounting

To understand the financial results of your company, tracking your various expenses and sources of income howsoever small is very important. Your annual tax return is also greatly simplified by maintaining accurate and detailed records.

STEP 6: Check if your business requires additional licenses and permits

This goes back to the point of staying on the right side of the law. Please do check if your business requires additional licenses and permits because failure to acquire the required permits and licenses can result in hefty fines, or cause the business to be shut down.

STEP 7: Buy Business Insurance to protect against risks

Buying insurance is highly recommended for all business owners. Workers Compensation, Medical Insurance, Theft Insurance and others are required to protect yourself adequately. The amount of insurance can vary based on the amount involved in your business.

STEP 8: Build a brand.

It is vital for any business to build a brand. It will define what your business stands for and how it is perceived by your customers. A strong brand will help your business stand out from competitors.

STEP 9: Create a Digital Presence

In today's world, customers are mostly on social media like Facebook, Instagram, Linkedin or Google. Therefore it is very important to have a presence over the internet. Besides, a website is an absolute must which ensures customers can find you when they search for your business in the web

STEP 10: Get Started

No matter how much planning and detail you put, one can never plan enough. There is bound to be something unexpected that will come your way which you would need to face bravely. So don't wait for the perfect day or perfect moment - jump in with your senses wide open!!!

But all said and done, getting the basics firmly in place helps to weather unforeseen storms which can tilt your business. The golden rule is -- keep your eyes and ears open!

How to Create an Invoice in Oracle Fusion Payables

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 Oracle Financials consists of General Accounting or General Ledger, Accounts Receivables, Accounts Payables, Fixed Assets, Cash Management amongst other financial modules. The Payables module includes Invoices, Credit Memo, Payments and Reporting.

To create an invoice in Oracle Fusion Payables, you typically follow these steps:

1. Sign In to Oracle Fusion Applications: Log in to your Oracle Fusion Applications instance with your credentials.

2. Navigate to Payables: Go to the Payables work area. You can find it either on the Navigator menu or through a dashboard depending on your organization's setup.

3. Create Invoice: Once in the Payables work area, navigate to the Invoices tab or section. Look for an option like "Create Invoice" or "Enter Invoice".

4. Enter Invoice Information: Fill out the necessary fields with information about the invoice. This typically includes details such as supplier name, invoice date, invoice number, payment terms, invoice amount, and any applicable taxes.

5. Add Invoice Lines: Enter the line items for the invoice. These are the individual products or services being billed, along with their quantities, unit prices, and any other relevant details.

6. Validate Invoice: Before submission, you may have the option to validate the invoice to ensure all required information is provided and that there are no errors.

7. Submit Invoice: Once everything looks correct, submit the invoice for processing. Depending on your organization's workflow, this might involve routing the invoice for approval by one or more individuals.

8. Review and Approve: If required, review and approve the invoice according to your organization's approval processes. 

9. Payment Processing: After the invoice is approved, it will be ready for payment processing. This might involve scheduling payments, applying discounts, or other financial actions.

10. Record Payment: Once the invoice is paid, record the payment in the system to update the invoice's status and maintain accurate financial records.

Remember, the exact steps and terminology may vary slightly depending on your organization's configuration and the specific version of Oracle Fusion Applications you're using. If you're unsure about any step, consult your organization's internal documentation or reach out to your system administrator for guidance.

 

Palium Skills conducts training on Oracle Fusion Financials, HCM and SCM modules for individuals and corporates through a team of highly experienced industry faculty.