Trending December 2023 # Flexible Work Policies To Attract Top Talent # Suggested January 2024 # Top 13 Popular

You are reading the article Flexible Work Policies To Attract Top Talent updated in December 2023 on the website Moimoishop.com. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested January 2024 Flexible Work Policies To Attract Top Talent

Flexible work policies are a good way to attract top talent. 

There are several types of flexible work policies, so your company can pick what works best for your office environment.  

To be effective, flexible work policies should be communicated and executed correctly.

This article is for small business owners, HR managers or executives who want to offer benefits other than a higher salary to recruit top talent.

One of the biggest challenges small businesses face is attracting and retaining top talent. Many small business owners feel they can’t compete with bigger corporations because they’re unable to offer the same types of compensation packages. Thankfully, there is an effective alternative for attracting and keeping excellent employees.

A flexible work policy is a low-cost way to make your compensation package stand out, and you shouldn’t underestimate the power of such policies. Work-life balance is a big draw for today’s workers, especially for millennials, who are the most likely to take a pay cut if it means more flexibility and freedom, according to a study by Fidelity. Even if small business owners can’t always compete with the salaries of large corporations, they can make their offers more attractive by providing a good work-life balance, because most employees want workplace flexibility. 

Editor’s note: Looking for a time and attendance system for your business? Fill out the questionnaire below to have our vendor partners contact you about your needs.

Flexible work policy ideas

If you want to start drafting a flexible work policy for your business, check out these five ways to make your workplace more flexible and appealing to employees.

Telecommuting days

Remote work isn’t just for tech companies or overseas workers anymore. Giving your regular staff the option to work remotely is a great way to improve morale and compete with other employers. Many companies offer full-time and part-time employees the option to work from home on certain days, which can be instituted company-wide (e.g., everyone has the option to work from home on Fridays) or managed departmentally, with each manager approving their staff’s requests (e.g., different people work remotely on different days).

Offering telecommuting days around holidays, when many employees are likely to be traveling or spending extra time with family, is also a great idea. Allowing your staff to work remotely several days before and after your winter holiday break or Thanksgiving, for example, will help create a work atmosphere that shows you care about work-life balance as well as productivity, and that makes for happy and loyal workers.

Tip

If you are thinking about adding telecommuting options for your staff, read our breakdown of five issues your company’s telecommuting policy should address.

Flexible work hours: 3 options for workday schedules

Flexible work hours aren’t feasible for every business, but don’t write off the idea without considering all of the options. Something as simple as giving your staff the choice of three workday schedules can make your company an attractive place to work. For example, many offices allow their staff to choose to work 8 a.m. to 4 p.m., 9 a.m. to 5 p.m., or 10 a.m. to 6 p.m. These options help tie a workplace together with set core hours.

FYI

There are plenty of programs available to help your small business manage different work schedules. We’ve done the heavy lifting by organizing the best software options for time and attendance.

Did You Know?

Working from home can be a massive benefit to your company’s productivity. We’ve broken down how to make the most of work-from-home days.

You're reading Flexible Work Policies To Attract Top Talent

Seagate Introduces Flexible Freeagent Goflex Storage System

Seagate has refreshed its line of portable hard drives and introduced its FreeAgent GoFlex system (available in both portable and desktop variants), which encompasses drives, connection modules, and accessories. The portable drives come in assorted capacities and colors ($100 for 320GB in silver or black; $130 for 500GB in silver, black, red, or blue; $170 for 750GB in silver or black; and $190 for 1TB in silver or black). The unique hook to these models is that Seagate has reengineered the devices to separate the drive from the bridge board that translates the drive’s native SATA to another interface connection. As a result, Seagate can offer a variety of cable modules for use with a single drive–giving you plenty of connection flexibility.

Seagate offers six cable kits for the portable drive system. Of those, only the USB 2.0 GoFlex Cable ($20) can be removed from the connector module; the rest are fixed in place. The USB 3.0 cable costs $30, the eSATA cable costs $20, the FireWire 800 cable is $40, and the Auto Backup cable (which turns the drive into an automatic-backup unit much like the company’s now-retired Replica drive, using disk-imaging software powered by Rebit) sells for $30. If you travel a lot and you like to have a few spare cables handy, that will add up fast. It also means you have to use a different module unit for different connectors.

Another potential issue, though, lies with the module concept itself. The drive has not one, but two connections to pass through (the bridge module’s connector, and then the connection from the bridge module to your PC). Having two potential points of failure concerned me at first, but Seagate assured me that the connector between the drive and the module has been well tested and can withstand use. But I found on the shipping unit I tried that the connector module could come unseated more easily than I’d expect–a risk when a drive might be sitting on an airplane tray table or the side of a couch. Another annoyance: You have to pop the module off to use it with the dock that comes with the Pro drive, for example (Seagate says a dock that accommodates the drive with the USB 2.0 module in place will be out later this year).

Another part of Seagate’s reasoning for breaking the connection module out of the drive was to make the drive more directly competitive in size with Western Digital’s latest, compact My Passport series (which uses a micro-USB connector). In this respect, though, Seagate doesn’t quite succeed. The FreeAgent GoFlex comes close in basic dimensions–its official listed dimensions are 4.14 by 3.23 by 0.55 inches, as compared with the Western Digital drive’s 4.3 by 3.2 by 0.6 inches–but for the FreeAgent drive, those measurements don’t include the cable module. In the end, the new Seagate drive design is bigger than the competition–and even worse, the cable coming out of the module is fairly stiff, which makes popping the drive into a carrying case difficult.

We tested the GoFlex Pro version (which comes with a dock and packs a 7200-rpm drive inside, instead of the standard 5400-rpm drive). This model costs $140 for 500GB and $190 for 750GB. It performed well–but surprisingly, even though the drive ran at 7200 rpm, it performed largely comparably to the older 5400-rpm FreeAgent Go we’d tested previously. Not surprisingly, it performed identically to a USB 3.0 drive.

In our tests, we tried the 500GB drive using both the USB 2.0 and USB 3.0 modules. Over USB 2.0, the drive took 145 seconds to read a 3.68GB folder of files (same as the previous FreeAgent Go), 134 seconds to read a large 3.68GB file (1 second less than its predecessor), and 155 seconds to write that large file (the same as before). The only test that appeared improved in the jump from 5400-rpm to 7200-rpm: Our file and folder write test, in which the GoFlex took 182 seconds to write that same folder of files, compared with 197 seconds on the 5400-rpm drive.

Clearly, the GoFlex portable drives perform well, and will deliver fine if you leave it plugged into your chosen module on your desk. But the design is a bit kludgy, sadly. Unless you require the modular flexibility this drive provides, competing models may make a more compelling choice–especially if you need to use the drive in a dock, and then remove it from the dock to take it along with you.

Attract Investors With The Right Marketing Strategy

For any business, a good marketing strategy is often the difference between landing the next customer and closing shop. As the number of new business ventures continues to rise worldwide, marketing strategy is quickly becoming one of the most crucial factors in landing investors.

While new businesses fuel the economy’s growth, they are also gradually establishing a fiercely competitive funding environment, with each new entrant fighting to secure capital from a limited number of investors. One of the few tools available for businesses that want to find and attract investors is an outstanding marketing strategy.

Just like customers, potential investors can’t find you unless you put the word out. They also won’t invest in a business that hasn’t figured out its customer acquisition strategy – a key goal of any sound marketing strategy. 

To help you find and appeal to the right investors, we’ll explore some general marketing best practices along with nuanced investor-focused marketing tips. 

Editor’s note: Looking for the right online marketing services for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

How marketing can help you attract investors

Marketing is about identifying your target market, understanding the needs of people in that market, and communicating how your company can solve their problems. Typically, companies do this to find potential customers. 

However, you can also use marketing skills with the end goal of convincing people or organizations to invest money in your company. Here are five steps to take if you want to market to investors. 

1. Discover investor needs.

The first step is finding out what potential investors need or want in a business investment. Investors tend to focus on a few crucial factors: 

Is the company profitable?

Is the company in an industry on the upswing?

Will the company’s executive team be able to take it to the next level?

Is the company offering a unique product or service difficult for competitors to replicate?

Depending on your specific business, product, or industry, investors may look for additional factors, including strategic alliances, technical know-how, a critical mass customer base, or intellectual property.

Figure out what factors are most crucial to your potential investors. 

2. Ensure your business is strong in areas critical to investors.

When you’re ready to sell your house, you might enhance the landscaping and declutter the interior to make it more appealing to potential buyers. You’ll go through a similar exercise with your business when trying to secure private investors. Once you know what investors are looking for, it’s time to ensure your business is vital in those areas. 

Follow these steps to shore up your business: 

Analyze your business performance. Make changes to strengthen your profit margin, build your customer base, and increase sales.

Hire the experts you need. If you don’t already have the right expertise on your team, bring on people who can fill the gaps. For example, hire a digital marketing expert, social media manager or bookkeeper if necessary.

Protect your intellectual property. Take steps to protect your intellectual property with patents and trademarks, if applicable.

Enhance your website. Ensure your website design is attractive and that the site functions well and is filled with quality content.

Check your other marketing materials. Ensure your general and specialized marketing materials and strategies are effective. For example, ensure your email marketing campaigns are correctly targeted.

Tip

If you need to grow your customer base, consider sending out free or discounted products to generate buzz, and highlight positive reviews, customer feedback, referrals, and testimonials.

Did You Know?

Angel investors are high-net-worth investors who generally focus on local startups. They have skin in the game and often develop an emotional attachment to the companies they fund.

Tip

Use one of the best social media management and marketing tools to develop specific strategies, track mentions, and update and maintain your social media accounts.

Top 3 Vpns For Work With Netflix And Torrents

According to the overall understanding, VPNs are mainly used to obtain confidentiality on the Internet. Still, there are many reasons why an additional layer of Virtual Private Network between the Internet and the user can be recommended. The most exciting ways to use VPNs: to create remote access to the corporate network, watch YouTube and other media resources, including Netflix, without restrictions, visit foreign marketplaces, safely connect to public Wi-Fi, unblock social networks where it is necessary, save some money for booking hotels and avia tickets, download anonymity from Torrents.

How does VPN work?

After signing in, all data transferring from the user and Internet servers is encrypted. The user will receive a new IP address only seen for the external resources; the original will be masked. The level of encryption differs from one VPN provider to another. The main aspects of choosing a VPN are:

Free VPNs do not provide proper encryption and safety protocols, do not have safe storage of personal data, and can sell it to external resources.

Availability of general IP addresses to be as everyone and anonymous simultaneously.

Number and location of servers around the world.

Availability of AES-256 encryption – the safest currently.

Technical support 24/7.

A number of devices that can use VPN at the same time by one user.

Speed of connection.

Limitations of media resources usage or downloading from Torrents.

The price.

Top 3 VPNs for Netflix and Torrents

The top-rated VPNs for Netflix and Torrents based on described aspects are ExpressVPN, NordVPN and Bitdefender VPN. Let’s check in detail.

Express VPN

ExpressVPN is one of the best solutions to access Netflix as it has access to more than 20 catalogs (including USA, Japan, and Canada) without limitations on the number of connections. This service is not for free, but you can return your money after 30 days of use. The high-speed connection is reliable with encryption and VPN split tunneling and servers among 94 countries all over the world.

Also read:

Top 10 IoT Mobile App Development Trends to Expect in 2023

It is also suitable for torrents, as it supports P2P protocol for fast connections. With ExpressVPN, you will not get any harmful viruses, and your data will not be stolen. All ExpressVPN servers support torrents with AES-256 encryption. It works for such popular torrents – uTorrent, BitComet, WebTorrent, and many more.

This service can work on devices with Windows, Android, iOS, and Linux, for all special applications are available for easier installation and configuration. There are several payment plans for which the user can pay with credit cards, PayPal, or even bitcoins – to ensure total anonymity.

NordVPN

NordVPN unblocks Netflix not only in its application but also in the browser and provides access to all libraries, including popular ones, without difficulties. You will also get access to Amazon Prime or BBC. NordVPN is suitable for torrenting as it allows P2P traffic with fast speed and no sharing of the user’s personal IP address. You can test torrenting speed within 30-days of the guaranteed money-return back period; for sure, it will be lower than an Internet speed without a VPN, but not significantly. To torrent without problems, you do not need a particular configuration of NordVPN; it will automatically use OpenVPN or NordLynx protocol.

Bitdefender VPN

Bitdefender is a premium VPN to access not only Netflix and Torrents but also public Wi-Fi, get access to geo-restricted content, bypass the ISP throttling, and stream on many media servers avoiding DDoS attacks. All system requirements are presented on its website; it works on Windows, iOS, and Android. It has more than 4000 servers in about 50 countries worldwide.

Also read:

Best 10 Email Marketing Tools in 2023

In terms of Netflix, Bitdefender provides access to Netflix libraries (has some limitations for USA and UK libraries), but BBC iPlayer works fine. It perfectly wells for unlimited P2P torrenting as well. It can allow some DNS leaks with information on the location and time of torrenting, but all personnel and what is torrenting will be encrypted. Bitdefender has AES-256 encryption and a kill switch; the user can select protocols such as OpenVPN or WireGuard.

Conclusion

This article clearly shows that torrenting and access to Netflix are no longer problems. Among these three VPNs – ExpressVPN, NordVPN, and Bitdefender VPN – you can choose the service that better suits your needs and price expectations. In addition, you will receive other valuable features such as anonymity and the possibility to access content from different countries on conditions not available in your home country.

Apple Hires One Of Nike’s Top Fuel Band Designers To Work On Wearable Devices

Apple has lured away top Nike design director Ben Shaffer, according to a source at Nike with knowledge of the details behind Shaffer’s departure. At Nike, Shaffer was the Studio Director of the Innovation Kitchen. This is Nike’s research and development lab where new product designs are created. Under Shaffer’s lead, Nike was named the most innovative company in 2013 by Fast Company. Nike’s Innovation Kitchen has been connected to wearable products like the popular Nike Fuel Band, and most recently, the Flyknit shoe.

With Apple’s continued development of its own wearable watch-like device, Shaffer’s experience in working on the wearables with Nike will be critical. The Nike Fuel Band is a popular product amongst Apple executives, including Apple CEO (and Nike Board member) Tim Cook and former Hardware lead Bob Mansfield. Based on Apple’s experience and usage of the Fuel Band product, it seems like that Apple’s own wearable computer will have similar fitness-tracking abilities. Furthermore, we recently reported that Apple hired the top fitness-expert (and Nike consultant) for the Fuel Band, Jay Blahnik…

In an interview, Shaffer explains that Flyknit was not only about the final product, but about the processes behind the design of the product:

What makes Flyknit so truly disruptive is that it isn’t a shoe–it’s a way to make shoes. As the team members who spent four years developing the technology like to say, they’re “breaking the sewing machine.” The old Nike model involved cutting rolls of prewoven material into pieces, and then stitching and assembling them. But with Flyknit, a shoe’s upper and tongue can be knit from polyester yarns and cables, which “gets rid of all the unnecessary excesses,” says Ben Shaffer, studio director at the Innovation Kitchen, Nike’s R&D center. The Flyknit Racer, one of the first shoes in the Flyknit line, is 5.6 ounces, roughly an ounce lighter than its counterparts. Nike uses only as much thread as it needs in production, and the shoe can be micro-engineered–tightened here, stretched there–to improve durability and fit.

As Apple designers have previously explained, the company goes through hundreds of prototypes and design considerations before landing on a final product. Apple’s devices also are in design development for a number of years. Based on Shaffer’s anecdotes about his design process, it seems that he understands design on the level of Apple’s own industrial design group:

Shaffer shows me some of the 195 major iterations the Flyknit went through as we tour the Kitchen. Some appear as rudimentary as a ballerina’s slipper. The prototype that marathon runner Paula Radcliffe marked with scribbles now looks like a rejected Project Runway design. Nike’s ambitions for Flyknit can be seen in the trays full of feet that live in tall carts around the Kitchen. The disembodied wooden lumps–most generically sized and others made by scanning some of the actual feet of the thousands of professional athletes that the company sponsors–are all waiting to be fitted, like Cinderella, with the perfect prototype shoe.

Shaffer has also explained his design process in the above video. In terms of fitting into Apple’s culture, an interview with in 2013 explains his collaboration efforts with other designers:

For the past five years, Ben Shaffer has been a part of Nike’s famed Innovation Kitchen where they are encouraged to think, experiment, research, build, and question things with one ultimate goal–to help their athletes achieve their goals. As the lead designer on the Nike Flyknit Trainer+, Shaffer worked closely with Hiroshi Fujiwara, Tinker Hatfield, and Mark Parker to produce this latest sneaker. We had a chance to speak one-on-one with Shaffer in an effort to gain a better understanding of this amazing new technology.

This would certainly match-up with Apple’s new design and engineering collaboration processes, most recently publicized in interviews with Apple design chief Jony Ive and software lead Craig Federighi.

In the video above, Shaffer explains his specific role in Nike’s design labs. With Shaffer’s design experience and high-level role at Nike, sources say his position at Apple will be in Jony Ive’s small design group. Perhaps making Shaffer feel right at home, Apple designer Christopher Stringer explained in 2012 that Apple’s design team literally sits around a ‘kitchen’ table to discuss ideas.

Additionally, it seems highly plausible, based on his specific experience in shoes and wearable gadgets, that Shaffer will be working on upcoming wearable products for Apple. Of course, Apple is working on a watch, but it seems possible that the could be working on wearables beyond those for the wrist. Former Apple executive Tony Fadell recently revealed that Apple even toyed around with wearables akin to Google Glass.

Update: Nike has confirmed to me that Shaffer is no longer at the company.

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How To Create Job Work Masters In Tallyprime

 PDF

If your business involves job work assignments, where you either delegate the job to a party or have taken up a job for a party, you can record all such transactions in TallyPrime. To track Job Work details, your transaction will involve certain masters – ledgers, voucher types, and stock items – where you can specify the details of the job work. 

Job Workers (Sundry Creditors) are those to whom the Job is delegated. Principal Manufacturers (Sundry Debtors) are those from whom the job is received for Job Work.

In this section

Job Worker Ledger

Name

: In this field mention the Job Worker’s name. For example,

Mega Manufacturers.

Under

: In this field select the group under which the Job Worker ledger to be grouped. For example,

Sundry Creditors.

Maintain Balances bill-by-bill

: Set this option to

Yes

to maintain the Job Worker payment balances bill-by-bill.

Enter the

Mailing

Details

and

Tax Registration Details.

Accept the screen. As always, you can press

Ctrl

+

A

 to save.

Name

: In this field mention the Principal Manufacturer’s name. For example,

Bright Home Appliances.

Under

: In this field select the group under which the Principal Manufacturer ledger to be grouped. For example,

Sundry Debtor

.

Maintain Balances bill-by-bill

: Set this option to

Yes

to maintain the Principal Manufacturer payment balances bill-by-bill.

Enter the

Mailing

Details

and

Tax Registration Details.

Accept the screen. As always, you can press

Ctrl

+

A

 to save.

To record the material transfer transaction in TallyPrime, you can use the Material In and Material Out voucher types.

Material

Out

: This voucher type can be used to record the material transfer out (of Raw materials or Finished Goods) transactions.

In case of Job Work, it can be used by the Job Worker as well as Manufacturer.

Principal Manufacturer

: Use this Voucher to transfer the Raw Materials to the Job Worker.

Job Worker

: Use this voucher to transfer the Finished goods to the principal Manufacturer.

Material In

: Use this voucher to record the material transfer In (of Raw materials or Finished Goods) transactions.

In case of Job Work, Material In voucher can be used by the Job Worker as well as Manufacturer.

Principal Manufacturer

: Use this voucher to record the receipt of Finished goods/ Scrap/By-Product/Co-Product from he Job Worker. In this voucher Principal Manufacturer can also track the components used (own consumption like- wax, screw, and so on) by the Job Worker.

Job Worker

: Use this voucher to account the receipt of Raw material from the Principal Manufacturer.

In your business, a party may be acting as Principal Manufacturer as well as Job Worker. In that case the party may require:

Material Out

vouchers to account transfer –

Raw materials

and

Finished

Goods.

Material In

voucher to account the receipt –

Finished Goods

and

Raw

materials

.

Note

: If a party is acting as

Principal Manufacturer

as well as

Job

Worker

, then it is must to maintain separate set of

Material In/Out

vouchers for

Job Work Out

and

Job Work In

Processes.

This Voucher Type will be used by the Principal Manufacturer in Job Work Out process for recording the Transfer of Raw Materials to the Job Worker.

In

Name

field, enter the name of the Voucher Type. For example,

Material Out (RM).

In

Select

t

ype of voucher

field select

Material

Out

from the

List

of

Voucher

Types.

Set the option

Activate this Voucher Type

to

Yes

Select

Automatic

in the Method of voucher numbering field.

Retain the default setting for other options.

Set the option

Use for job work

to

Yes.

Retain

No

for the option

Use for Job Work In.

Set

Print voucher after saving to No.

Accept the screen. As always, you can press

Ctrl

+

A

 to save.

This voucher Type will be used by the Job Worker in Job Work In process for recording the Transfer of Finished Goods, Scrap, By-Products, Co-Products to the Principal Manufacturer.

In

Name

field enter the name of the Voucher Type. For example,

Material Out (Transfer/FG).

In

Select t

ype of voucher

field select

Material

Out

from the

List

of

Voucher

Types.

Set the option

Activate this Voucher Type

 to

Yes

Select

Automatic

in

Method of voucher numbering

field.

Retain the default setting for other options.

Set the option

Use for job work

to

Yes

.

Set

Print voucher after saving

to

No

.

Accept the screen. As always, you can press

Ctrl

+

A

 to save.

This voucher Type will be used by the Job Worker in Job Work In process for recording the Receipt of Raw Materials from the Principal Manufacturer.

In

Name

field enter the name of the Voucher Type. For example,

Material In (RM).

In

Select t

ype of voucher

field select

Material

In

from the

List

of

Voucher

Types.

Set the option

Activate this Voucher Type

 to

Yes

Select

Automatic

in

Method of voucher numbering

field.

Retain the default setting for other options.

Set

the

option

Use for job work

to

Yes

.

Accept the screen. As always, you can press

Ctrl

+

A

to save.

Note: While creating

Job Work In

voucher type to account the receipt of Raw Materials by the Job worker, if the option

Use Job work In

is set to

Yes

TallyPrime will skip

Allow Consumption

field.

This voucher type will be used by the Principal Manufacturer in Job Work Out process for recording the Receipt of Finished Goods, Scrap, By-Products, Co-Products from the Job Worker.

In

Name

field

enter

the

name

of the Voucher Type. For example,

Material In (FG).

In

Select

t

ype of voucher

field, select

Material

In

from the

List

of

Voucher

Types.

Set the option

Activate this Voucher Type

 to

Yes

.

Select

Automatic

in

Method of voucher numbering

field.

Retain the default setting for other options.

Set the option

Use for job work

to

Yes

.

Set the option

Use for Job Work

In

to

No

.

Set the option

Allow Consumption

to

Yes

.

Note: 1. Enable the option

Allow Consumption

in

Material In

voucher types, when the voucher type is used by the

Principal

Manufacturer

to account the receipt of Finished Goods from the Job Worker. 2. When

Allow Consumption

is set to

Yes

, on recording the

Material In

voucher the Raw Materials used in the manufacture of Finished goods will be considered as Consumed and to that extent the

stock

will be reduced from the

books of accounts

.

Accept the screen. As always, you can press

Ctrl

+

A

 to save.

You can also create stock items for raw materials with excise applicable.

In the

Name

field enter the stock item Name. For example,

Bottom Plate-12Ltr.

Group

the Stock item

Under

the Stock Group

RM – Cooker

(if Stock group is not created use

Alt

+

C

from

Under

field to create the stock group).

In

Units

field select the applicable unit of measurement. For example,

Nos.

Accept the screen. As always, you can press 

Ctrl

+

A

to save.

You can create stock items for the following categories:

     

Finished Goods (Without BOM)

     

Finished Goods (With BOM)

In the Name field enter the name of the stock item. For example,

Cooker 12 Litre.

Group the Stock item Under the Stock Group

Pressure

Cooker

(if Stock group is not created use

Alt

+

C

from

Under

field to create the stock group).

In

Units

field select the applicable unit of measurement. For example,

Nos.

Set the option

Enable Cost Tracking

to

Yes.

What you see on the screen can vary based on your choices. Press F12 (Configure) to change this options as per your requirement.

Accept the screen. As always, you can press

Ctrl

+

A

 to save.

For Stock Item – Cooker 10Litre Two Bill of Materials are used.

The

Standard BOM

is used to manufacture the goods in House

The

Job Work BOM

is used when the manufacture of goods is delegated to a Job Worker.

Note: A

Bill of Materials

is a

list of constituent items

along with

quantity

details that can be allocated for the

manufacture

of a certain

product

,

by-product

or

Co-Product

.

In the

Name

field, enter the name of the stock item. E.g.

Cooker 10Litre.

In the

Units

field select the applicable unit of measurement. For example,

Nos.

Set

Show more configurations

to

Yes.

Set

Show all configurations

to

Yes.

In

Stock Item Multi Components (M BOM)

screen.

In

Name of BOM

field specify the Bill of Material Name. For example,

Standard BOM

. Press Enter to view Stock Item Components (BOM) screen for Standard BOM.

On enabling the configuration option Define Type of Component for BOM in Stock Item Components (BOM) screen a new column

Type of Item

will be displayed.

Unit of Manufacture

: Specify the appropriate number of finished product that will be manufactured by using the components identified in the component list.

Item

: In this field select the raw materials which are required to manufacture the finished goods.

Godown

: If there are multiple Godowns or Locations, specify the storage location of the items from where the items will be used for manufacture. For example, Raw Material Location.

* By-Product: Select this classification for the stock items which are produced as By-Product of finished goods. * Component: Select this classification for the Raw materials /inputs which are used or consumed for the production of finished goods. * Co-Product: Select this classification for the stock items which are produced as Co-product of finished goods * Scrap: Select this classification for the stock item produced as scrap in the process of manufacture of finished goods.

Cursor will not move to Rate (%) column when the Item Type selected is Consumption.

Observe to manufacture

1

Pressure Cooker

, different

inputs

are required and while manufacturing Aluminium scrap will be produced. The Quantity of inputs consumed to manufacturer finished goods is 1 each of different inputs.

Press

Enter

to save the Stock Item components for BOM –

Standard BOM

and to view the Stock Item Multi Component screen.

In

Stock Item Components (BOM)

screen specify the Unit of Manufacture, Item, Godown and Quantity.

Accept the screen. As always, you can press

Ctrl

+

A

 to save the

Stock Item Components (BOM)

and

Stock Item Multi Components (M BOM).

The completed Stock Item Creation screen is displayed as shown:

Each item is required to be accounted for, and receipt or issue needs to be created. In fact, you will create a stock ledger account for each item and Tally calls this account Stock Item.

To create the stock item

In the

Name

field enter the stock item Name. For example,

Aluminium Scrap.

Group

the stock item

Under

the stock group

Scrap

(if stock group is not created use

Alt

+

C

from

Under

field to create the stock group).

In

Units

field select the applicable unit of measurement. For example,

Gm.

Accept the screen. As always, you can press

Ctrl

+

A

 to save.

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