Introduction:
Parta System is quite famous in India, as it was introduced by the Doyen of industry Late G.D.Birla for his group. In a nutshell, “Parta means what will be the return to pocket in net. Parta is a system of establishing return on Investment based on Cost Management.” Parta is the financial performance monitoring system for any organization which indicates Profit/ Loss on daily basis. Taking the essence of this concept, the terminology is applied to a practical approach in costing and profitability assessment on a day-to-day basis, and is explored in this article. The term “SIMPLICOST” is borrowed from the publication by Chartered Institute of Management Accountants, UK, which was released way back is 1980s. Combine the same with the Indian Parta System, and we derive SIMPLICOST – A cost parta system. The original Parta System has undergone many derivations some which are production-based and Market-based. Although it was applied to large industries in the past, when the entire records were manual, the system is no more relevant now, as more granular automated information base is available across large units, leading to more effective control systems. But in case of small entities, cost systems are yet to mature in an automated form like Tally or Zoho for financial accounting. Till such products emerge, the SIMPLICOST showcased in this article can possibly serve the purpose of cost control and management.
Some of the real challenges faced by MSMEs:
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UNVEILING DIGITAL HEALTH AND ELECTRONIC HEALTH RECORD THE IMPENDING MECHANISMS TO AMELIORATE HEALTHCARE EFFICACY IN INDIA
With sustainable economic growth potential and foreseeable improvement in public service delivery, India needs instruments to improve sectoral productivity in healthcare. In the modern world of technological advancements, digital intervention is inevitable to increase healthcare effectiveness. Digital health includes multiple digital care mediations ensuring the convergence of digital technologies with wellness, treatment, healthcare, and society to improve the efficacy of service delivery and make medicines more explicit and user-specific.
IMPLEMENTING AN INTEGRATED HOSPITAL COST MANAGEMENT SYSTEM
The unique features of Healthcare Sector and their Business Process Flow are a big challenge to implement an Integrated Cost Management Solution. Even though a Hospital may have an effective Medical Information System of Patients and an ERP, they still struggle with implementing a Costing System; this is because the information is in different Silos. To implement an effective Costing System, the cost structure should be either inbuilt in the ERP or should have information flowing in from the Accounting and Patient Information. Identifying the Cost Elements and their classification, defining Cost Objects and their hierarchy and mapping the flow of information from Accounting and Medical Information System are pre-requisite for an Integrated Cost Management Solution. With the rapid development in information technology many IT firms/ERP use Data Connectivity for seamless integration. An integrated Costing System will facilitate online reporting and help Management in decision making on Pricing, Profitability and Cost Control.
INAUGURATION OF LONDON OVERSEAS CENTRE OF COST ACCOUNTANTS ON 23rd JANUARY 2021
On the auspicious occasion of 125th birth anniversary of Netaji Subhas Chandra Bose on 23rd January or ‘Parakram Diwas’ this year, The Institute of Cost Accountants of India added a feather in its cap through the grand opening of London Overseas Centre of Cost Accountants (LOCCA), the first ever European centre in the heart of London. It was highly supported by British Deputy High Commission, Kolkata, India Business Group and UK India Business Council.
EMPLOYEE WELLNESS PROGRAM: ITS BENEFITS SURPASS ITS COST
When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea. Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health related issue. So, the organizations should implement such Employee Wellness Programs to reap the benefits of the same. In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.
DIGITAL TRANSFORMATION ADVANCEMENTS IN APPLICATIONS OF BLOCKCHAIN TECHNOLOGY THE EVOLVING POWERHOUSE OF INDUSTRY 4.0
The idea for processing transactions in a cryptographically secured chain of blocks was first revealed in 1991 by computer scientists Stuart Haber and W. S. Stornetta.
MSME And Its Impact On Indian Economy
Abstract Small businesses are the backbone of any economy. Micro, small and medium enterprises provide employment and economic opportunities to millions of Indians. The growth of MSME will bring the underprivileged to a good position in the economy. Instead of making the rich richer, overall growth will make a prosperous India.
Government Procurement From MSME's The Present & The Future
Abstract The MSMEs in India are considered to be the real engines of growth for the economy and their healthy participation in Government Procurement will have its own beneficial spin offs to the society. Government is doing a lot to encourage them but still some more things will empower these lilliputs to become economic giants and contribute in nation building.
VISION OF “ATMA NIRBHAR BHARAT” ROLE AND SIGNIFICANCE OF MSME
The present paper aims to explore the changing role of MSMEs (Micro, Small and Medium Enterprises) in making India ‘Atmanirbhar’.
REVIVAL OF MSMEs (POST COVID-19) STRATEGY OF CMAs
Abstract There has been an unprecedented slowdown due to Covid-19 and MSMEs are worst affected. Given their pivotal role in Indian economy, urgent measures need to be taken for their survival, revival and growth. Indian Government has taken various initiatives including Atma Nirbhar Package, however, still majority MSMEs are looking for timely guidance and hand holding at this critical phase. CMAs are known for rich experience in finance, domain expertise in cost management and sound knowledge of Indian regulatory mechanism. CMAs can play role as ‘Economic Warrior’ while offering customised strategy for revival of ailing MSMEs which will in turn boost up economic growth and help our grand nation to be ‘USD 5 Trillion’ economy soon.
MICRO, SMALL & MEDIUM ENTERPRISES IN NEW TECHNOLOGICAL ERA CHALLENGES & ROAD AHEAD
Abstract We live in the world which is rapidly changing due to technological advancements. The technological advancements lead to fourth industry revolution which is known as “Industry 4.0”. This digital revolution is changing the business models of all manufacturing & service industries whether it is large, small or medium. The need of adopting latest and modern technology is realised not only for large scale industries even small and medium size industries to compete in global market.
