List of Basic Shipping Documents you should be aware of

Published on: 31 August 2020 Last Updated on: 10 May 2021

The shipping of goods involves interacting with different governments and commercial parties to transport goods from one place to another. In international shipping to be specific, rules should be properly maintained for the smooth transport of goods. There are a number of procedures and documents that need to be filled in.

Sanctioning of the order, specifying its origin, declaring its ownership are just a few of the many shipping documents that need to be arranged for the transport. Sellers, after discussing it with the buyers, must use proper incoterms on the products to increase their shipping potential. Even the payments are made on the basis of the arranged documents.

Therefore the importance of the shipping documents can be properly gauged from the above lines. Still, it can be really confusing for the sellers to arrange it all smoothly. So, to help the sellers, a list of basic shipping documents integral for international shipping has been compiled below-

Purchase Order:

This is the first official deceleration of the order received by the seller from the buyers. The purchase order defines what has been ordered, the quantity, its monetary value, and the parties taking part in the transactions.

Commercial invoice:

While the purchase order is the initial document declaring the purchase, the commercial invoice is the final receipt of all transactions between the buyer and seller. This contains the amount paid, yet to be paid, shipment details, carrier payments, and even the incoterms that guide the transaction.

The article is also used by the federal authorities to check the ownership of the goods and to identify individual organizations involved in the transaction. In a way, the commercial invoice summarizes the whole transaction procedure on a single sheet of paper.

Bill of Lading:

The bill of lading is an official contract signed between the owner of the goods and the carrier services be it ships or an airplane. By generating a bill of lading, the carrier agrees to carry the specified goods from one destination to another officially.

Therefore the bill of lading is an important shipping document as it makes the freight forwarders association responsible for the products they are transporting. This reduces the excessive pressure on the seller while the transport of goods. Similarly, when the cargo has reached its destination, the bill of lading is used to hand over the shipment to the importers by the carriers.

Packing List:

The packing list is a detailed itemized list of cargo. It includes the names, weights, volumes, and monetary value of every item being transported. Even the safety measures are taken as well as the packaging types are also mentioned in this list.

The packing list is the document referred to by the customs officials in case of any discrepancy in the cargo. It allows swift identification of the suspicious object and minimizes the damage to the other cargo. As a reference, it is used to make other shipping documents like the bill of lading. In some cases, the payment procedures via a letter of credit also depend on the submission of a packing list.

Packing List should contain itemized details of the cargo

Letter of credit:

International shipping takes time and is very complex due to the several parties involved. Therefore a secure mode of payment needs to exist for the growth of trade.

A letter of credit is generally accepted as the most credible mode of payment among traders. This is issued by a reputed bank guaranteeing the payment to the seller within a specific period in case the buyer fails to pay the whole transaction sum in the specified period.

This payment can be obtained by the seller only after successfully submitting all the shipping documents to the specified bank.

Dock/Warehouse Receipt:

The condition of the product is integral while being transported from one place to another. In case of going for a long voyage, the shipment is stored in a dock/warehouse before being shipped off. The receipt generated here proves that the product arrived in good condition and is passed along as it is.

Certificate of Origin:

Certificate of Origin declares the country to which the product is manufactured and therefore belongs to. This is an essential shipping document because countries have different trade policies with different countries. Therefore if the origin country is unknown, the customs cannot charge proper taxes and other duties on the goods. It also helps to identify if transporting the goods is legal and conforms to trade ties between the countries.

Insurance Certificate

To minimize the risk in international shipping, insurance is taken on the shipment by the exporter. The insurance certificate certifies the insurance scheme and its value.

All these shipping documents together can give the parties involved the best experience of international shipping. Though a lot of the information in many of these documents is similar each serves its own purpose and is needed in different stages of shipping. To know about these in more detail, check out https://www.cogoport.com/shipping-documents.

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Seven Benefits Of Hiring A Professional Bookkeeper

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If you are still thinking about whether hiring a bookkeeper is worth the cost, have a look below. Here we are unfolding seven benefits of hiring a professional bookkeeper. 1. Analyzes company’s standing: Are the business revenues spiking? Is rental expense consuming a massive chunk of profits? With a bookkeeper on board, you can find answers to all these questions. They keep a close eye on numbers to find out where your company stands financially. They simplify complex information by categorizing data to promote understandability. Moreover, you can also ask bookkeepers to prepare financial statements to understand the company’s financials better. In case they lag accounting proficiency and decision-making skills, encourage them to pursue higher education. Perhaps, they could look for a master of accountancy if they only have a bachelor’s degree. Alongside finances, they will be better able to analyze financial metrics. 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They closely monitor how much money is going out of the business (outflows) and coming in (inflows). The minute outflows exceed the inflows; bookkeepers will alert the upper management about cashflow problems. Additionally, they can identify problems within the cash flow. For instance, if inventory holds a lot of cash, bookkeepers will suggest managers sell it to recover the cost. Likewise, if debtors delay payments, they will suggest the accountant negotiate credit terms with creditors. 4. Accounts for tax deductibles: Amongst all business tasks, paying taxes is every entrepreneur’s least favorite. After all, no one likes giving away a chunk of profit to the government. Surprisingly, a bookkeeper can help in reducing the overall taxable income. They work together with tax specialists and account for tax deductibles to ensure you don’t overpay taxes. From depreciation, travel to revaluation expense – they account for every cost to scale down the taxable income. Similarly, they provide interim and year-end financial statements to determine the company’s annual tax obligation. Hence, you can make decisions beforehand that can modify or lower the tax bill. For instance, if the tax policies are more flexible for C corporations, you can switch from limited liability to a C corp. Besides this, having proper records can help with the tax return filing procedure too. 5. Fosters business growth: Bookkeepers can facilitate business decisions about day-to-day business operations. They can forecast seasonal ups and downs, ensuring you have sufficient capital available when revenues are low. Similarly, they encourage managers to set some funds aside when profits are spiking. Greater awareness of spending patterns and sales trends can help entrepreneurs lower operating expenses. Hence, they can save money in the long run and invest it in business growth. Additionally, not having to worry about finances gives business owners enough time to focus on other core business operations. 6. Prepares business for an audit: Until you demonstrate non-compliance with tax obligations, your business won’t go through an IRS audit. However, you have to perform an internal and external audit to assure stakeholders that your company complies with accounting standards. Luckily, having accurate records prepared by a professional bookkeeper will ensure a smooth audit process. They would have correct records to support the income tax returns. At the same time, bookkeepers organize all receipts and invoices. Thus, the auditors can see all business expenses are legitimate. It will ensure you haven’t over or understated the profits or income, regaining investors’ trust in the company. 7. Helps in securing funding: Today, lenders need accurate records and financial information before giving out a loan. After all, they have to evaluate your repayment capability to ensure you will repay the loan timely. Bookkeepers maintain complete records, showing lenders that you know the company inside out. Similarly, they outline past performance to show banks and financial institutes that you have a solid financial history. In addition to gaining the lender’s trust, you might be able to secure a loan at a lower interest rate with flexible repayments. Conclusion: In a dynamic business landscape, bookkeepers can help you through all stages of starting and growing the company. They maintain records, organize data, and keep a vigilant eye on finances. They also preserve receivable accounts and prepare payrolls. Simultaneously, bookkeepers help companies lower taxable income by accounting for tax deductibles. Having a bookkeeper on board will provide more benefits and less stress while ensuring effective financial management. 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5 ways employee perks can dramatically enhance your personal life

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Your Cloud Kitchen Essentials: From Licenses to Restaurant Softwares

The pandemic has been a woe for a few, while a blessing for others. Several restaurants closed down while others have been constantly bearing the brunt. However, during this time taking commercial kitchen on share or cloud Kitchens gained immense popularity as COVID-19 disrupted the restaurant industry. So, What is a Cloud Kitchen? Cloud Kitchens are famously known as delivery-only restaurants. They cater specifically to online orders placed through virtual delivery companies such as Swiggy and Zomato. Cloud kitchens bring with themselves the opportunity to conveniently reach a wider audience of foodies. Sounds simple right? Well, setting up your own cloud kitchen is as uncomplicated as its definition. In this blog, we will specifically dig deeper into the licenses and essentials required to run a Cloud Kitchen. 1. Location: Finding the perfect location for your cloud kitchen shouldn’t be a challenge considering you don’t have to take into account factors such as accessibility, design, and parking, among others. You can opt for a place that is close to your target delivery locations. In comparison to dine-in restaurants, location acts as a prime differentiator for bringing down the cost of investment. 2.Licenses: Obviously, there is always a legal compliance requirement! Obtaining the apt licenses and certifications are important to conduct your business as well as provide customer satisfaction. FSSAI (Food Safety and Standards Authority of India) : FSSAI Licenses are mandatory for every food business operator in India. This license ensures that the kitchen is maintaining the food safety standards of India. After you file your application for the same, an inspection of the premise is conducted. The license is granted within 60 days if the procedure is successfully completed. The cost for a new license ranges between Rs. 2000- 5000. GST Registration: GST is levied on everyone dealing with the supply of goods and services across the country. In order for cloud kitchens to partner with food delivery platforms, they require a valid GST registration. GST Registration is required only if your aggregate turnover exceeds Rs.20 lakhs. At first, you need to file the enrollment form on https://www.gst.gov.in/. After which, you must submit the necessary documents and you will receive an acknowledgment number. The government does not charge any fees for GST Registration. Shop and Establishment Act: All commercial establishments nationwide come under the purview of this Act. You must file for this registration within 30 days of commencing your business. The registration certificate can be obtained by applying through the official website for your state. Registration fees for the same depend specifically on the location of the restaurant. It costs approximately Rs.1000 for a single registration in various cities. Trade License: Trade license allows you to start your cloud kitchen within a particular municipal limit. This helps in keeping up with public health concerns. Trade license fees include a fixed one-time payment along with renewal fees. Fire and Safety License: This license requires the kitchen owners to take precautions in case of the risk of fire. The license is issued within 7 days from the date of application. You can fill out the signup form and get started here- foodlicensing.fssai.gov.in 3. Restaurant Software: While running a cloud kitchen you ought to have a quick automated solution and smart technology. Petpooja’s cloud kitchen software is your one-stop destination for an efficient and user-friendly Point-of-Sale System(POS System). Having a restaurant POS system or a restaurant software aids in integrating online orders, inventory management, customer engagement, employee performance, and restaurant analysis. Given the current situation, it is integral for restaurants to set up their own POS System. It goes without saying that setting up your own cloud kitchen with Petpooja is easy and convenient. Follow these 3 basic steps to set up your cloud kitchen and you are good to go. Reach out to us on 7046223344 or shivani.dad@petpooja.com for more tips and guidance. We would love to help you grow your restaurant business! Read Also: How to Choose the Best Commercial Restaurant Equipment The Basics of Restaurant Equipment Financing Kitchen Renovations Must be Done at Regular Intervals How Restaurant Space Landlords Can Be Successful

List of Basic Shipping Documents you should be aware of

Purchase Order:

Commercial invoice:

Bill of Lading:

Packing List:

Letter of credit:

Dock/Warehouse Receipt:

Certificate of Origin:

Insurance Certificate

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Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Seven Benefits Of Hiring A Professional Bookkeeper

5 ways employee perks can dramatically enhance your personal life

Your Cloud Kitchen Essentials: From Licenses to Restaurant Softwares

List of Basic Shipping Documents you should be aware of

Purchase Order:

Commercial invoice:

Bill of Lading:

Packing List:

Letter of credit:

Dock/Warehouse Receipt:

Certificate of Origin:

Insurance Certificate

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Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related