About the Company
Josmo, a design studio and furniture manufacturer, believes that good design is the fundamental element of a fulfilling life. They recognize that well-designed spaces contribute to efficiency, functionality, and aesthetic value, influencing people’s emotions and choices. With a focus on promoting bespoke Indian craftsmanship and creating sustainable products, Josmo embraces a global perspective while staying rooted in their Indian heritage.
For Josmo, crafting artisanal furniture is akin to shaping a vision. Both endeavors require imagination, time, and artistic skill, elements that they have cultivated over the past decade. Originally a design studio, Josmo has evolved into a furniture manufacturer, collaborating with various ideas, designs, and craftsmen to offer seamless space solutions. Their expertise extends to the hospitality industry, real estate projects, commercial spaces, and co-working environments, where they constantly frame, create, and innovate.
Josmo prides itself on telling new stories every day through their designs. Each space they create has a unique narrative, and they have successfully brought hundreds of these stories to life over the past decade. Their vast range of functional furniture pieces caters to interior designers and architects, while their interior styling solutions serve leading enterprises. In addition to catering to businesses, Josmo has designed made-to-measure furniture for luxurious residences and boutique hospitality projects. They have also supplied contemporary furniture to startups and co-working spaces, expanding their presence from their base in Goa to various ambiences and spaces of renowned Indian and global brands.
With a team comprising architects, designers, craftsmen, and material specialists, Josmo operates cohesively at every stage of a project. From conceptualization to manufacturing and timely delivery, they ensure a seamless workflow. They owe their success to their design-build specialists, who create functional furniture pieces, and their state-of-the-art production facility.
Josmo distinguishes itself by offering the rare combination of a design studio and an expansive furniture foundry, both operating under one roof. This unique setup allows them to tap into a diverse pool of experienced professionals and fresh talent, resulting in impeccable design, aesthetics, and thoughtful value-engineering.
In summary, Josmo is a design studio and furniture manufacturer dedicated to the principles of good design, efficiency, and sustainability. With their emphasis on bespoke Indian craftsmanship and global influences, they have made significant contributions to diverse sectors, including hospitality, real estate, and commercial spaces. By telling stories through their designs, Josmo has become an integral part of various renowned Indian and global brands, creating functional furniture pieces and delivering exceptional interior solutions. Their collaborative team and state-of-the-art production facility enable them to consistently produce high-quality designs that enrich people’s lives.
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Challenges faced by Josmo Studios
One of the key challenges faced by organizations is the proper maintenance of advances received and given, along with ensuring that Tax Deducted at Source (TDS) is correctly deducted on those advances. Additionally, organizations often encounter difficulties in managing a large volume of purchases, as their accounts teams sometimes do not receive the purchase invoices, leading to delayed or incomplete booking of these expenses. These challenges hinder the ability to reflect an accurate profit and loss (P&L) position, which can have adverse effects on financial reporting and decision-making processes.
Effective management of advances received and given is crucial for maintaining accurate financial records. Advances received from customers are usually considered as liabilities until the corresponding goods or services are delivered. Similarly, advances given to suppliers or vendors should be properly recorded as assets until the goods or services are received. However, keeping track of these advances can be complex, especially in cases where multiple advances are received or given for different transactions. In such scenarios, organizations must maintain detailed records and ensure that the advances are appropriately adjusted in the accounting system once the related transactions are completed.
Another critical aspect of managing advances is ensuring proper TDS deduction. As per tax regulations in many jurisdictions, TDS must be deducted on certain types of payments, including advances, and remitted to the tax authorities within the prescribed time frame. Organizations need to have robust systems and processes in place to accurately determine the TDS liability, deduct the appropriate amount, and ensure timely remittance. Failure to comply with TDS regulations can result in penalties, legal issues, and additional financial burdens.
In addition to advances, the timely and accurate booking of purchase invoices is essential for maintaining an accurate P&L position. Purchases represent a significant portion of a company’s expenses, and any delay or omission in recording these transactions can distort the financial statements. Accounts teams may face challenges in receiving purchase invoices from various departments or vendors, resulting in delays in recording the expenses. This can lead to inaccurate financial reporting, incorrect expense recognition, and an incomplete picture of the company’s financial health.
When faced with the challenges of maintaining advances received and given, ensuring correct Tax Deducted at Source (TDS) deduction, and timely booking of purchase invoices, Brego Business stepped in with an effective approach. By implementing strategic measures and leveraging their expertise, they successfully resolved these challenges, providing a smooth process for accurate financial reporting and improved profit and loss (P&L) visibility.
Streamlining Advances Management:
Brego Business recognized the need for a systematic approach to managing advances. They introduced a comprehensive system that facilitated the proper maintenance of advances received and given. By implementing robust record-keeping processes, including the use of advanced accounting software, they ensured accurate tracking and appropriate adjustments of advances. This enabled better visibility of liabilities and assets, leading to improved financial reporting.
TDS Compliance and Deduction Accuracy:
To address the challenges related to TDS deduction, Brego Business developed a thorough compliance framework. They conducted a comprehensive analysis of applicable tax regulations and integrated them into the organization’s accounting systems. By implementing automated TDS deduction processes, they ensured accurate and timely deduction, minimizing the risk of penalties and legal issues. Regular audits and internal controls were also established to maintain compliance and rectify any discrepancies.
Efficient Purchase Invoice Management:
Brego Business recognized the importance of timely and accurate booking of purchase invoices. They devised a streamlined process for receiving and booking invoices, aiming to eliminate delays and omissions. Leveraging technology, they implemented a digital invoice management system that facilitated seamless communication between departments, vendors, and the accounts team. This system included automated matching of invoices with purchase orders and goods receipt notes, ensuring accurate expense recognition and improving the overall P&L position.
Internal Controls and Audits:
To maintain the integrity of financial records, Brego Business implemented robust internal controls and regular audits. They conducted periodic reviews to identify any gaps or discrepancies in advanced management and purchase invoice booking processes. Through these audits, they ensured adherence to established procedures and rectified errors promptly, resulting in accurate financial reporting and enhanced control over financial operations.
Brego Business implemented a systematic approach to advances management, introducing efficient processes and robust record-keeping procedures. By leveraging advanced accounting software, they ensured accurate tracking of advances received and given, providing Josmo Studios with enhanced financial transparency and a clearer understanding of their liabilities and assets. This laid the groundwork for more precise financial reporting.
The challenges associated with TDS deduction were effectively addressed by Brego Business. They developed a comprehensive compliance framework, analyzing relevant tax regulations and integrating them seamlessly into Josmo Studios’ accounting systems. By automating the TDS deduction processes, Brego Business ensured accurate and timely deductions, minimizing the risk of penalties and legal complications. Regular audits and the implementation of internal controls further solidified Josmo Studios’ compliance efforts, guaranteeing accuracy and rectification of any discrepancies.
Efficient purchase invoice management was another area where Brego Business made significant strides. They introduced a digital invoice management system, fostering seamless communication between departments, vendors, and the accounts team. Through automation and streamlined processes, invoices were matched with purchase orders and goods receipt notes, resulting in accurate expense recognition and timely booking. This substantially improved Josmo Studios’ profit and loss visibility and overall financial reporting accuracy.
To maintain the integrity of financial records, Brego Business established rigorous internal controls and conducted regular audits. This meticulous approach ensured adherence to established procedures and facilitated prompt rectification of errors or discrepancies. Josmo Studios regained control over their financial operations and developed a sense of confidence in the accuracy of their financial reporting.
In conclusion, Brego Business’s intervention during Josmo Studios’ desperate times had transformative effects. Their strategic approach and expertise in advances management, TDS deduction, and purchase invoice booking resulted in substantial improvements. With accurate financial reporting and enhanced profit and loss visibility, Josmo Studios regained stability and control over their financial operations. Brego Business’s involvement brought compliance, increased profitability, and a renewed ability for Josmo Studios to make informed decisions, ultimately setting them on a path towards long-term success.