NEW DELHI: At a time when many small and medium enterprises (SMEs) are already struggling to remain afloat, it is important that these firms have updated financial records to avoid more losses in the
future, say experts.
“There are a lot of advantages of having an updated financial records such as ensuring SMEs meet their tax obligation, provide a clearer picture of business’s financial well-being and also help them to earn and save more money. These are the major reasons behind proper book-keeping that will result in avoiding potential penalties, fees and unnecessary costs, find opportunities to save money and help you to make better decisions when it comes to managing their businesses,” said Rajesh Gupta, Co-Founder and Director, BUSY Accounting Software.
He adds that while the three-year-old GST was considered to be a game-changer, there are still many challenges for businesses and end consumers. “MSMEs are still unclear about the practices and measures of the GST tax regime...The major hurdle faced by the business owners in GST Compliance is that the Invoice number / Invoice amount / Tax Rate / Tax Amount that the purchaser has recorded does not match with seller, invoice received in GSTRSTRSTR 2A. This issue invites a hefty penalty and makes things even more problematic for these firms,” said Gupta.
When asked about the solution his firm provides, Gupta said that some of its powerful features include the BUSY mobile app which connects with real-time data (approx. 50K D/L), BDEP (Business Data Exchange Platform) to exchange invoices electronically, BUSY BNS App (Business Notification Service) (Approx. 15K D/L), BUSY agent for auto backup & dongle server in both SQL / Access mode, User Controls to keep the user at the top of their business, Complete GSTST Module (Configurable GSTST Billing, GSTRSTRSTR Filing, GSTST Summary and Reporting), Multi-location Inventory, Multi-company Accounting, etc. Currently, BUSY has 3.5 lakh users worldwide and it is targeting over 4 lakhs users by the end of this fiscal.