openPR Logo
Press release

Business records with Accounting software, for non GST entities

11-19-2020 05:18 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Ceaar Cloud Records

/ PR Agency: Ceaar Accounting Software
Business records with Accounting software, for non GST entities

Business records with Accounting software, for non GST entities

Small businesses under the circumstances stated in Section 23 of the Central Goods and Service Tax Act, 2017 deals with the provisions of persons who are not liable for GST registration. With the advent of GST regime in India, accounting community is investing lot of energy, time and money on GST registered companies. This has created a huge vacuum in sectors like micro and small businesses, proprietary businesses, professionals, and freelancers.

Even though these businesses are not generating enough turnover to get covered under GST or handling GST exempt goods, maintenance of business records are necessary.

Business records

Business records include the sales and service invoices issued to customers, purchase invoices and delivery notes received from suppliers, bills and receipts that were received for various business-related transactions that are recorded in the books of accounts.

Necessity of record maintenance

Even though record maintenance seems to be a non-essential issue from an income tax perspective as it has some alternative methods of calculating business profits for this segment of tax payers, these books of records are important for applying loans, answering any tax related queries, business expansions, business forecasting, etc. Many small businesses are failing because of weak or lack of business accounting records.

With the imposition of stringent rules set by GST, supply of products or services by non-registered companies to GST registered companies has become increasingly difficult. Hence many small businesses are losing opportunities.

Accurate books of accounts help these businesses to forecast financial requirements in both short term and long term.

Reasons for non-maintenance

One of the main reasons for not maintaining books of accounts are the costs associated with it. There may be cases where there are very few transactions of higher value, or there may be cases where many transactions of lesser value. But they are not able to spend thousands of rupees on Accountants or not able to buy and maintain Accounting software or Invoice software applications that takes longer time to learn and maintain records by themselves.

There are many businesses which are going ahead in employing accountants in house or outsource it to some freelance professionals, but they are still not able to get the desired results either because of lack of required knowledge or because of lack of focus and attention. This is also because many qualified professionals are focussing more on GST registered companies, as its payout is more lucrative.

How to resolve the issue?

Many small businesses use either issue hand written invoices or use generic tools like Microsoft Excel or google sheets, to create day to day transactions like invoices and vouchers. There is a higher risk of loosing these documents.

An efficient, easy to work, secured Accounting software application, that can do everything for their business or profession is required for small business segment.

CEAAR is providing a solution to all these problems and more. CEAAR is an Invoicing and Accounting software application. It lets businesses record their own transactions accurately and timely. It helps small businesses, professionals and freelancers to set up and generate an invoice faster than an Excel invoice and it keeps all your documents digitally safe and secure. Accounting is made easy here. Auditors can also have access to this Accounting software. We will be shortly launching the application. Please visit www.ceaar.com to know more.

Rama Krishna Akkaraju (CEO)
Email: mailto:rk@ceaar.com

Ceaar Cloud Records, Hyderabad - 500081, Telangana, India.

Ceaar helps the organizations to maintain Business, Tax and Accounting records with ease, speed, accuracy and mobility. It is developed by a Chartered Accountant and Technical wizards and supported by teams of Tax consultants. It requires NO training, fully GST compliant and loaded with Auditor friendly features. It is one of the most advanced and secured applications and can be accessed from anywhere.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Business records with Accounting software, for non GST entities here

News-ID: 2190255 • Views:

More Releases from Ceaar Cloud Records

Need of the hour for Commerce Students
Need of the hour for Commerce Students
Academic education for undergraduate and postgraduate students in commerce stream is about teaching the basics, ensuring a strong foundation for the students in various core and related subjects. This helps the students to be thorough in their subjects theoretically. These students are expected to gain practical knowledge outside of their colleges, institutions and universities. This was working fine until the late 90s when computer accounting was limited to only larger
Importance of accounting software application for small businesses
Importance of accounting software application for small businesses
A business however small it may be, it will still beengaged in transactions with external parties like customers and suppliers. These transactions have to recorded for various purposes.Maintaining invoicing and accounting records is not only for government agencies like GST, TDS and Income tax filings, it is more useful for the business self-analysis, sustenance, growth and improvement. Business requirement: Business transactions may happen on credit, means, the payment will be

More Releases for GST

GST Loans for MSMEs: Eligibility and Process
MSMEs are big contributors to the Indian economy, they contribute over 45% of the total manufacturing output and 35% of India's GDP. Needless to say, their impact on the Indian economy is very significant and supporting the MSME sector is going to help India's overall development. The Indian Government, especially after the COVID-19 pandemic, initiated various schemes that will help ease the financial burden on these micro, small and medium
Make your Magento Store GST compatible with Indian GST Magento Extension
Portland, Oregon – (August 7, 2017) – Enabling Indian Magento Store owners to make their stores, GST compatible, CedCommerce on Monday, launched the Indian GST Magento extension. After installing the extension, Magento sellers can sell their goods according to the new Tax slab under GST. The GST, an indirect country, is meant to be unified across the all the states of Union of India. The GST is different from the earlier
LLP Registration | Trademark Registration | GST Registration
legalsalah.com provides online services for LLP Registration, Income-Tax Filing, Registration for Private Limited Company, GST Registration and others in Short time. Legal Salah is pioneer in providing best legal and lawyer advice since last 5 years. he company aims for excluding the mediators from between the disadvantaged and the professional and saving the time of former whilst the procedure. The Company came up with the idea of Legal Salah-
eZee Hospitality Solutions Get GST Ready For India
As the Indian government rolls out the held up GST bill, the hospitality industry buckles up for new regulations and tax reforms, making way towards a better economy. Earlier this month, India became one of the 160 countries in the world to have implemented Goods and Service Tax bill. Effective from 1st of July, the single indirect tax will subsume almost all the current indirect taxes in India. With a
Seminar on “Implementation of GST in Insurance Industry”
The Goods and Services Tax (GST) is a ground-breaking reform for the Indian economy's indirect tax regime. GST will change the tax architecture between the state and the centre. The Goods and Services Tax(GST) is a value added tax that will replace all the indirect taxes levied on goods and services by the government, both central and states, once it is implemented. The basic idea of this taxation reform is to create
FACT hails passing of GST Bill by Indian Parliament - ready to launch GST ready …
FACT hails passing of GST Bill by Indian Parliament - ready to launch GST ready ERP Software for Indian Companies FACT Solutions India hailed the passing of the Goods & Services Tax (GST) Bill by Rajya Sabha (Upper House of Parliament) as the most progressive and far reaching tax reform measure ever undertaken by the Govt of India. “The impact will be unprecedented and will transform India into a single unified marketplace”,