Quickbooks, like Tally Prime, was one of the widely used accounting softwares across India. Based on recent news, businesses in India do not have the option to continue with Quickbooks as it has decided to end its operation in India, ending the debate between QuickBooks vs Tally. This change presents a valuable opportunity for businesses to discover and take advantage of the extensive range of highly effective features provided by Tally Prime. Switching to Tally Prime from Quickbooks requires careful planning and attention. The migration process transfers important and sensitive data such as a ..read more

Tally Prime is a popular accounting software used by businesses worldwide for its efficient and reliable features. It offers various reports that help businesses make informed decisions based on their financial data. The importance of business reports in financial planning cannot be overstated. These financial reports, also called financial statements, give a great deal of information about a company’s financial health, which allows you to analyse data better and gain critical insights. TallyPrime also lets you customise these reports according to your business needs. In this article, we will ..read more

What are the new credit guarantee schemes for MSMEs under Budget 2023 The MSME budget 2023 has introduced The revamped credit guarantee scheme which will bring in ₹9000 crores in the corpus, which will allow business owners to take collateral-free guaranteed credit of ₹2 Lakh crore.  The MSME union budget 2023 has also reduced the cost of credit for MSMEs by 1%. Change in Tax Deduction Calculations Micro, small and medium enterprises will be finding the 2023 union budget very helpful in their business as the budget also proposed to allow a deduction to clients for expenditure incurred on ..read more

Tobacco is classified as sin goods; thus, various taxes such as Central Excise duty, National Calamity Contingent Duty (NCCD), GST, and compensation cess are levied on it. The WHO has recommended at least a 75% tax on all tobacco products. However, there isn’t enough tax levied on such products in India. Under the budget 2023, it states that GST on tobacco products and cigarettes will be 28%, which is the highest GST rate in India. In addition to compensation cess levied under the GST law as well as duties imposed under the Central Excise law. It states that all tobacco products, including paa ..read more

The invoicing and payment processing industry has been experiencing a lot of change over the past few years. It has become a dynamic industry for individuals and businesses, and a challenge to keep up with the latest standards and best practices. While the integration between payment transaction processing and business finance management may not be of high significance at first glance, the fact remains that it is one of the essential aspects of these new standards. One of the top goals of businesses worldwide is to provide a great experience to their customers. There are plenty of benefits ass ..read more

As a business owner, you must comply with certain regulations, which includes business GST registration. When it comes to GST registration, many different processes are involved, including multiple registrations under gst. According to the law, all those businesses in multiple states must comply with multiple registrations. However, if you are in different states then you must apply for the gst registration for branches in different states.  On top of that, those businesses with branches in the state do not require registering for the multiple GST registration. Businesses with similar cir ..read more

With the recent E-Invoice update, the e-invoice turnover limit for electronic invoices has become a great topic of interest. One of the points discussed includes the government’s active offer of support to businesses under this e-invoicing regime. Several circulars and notifications regarding GST have been issued to ensure a smooth implementation of electronic invoices.  In other words, if you want to know whether your company has exceeded the threshold for e-invoices, you have come to the right place. A recent government decision has lowered the e-invoice threshold to Rs. 10 crores for b ..read more

Today’s highly competitive market is dominated by technology, which makes business operations easier than ever. Businesses today employ customised softwares for most of their processes, automating them for easier workflow. They are always looking for apps and softwares that can further streamline their process. This is where they have to deal with the challenge of choosing cloud accounting software, which is crucial to working on organisations’ finances. Typically, businesses turn to Tally, which happens to be reliable accounting software.  You have to take into consideration that Tally o ..read more

Managing a business effectively requires proper bookkeeping. The bookkeeping must adhere to local laws and regulations to comply with taxes and other levies. Cash flow and financial transactions can be monitored, analyzed, and controlled with the help of accounting and bookkeeping. As the GST Act requires, a GST-registered business must keep its accounting for GST journal entries and records for at least six years. For multiple GST registrations, you must maintain them separately for each GSTIN. This article will examine some of the best practices for managing multiple GST registrations in you ..read more

In today’s fast-paced world, it is necessary to have a competitive edge over other businesses. One of the key ways to do this is to employ essential business software. Efficiency is critical for every business. With advanced technology, you don’t need to overburden your employees with work; business software can help you ease that burden. It makes daily business operations more straightforward for the employees. According to the Globalnewswires stats, the business software and services market is expected to surpass $800 billion by 2028. As a whole, the industry is expected to grow in value, wh ..read more