Imagine you own a wholesale business owner with an Aggregate Annual Turnover (AATO) exceeding Rs. 5 Crores. Previously, when generating e-Invoices for your transactions, you only needed to include basic details such as the product name, quantity, price, and tax rate. However, with the latest GST e-invoice system mandate announced on December 04, 2023, a significant change has been introduced. It states, “Atleast 6-digit HSN will be mandatory in e-lnvoices, for taxpayers whose AATO is 5Cr and above, from 15th of December 2023.” Similarly, businesses with turnover less than or equal to Rs. 5 cro ..read more

Running a business extends far beyond customer satisfaction—it’s about managing the nitty-gritty details behind the scenes. From balancing the stacks of documentation to staying on top of invoices, approvals, and financial complexities, the hustle never stops.  This is where TallyPrime, a comprehensive business management software, proves invaluable in meeting the demands of modern business operations. Leveraging the innovative solution of TallyPrime on AWS, businesses seamlessly integrate with cloud technology, cementing its status as the leading cloud-based accounting software. It equip ..read more

The system of Goods & Service Tax (GST) was introduced in India to make the tax structure more streamlined, simplified, and error-free. With its adoption, there’s been a notable surge in compliance demands, resulting in a marked uptick in GST notifications directed at taxpayers. These notifications serve as red flags for potential discrepancies or non-compliance with GST statutes. A comprehensive grasp of the primary factors driving these notifications is imperative for businesses to adeptly navigate through the intricate tax landscape. What are GST notices and what are the top reasons tax ..read more

Effective cash flow management is crucial for the sustainability and growth of any business. With the implementation of GST (Goods and Services Tax) in many countries, including India, the financial landscape has transformed significantly. One of the pivotal changes under GST is the introduction of electronic invoicing (e-invoicing). This advancement not only streamlines invoicing processes but also enhances cash flow management, leading to optimized financial operations. In this blog, we’ll explore how GST e-invoicing can be integrated with cash flow management strategies to improve overall f ..read more

According to GST Notification No. 10/2023, businesses with an aggregate turnover exceeding ₹5 crore in any financial year must complete their e-invoicing formalities starting from 1st August 2023. Utilizing effective business management software like TallyPrime can help businesses navigate this transition smoothly. However, there are several important factors businesses need to consider before implementing e-invoicing, such as the specifics of e-invoices, deadlines, and any announced extensions. In this blog, we aim to shed light on these aspects and clarify any ambiguities surrounding this to ..read more

Many businesses use Excel spreadsheets to manage their books of accounts. While this setup may be enough for a small organisation, businesses find it necessary to adopt an accounting software when they begin scale their operations. Adopting a new software comes with its difficulties.   When you start to use the new software for your accounting operations, the first step you will need to perform is entering all of your spreadsheet data into the new system. For many software products in the market this is a manual task. With TallyPrime you can easily migrate your excel data to the software ..read more

If you have not read the previous article of “Nuts & Bolts of Tally Filesystem: Embedded Indexing”, Please do so for a better understanding of this part, otherwise you will feel like your friend has bluffed you into watching a sequel of a movie without watching the previous part of it. As it was already mentioned in the previous article, “The tally db is one of the multiple phoenixes of the tally product, that keeps rediscovering itself to keep pace with the raising requirements of the ever-emerging Tally product to simplify how you run your businesses.” Whenever a new data pattern is iden ..read more

Micro, small, and medium enterprises (MSMEs) face many challenges in running their operations smoothly. One of the biggest of these challenges is the lack of sufficient working capital. MSMEs need reasonable working capital to carry out their day-to-day operations, pay utility bills, and pay salaries to their employees. A major chunk of this working capital is the payment MSMEs receive from their buyers for the products/services delivered. However, when buyers don’t make these payments on time, MSMEs face a lot of difficulties in running their operations. Many businesses stop their operations ..read more

The Government of India launched the UDYAM registration scheme for micro, small, and medium enterprises (MSMEs) in July 2020. This scheme was rolled out to help MSMEs run their operations smoothly by offering financial assistance. The objective was to help the MSMEs mitigate the problems they usually faced due to lack of funding, strict payment terms, and other hiccups related to loans and credit. When MSMEs complete their UDYAM registration, they get an electronic certificate and a unique 12-digit UDYAM registration number (URN). Once the MSMEs get their registration number, they become eligi ..read more

In India, micro, small, and medium enterprises (MSMEs) face many challenges in continuing their operations and business expansions. These MSMEs have a tough time getting credit or loans from banks and financial institutions. As a result, many MSMEs are forced to discontinue their operations despite employing nearly 100 million people and contributing significantly to the country’s GDP. The Government of India proposed the  2020 to help MSMEs overcome this problem. According to this scheme, all MSMEs should register as MSMEs as soon as they are established to qualify for some attractive be ..read more