Mirror, mirror, on the wall, who’s the weakest of them all?25 January, 2018 3:43 am
When the National Lottery was launched in the UK, organisers took as their slogan ‘It could be you…’. They were suggesting that someone had to win, so why couldn’t it be you? The same slogan could be used for the way India’s Goods and Services Tax integrates with your business – but with a much more negative connotation…
So, what’s the weakest part of India’s Goods and Services Tax? The number of tax rates? The thousands of goods and services that have to fit into each tax band? Or knowing how to differentiate between Intra- and Inter-state taxes?
In fairness, it could be any of those things, as far as your business is concerned. But all are potentially compounded by one other significant factor for every business. What’s that? Take a look in the mirror…
The weakest part of any system (and most these days involve computers in one way or another) has been described as the chair/keyboard interface. That’s IT specialist speak for you, the operator. Knowing how any system operates is vital to making it work correctly, and GST is no different.
Not only must you, the business owner, be familiar with all aspects of it, but all of your staff need to know how to use it too. However, in fairness, the largest burden should fall on you as the business owner – and why shouldn’t it? You’re the one with most to gain by getting it right. It’s up to you to train everyone thoroughly.
But getting it right doesn’t have to be such a headache. And most of the tasks involved will need to be done only once – so long as they’re done correctly.
Making sure all of your terminals are set up to record sales or spending in the right tax bracket, for example – or invest in ExpenseOnDemand business expense management software, which already has all of the necessary background calculations set up for you. What could be easier than that?
You’ll probably need to tweak your business processes to fit with the new tax regime, and that could well include making changes if tax rates change – but ExpenseOnDemand already has that degree of functionality built in, and can take changes like that in its stride, making sure that your calculations of tax due and tax you should reclaim, are 100% accurate.
ExpenseOnDemand: The cost-effective way to expense management
Accepting you’re doing everything correctly in the way you use ExpenseOnDemand – like the thousands of satisfied users in more than 90 countries – then our business expense management software will be the best investment you’re ever made. In fact, it could easily pay for itself in the time you save, and the accuracy of the recorded expenses (though that latter factor is once again down to you and your staff; the software, as good as it is, won’t do all of your thinking for you). It certainly can’t record an expense you don’t tell it to record.
ExpenseOnDemand: The multilingual expense manager
ExpenseOnDemand was the first business expense management software of its kind to be created especially with the sole trader in mind. It was ground breaking then, and is just the same today. As far as we know, it’s the first software of its kind to be offered in multi-lingual versions; as well as English we offer Bengali and Hindi versions too – and they’re all geared up to make the transition to using India’s Goods and Services Tax into child’s play.