Novel Coronavirus is impacting people and businesses around the world and its impact on SMEs is the worst. Most of the SMEs are dependent on desktop-based traditional manual accounting system for their accounting and compliance needs. HostBooks can help the SMEs in this regard with its all-in-one cloud-based business solution, says Kapil Rana, Founder and Chairman, HostBooks Limited, in conversation with Elets News Network (ENN).
- The outbreak of Covid-19 has brought-in several challenges for the MSME and SME sector in India. How are your tax-related solutions helping these sectors during this pandemic situation?
Novel Coronavirus is impacting people and businesses around the world and its impact on SMEs is the worst. Organizations are navigating through a broad range of interrelated issues that span from safekeeping of their employees and customer safety, managing cash and liquidity, reorienting operations and navigating through complicated government support programs and also to be tax compliant.
Most of the SMEs are dependent on desktop-based traditional manual accounting system for their accounting and compliance needs. It was never a focused area for them and they are somehow managing their business accounting and compliance needs. The lockdown due to Covid-19 has raised many questions about their preparedness for required IT infrastructure, IT capabilities and above all their mentalities towards business in such peculiar and uncertain situations. GST implementation has brought tremendous evolution in accounting, compliance, reporting and data management and most of the compliances have now moved or are planning to move to the online system. Reforms in the taxation system and this lockdown has created a thrust for SMEs to move their compliance and accounting needs to cloud.
HostBooks is an all-in-one cloud-based business solution and best suited for the need of SMEs. Using our platform, users can have access to on the go cloud solution for accounting, GST, e-way bill, TDS, income tax and business intelligence anytime, anywhere. We provide 24X6 customer service to help our users.
- What role is cloud computing playing in simplifying your tax offerings for SMEs?
We are a cloud-based SaaS model. We are available anytime anywhere on the go and are device and user-independent. Our workflow automation, control based single-source data input for multi-output and single click filing system helps user to eliminate errors/omissions and increases their efficiency. In simple words, it makes the whole accounting and compliance process automated, hassle-free and user-friendly.
- Why do you call your brand the NextGen Business Solution?
Accounting has never been a fascinating job and always been considered a tedious one and it was far away from innovation for a long period. In the early days before the 1990s, accounting was done through manual record maintenance in physical books and in some cases, by memorizing only; we can call this era as first-generation accounting or accounting 1.0.
The next phase was desktop-based manual accounting software and digital records on office desktop/drives with numerous physical filing and documentation.
With the current generation accounting and compliance, the whole concept is shifting to process automation, smart automated apps, anytime anywhere on the go cloud computing, digital document management and business intelligence reporting tools integrating all the accounting and compliance need in one platter.
We have designed our product keeping in mind the u35 users and their millennial mindset. We aim to provide real-time information/analytics to our users enabling them to take quick and effective business decisions. We have used advanced automation processes and innovative technologies while developing our products. Our open API structure allows us to integrations with other applications to enhance user experiences.
- How has Covid changed your work environment? What opportunities do you see in this crisis?
We have swiftly adopted the new normal and it has increased our productivity. People are sitting at their home and working. As a development company, we were somehow accustomed to this.
With the introduction of GST and evolution in the tax regime, Government and tax agencies are moving all taxation and compliance systems online and real-time like e-assessment, e-invoice, new online return structure with instant reconciliation, etc. The whole tax system is under overall revampification with continuous changes and amendments in law and filing procedures.
SaaS-based solution providers, who are serving to a large number of businesses, are updated with the tax new system, compatible with frequent changes, cost-effective, efficient by reducing repetitive and manual tasks and controlled input reducing the risk of error and omissions.
Moreover, businesses are now moving from an existing manual desktop on-premises software to cloud-based SaaS solutions.These anytime, anywhere on the go business solutions are apt for emergencies such as the current pandemic and/or during last moment return filing havocs, we see immense opportunities in this segment.
- Which technologies, in your view, will lead the future of the gamut you belong to?
Automation is the future and technologies like artificial intelligence, machine learning, behavioral science and blockchain would help the industry to solve many unsolved issues and take the user experience to the next level.