what is GST

GST: What is it? Why it Matters?

GST, or Goods and Services Tax is a new tax system that will combine different individual taxes such as VAT, Entertainment Tax, etc. into one single tax. This system is aimed at disincentivizing tax evasion, lowering prices over time, and most importantly- simplifying business operations.

The GST bill (One Hundred and Twenty-second Amendment Bill) was passed by the Rajya Sabha in August 2016 and will be effective in the country from 1st July 2017 (tentative), although it was proposed way back in 2014.

GST will significantly improve the business industry in India, as it will prevent unhealthy competition among different states of India, encourage tax payments, give a boost to Indian exports through tax benefits to small manufacturers, etc. In fact, it is also expected to increase the GDP as well (80 basis point rise according to HSBC). However, what is it exactly, and how does it work?

Before you learn about GST, it is important to first understand how our existing taxation system is structured.

what is gst,

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The taxes levied in the country are broadly divided into two categories- direct taxes and indirect taxes. The direct tax, which is also the Income tax, is paid by an individual. However, the indirect taxes are more diverse and further divided into two categories- state taxes and central taxes, collected by the state government and the central government respectively.

As you can imagine, the existing taxation system is quite complicated. More than that the individual taxes, when combined, can end up becoming a huge amount which affects businesses negatively. With GST coming into action all these different taxes will be combined into just one simplified tax.

Although GST is a unified tax structure, it has three components (three different GST taxes) which are:

  1. CGST, or Central GST: It will take the place of a variety of Central Govt. taxes such as service tax, surcharges on the supply of goods/services, Special Additional Duty of Customs, etc.
  2. SGST, or State GST: SGST subsumes state govt. taxes such as entertainment tax, VAT, purchase tax, central sales tax, luxury tax, etc.
  3. IGST, or Integrated GST: IGST applies to import and interstate transactions. It will be shared by both the central and state governments.

So, by now it must be quite clear to you how GST simplifies the current taxation system. But how does it benefit a business and otherwise? Let’s consider an example.

GST works in three steps- from manufacturing to wholesale, and finally retail. Let’s discuss all these 3 one by one:

Step #1: Manufacturing

Let’s say a manufacturer of instant coffee buys raw coffee beans at Rs. 1000 per kg from a supplier. However, this price already contains a 10% tax:

10% of Rs. 1000= Rs. 100 (tax 1)

 

After producing the instant coffee, the manufacturer adds Rs. 200 to the price, making the final amount 1200. Once again tax is to applied on the price, which at 10% becomes:

10% of Rs. 1200= Rs. 120

Now, the manufacturer has already paid a tax of Rs. 100 when he bought the raw beans. So, according to GST he will only need to pay:

Rs.120- Rs. 100= Rs. 20 (tax 2)

Step #2: Wholesaling  

The wholesaler buys the coffee pack at Rs. 1200. He adds an additional amount of say Rs. 100 for profit, making the final price at Rs. 1300. Again, at 10% tax that shall be applied on it the amount would be:

10% of Rs.1300= Rs. 130

However, since Rs. 120 has already been accounted for from the step 1, the effective tax applicable here is:

Rs. 130- Rs. 120= Rs. 10 (tax 3)

Step #3: Retailing

Coming to the final stage, the retail will buy the coffee at Rs. 1300. Since he also has to make a profit on the sale, he adds Rs. 100 to the buying price, making the final rate Rs. 1400.

At 10% rate of tax the tax amount becomes:

10% of Rs. 1400= Rs. 140

Now, since Rs. 130 is already accounted for from the previous two stages, the actual applicable tax is:

Rs. 140- Rs. 130= Rs. 10 (tax 4)

Taking a look at all the three steps, the combined final tax levied would be:

tax 1+ tax 2+ tax 3+ tax 4= Rs. 100+20+10+10= Rs. 140

Thus, a lot of tax money is saved by this system as the redundant taxes are dropped. Calculations have also become simpler this way as there are less numbers to take into account. This is how GST will make doing business a lot easier and simpler.

With GST likely to be implemented from 1st July, it is important that you prepare for the changes. You will need to calculate taxes differently and may also have to change the cost prices and selling prices of your goods and services. That being said, now is a really good time to go digital. With online invoicing and expenses management services you can greatly reduce the overhead and also increase accuracy in the business records. You will be able to track your cashflow

GST

GST and its implications for small business.

GST stands for good and service tax. GST implementation is said to be landmark reform in terms of taxation in India. While small business owners think as after Goods and Service Tax (GST) they need to deal with one tax inspector instead of many as in today’s scenario. GST will raise the bar for minimum turnover from 5L to 10L also it will lower the taxes whose turnover will lie in the range of 10-50L. Hence it will come as a big relief to small business owners. After demonetization and implementation of GST, Small businesses are forced to move on digital currency and stay away from heavy cash dealings. Also, it will allow them for better reporting and transparency. It will improve their chances to get access to credit from primary financial institutions instead of raising fund from the secondary market. After demonetization lending rate offers are bound to go down by financial institutions. Registering and expansion policies will be easier in Goods & Service Tax (GST) regime as India will become one market. Hence now selling goods across states becomes easier as intrastate transactions because cross-border taxes are being eliminated.

Also once small business gets Goods & Service Tax (GST) registration, it needs to generate GST based TAX invoice for compliance. This comes as a big challenge for small business owners as they don’t have enough budget to support the infrastructure required for meeting all the compliances in this digital era. But once all the invoices and cash flow actually move on to cloud solution and then it gets automatically reconcile with the master database of Indian government for Goods & Service Tax (GST) filing. Cloud-based solutions will play an important role in letting these small businesses file their GST with ease, both in terms of efficiency and monetary benefit. Security of these cloud-based solutions is the key issue for any small business out there as they have very specific customer segment and they play in the niche market with their product or services. Hence for any SMB to adopt one of many cloud-based solutions is going to be a key decision for data security. SMB needs a single platform where it can manage its own cash flow, raise invoices, manage expenses, file GST and get easy credit facility. Considering all these factors in mind we have created an awesome cloud based solution numberz, which actually helps in all these services with high security of data encryption. All data is stored on cloud only and is easily accessible from any device anywhere. It makes your business on the go and one can avail any of these facilities from one’s mobile handset or tablet. The idea is to reduce friction among all the agents involved and keep complete transparency among all parties involved.

Small Business Finance

5 Small Business Finance Basics You Must Understand

Finance is at the core of every business- there is no denying that. However, while large businesses can afford to have the best finance gurus to keep tabs on the money, small businesses often have to learn a lot of these things through trial and error. There are many moving parts in the finance management system which is why it can be overwhelming to keep everything under control.

Here are five small business finance basics that you should understand to run your company efficiently:

1. Profit Margin

The first thing to understand about margins is that they are of two types- gross and net. The former is used to measure the profitability of a single commodity. So, if it costs you Rs. 2000 to make a product and you are selling it at Rs. 2500 then your gross margin is Rs. 500. Most small businesses use gross margin as a metric for their profits. However, looking at the big picture it isn’t of much use, and here net profit margin comes into effect.

Net profit margin is calculated by deducting all of your business expenses from the total sales and dividing that figure by the total revenue. So, if you generated Rs. 3 lakh in revenue last year, and your total expenses were Rs. 1 lakh then your profit margin can be calculated as:

Profit margin= (300,000-100,000)/300,000 =  .66, or 66%

It is important to note that profit margins are industry-specific. Thus, you will find that business owners in some industries make more money than those belonging to other industries. For instance, many big food companies have net margins of just 4% or 5%. However, consultancy companies can have way higher margins, because the overhead there is little.

When you start your business, your margins are usually high, but as it scales you have to buy more equipment and hire more staff, which eventually lowers the gross margins. However, the net margin is what matters at this point, and it can increase if you make the right business decisions.

2. The Balance Sheet

Balance sheets serve as a financial dashboard for your company which you can refer to at any point to time to get a quick understanding of where you stand financially.

There are three main components of a balance sheet, which are:

Assets

There are mainly two kinds of assets: current assets and non-current assets. The former are most likely to be converted into unrestricted cash within one business cycle (12 months in most cases), but the latter will not. Inventories, accounts receivables, etc. are considered as current assets.

If you have a large number of assets or cash on your balance sheets then you can attract investors easily. This is because these can be used for protection in rough times or for scaling the business in future.

Liabilities

Just like assets, liabilities are of two types: current liabilities and non-current liabilities. Current liabilities are obligations that must be paid within one business cycle, such as payments pending for suppliers, etc. Non-current liabilities are long-term obligations such as loan debt, etc.

Equity

Equity is the ownership interest of shareholders in your company. It can be calculated by deducting total liabilities from total assets. Thus:

Equity = Total Assets – Total Liabilities

Businesses often have to sell equity shares to raise capital for purchasing equipment, making investments, etc. However, each time you sell you lose a portion of your company. Thus, you would want to hold onto to your business as much as possible. Selling an investor 51% or more of your business in equity means giving away the decision power. This can change everything, and thus be chosen only as the last resort.

3. Cash flow

Cash flow is the total amount of money that comes in and goes out of your business. It is one of the most important numbers that you and your stakeholders should know about. Unfortunately, it is often overlooked in lieu of other numbers on the balance sheet and income statement, etc.

New businesses often use the phrase “to be cash flow positive”. It means that you are bringing in more money than you are spending. Similarly, to be cash flow negative means more money is being spent than generated. Or in other words- the business is actually losing money.

It is important to make cash flow projections a part of your budgeting process to stay on top of the financial activities. Not having a sound understanding of how cash flow works can lead to disastrous results. For instance, you can end up waiting for payments from clients while there are several bills to be paid already. There should be sufficient cash flow so that you can cover all the expenses while staying cash flow positive.

4. Business Financing

Funding is one of the major challenges that small businesses have to face. Whether you need initial funding to start a business from scratch, or to meet short-term obligations it is important to get the money from the right source. Making a wrong decision here can have serious repercussions that includes losing a large portion of your company. The following are two of the most common business financing options that you can consider:

Debt Financing: Debt financing is the simplest way to fund a business. It works the same way as any standard personal loan or home loan works. To get a business loan you can simply contact a bank or a P2P lender (which is becoming more popular lately) and submit an application for the same.

Equity Financing: Businesses only go for equity financing when they are unable to get a business loan. This is because while you don’t get debt on your hands in this method you lose something even bigger- a part of your company. You basically sell off your company share to a venture capitalist. So, you don’t have to pay back the money, but the seller becomes a part-owner.  Equity financing is also more complicated than debt financing. You have to consult with the existing investors before making decisions and work on the legal aspects of the transaction before finally receiving the money.

5. Payroll Calculations

Payroll processing is comprised of calculation of payments that you make to your employees. Since there are several factors involved the process can be quite complicated.

According to the minimum wages act of India, you have to include some mandatory components in their payrolls, such as Basic (basic salary), DA(Dearness Allowance), and HRA(House Rent Allowance). You also have to make certain deductions from the salaries in the form of TDS (Tax Deducted at Source), etc.

Understanding business finance basics is imperative to a successful business. Without this money management can become complicated and difficult to track. Thus, it pays to get a sound understanding of how the business finance works and use it for making the business decisions.

how to manage cash flow with a small business loans

How to Manage Cash Flow With a Small Business Loan

Cash flow is the lifeblood of every business, whether it’s big or small. However, when small businesses or startups have to take business loans, it changes everything. Not only the business has to maintain enough cash flow so that they can pay for inventory, staff, and other expenses but also the loan installments as well. Money management also becomes a challenge as there are several factors to keep an eye on.

If you are having difficulty in managing your business cash flow along with a small business loan, then here are a few tips that can help you:

Planning Ahead

Don’t leave any room for surprises. Nothing is more daunting than desperately searching for cash when you have to pay your employees or the loan EMI that’s pending. It always helps to keep a record of your previous cash flow statements and expense reports when you have to anticipate future expenses. This will help you maintain a healthy cash flow as you can easily check where your money is going and what’s to come in future.

Shrinking Cash Outflows

Running a business along with a loan can make it difficult to stay cash flow positive. While you can’t usually reduce your loan EMIs easily you can still reduce your cash outflows to some extent by:

  • Buying used equipment: Why invest in 100 new computer systems when you can get used ones for less than half the price? If you are lucky you can get them in excellent condition at a local auction or at a classified ad posting website.
  • Cutting Down on Luxuries: Hosting weekly office parties can be good for boosting the morale of your employees, but when you have to save money such kind of luxuries can be avoided, at least until the loan is fully repaid.
  • Finding a Better Provider: Many businesses depend on vendors who supply hardware or software services to them. Maybe you can replace your existing vendor with someone else who is providing equally good services at better prices.

Securing a Line of Credit

With the rise of new FinTech companies, even small businesses are now able to enjoy a variety of financing services. One of these is Line of Credit or LOC.

An LOC is akin to traditional loans, but you only need to pay interest on the amount withdrawn. For instance, say you secured an LOC of Rs. 3 lakhs from a financial institution, then this is the amount of credit available to you. You don’t have to pay a penny until you actually withdraw the money. So, if somewhere along the way your business runs into some problems with the cash flow then you can withdraw a portion (or even full amount) of the credit amount, say Rs. 1 lakh. With this, you only need to pay the interest and the fees (if applicable) on the withdrawn amount only, which in this case is Rs. 1 lakh.

LOC is a really convenient and affordable option if you want leverage when you have a business loan but need to maintain cash flow at the same time.

Becoming Stringent With Payments

Do you let your customers delay payments without any repercussions? This could be extremely bad for your business. You can’t organize your expenses and keep the cashflow under control unless you get your payments on time. You can thus create a strategic process for dealing with delinquent payers that could involve:

  • Sending an initial email 10 days following receipt asking for payment.
  • Calling up the customer directly after 20 days for the payment.
  • Sending away a clerk to the customer’s address in person for payment collection.

Being nice is one thing, but in business you should not let your emotions affect your decisions. You can’t run your business successfully if won’t put your feet down when needed.

 Embracing Technology

Since small businesses often have to struggle to create an identity and obtain market share, it doesn’t help that they have to track their expenses as well which alone by no means is a walk in the park. Thus, it helps to have a specialized software that can do all the formatting, updating, and calculation of all these expenses for you. If anything, this makes one less thing to worry about, and you can use the time saved in building your business.

Cash flow Management at a Whole New Level

A comprehensive business software can greatly improve your existing cash flow by limiting the margin of errors in calculations and expediting invoicing and payments altogether. Here is how you can make the most of it:

Organizing Your Billing Schedule

You should keep a track of pending payments and send the invoices on time every time. This ensures that your cash flow doesn’t dry up and your business stays operational. You can also take care of your loan payments without worrying about debt accumulation when you know that everything is on schedule. Managing the same without an automated system can be quite difficult, and thus not even advised by most professionals.

Keeping the Pricing in Check

Are you charging adequately for your services and products? Many times businesses become so caught up with expansions and other business operations that they delay raising prices with inflation, etc. This can be detrimental to the cash flow. However, with a billing software you can easily check if you are imposing reasonable tax on the products, and price them adequately as well. You may need to charge certain clients more due to some extra services, their location, or requirements, etc. This can make creating custom invoices for them difficult. With an Invoicing software, you can easily customize a base template depending on your clients. You can add or delete certain fields from the invoice as per your requirements and send custom invoices in a matter of minutes.

Analyzing Weekly Cashflow Statement

Monitoring your cash flow is extremely important to ensure there is a healthy balance between the cash that’s incoming and outgoing. There are so many expenses to cover, loan payments to take care of, employees to be paid, and more. At the same time money can come from various sources- individuals, businesses, and more. The best way to review these transactions is to use a billing software that can provide all the details in an organized and simple manner. You can check these details on a weekly basis to ensure you are on track. Even if for some reason you notice that the cash flow is depleting you can pinpoint the weakness and take appropriate measures for restoration.

numberz is one of the few business management software in India that comes with a full range of tools and services that can take your company to the next level. In an industry where businesses are facing neck to neck competition, automated software can certainly give you an edge and improve the cash flow.

6 reasons why you shouldn't use excel to manage finances

6 Reasons Why You Shouldn’t Use Excel to Manage Finances.

  1.  If only Excel was designed to create professional invoices or email them.Create Professional Invoice

  2. If only Excel could analyze your money for youReal Time Tracking Of Your Invoices

  3. If only Excel could talk to your bank.Auto Reconcile your bank account

  4. If only Excel could get you a loan.Wokring Capital Loans For Small Businesses

  5. If only Excel could help you get paid faster.get paid faster

  6. If only Excel could be mobile like you.invoice mobile app

 

Submit your contact details & we will tell you how numberz helps you manage business finances.

 


GST Checklist

 

GST Checklist

The procedure for registration for GST system portal is as follows

 1 – Paperless procedure: The whole system of registration will be paperless; hence no hard copies shall be accepted by the department. Further, all the aforesaid registered taxpayers will need to visit the GST portal.

Further, it is mandatory for every entity to register for GST, if the turnover is more than 20 Lakhs – the exemption limit.

 2 – Provisional ID and password: Business entities must obtain provisional ID and passwords which are provided by your concerned state authorities.

3 – Documents and Information required: Be ready with these to get GST ID.

For the process to go hassle free for you, please ensure that the following information is handy.

  • Provisional ID as explained in point 2.
  • Password as explained in Point 2.
  • Valid email Address (it should not be off professional – Use your own email ID)
  • Valid Mobile Number
  • Bank Account number
  • IFSC code

Please ensure the following documents are available with you in digital format as per specification mentioned.

  • Proof of constitution of Business:
    • In a case of Partnership deed – Partnership deed (PDF or JPEG in the maximum file size of 1 MB).
    • In a case of others: Registration Certification of the business entity (PDF and JPEG format in a maximum file size of 1 MB).
  • Photograph of Promoters/Partners/Karta of HUF (JPEG format in a maximum file size of 100 KB).
  • Proof of appointment of authorized signatory (PDF and JPEG format in the maximum size of 1 MB).
  • Photograph of authorized Signatory (JPEG format in a maximum file size of 100 KB).
  • Opening page of Passbook/Statement containing the following information:
    •  Bank account number
    •  Address of branch
    •  Address of account holder
    •  Few transaction details  (PDF and JPEG format in maximum file size of 1 MB).

Documents may slightly vary for you, Please see as per your registered company.

Additional Documents as per your legally registered entity are mentioned below:

OPC (One Person Company):

  • MOA/AOA and Certificate of Incorporation of Company
  • Mobile no and Email Address of Applicant Director and Nominee Director

Private Ltd Company/Public Limited Company:

  • MOA/AOA and Certificate of Incorporation of Company

Partnership Firm:

  • Partnership Deed of Firm

LLP (Limited Liability Partnership):

  • LLP Agreement and Certificate of Incorporation

Trust/Society/Section 8 Company:

  • Bye laws / Moa of Organization

Looks cumbersome task, you can connect with NUMBERZ and enjoy hassle free registration with us.

 

GST and YOU

 

Our government has taken a paramount step in the direction of reforming the age-old tax regime. All taxes are to be subsumed into one amalgamated tax GST. The SMEs and startups are rejoicing, as the new taxation system is deemed to bring much-awaited relief to entrepreneurs and businesses.

According to the govt. GST will increase “Ease of doing business” and “Unleash the animal spirit” of startups. GST could pump the much-needed fuel that the startups are starving without. Let’s have a look at how GST is going to affect new and existing businesses.

Starting your business was never easier: In the initial stage of starting a business, every business need to have a VAT registration. In India, every state has its own taxation procedure. It could prove hassle- some for a person trying to start his new business. With 100 of problems already with the businessman, related to starting a business. This tiresome bureaucracy does not help one bit. But, come GST this will all be streamlined.

No distinction in sales and services: Businesses like restaurants have to pay VAT for sales and services separately. This makes the whole process of computing tax very complex. After the introduction of GST in April, both are to be calculated together as one.

A brief sector wise impact of GST:-

1.Automobile:

Positive: The current effective tax rate levied on this sector ranges between 30-47 percent. This is expected to mellow out to 20-22 percent. GST will spur growth in this sector, as the end user is expected to enjoy a reduced cost by 10 percent.
Negative: Commercial vehicle market may take a hit due to this. GST will eliminate local taxes, quicker passage through check posts, reduce logistic overheads. Improved efficiency with current capacity, operators may delay their expansion plans.

2.Consumer Durable:

Positive: Implementation of GST is big boost for consumer durable industry as also for makers of building materials. New tax regime will lower the end prices of products as manufactures are likely to pass on the price benefit. Also it will reduce the price gap between organized (branded) and unorganized (unbranded) market players. Reduction in logistic overheads will also lower the end cost

Negative: Manufacturers have to watch out for whether benefit is applied to excise duty exemptions zones or not. If not then production units in such zones will incur higher cost and will increase the cost of end product.

3.FMCG:

Positive: Companies will be saving substantially in logistics and distribution costs as there will be no need for multiple selling points. FMCG today pays nearly 24-25% tax including all components. Once GST comes in the picture it will be lowered to 17-19%.

Negative: As per recommendation of GST council, there is 40% tax on “demerit” products which includes aerated beverages and tobacco products. Prices may surge by 20%.food companies enjoying concessional rate of excise may be affected.

4. Cement:

Tax rate is expected to drop from 27-32 percent to 18-20 percent. So, companies in this sector should prepare themselves for increased demand and growth. A company currently running 550 depots can bring down to 100 depots.

 5. IT & ITES:

Positive: GST will eliminate multiple levies for IT companies. It will also allow deeper penetration of digital services.

Negative: Tax rate in this sector is 14 percent, after April it is expected to surge to 18-20 percent. Companies in this sector might prepare themselves to take hit revenue wise. Also IT companies mostly work on same project from different data centers. Hence each center will need to generate separate invoice for every different project they have taken.

6.Telecom

Positive: Cost of mobile handsets and laptop will eventually come down.

Negative: Call charges and data charges are bound to go up if GST regime exceeds 15%.

7.E-commerce

Positive: Reduction in logistic cost and whole country as one unified market will reduce the end cost for consumer. Cascading effect of taxes will be also be eliminated once GST is implemented.

Negative: TCS (Tax collection at source) will increase the administrative, documentation workload for eCommerce companies.

You need to prepare yourself for this historic change, whether you are on the gaining side or the losing side. If you are on the gaining side, tighten your belt as the demand is going to surge with the 7th pay commission and GST pumping disposable income into the economy. With GST everyone will be a winner in the long run.

What you need to know about Numberz this November 2016

numberz-product-updates

 

Hope numberz is working great for you! Like always, we are ever so thankful for your trust on us! Here is some new nifty stuff on numberz that we are sending your way – second time this month!

  1.  Your Invoices, Your way: Get more control over your invoices! Now you can customise your invoices based on your preferences. YouSimplified Credit Line Process can resize the logo, change its position and do more with the new A4 paper fit invoices.                   invoicesmasterhead
  2. Simplified Credit Line Process: Credit Line application is now smarter, simpler and quicker. Create your own scenarios to get a quick estimate of your credit line eligibility. And if you DO need the credit line or a loan, just click the Get Credit Line button, verify your details and get the monies! If your have you Aadhaar number handy, we can do it much much faster! Know more about credit line processget-moeny
  3. Improved Estimates : Estimates on numberz got a great facelift – both in form and function! You will fall in love with them for sure! Go ahead and try. estimatesYour feedback matters a lot in helping us create a world class product that you love! Go ahead, explore it more. We’d love to know what you think.

How to apply for a credit line

Step:1 When you click on the credit line, you will be greeted by a welcome window which explains about credit line, its benefits, easy and hassle free process.

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Step:2 click on “got it” after reading that

Step:3 Here you can get an estimated credit after providing basic information using the sliders

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Step:4 Now for the actual credit line, click on “get credit line”.

Step:5 Here your credit line application process begins. Enter the company name, date of corporation, Company PAN and click continue.

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Step:6 Verify you aadhaar number with valid OTP and the details will get filled automatically once the aadhaar is verified. After that enter the PAN.

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Step:7 After clicking on save, click continue, you will see the details you have filled. Click “add more applicants” if you have more than one business partners, else continue

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Step:8 Click on the Choose Files to upload bank statements. One the upload is finished, click continue.

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Step:9 Validate the information provided is correct in the confirmation page and click submit button. You will get a success message.

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Step:10 Congratulations ! You have successfully applied for a credit line.

 

cashflow management software

The numberz Safety Promise – Why Using numberz Is Perfectly Safe for your Business

Rest assured that your data is highly safe & secure both when it is transmitted over the internet and when it is stored/processed on our database and servers.

 

If you have to know the technical details, here it is.

 

SSL Encryption: The connection to this site is encrypted and authenticated using a strong protocol (TLS 1.2), a strong key exchange (ECDHE_RSA), and a strong cipher (AES_128_GCM).

Password Protection: Your password is not stored in its readable form in our database. We hash your password using bcrypt hashing (with an appropriate salt) and only store the hash in the database. At the time of login, we compare the hash of the provided password with the hash stored in the database. This ensures that no one can read your password, not even us!

Multi-user Security: We offer multiple permission levels that can limit the access privileges of each user, so you have complete control over who can access what. For e.g. your accountant or staff will have limitations on what data they can view & update.

Data Protection: Our server infrastructure (both application & database server) protect your data from unauthorized access. There are multiple levels of security checks and encryptions to make sure your data is safe. Our application and database layer are co-located in the same availability zones to prevent any “man-in-the-middle” attack (i.e. someone listening on the unencrypted data flow) from the outside.

Data Backup: All your data is backed up automatically in the cloud on a daily basis. This means we can retrieve data as necessary in case something goes wrong.

Privacy: Your data will not be shared with anyone without your prior permission. If you do decide to avail credit or loan, then you will be asked for explicit permissions for sharing your data. You can learn more about our privacy policy here.