Expense and Invoice Management Tips for Your International Clients

Expense and Invoice Management Tips for Your International Clients

Managing a global business is challenging, and sometimes tedious as well. While it’s true that dealing with clients from different countries can make it difficult to organize the invoices and expenses because of different currencies and taxes, there are many things you can do to streamline the process:

  1. Support for Multiple Currencies

If you want to make your business successful, you can’t just stick to your preferred currency and send the invoices converted to that currency. You need to charge your customers in their local currencies to make it easier for them. So, you need a software that can support multiple currencies with ease. Ideally, it should have the following:

  • Invoice templates with multi-currency support
  • Currency converter that works as per latest exchange rates
  1. Mind the Taxes

Taxes are an essential part of every business which cannot be overlooked when you are doing business globally.

It’s important to learn about the tax regulations and standards, as even a small mistake can invite a lawsuit or a direct legal action from the government.

Here are a few things you can do to ensure the safety of your business from potential violations and regulatory breaches:

  • Get an invoice-expense management software that’s GST ready. The new regime is still in a nascent stage in the country. So, you need a cutting-edge software that is frequently updated and makes sure that you are paying the right amount of taxes in the right manner.
  • Your invoice-expense software should also have support for multiple products and services as according to the GST rates. So, when you are creating the invoices you can easily add the applicable taxes by selecting the product/service category.
  1. Multiple and Easier Payment options

You wouldn’t want your international customers to face any problem when making the payments. In that regard, these are your two options:

  • You can email the invoices along with your banking details, which leaves your customers to enter the same in their banking portal for every payment.
  • You can use an integrated payment gateway for your invoices. This way your clients need to enter the banking details just for once and for all the future payments they just have to authenticate the transactions.

It’s not hard to see which is a better option- the second one, of course.

  1. Picking the Right Software

Thanks to the high demand, there are a variety of expenses and invoice management software available today. However, it’s important the select the best one for your business that can help dealing with the foreign clients by keeping the following things in mind:

  • Operation costs can have a huge impact on the cash-flow. So, it’s important that you choose a program whose integrated payment gateway has the lowest transaction fees.
  • You want an invoice program that offers a variety of professional templates that are easily customizable for branding purposes.
  • Support for invoice clearance reminders can be incredibly helpful when dealing with clients that tend to put off payments. Thus, automating the reminder process will not only keep off the unnecessary hassle of reminding the clients individually but also help to deal with the problem in a professional manner.

It takes grit and ambition to make your business a success overseas. However, making the right expense and invoice management decisions is also important when your customers are scattered in the various corners of the world. So, be sure to apply the techniques given above. You will surely benefit.

GSTN Impact on the Businesses in India

It’s no secret that the old taxation system is out, and the new Goods and Services Tax (GST) regime is in. Although it was met with a mixed response at the time of launch, businesses are slowly becoming accustomed to it which is a good sign.

One of the most highlighted features of GST is the GST Network, popularly known as GSTN. But what’s it exactly, and how has it affected the businesses? Let’s find out.

Goods and Services Network (GSTN)

Simply put, the GSTN is a centralized network set up for the businesses so that they can upload invoices, collect and pay taxes, and claim Input Tax Credits.

One of the many reasons GSTN was developed was to improve transparency by encouraging the businesses to maintain and share their records such as tax receipts, invoices, etc. in a digital format. It also aimed at tackling the problem of tax evasion and for the implementation of governmental policies and regulations in an organized manner.

GSTN is regulated by a non-government and not-for-profit company called GST Network Limited. While the government is involved at the administrative front of the system, the company is responsible for the technological front.

GSTN and Businesses

GSTN has had a huge impact on old and new businesses alike. The following points address some of the changes observed in the industry because of GSTN:

Seamless Flow of Taxes

In the past, it would take a long time for the funds to flow from the Central Government to a State Government. Naturally, the latter struggled with the finances, especially during the weakest moments of the economy. Thus, GSTN was designed to solve that problem and it’s going great so far.

Since GSTN is managed by a private limited company that’s solely dedicated to managing and running the network, the control is greatly enhanced and funds can now flow smoothly through various administrations- thanks to its paperless approach.

Easy Tax Management

Another major change that GSTN has brought is, in the area of tax collection and tax regulation. Previously, payment of taxes was complicated as the laws varied on the basis of the states and the size of the businesses. However, GSTN has been able to bring organization and uniformity in the system for the taxpayers and tax authorities alike. Not only it’s become easier to detect tax leaks and tax evasion, administrative costs have also come down greatly as now the same policies will be administered in the center and the states.

Easy Business Registration

Setting up a business was riddled with all kinds of problems in the pre-GST era. For instance, if a company was selling goods or offering services in different states, then it had to register for VAT with every state’s sales tax department, each having varying rules and regulations. Moreover, the owners had to pay procedural fees for each registration and even deal with the Tax- “Babus” who demanded bribes.

Today, a businessperson can register their company easily with the GSTN portal according to rules and regulations that are the same all across the India. Moreover, there are no middlemen to create unfair interferences.

Conclusion

In a nutshell- GSTN has brought a big reform in the business industry. Having no other option, more and more businesses are adopting ethical practices and contributing to the tax revenue. Corruption in the system is also gradually losing its intensity. Thus, it won’t be an exaggeration to say that in the next few years Indian Economy will grow tremendously with GSTN’s impetus.

Advantages of Using an Integrated Invoicing and Payment Gateway Solution

Today, the majority of business is done online as digital payments continue to observe an exponential growth. In fact, without such services, doing business in global markets would be nothing less than a nightmare.

Truth is, apart from using invoice software there is still a lot more you can do to improve your finance management today. Embracing an integrated invoicing and payment gateway solution, for instance, can give your business a leverage over others in today’s competitive market.

Think about it- why send the invoices to your customers through emails which they have to first cross-check and then clear by approaching their bank or a third-party payment service provider?

It’s not hard to understand that it’s not the best way to do the job. So, what if you could send invoices along with the payment option right next to it?

The following are some of the biggest advantages of deploying a combined invoicing and payment gateway product:

  1. Lower Transactions Fees

While there is no dearth of banks and other third parties that offer payment gateway services for you to send and receive the payments, you do have to pay a fee for the service which includes third-party processing fees, additional transaction fees, etc.

Since you could be doing multiple transactions every month, even small fees when multiplied several times can amount to a lot. When it comes to business, cutting recurring costs by even a small percentage can often be a game changer. You should consider a payment solution that offers lower transaction fees, maintains security levels and gives you access to a wide range of currencies which can be accepted.

  1. Faster Funds Transfers

To reduce the time in funds transfer, you should consider two things:

  1. Process of sharing invoices and payment details
  2. Time taken by the payment platform to transfer funds in your bank

With an integrated invoicing and payment platform, instead of waiting for up to a week, you can receive your funds in just 48hrs. As it helps you share invoices through email with integrated payment option which helps your customers pay immediately and also the payment platform transfers the funds to your bank in as low as 48hrs.

  1. Multi-Currency Invoicing and Invoice Management

Multi-currency invoicing allows you to create invoices in a variety of currencies quickly and easily.

Combined with quality invoice management tools such as payment status tracking and reminders you can keep an eye on the cash inflow and outflow with just a few clicks on your device. Similarly, with an easy collaboration feature anyone can check the invoices and make changes as required without having to deal with a lot of “to and from”.

  1. Simplicity in Business and Tax Management

Why make your accounts, transactions, invoices a mess by using a variety of software programs for different purposes when you can combine them all into one cohesive unit that’s not only much more efficient but also simple to manage?

With a payment-invoice program you can:

  • Create and send invoices easily and quickly
  • Save time in reconciliation with bank statements
  • Ensure all invoices are in the same place (no invoice misplacements)
  • Simplify taxes/bookkeeping
  1. A Professional Touch

Freelancers and SMEs often face neck to neck competition in their space. This is the reason why even small things can give you an edge and help take your business to the next level fast. A payment-invoice program is a great example of this.

Using a new-age invoice-payment solution you can show your customers that you like to keep pace with the changing times and care for their convenience with a service that offers:

  • Easy payments
  • Multiple payment options
  • Transparency in taxes, currency exchange rates, transaction fees, etc.

With an invoicing platform you can also do branding easily by printing your company name and logo on the invoices.

  1. Easy Reconciliation

Invoice management can often be a herculean task, unless you have the right tools. For instance, you can’t take any risk when it comes to reconciliation as even a single discrepancy in one account can make the numbers on the other accounts go all haywire. However, integrating your payment gateway and the invoicing module can help to keep the transactions and accounts organized.

  1. Easy Access, Better Control

With cloud-based services, you can keep an eye on the payables and receivables when you are at the office, at home, or even when traveling. Going through payment reports you can also easily identify your biggest clients and other potential clients that just need to be nudged in the right direction.

Bottom Line

With a program that can combine invoice management and payment gateway services you have all to gain and nothing to lose. So, it’s not a question of “why” but “when”.

Advantages of Using an Integrated Invoicing and Payment Gateway Solution

Today, the majority of business is done online as digital payments continue to observe an exponential growth. In fact, without such services, doing business in global markets would be nothing less than a nightmare.

Truth is, apart from using invoice software there is still a lot more you can do to improve your ffinancialmanagement today. Embracing an integrated invoicing and payment gateway solution, for instance, can give your business a leverage over others in today’s competitive market.

Think about it- why send the invoices to your customers through emails which they have to first cross-check and then clear by approaching their bank or a third-party payment service provider?

It’s not hard to understand that it’s not the best way to do the job. So, what if you could send invoices along with the payment option right next to it?

The following are some of the biggest advantages of deploying a combined invoicing and payment gateway product:

  1. Lower Transactions Fees

While there is no dearth of banks and other third parties that offer payment gateway services for you to send and receive the payments, you do have to pay a fee for the service which includes third-party processing fees, additional transaction fees, etc.

Since you could be doing multiple transactions every month, even small fees when multiplied several times can amount to a lot. When it comes to business, cutting recurring costs by even a small percentage can often be a game changer. You should consider a payment solution that offers lower transaction fees, maintains security levels and gives you access to a wide range of currencies which can be accepted.

  1. Faster Funds Transfers

To reduce the time in funds transfer, you should consider two things:

  1. Process of sharing invoices and payment details
  2. Time taken by the payment platform to transfer funds in your bank

With an integrated invoicing and payment platform, instead of waiting for up to a week, you can receive your funds in just 48hrs. As it helps you share invoices through email with integrated payment option which helps your customers pay immediately and also the payment platform transfers the funds to your bank in as low as 48hrs.

  1. Multi-Currency Invoicing and Invoice Management

Multi-currency invoicing allows you to create invoices in a variety of currencies quickly and easily.

Combined with quality invoice management tools such as payment status tracking and reminders you can keep an eye on the cash inflow and outflow with just a few clicks on your device. Similarly, with an easy collaboration feature anyone can check the invoices and make changes as required without having to deal with a lot of “to and from”.

  1. Simplicity in Business and Tax Management

Why make your accounts, transactions, invoices a mess by using a variety of software programs for different purposes when you can combine them all into one cohesive unit that’s not only much more efficient but also simple to manage?

With a payment-invoice program you can:

  • Create and send invoices easily and quickly
  • Save time in reconciliation with bank statements
  • Ensure all invoices are in the same place (no invoice misplacements)
  • Simplify taxes/bookkeeping
  1. A Professional Touch

Freelancers and SMEs often face neck to neck competition in their space. This is the reason why even small things can give you an edge and help take your business to the next level fast. A payment-invoice program is a great example of this.

Using a new-age invoice-payment solution you can show your customers that you like to keep pace with the changing times and care for their convenience with a service that offers:

  • Easy payments
  • Multiple payment options
  • Transparency in taxes, currency exchange rates, transaction fees, etc.

With an invoicing platform you can also do branding easily by printing your company name and logo on the invoices.

  1. Easy Reconciliation

Invoice management can often be a herculean task, unless you have the right tools. For instance, you can’t take any risk when it comes to reconciliation as even a single discrepancy in one account can make the numbers on the other accounts go all haywire. However, integrating your payment gateway and the invoicing module can help to keep the transactions and accounts organized.

  1. Easy Access, Better Control

With cloud-based services, you can keep an eye on the payables and receivables when you are at the office, at home, or even when traveling. Going through payment reports you can also easily identify your biggest clients and other potential clients that just need to be nudged in the right direction.

Bottom Line

With a program that can combine invoice management and payment gateway services you have all to gain and nothing to lose. So, it’s not a question of “why” but “when”.

Things to Remember When Invoicing International Clients

Doing business with international clients has numerous benefits, yet challenging at the same time. However, to compete with others across the borders you must be well prepared.

There are many things you can do to make international business easier in terms of marketing and customer support. However, here we will focus on the finances.

  1. Working with Multiple Foreign Currencies

“Research the norms in your industry before negotiating any contracts or setting product prices,”

– Carine Gursky, Foreign Exchange Manager at Wells Fargo Bank.

Most companies prefer doing business in US dollars as it’s considered a global currency. However, some businesses prefer their local currency instead. For instance, a client in Australia may prefer paying in Australian dollars just like a client in Britain may prefer doing business in British Pounds.

It’s important to touch base with the norms in the foreign country you are interested in doing business with. Failing in the same can cause you to lose business to a competitor who is able to adapt to their preferences better. At the same time, your payment system should accept payments in multiple currencies and allow you to convert in the currency which works with your bank.

Ideally, you should set up a system that can make working with multiple currencies easy and simple. For instance, a software that has a selection of invoice templates centered around the most popular currencies can make your job much easier by:

  • Easy invoice creation for a large number of global clients
  • Easy calculation of currency exchange rates
  • Fewer or no discrepancies in payments
  • Easy bookkeeping and reconciliation
  1. Professional Invoices

You can’t afford to waste time finalizing every individual invoice if you want to work on the other important business operations. So, it’s a good idea to use an invoice software that not only creates invoices for you using your banking information but also reaches the clients on time and follows up in a professional manner. Besides, when you can receive your international payments in less than 48 hours these days, it makes sense to minimize the time taken for receivables and payables.

Good quality invoice software, with support for mobile devices as well, can not only make your business more efficient but also leave a lasting impression on your clients, who after receiving professionally formatted and automated invoices will understand that you are in to win.

  1. GST on Export of Services

While exports used to attract taxes well before the GST regime, the system has changed a lot today. Now, exports of both goods and services are covered under the IGST law (Integrated GST) and treated as “zero rate supplies”.

Under the new regime, you will be able to claim a refund for the export of services under any of the following options:

  • Export under bond or letter of undertaking without paying the Integrated Tax and claiming the refund of the unutilized input tax credit.
  • Export on the payment of Integrated Tax and claim refund of the tax under the provisions of section 54 of the GST Act.

It’s important to familiarize yourself with the full applicability of the GST regime on your international business. This is to ensure that you file your taxes property, prevent fines and also keep the cashflow in check.

  1. Using a Comprehensive Invoicing Software

Since you will be dealing with a variety of foreign currencies, you must use a top of the line invoicing software that can work with them all.

The invoicing platform should also be able to periodically update the exchange rates for all the currencies so that when you issue invoices or receive payments, there are no discrepancies.

It would also help if your invoicing software is GST-ready. Otherwise, you will need to feed the same data into two places which will lead to the wastage of valuable time and also make reconciliation difficult.

Bottom line

Doing business internationally can be tricky. With every different country, there are different tax mechanisms, exchange rates, compliance standards, etc. So, you must make use of technology in as many ways possible. That’s the only way to streamline business operations, lower overhead costs, and help you focus on the big picture.

What’s New this September?

What’s new under the hood? 19th September 2017

The first step was making your business GST compliant – and now that it has been two months, we at numberz continue to evolve and advance the product with updated features.

Our latest September update is all about enhancing the features you love the most – while introducing new features to make your business grow and expand!

numberz product updates echo your concern! Your feedback and suggestions are what drive our tech geniuses to deliver the very best – with September knocking the winter doors already, we are making sure you enjoy the late dawns and chilled breath without worrying about your business numbers!

You can also tweet your feedback to @numberzofficial

Here’s some of the new stuff that you can use:

We Keep You GSTified with Improved Invoices

  • We understand the challenges while adding Place of Supply in invoices! And we care. Since the Place of Supply can be different from Customer Billing State and/or Shipping state, you can now keep them as separate entities.
  • Keeping proper tags and labels on invoices helps you to be more productive, focused and efficient! Now you can flag a customer as composition customer in customer master if they are registered under GST composition scheme – tagging simplified!
  • We love one of the suggestions we received – to keep the invoices clean and professional. And this is also our primary philosophy, now you do not have to print blank spaces for SMB customers who do not have GSTIN.

Redefined Reports – Putting Awesomeness in Probing

  • NEW! We have come out with a new report structure. You can now view/download Purchase by Vendor and get an aggregate bill amount of all purchases.
  • Your reports are what gives you a better insight into your business – and we have worked hard this month to give you the best of them! To keep your reports in sync – we have merged your invoice reports and client statement. Enjoy the newly found single report for all your customers’ invoices.
  • It’s important for your business to keep a track of your credit note. Your credit note is now shown in invoice/client statement report. Also, discount at invoice level is now subtracted from gross total and impacts the net total of invoice.
  • Save your time by using the right kind of filters – now add the vendor drop-down in Expense/Vendor report. You can even filter your expenses according to vendors using the drop-down.

Nifty Improvements – Raising the Bar a Little Higher

  • Invoice setting page now comes with some UI/UX enhancements.
  • Your invoice now comes with a new feature – you can now add an email CC list in the customer master. What’s cool is that cc list will be pre-populated at the time of sending invoice/estimate email to the customer.

Hope to have you happy and thriving on numberz! Thanks again for your support! Team numberz!  

How to Use numberz GST Compliant Tally Sync?

Prerequisite steps for using Tally Sync –

  1. You should be registered with numberz.
  2. Download Tally sync for google chrome plug-in from here.
  3. Should also have Tally installed on the system.

Step 1: User should create the Invoices, Debit Note, Credit Note, Receipt & Expenses in numberz software. 

Step 2: Once the user logs into the Tally Chrome plugin – all your Invoices, Debit Note, Credit Note, Receipt & Expenses will show inside the panel. These are few important things which are required for Tally Sync plugin,  

Step 3: User should use the same Login and Password they used for numberz software. 

Step 4: Before logging into the Tally Sync, open the native Tally application and create your company. This is important for Tally Sync plugin to work properly.

Step 5: Once you have logged into Tally Sync plugin, look out for your company name in the lower left corner. This is how you verify if Tally Sync is working properly. You will be greeted with Welcome Screen.

Step 6: Proceed to click next.  Users will now get the option to map items. There are two ways to map your data, one is through default ledger, while the other is through the native desktop software.

 

Step 7: Click the next button. Users will have the option of mapping their respective ledgers, this is where the data needs to get saved. Required mapping fields are TDS, Round-off, Bank Transactions & GST tax rate.

 

 

Step 8: Click next to reveal debtors ledger, creditors ledger & stock items. Click on done and numberz Tally Sync will automatically import the data from Tally. In import debtors & creditors, it will take all the information such as Billing Address & Debtor’s name. In Import Item, it will take HSN code, Tax Rate and Type of Purchase.

 

 

Step 9: Users can create customers which will save under ‘Debtors’ & vendors under ‘Creditors’. The items you input will be saved under ‘Inventory Stock Items’. These all entities will be automatically created in the Tally or users can manually create Debtors, Creditors, bank account, sales account, purchase account & Inventory stock item in the tally.

ProTip: numberz support up to six ledgers to maintain accounts. Name and units are mandatory fields. Unit of measures should be created at the initial level.

Step 10: After the entire setup, navigate to ‘Sync to Tally’ tab present in the left column. Users can verify the data on the right window.

 

 

Step 11: Click the checkbox and select the invoices users require to sync to the Tally Server. Click Sync to Tally to sync invoices or debit note. Your data will automatically merge into Tally server under the selected company name.

Step 12: Navigate to expenses page. Click on the checkbox and select the expenses as per requirement. All the data will merge into Tally server under the selected company name.

Protip: Click display > Trial book. Users can now see all the sync invoices from the numberz plugin.

 

 

Step 13: In your last and final stage, all the linked invoices, debit note, credit note, purchase receipt, detail invoices will be displayed in Tally.

 

 

For support, reviews and suggestions, send in your queries to support@numberz.in

 

 

Is Your Business Scalable? Here’s What You Can Do

Scalability is one of the most important aspects of every business. No matter which industry you are from- telecom or finance, software development or manufacturing, your business must be bbuilt-in a way that with time, you can expand it easily at minimum costs.

If scalability is a bit of a gray area for your business, then this write-up can serve as a basic guide for getting started.

Is your Business Scalable?

One thing you need to get out of your way first is, well, finding whether your business is even scalable or not. Most businesses that are based on the owner’s skill set or talent are not really scalable. This is because such businesses are limited by just one person’s abilities.

A scalable business is the one which is able to keep the costs low while increasing the revenue gradually. In fact, the less is the involvement of the owner, the better it’s for scalability.

A good example of a scalable business is a software firm. This is because while the initial investment for developing software products may be high, once that’s being taken care of, the business can simply make copies at a very small cost. Similarly, e-commerce, or rather any kind of business that’s selling products online is highly scalable. This is because revenue can be increased by promoting the business through blogs, webinars, and other popular forms of digital marketing tactics.

Making your Business Scalable

Now that you know what makes a business scalable, you can change your business model accordingly. The following are some of the key features of a scalable business:

  1. Optimum Cashflow

Cash flow problems are one of the leading causes behind business going defunct. So, if you want to scale, you must ensure a good cash flow. The following are a few tips that can come in handy in that enterprise:

  • Make it easier for your customers to clear invoices by offering as many payment methods possible. Apart from the standard debit card and credit card options, you can also offer them to pay through digital wallets.
  • Levy a penalty for late payments if you aren’t already and let your customers know about it. A good way to do this is to mention it in the invoices. When your clients will learn about the penalty, they will be more likely to pay on time.
  • Don’t merge your personal expenses with business expenses. That’s the key to good cash flow management.
  1. Partnerships

Why would a successful business want to partner with another business? What’s the need? Well, believe it or not- partnerships in the realm of business are extremely important, even for the biggest players. For instance, Nike and Apple are considered as some of the most powerful companies in the world. Then why did they join hands in 2006? They were already successful. What were they looking for? Well, the answer is Scalability.

By working separately, the dominance of Apple and Nike was limited to some areas. However, by inking a pact they were able to venture into different realms and scale their businesses. The Nike+iPod Sports Kits, Apple Watch Nike+, are some of the excellent examples that support this point.

  1. Automation

Automation is the future of businesses. There are all kinds of software available through either a SaaS or license model that you can use for automating various tasks such as invoice and expenses management, attendance management, lead generation, and what not.

There are several advantages of automation:

  • Saves time- Employees can focus on important tasks that are more suited for a human intelligence
  • Saves Money- The more business operations you will automate, the less number of employees you will need which translates to fewer salaries
  • Scaling on the Go- Automation can make scaling super easy and fast. By establishing a system that can automate the majority of the workflow, you can easily hire new employees and train them in minimum time or add and sell new products without affecting the efficiency of your business operations.

If you want your business to be scalable, you must think two steps ahead. You need to make today’s decisions based on your future projections. If only that is being taken care of, all the pieces will eventually fall into place.

Consequences of Not Forwarding GST Benefits to Your Customers

It’s been a while since the Goods and Services Tax (GST) regime was implemented all across the nation and the improvements are already apparent. However, the government wants GST to work at all costs. So, taking no chances, it has set up an anti-profiteering clause to check the businesses that are non-compliant in the GST system.

As a business owner, you are expected to pass on the benefit of GST to your customers under the Section 171(1) in the following two manners:

  1. Reducing the Tax Rates on Eligible Goods and/or Services

For the majority of the goods and services, the tax rates have been either dropped or remained close to the previous tax rates. So, you are required to pass on the benefit of the reduced taxes to your customers by offering the same products and services at reduced prices.

For instance, In the older regime, eating out was taxed at about 20% (14% VAT + 5% Service Tax + 0.5% Swacch Bharat Cess + 0.5% Krishi Kalyan Cess). However, under the GST regime, the same is taxed at a flat 18%. So, you are required to adjust the rates of the food items you are selling accordingly.

In some cases, the tax rates have actually increased. For instance, broadband services are now taxed 3% higher than the previous regime (as it jumped from 15% to 18%). So, in this case, you are allowed to increase the rates of your services in this case as well.

  1. Adjusting Prices with Input Tax Credits

One of the biggest changes that GST brought was the elimination of double-taxes. Businesses can now deduct the repeat-taxes by claiming input tax credits on eligible products and/or services. However, you are expected to pass on this benefit to your customers by reducing the prices on the products and/or services offered by you.

For instance, previously you had to pay taxes on the raw materials used for production of a certain item and again when selling the same to the traders.  However, under the GST regime, you can deduct the tax paid on the former from the total tax paid. This benefit has to be passed to your customers in the form of discounts or offers.

Anti-Profiteering Committee

Since GST is a new tax regime, most of the average consumers don’t know about the benefits it has to offer. Thus, it’s possible for the businesses to exploit the system and make excessive profits through exploitation. This why the finance ministry and the GST Council decided to set up an anti-profiteering clause that’s managed by an anti-profiteering committee.

The sole purpose of the anti-profiteering committee is to ensure that the businesses don’t exploit the GST system by overcharging their customers or by not passing on the benefits the regime has to offer.

If you are found guilty of not-passing the benefits to your customers then the anti-profiteering committee can:

  • Order you to reduce the prices of your goods and/or services
  • Ask you to return the benefit amount not passed on to the buyer with an additional 18% interest
  • Penalize you as per its discretion
  • Cancel your registration altogether

The government has authorized the anti-profiteering committee to intervene in the business operations of a company if it has a reason to believe that some unfair practices are involved.

In conclusion, to safeguard your business it’s extremely important that you adjust the rates of your services and/or goods according to the GST benefits available to you. Failing to do so can invite a legal action or possible shutting down of the business altogether.

What’s new this August?

What’s new under the hood?
19th August 2017 

Now that it has been a month of GST, the nation is warming up to the new tax regime in their own little ways. We at numberz are also working hard to keep businesses compliant – by constantly working on ground breaking solutions and providing with state-of-art product experience.

Everything seems sunshine and roses till our customers challenge us with their honest feedbacks – and when that happens, there is no turning back. Our endeavor to never let you face the rainy day has helped us to push ourselves to deliver the very best.

While this was a busy month for the nation, our product team was on their toes for the most part of it! We are excited to announce our new August update – a little and a lot of everything!

Here’s some of the new stuff that you can use:

Revised GST Invoicing – Best thing since sliced bread

  • GST invoicing finds a great uplift, with the freedom to choose options you deem-fit! Feel like disabling the visibility of payments in your invoice? We got it covered. Want to have due date and invoice value optional in output PDF? Feel free to play around with upgrade.
  • Your GST invoicing can now travel overseas. Add international addresses in invoices to get paid faster than ever.
  • Since the supplier is required to issue a tax invoice on the delivery of goods, we have introduced the option to print Delivery Challan option in invoices. Do note that it can only be printed after the invoice has been created.
  • Payment details & Terms and Conditions can now be edited in Invoice, Credit Note, Debit Note & Advance Form.
  • Importing quick bills or adding multiple bills in GST format is now easier and faster! You can even start handling cess charges in GST Invoicing.

Nifty Improvements – A notch above the rest

Product team at numberz are wizards’ sans the magic stick – and keeping design aesthetics a notch above the rest is their favorite trick up the sleeve.

  • You can now change due date font & invoice text to black for old and classic templates respectively.
  • We have improved GST related fields for data download – never miss a crucial detail ever again!
  • Collecting GSTINs of your vendors and customers is now quick and hassle-free. You don’t have to switch windows to keep a track – you can do it within the product itself.
  • numberz companion app is now GST compliant. Download here.

Hope to have you happy and thriving on numberz!

Thanks again for your support!

Team numberz!