Forbes India 15th Anniversary Special

How HostBooks is pushing seamless GST and Accounting compliance through Automation

#EasyGSTwithHB - How a combination of Technology and Accounting is driving change in the traditional accounting

Published: Jun 4, 2019 06:57:03 AM IST
Updated: Jun 6, 2019 11:55:06 AM IST

How HostBooks is pushing seamless GST and Accounting compliance through Automation

Over the last decade, technology has amplified at an exponential rate. It has transformed the way we live our lives, and the way, we execute our work has been even greater. Technology has allowed us to change how we manage many different aspects of business operations, Accounting is no exception.

Access to accounting dedicated software performing more complex functions has made calculations both easier and more efficient. Creating financial data, managing business finances and bank statements, and measuring economic activity has never been simpler.

The age of technology has truly revolutionized one of man’s oldest task i.e. keeping a track of finances.

One by one, the traditional pen, ledger, and desk calculator had been shunned driving towards more efficient processing tool which is the specialized accounting software allowing quicker input and computation of data.

HostBooks as an accounting software has created a lead in automation for accounting and finance. The act of manually entering information has declined as technology made it possible to manage accounts with a single click.

The Gurgaon-based startup has channelled various aspects of accounting equipment onto a single online platform.

Hostbooks is an integrated All-in-One cloud-based application, which enables users to maintain Accounting, Tax, GST, TDS, E-Way Bill and Payroll records providing statutory compliance and single click filing service for businesses.

Their India journey is about two years old, in which duration they have added a large client base spread across several vertical players in the market including big business setups, MSME’s, retailers, vendors etc.

Kapil Rana, Founder & Chairman, HostBooks says, “In the current scenario, there is a lot of manual and paperwork involved, which lengthen the entire process of managing business finances and impacts the organization in terms of their operational costs and productivity. HostBooks is being found on the principle that the smallest error can cause trouble, including tax penalties, data mismanagement, hitting hard on professional reputation. It is important to have accuracy in your computations while doing accounting work, and having all your information managed by automated software which drastically improves precision and reduces the margin of error."

Transforming the Accounting Profession
Accounting software has revamped the most traditional service into a fast-paced and dynamic profession.

One aspect of accounting that professionals dread the most, is the very tedious and tiresome task of compiling and computing data. A simple and ready-to-go cloud-based system like HostBooks significantly reduces time spent and file-keeping expenses. Security, backup, and data retrieval have also benefitted greatly from cloud technology.

The GST Compliance Software
Goods and Service Tax is a well-organised version of comprehensive indirect tax on goods and services implemented by the Government of India.

HostBooks cloud-based platform gives a complete GST solution in a single enclosure.

GST remains an ocean of information which remains highly unmapped. Simplifying the complicated tax structure that was commanding the Indian economy since decades was further a brain-staking phenomenon.

As the multi-layered tax regime was easied with GST, there arrived a dire need for software which can reduce the stress of understanding the new procedures for calculating tax.

Helping in overcome the impediments related to GST billing and return filing, an easy import of GSTR-2A, auto-matching and reconciliation, automatic reminders and single sign-on authentication, HostBooks works to ditch the troubles with the help of automation.

The HostBooks GST Accounting software caters the need of people for dealing with the intricate calculations and guides them to make up for the information they lack.

HostBooks GST software offers an Advanced Reconciliation Tool to help auto-matching and reconciliation of invoices, purchases, ITC and returns.

The GST solution is savvy and tussle-free to maintain the accounting and invoicing system which aims to cater to the business.

HostBooks E-Way Bill software paves way for a smoother movement of goods with seamless E-way bill generation. Be it a business owner or a transporter, HostBooks E-Way Bill caters to the needs of all. The software is integrated with the Government portal providing real-time updates, thus minimizing the need to visit the Govt. website frequently. It renders the facility of immediate cancellation and rejection in case of vehicular breakdown.

How HostBooks is pushing seamless GST and Accounting compliance through Automation
Accounting in the Age of Technology
"FinTech is one of the fastest growing segments under the scope of booming technology.  Especially, the accounting industry has arrived as a lethal combination of technology and accounting expertise to render easy methods for complicated financial issues. As the new age spirit of entrepreneurship keeps growing in India, the need for accounting software will be increased drastically" says Amit Mukherji, CEO, HostBooks.

For managing the accounts, it is necessary to stay up-to-date with the most recent advances in GST. The GST council aimed at reducing the tax burden on the citizens makes regular updation in the tax slabs for different products. Embracing these changes with time will prove to be greatly beneficial to the business. What makes HostBooks class apart is that for any minuscule changes within the GST framework, the software is updated within 24 hours so that customer can reap benefits with the changes made.

The startup is aggressively working to minimize the difficulties that businessmen face for filing GST returns and bills. A nation-wide campaign #EasyGSTwithHB is driving people towards complete GST solutions which will overcome the roadblocks of traditional accounting.

With a boom in the MSME sector in the Indian markets,  a huge chunk of business issues remain unaddressed, and HostBooks is willing to solve the unsolved industry issues and grab every opportunity coming it's way.

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