Home > Press Coverage Released On: Dec 30th 2017
Hyderabad based startup, MYD Labs Private Limited, built another stellar product in making new strides in to SME businesses to make accounting easier, online, cost effective, less stressful in filing their GST Returns.
Traditionally, Indian businesses, particularly, unorganized Small and Medium Enterprises (SME, in short) made their accounting thru written invoices, and few thru accounting consultants who did their accounting at a low monthly pricing. With the introduction of GST, “one nation one tax” initiative under current NDA government, the whole business accounting must be more thorough, and systematic to meet the new compliance norms. This is simply not possible with the paper work, part time accountants, as the law is difficult to understand, and mistakes made by the low-cost service providers may reduce the tax credits there by impacting their profits.
Today, maintaining an accountant costs the businesses around 16K/month (direct) and with the seating costs, and a dedicated computer required for legacy (old) software such as Tally may mount into 20K/month in addition to the software costs, and issues around the software. Innovative cloud solution from EZTax.in helping SMEs to make the accounting effortless, compliant, innovative, and made easy on their pockets.
GST ready Accounting from EZTax.in made available to reduce the overall cost drastically to a one- time cost of Rs. 2.5K (after 50% discount) per year. The whole software runs on Cloud where there is no need to take backups regularly, and an SME himself/herself can book the transactions in the system without any help from accountant.
While the cost is just one aspect of it, the software is designed to run with almost Zero setup and provisions made to migrate from Tally like systems to get the customers and items to kick-start the process of creating sales & purchase invoices and send them to the customers and suppliers online, real-time without printing, unless a DC (Delivery Challan), where printing is mandatory.
Today, many channels available in selling the products or services. Whether a trader or a manufacturer, SMEs operating with newer business models such as e-commerce operators like Amazon, Flipkart etc. need to bring their invoices from the e-commerce operators, and are required to enter such invoices into the accounting systems to get the GST Return filing done but with EZTax.in GST, a spreadsheet from the e-commerce operators can be uploaded directly to reduce the time to enter and human typo errors that may lead to wrong GST filings.
According to Suneel Dasari, CEO of EZTax.in, “Innovation in building a next generation accounting software requires unlearning of what was taught over the years”, he further continued, “SMEs in today’s marketplace has lot pressures in competing with larger companies, the systems need to bring automation required to give them the time to run their business rather struggling to understand accounting”.
New generation entrepreneurs starting businesses due to recent changes by the government made India a business-friendly nation. This in turn producing entrepreneurs with Zero knowledge about accounting, compliance requirements, and is a challenge in adhering Accounting & Tax compliance. Due to the shift in target users, EZTax.in GST made the system extremely user friendly, provided customer, and supplier process maps for easy to follow processes.
Further to it, Touching or clicking on an entity such as a customer name or supplier name in the system gives the user a complete 360 view of that business transactions including invoices, payments, account receivable and analytics around it, in contrast, eg. a Tally like system requires a well-trained accountant to go to a specific PC, and run a report to send it back to the business owner.
The company claimed that the system is entirely built in India for India, made it with et most care in keeping the data safe in Indian Data Centers, unlike other foreign companies. In addition, the language the system uses simple to understand for even a novice in accounting knowledge.
While the company is a young organization, their aims are high, and quality standards are on par or some exceeding the mature product development organization. When making the products, the company made sure, that the entire company operations are running on its own product and made itself the 1st customer, Per CEO, "it looks crazy to think, but that makes us 1% of the 1% in the market place. As a service provider, it’s important for us to support our customer with et most respect and dignity, by calling customer 1st organization".
MYD Labs as a company’s strategy is to extend EZTax.in beyond its comfort zone to reach new heights. It started around 1.5 years ago, built massive systems including but not limited to Income Tax Filing, TDS, GST, Accounting, Contact Center, Data standards, Artificial Intelligence (AI) modules, analytics. Per CEO, "Next major step for us would be to extend us beyond online presence and establish local tax centers to help our customers. India is a different market in our view where the strategies that worked in other parts of the worlds may not yield great results. Indian customer demands both the right price point and greater engagement. Typically, this is either or in other parts of the world. We are ready take this challenge, plan to extend us. While we expect low margins in Self Service modal until mid-2018, that may change quickly. Our Expert Services, Value Added Services, and Unique services made us strategic made break even in our business".
When asked on funding the initiatives, Mr. Suneel Dasari, CEO of the company told media that “we are here for long haul, and a self-funded multi crore venture but looking for a strategic partnership that bring visibility, & growth prospects”.
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.