Kerala Flood Cess (KFC) of 1 percent was announced by the Kerala Government in June 2019. This was done to deal with the flood catastrophe of 2018. There will be an additional 1 percent tax on the value of goods and services delivered, which will be levied in addition to the GST.
What was the tax all about?
Taxpayers were required to file a Kerala Flood Cess Return in “Form KFC-A” and pay the Kerala Flood Cess. On products and services subject to more than 5% GST, a 1 percent flood of cess was imposed. There was also a 0.25 percent surcharge on gold and silver, which was subject to the 3 percent GST. Moreover, ordinary dealers imposed this additional tax solely on intrastate B2C sales. Also excluded were composition dealers, interstate transactions, and intrastate business-to-business supply.
The end of the tax
Kerala’s government has announced that the flood cess would remain in place till the end of 2021. This means that from August 1, 2021, the Kerala Flood Cess of 1 percent will no longer be in effect.
If you charge 1 percent cess along with GST, you must ensure that cess is not calculated on new bills issued from August 1, 2021. The government issues a press release instructing firms to make required changes to their billing software in light of this.
There are so many people who are starting their business now. It is trending that you have your own business, either small or big. It is also a good idea for earning a good amount of money, but it also takes a lot of effort. It is not easy to manage all the money related things so easily. It is undoubtedly known that every business is money-oriented. Once your business blooms, you will get more and more money. And when the money starts coming, it becomes more crucial to manage it. There are so many people who lose money more than they earn, and the reason is that they are unable to manage the money transactions.
If you already have a successful business running and all you need is to manage the transaction than the best solution is getting accounting software. There are so many things that you need to know before getting accounting software. The first thing you need to look for is what you are paying to the employees. There are so many different software that will help you with managing the salaries of the employees. Another thing is the money you are getting from your clients.
There are so many business owners who do great in getting clients and earning profit from them but fail at managing that money. The business is all about getting profit money and investing it into making more money. If you understand this law of doing business, then only you will understand the value of accounting software. There are so many features that accounting software may have. Some of those include tracking the bills, managing the inventory, and also the project management. Here are some factors that can be resolved if you have accounting software. Look into these and understand the need of your business.
One of these factors is the multi-user accessibility, and it is really important. It is of no doubt that a successful business can only be achieved with the help of a team. If you don’t have more than two people, then it is not considered an established business. Once you have a team of few people, then all the tools and software’s you use need to be multi-user. You cannot start using an accounting facility which is not accessible on the other employees.
Now another factor is that the software you are taking can support multiple business processes. The business you have must have relations and connections with other businesses also. It is very important in order to make more connections to more profit. There are some accounting software’s which will help you to connect with these other businesses and help you achieve more progress.
Another very important thing is that the software you are using is mobile friendly as the time has come when we need everything on our mobiles. It saves more time and effort if you can manage all the important aspects of your business through your mobile. There are so many software’s which can work just as good on mobiles as they do on laptops. By this feature, you don’t need to carry your laptops everywhere.
A very crucial matter that we forget very easily is data security. It is highly recommended that you double-check any software about its data security as it will carry all the sensitive data. It is highly confidential information and should be kept very safe in order to avoid any mishappening.
You need to follow all of these discussed actors in order to get the best results.
The technology has been influencing every sector of the economy and society. With the advancement in technology, new ways have been discovered to handle things. The accounting sector has also seen an upsurging change in the methods of accounting trying to increase the overall efficiency and the standards.
The new age of accounting experts must grasp innovation and adjust to the accounting patterns that are disrupting the long-held prescribed procedures. The new accounting patterns would help accounting and tax assessment firms to achieve new degrees of progress along these lines empowering them to work in a lot quicker and more brilliant way.
These accounting patterns are examined thus beneath.
AUTOMATION
The labor-intensive tasks like audits, payroll and banking will be completely computerized – a pattern that is viewed as the best chance. Artificial intelligence will give a really improve access to a scope of close ongoing data from a more noteworthy number of sources. The artificial intelligence will not wipe out human intelligence, it is meant to facilitate human. Innovation will give us access to better information; however, accountants are the ones who’ll need to apply this data to this present reality to give urgent business bits of knowledge and insight.
Computers can’t supplant the interpretive limit of the human mind. It’s likewise really difficult to teach a machine good judgment. While calculations will keep on getting all the more dominant and productive at arranging enormous information, computers are just extraordinary transactional machines.
THE POWER OF CLOUD
Cloud accounting and software-as-a-service (SaaS) applications and the capacity to get to monetary information from internet empowered gadget have led to virtualization being the new standard.
The developing environment of uses that incorporates accounting platforms has likewise demonstrated to be proficient by interfacing and streamlining back-office forms for a wide scope of organizations and ventures.
The development of cloud computing is revolutionary in itself with accounting firms utilizing the intensity of cloud computing for the majority of their accounting needs. Increasingly accounting firms are utilizing programming and administrations that are put away on an immense system of remote servers rather than on PCs.
Most of driving cloud arrangements firms are putting forth upgraded security, quality control, and information recuperation choices as software-as-a-service (SaaS) applications empowering the accounting firms to get to money related information from any Internet-empowered gadgets.
OUTSOURCING
One of the greatest patterns in accounting is outsourcing fund and accounting administrations. Outsourcing accounting administrations can enable organizations to chop down expenses, and furthermore lessen the danger of misrepresentation and give access to the administrations of devoted experts in the field.
Outsourcing accounting above all empowers organizations to center around their essential business as opposed to building an accounting office. Furthermore, outsourcing offers a number of benefits like providing access to a group of specialists in accounting, access to top frameworks, sufficient opportunity to concentrate on development and extension of the business, unlimited authority over business accounts, etc.
COLLABORATIVE ACCOUNTING
Collaborative accounting is the eventual fate of accounting. It doesn’t really happen just among customers and CPAs, it applies to plenty of services which are accessible today. Thus it is not just in the software and technological advancements that accounting has seen a trend but also in the sphere of working in collaboration with the clients.
MILLENIAL CLIENT EXPERIENCE
Accountants will have to manage a simply new program of customers who incline toward more straightforwardness, liveliness, and a customized methodology as the coming decade is the time of the twenty to thirty-year-olds as entrepreneurs and bookkeepers should move past customary accounting techniques and methodologies. These customers request legitimate direction as well as anticipate that accounting firms should be paperless and innovation smart that is conceivable with the cloud switch.
DIY SOFTWARE
The accounting and assessment programming firms would dispatch different applications and arrangements as Quick Books Assistance in 2019 and would improve the customer interface, particularly for little and medium estimated ventures. One of the accounting patterns that will rule in 2019 is the acknowledgment of DIY programming by the accounting club for example, facilitated Quick Books programming, and other independently employed applications.
FIXED PRICING
With computerization getting to be ordinary, the idea of hourly charging will be a relic of past times and most business firms would change to a fixed evaluating model that would profit bookkeepers and customers as it would underscore the estimation of administrations being given by firms. For providing advisory services fixed evaluating model would be progressively favorable.
SOCIAL MEDIA STRATEGY
Utilizing social media for accounting is additionally picking up fame this year as entrepreneurs are ending up increasingly dynamic via web-based networking media. Most organizations utilize social media to make a presence for their business on the web and contact a more extensive group of spectators. This pattern in accounting isn’t only advantageous for accounting firms yet additionally for the customers who can accumulate data themselves, which gives clearness with regards to picking the services given by an accounting firm. There are numerous advantages of utilizing online life for accounting, they incorporate no expense on utilization, and they facilitate the expanded business presentation and permeability, expanded site traffic, giving knowledge in areas of accounting expertise, speaking with a large number of individuals.
PROACTIVE ACCOUNTING
Accounting capacity, for the most part, used to be responsive in nature, e.g., it records and records for exchanges that are past. This is evolving now. Because of numerous variables, for example, advancing plans of action, guidelines, expanding job of bookkeeping in settling on business choices the 2019 pattern is for the bookkeeping capacity to play an increasingly proactive job in understanding the potential ramifications of any critical business activity, including assessment sway. This enables organizations to run proficiently, without spending critical assets to fix accounting blunders or to comprehend and represent new business activities.
MOBILE ACCOUNTING
With the rise of cloud computing, and predominance and adequacy of electronic documentation instead of customary paper-based vouchers, solicitations or receipts, accountants are currently progressively increasingly becoming mobile. They can work remotely and there are right now many group sharing instruments to upgrade remote work.
Talking about the easy and efficient payroll system of accounting software, it becomes important for the business owners to opt for flexible accounting software. It may be for large organisations or small businesses, cloud-based accounting solutions have raised its bar to suit the particular needs of the organisations. When you choose accounting software for your business, keep a checklist of all the features which you want ready. This will enable you to choose the best from the available solutions in the market. Let’s have a detailed discussion on one of the important features of an accounting software; Payroll.
As this feature is complex and it consumes more time, so many small business owners have to rely on their accountants or automated software systems for it. The payroll system which you choose for your business must be effective and accurate. A high-end accounting solution having payroll system will accommodate all the features that can provide accuracy of employee records. Your payroll system must be able to store the employees’ personal details and their various working hours. While you have access to the automated accounting system, it will reduce the chances of human error to a large extent. The stored data can also be easily changed; say e.g. if the lunch break time-in is not proper, you can correct it. It also lets you process the salaries based on the attendance of the employees. Based on that data, you can quickly prepare the salary slip and process it further. If you want to process any employee’s salary later than the regular date, you can cancel the set date and then can set a new date with the details. You can choose how often your employees will get paid, i.e. weekly, twice a month or on a monthly basis. Flexible mode of settling payments is one great advantage of the advanced payroll systems. For the deduction of tax, gratuity or provident fund amount, you can easily enter their net salary amount and the final amount after deduction will be calculated. The gross amount is payable to the employee as their salary amount. And the same process will be done when employees are paid extra for their hourly rates or bonus amount.
The accountants managing payroll for their clients can get real-time updates from the cloud-based accounting software. Additionally, they can view the details on the dashboard and can also track the changes made in it.
About Easy Accountax:
Easy Accountax is a fully-integrated payroll system for small businesses as well as the accountants that make it easy to work across different modules. It has been considered as one of the outstanding payroll systems that offer advantages in terms of time, cost, accuracy and organisational size.
No matter you run payroll as many times as you want and access it from anywhere, you can pay your employees at any time with Easy Accountax. By using this high-end cloud-based accounting software, you can stay in touch with your customers and also can enjoy the best advantages this software offers. Our excellent cloud accounting software lets you manage important dates and deadlines seamlessly. Our system is a white labelled product and can be accessed from anywhere and any device. Also offer Android apps and iPhone app which help in managing payroll feature from smart phones or tablets.
Stay connected with your business from anywhere and at any time.
