Businesses today face complex taxation and reporting obligations in each and every country where they operate as a result of government initiatives for more visibility into business operations to reduce tax gaps. Since governments are cracking down and using technology to change the way they regulate, there are very less chances of any error. As a result, organizations are forced to keep up with country-specific requirements and adapt to new technology-driven processes that can change multiple times per year. Kredence Digital is India’s only cloud-based tax solution provider that offers professionals the ability to stay ahead of evolving global compliance initiatives.
The company’s solutions are designed to manage all financial, accounting and tax compliances across an organization’s entire life cycle, enabling them to automate and manage their obligations with ease and at lower cost.
Meet the Path Finder
Ketan Raiyani, Founder of Kredence Digital is a veteran entrepreneur, whose entrepreneurial journey spans across three decades. A Chartered Accountant by training along with a Management degree from the Jamnalal Bajaj Institute of Management, Ketan is passionate about creating useful technology-driven products that address large pain points for users. He blends his in-depth knowledge and expertise of the Indian tax system with his experience and passion in creating great products and scalable business models. Among his other entrepreneurial accomplishments, a prominent one includes founding India’s first online tax filing services in the name of Taxsmile, which was acquired by 3i Infotech of the ICICI group.
From the Founder’s Desk
We are extremely focused on creating a robust product that becomes an indispensable aide for tax professionals, small-to-medium sized enterprises and individuals in taking care of all their tax-related matters. The key pillars will be performance, ease of use and cost-effectiveness, so that the empowering benefits of technology can be experienced and enjoyed by all. The other key aspect of our approach is being Agile – not just from a technical or product development methodology perspective, but more holistically in terms of responding to customer/market feedback and the rapid changes in the adoption of new technologies. While our sales and marketing will adopt a multi-channel approach, mobile & digital will be pivotal to our route-to market – asserts Ketan.
Protact GST To help professionals and businesses to deal with tax and compliance obligations, Kredence has introduced a product named ‘Protact GST’ in the market. It enables finance, accounting, taxation and compliance (FACT) professionals to help businesses to automate processes and manage regulatory obligations with ease and at lower cost. The product is introduced in order to drive better business outcomes and to make consumers happier and businesses profitable. Protact GST is a Comprehensive Practice Management Solution for Chartered Accountants. Predicting and experiencing the problems faced by the businesses, Protact GST focuses on addressing business needs pertaining to the FACT realm. The solutions provided by the product to overcome these problems are – Invoicing & Customer Management, Supply Chain & Vendor Management, Input Tax Credit and Liability Management, and Review and Timely Filing of GST Returns.
The services encompassed in Invoicing & Customer Management include: Timely issuance of invoices, maintaining serially numbered invoices, maintenance of GSTIN records, calculation of applicable tax and recording of delivery details and place of supply. On the other hand, in Supply Chain & Vendor Management, Protact maintains records of suppliers’ invoices, self invoicing of unregistered dealers, checking of reserve charge applicability, verification of GSTIN of the vendors and checking of limits of RCM on a daily basis.
In Input Tax Credit & Liability Management, Protact provides tracking of input GST credit on inward supplies, reconciliatio of tax credit and settlements with suppliers, proper computation of tax on outward suppliers, proper calculation of reverse charge on URD supplies and reporting & claiming tax credits on credit and debit notes. In Review & Timely filing of GST Returns: assigning user role for recording of data and review progress, tracking deadline for completion of task by internal users, approval of data by the management, assigning the work to professionals and timely filing of GST returns are managed perfectly with the help of the product.
Protact GST is an all-in-one product which manages everything from generating invoices to filing returns. Protact is a better solution as it is a cloud based platform having built-in functionality for PrepareReview-Reconcile-File process, inbuilt messaging system, designed for quick overview, and providing client’s dashboard for real-time and access improved manageability.
Protect GST outshines others when compared with any other desktop solution. The particulars which make it better than desktop solutions are easy collaboration with CA/Tax professionals, unique client authentication mechanism, highly secure setup with disaster recovery, real-time data sharing for real-time support enabled for use over mobile devices and ease of access anytime & anywhere.
It is another solution that helps businesses and professionals to deal with tax & compliance obligations with ease and efficiency. When noncompliance is not an option, one can manage it with ComplyHUB.in. In simple words, it is a marketplace that brings together buyers and providers of FACT services and gives them the tools and capabilities to connect, collaborate and comply.
The typical challenges that businesses face are: large number of compliances to handle, number of specialists to co-ordinate and work with, high dependency on people and manual processes, increasing cost of compliance, no alternative to the outsourcing process, insufficient visibility on compliance obligations, due dates, status, managing large volume of soft data, physical records over years, E-Governance driving improved vigilance, faster reporting of lapses.
To make it easy to manage for clients, Comply Hub offers a solution where different stages occur like:
Manage Data: where you can build data document repository and facilitate easy search, retrieve, and share.
Manage Processes: while working as a team – you can Collaborate, Track. Also channelize Task Management and Job Management with it.
Manage Experts: you can manage experts for following attributes: search, select, work. Also get answers, appointments, and quotes.
Manage Compliances: for insource purpose, use online tools to comply and for outsource purpose, Assign, Track, and Collaborate.
The opportunity you get with Comply Hub is a ‘Connected Platform’ where professionals are available online who assist you in Improved client servicing, Better Task management, Client data / record repository. At the same time, FACT professionals have the opportunity to obtain business online with the features and tools to Collaborate with Experts, Track/Manage Compliances, and Tax data/record management. The online e-governance platform streamlines following elements: • Bringing all stakeholders on a connected / cloud platform • Enable tools and processes to improve control and convenience • Make it easy to collaborate amongst stakeholders and share data.
Importance of Comply Hub for Businesses
Comply Hub is an online platform that enables startups and MSMEs to use world class technology, tools & processes and get assisted by top experts across domains, to manage tax and compliances with ease and at lower cost.
Comply Hub has numerous value propositions. This includes lower overall cost of compliance, improved work processes and efficiency, easier and more accurate management of compliance. What a consumer looks out for is carried out by: Engaging top experts whenever required, Better tracking to avoid missed deadlines, Self sufficiency in dealing with compliances, Improved collaboration and process management, Efficient data archival and retrieval mechanism, Improved transparency, Visualization of tax risks.
Comply Hub continues to enhance its features, functionality and services to address practical problems faced by users. For example, it has addressed issues like People’s dependency on processes, Physical records/data management, Inefficiencies around execution, Costs incurred for compliances.
Importance of Comply Hub for Professionals
An online platform that enables FACT professionals to grow their practice, improve client service and manage office operations better, it counters disruption by adopting technologies & pursuing digital transformation with ease.
Comply Hub helps professionals to expand client reach and acquisition, improve service efficiency and experience, and the option to stay connected – work from home, client’s office. When a consumer opts for Comply Hub, they benefit from adoption and migration to state-of-art technology. They can then align practice around mobility-centric lifestyle, use social media to drive practice development, build scale, efficiency without sizable investments, provide improved client servicing and transparency, build networks and service clients on a robust cloud platform.
The solution looks to address issues such as client servicing methods, client experience, people’s dependency in client servicing, physical records/data management and inefficiencies around office management.
Kredence’s Future Roadmap
Looking forward towards a great future, the team of Kredence Digital is marching towards achieving their ultimate goal. For the near future, they are extremely focused on creating their suite of solutions for tax-matters while creating the most user-friendly and comprehensive solution for the different audiences they cater to. They believe that doing so will enable them to play a very important role in furthering the Indian government’s efforts at e-governance, and building a digital India. Kredence Digital’s bigger purpose is to offer world-class products that can help to create a Better India!