Enterprise software maker Cygnet Infotech has updated its FACE (Financial Accounting Comprehensive and Easy) accounting software platform, according to a published report.
The update to the FACE offering comes 19 months after the offering debuted, the report said. Cygnet Infotech is promoting FACE as a product that not only handles traditional accounting processes, but also provides specialized handling of challenges related to goods and services taxes. One facet of compliance support is the automatic recording of journal entries.
The new version supports, among other things, accounting for multiple companies that work in multiple currencies, the report says.
Software like Cygnet Infotech's FACE is becoming increasingly important as governments require electronic invoicing, sometimes referred to as elnvoicing, to combat tax fraud. India uses its invoice registration portal to keep track of business operations and ensure compliance with tax laws. At least initially, the regulations only make demands on larger companies.
Niraj Hutheesing, Founder and General Manager of Cygnet Infotech, said in a prepared statement: “Cygnet Infotech has been an established GST Suvidha provider since 2016 and has developed comprehensive solutions for GST, eWay Bill and other tax compliance solutions. Cygnet FACE helps (small and medium-sized enterprises (SMBs)) prepare for e-invoicing and meet their tax compliance requirements. Our goal is to empower SMEs to comply with government guidelines with the right technologies. Small and medium-sized companies digitize in order to improve their legacy systems and reduce their manual effort. "
Hutheesing told PYMNTS in August: “There is no doubt that this would help fight fraud and create a safer environment. Overall, the incentive to commit fraud will decrease due to the instant and online nature of the eInvoicing process. Companies will be able to operate in a cleaner business environment – at least that is the vision right now. "
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