The COVID-19 pandemic has affected business practices in more ways than one could have imagined. With the government-ordered lockdown that was in place, economic activities were brought to a standstill.
The effect of this could last for a few years, and the practice of social distancing could mean that staying apart and working remotely will become the new norm. Labour-intensive organisations have to ensure that these rules are being strictly adhered to, as even the slightest violation could end up aiding the spread of the virus, rather than hindering it.
In light of the rising number of cases, companies who can afford to work remotely are continuing to do so. One such key business activity an enterprise can perform remotely is their accounting and taxation function. This is an activity which can be safely moved to a cloud-based system without affecting any of the other business activities or causing any untoward impact in the long-run.
One of the biggest advantages of using a cloud is the remote working option, where you can access data and work anywhere and at any time. A cloud-software is designed to get your business through any event that would otherwise prevent you or your employees from sitting in a physical office and doing your job. Not just remote working, it is a software that will enable your employees to work as a team, with a multi-user option.
Besides these advantages, cloud software, in general, is known to be a far more cost-effective and user-friendly approach, as the enterprise will not need to download or install the software on each employee’s device. Software updates are dynamic and automatic, and data storage is never a hassle as all data gets saved directly on the cloud. Data is also secure, as most cloud companies give data security an utmost priority when designing and creating cloud-based software.
For tax professionals, even though the return filing due dates have been extended, GST and IT returns will still need to be eventually filed. This means that clients will need to visit your office and submit data, or you will need to send a team to your client’s office to obtain the data for tax filings. At a time like this, with most people trying to minimize the risk of catching the virus, nothing would be better than moving to the cloud, where just an email with your client’s data will be enough to carry out the entire tax compliance process.
ClearTax is one such firm to offer cloud-based accounting software, which provides a multidimensional solution ranging from invoicing to tax return filing, carried out completely using cloud technology. There are many such tax return filing and invoicing software in the market. When choosing good cloud-based accounting software, make sure you invest in one which carries out multiple functions.
Many of them enable IT and GST return filing functions, but it would be advisable to buy one which can even generate invoices and reports. This will help you avoid needing to purchase different software for different tasks. Due to its plethora of advantages, moving to a cloud is not just the need of the hour, but a long-term solution in the making, for businesses and tax professionals.
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Athena is a globe-trotter whose aim is to see 30 countries before she’s 30. When she’s not travelling, she’s busy planning her next trip. She’s a Chartered Accountant by profession with a keen focus on GST. She writes by day and reads by night.