Hyderabad-based MYD Labs launches GST solution

By Author  |  Business Bureau  |  Published: 26th Dec 2017  7:00 pm

Hyderabad: Hyderabad-based startup, MYD Labs, has launched a new solution to make accounting easier, online, cost effective, less stressful in filing their GST returns.

The company said, today, maintaining an accountant costs the businesses around Rs 16,000 per month (direct) and with the seating costs, and a dedicated computer required for legacy (old) software such as Tally may mount into Rs 20,000 per month in addition to the software costs, and issues around the software. GST ready accounting from MYD Labs reduces the cost of acquisition to Rs. 2,500 per year. The whole software runs on cloud where there is no need to take backups regularly, and an SME can book the transactions in the system without any help from an accountant.

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 and purchase invoices and send them to the customers and suppliers online, real-time without printing.

Whether a trader or a manufacturer, SMEs operating with newer business models such as e-commerce operators such as 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 the company’s 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, the company said in a statement.

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. SMEs in today’s marketplace have lot of pressure 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”.

He added, “The next major step for us is to extend us beyond online presence and establish local tax centres 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.”