In order to provide seamless solutions to clients facing challenges in complying with intricate GST rules, Cygnet Infotech has introduced the latest version of its Accounting Software – Cygnet FACE (Financial Accounting Comprehensive and Easy). First introduced in June 2019, Cygnet FACE is a holistic product which takes care of not only an organisation’s basic accounting functionalities, but also the GST mandates and compliances allowing the enterprises to focus on their businesses without worrying about their book-keeping needs. It has features like 25+ customized MIS Reports for business insights, inbuilt GST return filing, user and organization wise access rights, document attachment feature for every transaction, drill down feature in every report, quick navigation through shortcuts.
Also, SMEs can easily migrate their existing data into FACE from inhouse ERPs and accounting software using import of master data functionality. In addition to this, Cygnet FACE provides a 24/7 support system which handles every issue faced by its customers.
Cygnet FACE has an exclusive feature called automated journal voucher which helps to record journal entries automatically to comply with GST challenges in various scenarios.
Cygnet FACE latest version is integrated with E-Invoice and E-Way Bill for a hassle-free user experience. Apart from this, it supports multi-currency, multi-branch, and multi company Accounting to save time and manual efforts. In its latest update, FACE has also introduced new advanced features such as Automated Journal voucher, drill down feature in every report, simultaneous operation of voucher series, user wise rights card and document attachment feature for every transaction.
Commenting on the introduction of CYGNET FACE New version, Mr. Niraj Hutheesing, Founder & Managing Director, Cygnet Infotech said, “Cygnet Infotech is an established GST Suvidha Provider since 2016, and has developed comprehensive solutions for GST, E-way Bill, and other tax compliance solutions. Cygnet FACE will help SMEs get ready for E-invoicing and support their tax compliance needs. Our aim is to empower SMEs to comply with the government directives using right technologies. Small and medium enterprises are digitising to enhance their legacy systems and reduce their manual efforts.”
Technological advantage for SMEs:
Currently, Cygnet FACE caters to 10000+ plus SMEs all over India. Cygnet FACE added a new one-click E-invoicing generation and cancellation feature to comply with the new GST framework from the government where in B2B businesses with an annual turnover of 100+ crores can issue E-invoices for every transaction.
This software allows real-time communication between the Invoice Registration portal (IRP) and Cygnet FACE to send and receive E-invoices. After authentication, Cygnet FACE software can also receive the Invoice Reference Number (IRN) and Quick Response (QR) code details from the Invoice Registration Portal (IRP). The whole procedure is simple and hassle free and allows tax professionals to print the QR code and IRN like in the current invoicing process.
Post the COVID-19 pandemic, SMEs are adopting to a digital ecosystem more than ever before. With the influx of new technologies, businesses want to be more productive, reduce errors and has led tax experts to believe in adapting to digitization of Record to Report cycle. Cygnet FACE amalgamates tax and technology in such a way that the taxpayers do not need to go through tedious time-consuming accounting practices anymore. They can easily migrate their master data from their legacy systems to Cygnet FACE. The FACE portal is also complete with an interactive customizable dashboard which allows companies to analyse their business with different reports like Rule 42, MIS, Payment Status, RCM, GST adjustment, etc for better decision making.
Additionally, the one-click E-way bill generation and cancellation after the issuance of E-invoice can make the stock delivery much easier for business users/owners. Apart from this, business users do not need to keep a track of physical documents, as Cygnet FACE provides a document attachment feature for every transaction. Cygnet FACE provides a 24/7 support system to ensure customer satisfaction. It integrates with the GSTN Govt. portal to provide GST return filing.