The update to the FACE offering comes 19 months after the offering debuted, the report stated. Cygnet Infotech promotes FACE as a product that handles not only conventional accounting processes, but also provides specialized handling of challenges around goods and services taxes. One facet of helping with compliance is the automatic recording of journal entries.
The new version supports accounting for multiple companies working in multiple currencies, among other aspects, the report stated.
Software such as Cygnet Infotech’s FACE is becoming increasingly important as governments require electronic invoicing, sometimes called elnvoicing, to combat tax fraud. India uses its Invoice Registration Portal to track business activity and ensure compliance with tax laws. At least at first, the regulations place requirements only on larger companies.
Niraj Hutheesing, founder and managing director of Cygnet Infotech said in a prepared statement: “Cygnet Infotech is an established GST Suvidha Provider since 2016, and has developed comprehensive solutions for GST, eWay Bill, and other tax compliance solutions. Cygnet FACE will help [small- to medium-sized businesses (SMBs)] get ready for eInvoicing and support their tax compliance needs. Our aim is to empower [SMBs] to comply with the government directives using right technologies. Small and medium enterprises are digitizing to enhance their legacy systems and reduce their manual efforts.”
Hutheesing told PYMNTS in August: “It is without doubt that this would help fraud mitigation and achieve higher secured environment. Overall, the incentive to commit fraud will go down due to the instant and online nature of the eInvoicing process. Businesses will be able to operate in a cleaner business environment — at least, that is the vision right now.”