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Taxes can spell unprecedented troubles if one is not careful and updated about the rule book. When it comes to taxes, paperwork is what scares all. Not just that, come March end, and entrepreneurs around the country get busy trying to decode the laws regarding taxes. From frantic Google searches to queuing up outside their chartered accountants’ offices, entrepreneurs have done it all. And all of this leads to the need of chartered accountants and tax professionals to be continuously updated about news in the industry.
Taxmann, founded by UK Bhargava, has been solving cases since 1960. It started off by publishing journals and books and is aimed at educating tax professionals and delivering solutions. Other than issuing executive pronouncements, rules and case laws, Taxmann handles Central Board Of Direct Taxes website and also provides for its own commentary on the court rulings.
Catering to anyone interested in tax or corporate laws, the company very soon realized the need to turn digital. Amit Bhargava, director, Taxmann, who ushered in the computerization of the company’s finances in 1988, said, “We led the computerization process with the inclusion of ERP and CRM software. With the advent of dot com era, we transitioned into an online platform in 2000. Our books still contributes to a major part of our revenue and we have 10,000+ subscriptions for our e-journals. We had big sales registers and it was a repetitive job for someone to keep entering data in it. Going digital helped us get more work done with less staff, analyze better and most importantly, gauge customer preferences. We were able to target our customers easily.”
With a web platform which is also mobile responsive, Bhargava said moving to digital was a big leap, “Even though it’s a cash-burner, we decided to go digital very early on. We are actively evolving with technology.”
Talking about the advantages of going digital, especially when it comes to an exhaustive subject like taxes, he said, “For example, we have about 500 volumes of journals, with the availability of these journals online, professionals now have archival data access and they can filter what they need easily.”
Taxmann’s process of going digital recently received a boost with the launch of their product One Solutions. Entering the necessary data here, for once, one can get four results –GST compliance returns, IT returns, TDS returns and audit reports — making the whole process simpler and a lot more easier.