Small and medium enterprises in Kenya can now automate their accounting processes and enhance their tax compliance following the rollout of TallyPrime by Tally Solutions Kenya.
According to the firm, the new software has been integrated with the Kenya Revenue Authority’s electronic tax invoice management system (eTIMS) which enables SMEs to comply with tax laws.
Tally Solutions head of strategy and key initiatives Mukesh Khanna said the new software is expected to help SMEs save costs, save time, enhance efficiency keep historical and well managed data and other tax records.
“This will allow business to generate their invoices from the system, online authenticate from KRA systems and it will be very much integrated with books of accounts and inventory. This information shared with KRA will always match the books and the records that the business is maintaining,” said Khanna.
KRA rollout eTIMS last year with all businesses required to register by Marc 31, 2024. Business were also required to capture all invoices and receipts issues since the beginning of this year.
Speaking during the launch of the software, KRA eTIMS Manager Hakamba Wangwer said to date, 35pc of taxpayers have been onboarded.
“Right now we are focusing on non-VAT registered taxpayers. We are at 35pc of taxpayers onboarded and this is actually an achievement given that we started the rollout within a year. As the solutions come on board, we have more taxpayers onboarding. We are encouraging the taxpayers to be on the lookout for any new solutions that are coming in to see how this fits in their own processes and onboard solutions that fit,” she stated.
Besides automated accounting and inventory management, business owners will also be in control of their data of the books, review accounting reports and share their reports with relevant bodies.
“We have a very flexible syetem in which we have a perpetual model where the perpetual license can be purchased and every year just need to subscribe to some of the online services and they help the businesses to also get the upgraded versions new releases. There is also subscription model. We have e a flexible model for CPAs so they can avail the benefits of the product at a very subsidized cost because they are the advisers to business,” added Khanna.
During the launch, Tally Solutions also honoured 17 SMEs across five categories including wonder woman, business maestro, newgen icon, tech transformers and champion of cause.
