Business Hero’s Episode 2: Compliance Management

“Obstacles are those frightful things you see when you take your eyes off Goal.”

– Henry Ford

Businessmen are wired differently; challenges don’t scare them but fuel them to do better than what is already done.

In our hero story blog episode 2, we will discuss the story of a businessman Jai who found the best way to tackle the obstacle in his business growth with an automated compliance management system.

Our Business Hero Embarks on a New Adventure

Jai was always fascinated by the idea of business, ever since he was a young boy. Growing up, he was the type of student who preferred to observe rather than participate. He was not the top student in his class, but he was street-smart, always knowing exactly what needed to be done and when.

 As he grew older, his interest in business only deepened. He would often spend time with his uncle, who was a successful businessman, learning as much as he could about the industry. Despite his uncle’s knowledge and experience, Jai felt the burning desire to start something of his own.

Rising to the Challenge – The Tale of Jai’s Compliance Management Triumph

In 2020, Jai finally decided to follow his dream and start his own hardware store. He spent months researching raw materials, building his network, and carefully planning his business.

Jai heard that from  1^st October 2022, CBIC has made E-invoicing mandatory for those having an annual turnover of more than 10 crores.

Jai asked his uncle to help him prepare for the GST compliance management requirements, but his uncle brushed him off, saying that his business would not fall under the mandatory category.

Jai’s uncle was unable to keep up with the manual compliance management requirement of his own business, which resulted in a great deal of stress and frustration for him.

Jai, on the Other Hand, was Always a Step Ahead

He predicted that the threshold would be reduced even further, so he started searching for digital compliance management solutions to help him manage his compliance requirements. Two years after opening his hardware store, Jai’s business was flourishing, with a turnover exceeding Rs.5 crore. He was faced with the challenge of how to manage his compliance requirements and keep his business growing.

“Partnering for Progress: Jai’s Collaboration for a Stronger Business”

Faced with the daunting task of keeping up with the constantly changing compliance management requirements, Jai searched for a solution that could simplify his efforts. It was then that he discovered Hylobiz, a B2B fintech application that offered a technology-backed all-in-one automation solution to streamline business processes.

 Hylobiz streamlined the business process, making it easier to generate e-invoices and e-way bills in line with government regulations. With just a few clicks, Jai could connect his bank account and enterprise resource planning (ERP) system to Hylobiz, simplifying invoicing, payments, and collections.

One of the key features of Hylobiz was its ability to automate the invoicing process. With Hylobiz, Jai could automatically sync his invoices and receive payments faster. The payment links feature allowed him to automate the collections process, reducing the time and effort required to chase down payments.

In addition to its invoicing capabilities, Hylobiz also offered automatic reminders and reconciliation.

Jai could generate payment reminders based on his business needs, increasing the efficiency of his collections process.

The real-time automatic reconciliation with his ERP system saved him a significant amount of time and reduced the risk of errors.

Hylobiz also provided Jai with valuable business reports and a compliance management dashboard. He was able to track his transactions in real time and gain access to easy working capital.

With Hylobiz, Jai was able to manage the stability of his business by improving his cash flow through faster invoice collections.

“From Overwhelmed to Overjoyed: Jai’s Journey to Effortless Compliance with Hylobiz

Jai’s journey from a shy and introverted boy to a successful businessman was not easy, but he never let challenges scare him.  

His passion for business led him to take a leap of faith and start his own hardware store. However, he soon realized the complexity that came with managing his business, especially when it came to compliance management with the GST e-invoicing system.

A Turning Point Towards a Better Future.

Jai was thrilled to learn that Hylobiz could help him with digital invoicing. Hylobiz Jai’s business was able to operate smoothly and efficiently, without the stress of keeping up with compliance requirements. He had peace of mind knowing his business was in good hands and was grateful for the help Hylobiz provided.

Jai’s success story soon spread, and he was known as a savvy business owner who was ahead of the curve when it came to automated compliance management. He recommended Hylobiz to other business owners looking for a way to simplify their compliance efforts and continued to partner with Hylobiz for the growth and stability of his business.

In conclusion, Jai’s journey is a testament to the fact that with determination, hard work, and the right resources, any challenge can be overcome. By partnering with Hylobiz, Jai was able to navigate the complex world of online compliance management with ease and focus on what truly mattered – the growth and success of his business.

Read how to get compliance-ready with Hylobiz: https://hylo.biz/create-e-invoice-and-e-way-bill-within-4-steps/

Get compliance-ready with Hylobiz  https://hylo.biz/compliance/

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