If you’re an SME that started using many different payment methods after the 2020 lockdown, you probably offer your customers a mix of cash and cash-less payment options.
Cash-less transactions have many benefits. They’re almost instant, create a digital record of every transaction, and are easy to use. Despite the benefits and the decline in the use of banknotes since demonetization, some sectors and customers still prefer doing business in cash.
As a GST-registered SME, you need to regularly deposit your income made from cash sales to your business bank account. At least 80-90% of income earned in cash should be in your account when you’re filing your GST returns! Depositing this income to your account maintains a healthy inflow to your bank account and helps track your income and expenses better.
Regular deposits into your business bank account are the sign of a thriving business and improve your creditworthiness with lenders when you apply for an SME loan! If you require an SME loan, CreditEnable can help.
Business Loans. Enabled Simply.