Business automation is the demand of the hour. It gives businesses better support and better integration to achieve Best business goals. Software solutions help businesses automate the process and enable them to manage the entire business. Like inventory, content, payment processing, and e-commerce software, accounting software is also an integral part of any retail/wholesale business. The software simplifies accounting processes as well as help in the tax filing process. The complete package of accounting software improves the process with secure database operations.
How does Accounting Software Help Businesses?
- Accounting software manages your company’s finances.
- Accounting software helps you track and organize your financial data.
- Accounting software gives you an accurate, real-time view of your business data.
- Accounting software automates complex accounting tasks and saves time.
- Accounting software manages payroll, inventory tracking, and project management.
Significance of GST Software
Most of the businesses use simple accounting software for all their routine requirements. They first calculate things to file the data and then integrate it with the online government portal of GST. This is quite complex. But with the help of a GST accounting software, it becomes easier to migrate the data from the software to the online portal. Traditional accounting software does not provide a proper calculation of the complex data/taxes and creates wrong invoices. Thus, using GST based accounting software makes it easy to invoice various goods without any hassle.
According to research, about 83% of businesses fail in accounting and tax filing and leads to lower business growth. But, you can improve your business and at the same time manage taxes and accounting with GST accounting software solution.
What are the features of GST Accounting Software?
Like other accounting software, GST accounting software automates tasks involve in the business. It reduces the manual error in calculating accounts and GST filing. It improves working effort within the organization by keeping all your essential information in one place. A good GST accounting software enables the taxpayers’ to perfectly create GST-ready invoices, file GST returns, create GST reports, and manage their accounting data.
Here are some of the key features that you must enquire in your GST accounting software:
GST Ready Invoices
Even now, most companies use simple accounting software for the billing process. Simple accounting software provides a complex way of filing data and then integrating it with the GST government portal. But having GST accounting software makes GST filing easier.
Under the GST taxation system, invoicing has become a complex task. Taxpayers registered under GST are required to prepare invoices as per GST format. The GST invoice includes the supplier’s GSTIN, receiver HSN / SAC code, and different taxes and rates related under GST, such as CGST, SGST, IGST, UTGST. Manual filing takes time and resources. With the help of GST accounting software, taxpayers create GST ready invoices within minutes. Also, the GST software has features for taxpayers to schedule invoices for regular paying customers, send reminders for outstanding payments, receive notices/communications for invoices viewed or paid by recipients.
GST Ready Reports
As per the GST rule, taxpayers are required to file monthly, quarterly, and annual tax returns in a format specified in the GST Act. A good GST software provides a facility in which taxpayers can create their reports as per the format prescribed by the government. They only need to import/upload accounting data from their Excel sheet to GST accounting software and create accounting/GST reports within a few seconds.
Security should be the most significant priority for your GST accounting software. You need to ensure that your critical business data and information are in safe hands. A good GST accounting software provides the best security measures and assures data security.
Supports Cloud Technology
Cloud support is another essential feature that you should have in your GST accounting software. With the help of cloud technology, you can sync your offline work to the cloud and take a backup when there is connectivity with the internet. And, you can access data anytime without internet connectivity. This allows you to centralize your entire organization, which makes your calculations easier. Also, with cloud technology, there is no need for you to bother about software updates; it will happen automatically. In this way, it saves your expenses for investing in servers.
GST software includes many complex features that need to be understood at least once. Furthermore, you cannot assure that you will understand the software at once. So, you need to choose the software which has an excellent support system. And, taxpayers and accounting professionals easily understand GST software. Also, they are available in case there is a query from the end of the customer.
GST impacted hugely in the business of all sizes. It is extremely important for both business owners and customers. So, it should be a need that the customers are well aware of the tax filing system and the amount of tax they are giving to the government. GST accounting software is the one-stop solution for taxpayers and accounting professionals.
If you require a perfectly crafted GST accounting software solution, you can contact with software development companies. They have proficient developers and advisers that have enough knowledge about GST filing. They will serve you the best way possible.