GST, a new era of indirect taxation law. As it is the new tax reform, it is not easy for professionals to compute the taxes as per law without the simplified software in the world of time. Now almost all organizations whether it is SME or non-SME require GST software for ease of doing business. For Professionals, the main lifeline is the client database. It will become very hectic to manage all the things without software.
It is essential for registered businesses to buy accounting software for filing tax returns easily and smoothly. Through better software, it sorts out all business problems easily and is profitable for the organization. While on another hand, the worst accounting software enhances the problems for the company. Small or medium business enterprises must follow the following points while purchasing accounting software.
The best GST return cum billing software will be the one which helps to do more in less possible time. Many organizations have a centralized billing system to make the processing of bills easier. GST software should be user-friendly as well as pocket-friendly. Software should be GST software so that returns can be easily prepared through inbuilt billing. Bill should automatically be uploaded through the system to make the process easier for the assessees to manage.
With the use of software when the assessee makes entries of the Sales bill and Purchase bill, it will auto-fill the entries in GSTR-1 and GSTR-3B which reduce the burden of making the same entries in Return.
Traditional Billing Software vs Cloud
Although cloud-based billing software is new in the market, it quickly became popular among businesses due to its high accessibility and low cost. Cloud-based billing software is accessible as a downloadable app, in contrast to traditional billing software, which is installed on a computer’s local server. Cloud servers will store all of the data that users enter into the app. Anyone who knows how to use a smartphone can simply run this software due to its user-friendliness features.
GST Billing Software Should Have
You must be aware of the features that a normal billing system provides in order to choose the best GST billing software. Numerous service providers offer software with free to expensive capabilities. The following is a list of features you can expect from standard billing software:
- GST and Non-GST invoice creation
- Inventory management
- Delivery Challan Creation
- Quotation Creation
- Accounts management
- Online payments
One or more extra services, such as POS Billing, e-Way billing, GST e-Invoicing, Staff administration & payroll, Business Reports, etc., may be included in the advanced or add-on capabilities offered by billing software.
Some functions may not be relevant to the businesses. You need to ascertain the needs of your company. As described below, you can make a list of the characteristics you desire in the system.
Some of the Examples which Makes Return Easier by the Software
- Client list report
- Client login details auto-stored in the software
- Automatic return preparation with limited feeding of data
- Backup and restore
- Storage of confidential database
- Reports like demands, refunds, return filing, assessment orders, etc
Accounting Software Benefits Under GST
Below we mention the top benefits of accounting software from the GST perspective. You can read the common FAQs related to HSN code, technical support, business values, etc.
How’s the Accounting Software Add Value to Your Business?
Good accounting software will provide a short summary of the stock which includes the cost of goods as compared to the product sales. The profits of the company will be analyzed and evaluated quickly. Through Software, the owner will be able to maintain all records of business which includes debt, arrears, depreciation of equipment, salary and many other items included in the expenditure. In a short and simple way, it helps to maintain all the transactions related to the business.
Is Software Helping to Take Important Decisions of Business?
In simple terms, cash flow means where the money comes and goes. Cash flow is the money that is moving (flowing) in and out of your business in a month. Good accounting software enables owners or businesses to check their financial statements of the business. Apart from the financial statements, it also helps to understand whether the cash flow figures either is in negative or positive figures. It provides better decision-making capability. Owners or businessmen can make more effective decisions for the business when the cash flow comes under negative terms. According to the cash flow figures, owners can frame the strategy which ensures profitability for the business.
Recommended: Do Not Buy GST Software If These Features Are Not Available
Is that Technical Support Provided by the Software Company?
Technical support is one of the important aspects while purchasing accounting software. Always purchase accounting software which provides free technical support to their users. The technical support system will help users how to access accounting software.
Is that Software Helps to Determine the HSN Code as Per the Annual Turnover?
Under the GST Regime, different HSN codes will be applicable for the different turnovers. Businesses whose turnover exceeds Rs. 1.5 crore will use a two-digit HSN code while making any transactions. The biggest challenge will arise when the annual turnover of the business is below Rs. 1.5 crore while doing transactions with suppliers or buyers. They are not forced to use the HSN code. However, the accounting software must have a transaction feature between two different HSN codes businesses.
