Benefits Of Using GST Billing Software In Business
Goods and services tax, shortly abbreviated as GST, is laid on the things that are sold in the market for day to day use. The customers need to pay this tax whilst the purchase of such goods, but the thing to be noted is that the seller of the goods is not benefited from this as they have to pay this tax to the government, and the amount to be paid is a prefixed criterion calculated in percentage. So it is obvious that GST is one of the sources for revenue of the government that is being collected by the customers.
For business owners, the GST billings are to be filed at the end of each month or a quarter after rigorous calculations of the sales, profits, etc. This may involve large calculations and attachments of invoices on the GST filing platform, which also might have predefined template design. So, this becomes a tedious process if handled manually.
To solve these issues, it is recommended for the businesses to deploy a GST billing software in their organizations for the ease of filing and taxpaying process.
Benefits Of GST Software
Not only for financial firms, but the GST billing software is also useful in niches like the trading industry, production, and manufacturing organizations, sales and services department, retail marketers, etc.
Let us have a brief discussion on why GST billing software is necessary for the businesses and how does it ease the relevant processes.
Accuracy In Invoices
The businesses that haven’t deployed the GST billing software needs to take care of the invoices, as they are meant to be compatible with the GST guidelines, so before submitting the invoices, one needs to keep a check on the correctness of data twice, for ensuring that the data is structured as per the criteria set by GST.
If the GST software is deployed in the organization, the above manual efforts are reduced as it provides readily available GST invoice templates which can be directly used to provide it to your customers, as well as submit on the GST portal.
If the data is stored manually on the computers, there are chances of storage being stolen or crashed. Hence, the storage of important data is difficult, and also requires many efforts to maintain it.
The GST billing software uses the cloud-based storage system for your data. Due to this type of secure storage, the work for tracking the invoices that are being sent and payments that are being received can be easily managed.
Returns Should Be Filled
As per the rules and regulations defined by the GST department of the government, the GST returns should be filed for three times per month. Hence, the business owners prepared with enough monetary terms to cope up with this rule.
Keeping Track on Cash
Using the automated software, you can easily keep track of the cash payments and their due dates regarding this rule. Also, you can notify your customers if there are any outstanding payments to be done so that you can regulate your finance accordingly.
Also, manual calculations of tax on the generated invoices can introduce minor errors like the precision of digits after the decimal in the amount to be paid. At first, this may appear a minor error but when there are more calculations involved, it may create major problems.
Solving this issue in the GST billing software, the accurate rates for the CGST, IGST as well as GST are feed so that the larger calculations can be done within seconds, without precision errors.
As you need to upload all the data regarding your business on the GST portal, it is necessary to keep all the data handy at a common place so that you can easily retrieve and evaluate it. This task has to be done manually in the companies that have not deployed the GST billing software. Also, this may introduce the chances of data loss as the gathering of data and storing them at a single location of access is done manually.
Ease in Uploading
Unlike the above case, the data is stored online using cloud features. Because of this, easy access of data is possible without the fear of data loss. The employees can easily retrieve the data, modify it, and upload it to the GST portal as and when required, without surfing across various drives and folders to search for the same.
To adapt to the regular procedure for GST, businesses hire professionals like accountants, financial advisors, etc. and this may cost them a bigger amount every month in the form of their salaries. But, what about the small businesses that are not in the state to spend extra cash in hiring these professionals? They could not afford this and also cannot cope up with the regulated procedure of filing GST returns thrice a month.
The best solution in this scenario for small businesses is to invest in GST billing software. It is a onetime investment and the businesses can have all their work done for a lifetime. So, the software also proves to be pocket friendly.
Customizable Of Your Software
Also, one advantage of the software is that it is fully customizable. To add any functionality in the software after purchasing it, tracking of penalties caused due to the late filing of the GST returns, you can easily contact the vendor support team and can ask them for customization of your software.
Now one might say that most of the features of the GST billing software are also included in the accounting software that has already been deployed in the company. Then why should the company opt for a separate platform?
The answer to this would be the factor that distinguishes the GST billing software from conventional accounting software, which is an accurate tax system. You don’t need to calculate every tax separately as done in the accounting software. The GST billing software provides automation in the calculation for the same. Hence, the risk of evasion of the tax filing can be easily overcome using the GST billing software.
To conclude the blog, all we can conclude is that the software has laid a big effect on the companies, irrespective of their sizes and growth ratio, as it takes care of all the rules and regulations laid by the government for filing GST, so, the task is done without any errors or problems using an automated platform.