GST Invoice Software Makes Accounting Easier
Goods and services tax (GST) has been levied by the Indian government since 2015. This tax is levied upon the sales of various goods and services, with some percentage of amounts being deducted in the form of tax. This has eradicated the conventional and multi-level complex tax system.
The percentage of this tax levied on the sales keeps on varying every year, for example, the tax levied on the selling of clothes might be different in two consecutive financial years. Hence, even if there is a fraction of change in the percentage defined, a lot of paperwork is affected and much calculation needs to be revised to generate the updated numbers.
Hence, handling these calculations can become a tedious task, with the vulnerability of errors that might get introduced during calculations. A system that can handle all these types of calculations and other paperwork automatically can be the best solution for reducing these errors as well as the time and the manual efforts. Yes, we are talking about the deployment of GST invoice software in the accounts department of an organization, who can handle all the financial and taxes related transactions.
Also read: What Is GST?Importance of GST: Ultimate Note
Brief About What GST Software Is And What It Includes
This software has been developed by various software developing firms to reduce the workload of the business person who are liable for paying the tax, mainly for transferring the business details to the GST portal made live by the government, registration of your business, and filling of complex forms, understand the structure of GST, online filing of returns, calculations, etc.
Therefore, let us have a brief about the advantages of the GST billing and invoicing software.
The business owner gets all the relevant information about what amount or percentage of the tax he needs to pay, how to file the returns on the portal, etc. Hence, the software provides a one-stop solution for the new business owners or start-ups that don’t have enough knowledge about these tax filings.
Advantages Of The Software
With the minimal cost of deployment, small and medium-sized companies can also afford the software and hence they need not go to an external accountant and pay him every time a filing is to be done. For large-sized organizations, there would be no need to appoint a team for managing the GST and other tax filing related tasks after deploying the accounting software.
This software has been developed with extra efforts and keeping the minute and complex calculations into consideration so that the error rate in the tax calculations tends to null.
The core advantages of this software include the accurate calculations for the tax, less time spent on calculations and filing the returns on the portal, budget-friendly cost for deploying the software, regularly updated data with respect to the change in the percentage rates of the tax in each category of goods.
Also read: What Is GST?Importance of GST: Ultimate Note
If deployed in accounting and financial firms, this software provides the best performance and hence the company gains the maximum client satisfaction.
You can easily trust the software for all document uploads and executing of all the paperwork automatically, instead of the manual approach.
This software is used to its maximum extent in the business for importing and exporting goods to and from the country, as the amount, as well as the number of transactions, is more in a single day, and hence the amount to be calculated and filed becomes bigger compared to other businesses.
GST invoice can be readily prepared with the help of readily available GST invoice template designs and with the help of those, you can also prepare GST reports for a particular client.
As the invoices created with the help of this software are automatically stored in it, you can always view and retrieve the previous invoices and keep the analysis of sales and taxes filed previously. Hence, you have control over all the previous filing data in your software and you can use it whenever you want.
Along with the storage of previous invoices, you can also keep control over the future invoices by assigning the due dates and enabling the reminders for the payments to be collected from or sent to the other business owners or clients.
As the GST structure comes with a categorization into three subclasses like GST, GST, and GST, in every invoice, the minor and complex calculations can be carried out easily using the GST billing software, with no errors in the calculations.
You don’t need to worry about the data storage capacity on your systems as we can always opt for the online solutions for the software to store the data. Also, be least concerned about data security as the online solutions for the software uses the cloud-based technologies to provide extraordinary data security features.
If you want to expand or increase the scope of your business in another niche too, you can easily do it with the use of this software, no need to worry about the extra paperwork to be done, just enter the details and documents on the software, it will be ultimately sent to the GST portal, and hence your registration for your expanded business is done and the updated calculations can be done once you start making the transactions with your updated business.
Not only the filing of the tax and returns is done, but you can also make an online payment of the tax amount which is directly sent to the GST portal of the government and you need not go to the office, stand in the queue and wait for your turn to pay the tax.
The software is available in the market in all the versions- basic, average as well as advanced. In case if you have opted for a basic or average version, and you need to add or remove some of the functionalities from the software, you don’t need to remove the current software and deploy a newer one. Yes, this is because all the software comes with a customization option, with a minimal cost to be paid for the same.
Talking about the support, once you deploy the software, a support team from the software development company will always be ready to assist you in case of any issues.
Concluding the discussion here, deploying the GST billing and invoicing software for your company is a good option to ease the process of accounting and tax filing.