Never miss a story

Get subscribed to our newsletter


×
GST- Goods and service tax. Flickr

By Shruti Sharma

The introduction of GST (Goods and Services Tax) in place of the complex indirect taxation framework in India will have positive effects on Indian businesses and the economy in the long run. However, the accounting process can turn out to be complex if the business does not have the right tool for business accounting.


Business accounting software can go a long way in streamlining the accounting processes in the organization but choosing an accounting software that has GST compliance is an absolute necessity. The automation and simplification of GST related adherence and invoicing should be core to your business’s accounting process.

Follow NewsGram on Twitter to stay updated about the World news.

Here are some of the major reasons why should choose an invoicing (or billing software) that complies with the GST norms:

GST Compliance

The accounting software should not only be easy to use but should also be capable of creating GST compliant transactions, filing GST returns, and generating e-way bills. GST can out to be confusing for first-time business owners, as well as new accountants.

A software package that has the core ingredients of GST Software can do wonders for the accounting department, bookkeepers, and the business owner. A regular dealer has to file GSTR-1 and GSTR-3B returns whereas a composite dealer has to file GST CMP-08. Tallyprime is one such accounting software that is suited for businesses of all shapes & sizes.

Filing GST returns


Accounting software helps in simplifying the accounting process. Pinterest

Apart from generating GST compliant bills, Tallyprime also lets you file GST returns by exporting all the forms in the JSON format and uploading the data to the GST portal.

Accounting software built by keeping the principles of GST in mind helps in simplifying the accounting process through GST invoice generation, GST returns and facilitating the transfer of data from the software to the GST portal.

Data Invoicing

Accounting software helps in the generation of invoices in a hassle-free manner. Issuing a wrong invoice to a party and realizing the mistake later can lead to friction between the two parties. Accounting software like Tallyprime has built-in features to capture all the mandatory details in the invoice thereby avoiding problems (due to wrong tax value, incorrect tax type, etc.) that can arise due to erroneous invoices.

Based on the nature of the transaction, the finance team members have the flexibility to generate different types of GST invoices such as tax invoices, bills of supplies, etc. Incorrect invoices can lead to losses in businesses and accounting software that has a built-in feature of data invoicing can help in avoidance of such issues.

Product updates to support the GST changes

Frequent changes in GST rules and laws range from rate changes to changes in return formats. The GST software should provide the facility for users to self-change the rates instead of them waiting for product updates. For all other things which affect the return format and other changes, you need continuous product updates to stay up-to-date.

If you are looking for reliable GST software, product update is a key factor to consider.

Security

Security is of utmost importance in accounting software since you are dealing with financial transactions. The size of the transactions will be huge if you are a part of the accounting team in a large-scale organization.


Security is of utmost importance. Flickr

Role-based access in the accounting software ensures that members can access information based on the rights assigned to them.

Improved Systematization

Investing in accounting software that comes with GST-compliant billing and invoicing helps in systemizing the accounting processes. Your business can still function without accounting software but it might increase overhead expenses since you are not leveraging the advantages of automation.

ALSO READ: How To Demonstrate The Best Wine Etiquette

Conclusion

The complications around GST billing and invoicing can be eased by choosing the best-suited accounting software. It is a must-have for all types of businesses (i.e. large-scale as well as small-scale).

TallyPrime from Tally Systems eases the tasks related to taxation, thereby providing benefits in the short-term and long-term.

(Disclaimer: The article is sponsored, and hence promotes some commercial links.)


Popular

Photo by Rob Pumphrey on Unsplash

Basil Leaves

Basil scientifically called Ocimum basilicum, and also known as great basil, is a culinary herb from the Lamiaceae (mints) family. A common aromatic herb, it is usually used to add flavor to a variety of recipes, but what may astonish one is that there are various health benefits of basil that make it well-known for its immunity-enhancing properties.

Basil seeds or basil essential oil are proven to help prevent a wide range of health conditions, which makes it one of the most essential medical herbs known today. Basil has vitamin A, C, E, K, and Omega 3 components including cooling components too. It also contains minerals like Copper, Calcium, Manganese, Phosphorus, Zinc, and Potassium. An ancient Ayurvedic herb, basil has various proven benefits including being anti-inflammatory, ant-oxidant, immune-booster, pain-reducer, and blood vessel-protector.

Follow NewsGram on Instagram to keep yourself updated.

This herb also contains cooling components thus making it really helpful for summers. It detoxifies the body and maintains one's body temperature pace. Adding to the benefits Basil contains antioxidant-rich volatile essential oils, which are considered hydrophobic, meaning they don't dissolve in water and are light and small enough to travel through the air and the pores within our skin. Basil's volatile essential oil is something that gives the herb its distinct smell and taste, but basil contains some great healing properties.

In the long history of Ayurveda, basil seeds were also called tukmaria seeds. These seeds may support one's gut health, may complete one's fiber quota, reduce blood sugar, help in weight loss, and also reduce cholesterol.

Keep Reading Show less
Unsplash

When you're pregnant, the immune system is seeing the placenta for the first time in decades.

The US researchers have discovered a class of immune cells that plays a role in miscarriage, which affects about a quarter of pregnancies.

Researchers at the University of California-San Francisco found that the recently discovered subset of cells known as extrathymic Aire-expressing cells in the immune system may prevent the mother's immune system from attacking the placenta and fetus.

The researchers showed that pregnant mice who did not have this subset of cells were twice as likely to miscarry, and in many of these pregnancies fetal growth was severely restricted.

ALSO READ: Can You Drink Coffee While You're Pregnant?

"When you're pregnant, the immune system is seeing the placenta for the first time in decades -- not since the mother made a placenta when she herself was a fetus," said Eva Gillis-Buck, from UCSF.

"Our research suggests that this subset of immune cells is carrying out a sort of 'secondary education' -- sometimes many years after the better-known population of the educator cells have carried out the primary education in the thymus -- teaching T cells not to attack the fetus, the placenta and other tissues involved in pregnancy," she added. The findings are published in the journal Science Immunology.

Keep reading... Show less