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.
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Here are some of the major reasons why should choose an invoicing (or billing software) that complies with the GST norms:
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
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.
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 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.
Role-based access in the accounting software ensures that members can access information based on the rights assigned to them.
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.
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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.)