GST i.e commonly known as the Goods and Service tax was brought in India. It unified the tax system in India and was helpful to the consumers and also the businesses. It converted the complex indirect tax framework into an easy and integrated one. Indian economy will get a boost in the long run with the implementation of this tax regime. People don’t know the benefits of this system yet and it is difficult to bring this system very quickly into such a diverse culture. GST software is one way to simplify and automate the process. It is done so that new tax processes do not divert them from business processes. There are various reasons why GST software is required for business and why it is good for them.
- Ease the Filing of Data Invoicing: Most businesses have simple accounting systems. Integrating it with the GST government portal will be difficult. Hence GST compliant billing software is best to be introduced.
- Ease of document management: The document management process includes payment, warning notice, registration, return and refund under GST is digital. Online documentation is thus necessary for the new indirect tax regime. Thus the business must have GST software automation to solve problems relating to this.
- GST Compliance Software: Small or medium businesses are finding it difficult to cope up with the post-GST effects like destination-based tax rules, multi-states conformity. GST integrated ERP or GST compliance software will help the businesses meet new regulations and will maintain accurate financial records.
- Data Security: With GST billing software the data is highly secured. This software is designed with perfection and it keeps the security of the financial data as their top priority.
- Customization: The GST software can easily be customized according to your needs. The GST software is capable enough to address various tax penalties. GST software is very flexible and it can be combined with different software.
- Cost and Time saving: GST software not only the whole invoicing process becomes easy and compliant but all finance related tasks like invoice filing become easy and save time and money. Many GST billing software is available at affordable prices and is cheap and fruitful.
- Artificial Intelligence gives an Edge: The complicated filing of taxes has been simplified with this GST billing software. The businesses have to file so many tax returns in one financial year and this artificial intelligence gives an edge to the businesses. It eases the entire process of billing.
Some Features you need to have in your GST software are:
- SECURITY: GST software should be robust in not only in return filing but also from a data security point of view too. The software we buy should not compromise the businesses and should also maintain the security and protect confidential business information.
- FLEXIBILITY: Some businesses are already using ERP and smaller businesses are using the traditional method of bookkeeping. Introducing an entirely new system can disrupt their operations. Thus the GST software must be flexible to integrate with the existing software and provides a seamless experience.
- Cognizance: A normal taxpayer has to file too many tax returns in a year. The GST software is required to evaluate and communicate to the user all the possible events coming up and there should be no delay in filing tax returns. This ensures no deadline is missed and business is running smoothly.
- Multi-Platform Adaptability: The concept of invoice matching which ensures every person files his GST returns on time. This affects the compliance rating and to keep up with the compliance requirements the GST software you purchase should be able to work and be enabled on various multiple platforms. You should be able to access it through mobiles, tablets, desktops, etc.
- User Interface: This is one which is appreciated everywhere. Having a beautiful user interface is very beneficial. Here beauty is informative dashboards and informative reporting which will help them take quick decisions and give transparency of options. For many people, the number of clicks is also an evaluation criterion for the software to be chosen.
Here are some of the GST software used by many companies:
- BUSY Accounting Software
- Gen GST software
- HD POS
The Bottom Line
Thus GST software is advantageous for the businesses. It may take time for the economy to flood and might be costing a bit more but it will be a great boon in the long run. This software performs many functions which include accounting, billing, invoices, taxation needs of a company. There are many software available in the market which can be helpful and they are cost-effective and very flexible. Thus they should be integrated with the existing software and must be introduced in the businesses.