The nation’s most complex indirect taxation system became one of the biggest taxation reform systems and came in the form of GST in India. The Indian economy has got a lift with the cascading effect of GST within the long term. The successful GST implementation with a unified tax structure across diverse Indian regions felt a daunting and complex task, especially when everyone was facing the compliance issue.
With the wheel of time, flourishing business houses, creative shops, and numerous MNCs started setting up their work operations in the country. While on one hand, that seemed quite promising for economic progress; they increasingly started being cautious about compliance reporting on the other. To simplify and automate processes associated with GST filling compliance and adherence, advanced GST software became the need of the hour so the new tax process doesn’t divert these businesses from their core processes. Here is a list of features you must look out for in your GST software.
Customized GST Invoices
GST Billing Software enables taxpayers and accounting professionals to make GST ready invoices within minutes. One of the most important requirements of GST software is to make sure to get the professional invoices and ready to line remainders too. The latest GST software should issue invoices that have a record of estimates, ready to share the proposal after the approval of consumers, and convert them into invoices or sales orders.
Along with that, GST-ready GST software enables taxpayers to schedule invoices for normal billing, getting updated with notifications for invoices viewed, sending reminders for outstanding payments, or paid by the recipients.
ITC Mismatch Calculation
Taxpayers have the right to claim ITC with regards to the GST paid on inward supplies. By getting the assistance of decent GST Software, the taxpayers can calculate the input tax credit accurately through ITC Match/Mismatch Report. The correct ITC report enables the taxpayers to match purchases recorded with the GST invoices uploaded on the common portal by the supplier by using GST software.
Another crucial feature that GST software must have is nothing but automatic updating of inventory. Advanced inventory management should allow users to update the stocks and set the custom prices to induce an accurate view of profit and losses. It should also be featured with to organize the inventory in line with the merchandise price and quantity with vital information like stocks and SKU. The GST software mustn’t only be able to track the inventory but also the whole story from manufacturing to delivery.
Advanced and automated GST software should make informed business decisions with accurate data in real-time. Automatic software can analyze your business performance and enhance it into a faster application. It must know the way to arrange balance worksheets, cash flows instantly. Choose software that can track all purchase activity and be able to view your business summary, monitor sales, and then on.
Data security is one in all the critical features that good GST Software has to possess. Customers’ and vendors’ information is extremely valuable. There are cases where such information is misused resulting in a consequential impact in terms of loss of cash, effort, time, and valuable business information.
In a nutshell, an advanced GST software having all the listed features is a must to make your compliances easier that provides GST compliant invoices, automated reconciliation between Sales and Purchase, and also allows you to file your returns timely with just a few clicks. Hope you have got the idea of how reliable software resolves all of your accounting queries and saves some time by automating everything. In case of any need, you’re welcome to get n touch with us.