Introduction:
A GST accounting software is a class of computer programs that enable you to manage your business’s financial transactions. Such programs can vary widely in scope, with some programs designed for little more than simple bookkeeping and some designed to manage the entire financial comings and goings of large businesses. Using software for accounts helps companies to use the resources in their accounting departments efficiently and can reduce costly bookkeeping mistakes.
One can easily associate the following 5 attributes with the accounting software which helps in running a business in smooth manner.
Accuracy:
A software in accounts segment can help to increase the accuracy of your records by reducing or eliminating human errors in calculation. The Process of manual bookkeeping involves making a lot of mathematical calculations by hand.
An incorrect calculation early on in the process could have a great impact on the end balance. Machines, on the other hand, are virtually incapable of making such errors. It always stays as a fact that the accounting software is not immune to human errors arising from data entry or interpretation mistakes.
Speed:
Using Goods and Service Tax accounting software allows businesses to process their accounts with greater speed than manual processing as it is now available with bundled features of GST that helps stays business to be GST compliant. But a part of this speed increase also comes from the use of computers, which are able to process figures far faster than the human brain.
An accounting software also allows organizations to increase efficiency by introducing automation. Say, for example, that a business needs to record Goods and Services Tax on all of its transactions. A software here could be configured to do that for each entry automatically, rather than having a staff member work out the tax longhand.
Cost:
The speed and efficiency which the accounting software delivers, and the associated benefits attached to it often goes hand-in-hand with reduced overall costs. Using an accounting program allows each member of the accounting team to do more in a given time, potentially meaning that a smaller team is needed overall.
Usage of software in accounts department, can reduce the accounting department’s payroll and administration costs. But on the other hand, these savings should always be balanced against the cost of the software itself and any additional hardware needed to run it.
The cost is the major factor in selecting an accounting software especially for small business. The question here arises is do we have small business accounting software segment for small business players. The answer is yes. Tally. ERP 9 is one such solution for these small businesses.
Tally.ERP 9 is a well-known software among small and medium enterprises (SMEs) since more than 2 decades. Tally is a software which is widely trusted by small and medium business because of Tally’s power of simplicity. With GST Act now in India many SMEs are looking for a ERP Software to run their business and with Tally.ERP 9, Tally stands out as one of the preferred choices for SMEs. GST-ready Tally.ERP 9 software is designed to handle GST in a simpler and easier way. A completely bundled service and support for GST Billing, GST Return and many others are provided in Tally.ERP 9.
Reports:
A software in this segment helps businesses to supply the necessary members of staff with timely and accurate financial information. Say for example, a company’s finance director needs a report of cash flow to take to a meeting in two hours.
Most accounting software systems have built-in reporting modules that enable users to create this type of report by simply filling in a form or clicking a button. Even Tally.ERP 9 has the facility to generate cash flow statements as well. However, creating such a report manually would be a time-consuming process.
With the introduction of GST India, the reporting standards have got new responsibilities like GST tax challan reconciliation, generating GSTR 1, GSTR 3B return summary, E way bill reports etc., and with Tally.ERP 9 latest release 6.4.8 all these are available at just clicks away.
Tax:
Filing GST returns can be a complex process, requiring you to keep close track of all your business’s transactions. An accounts software helps to make this process easier by ensuring that all of your business’s financial details are in one place.
Companies such as Tally with its GST ready accounting software segment has return filing software, e-way bill generation software that integrates with their accounting programs. Here the accounting software allows you to calculate your return itself semi-automatically, rather than spending time and resources working out the necessary details by hand.
Conclusion:
To summarize the whole thing, if a business has not computerized its accounting leg, then it should seriously consider doing so. I chose Tally.ERP 9 after reviewing all the small to medium business accounting packages on the market. In Tally.ERP 9 has the best overall package.
About Tally accounting software free trial: A free 7-day trial version Tally.ERP 9 enables you to download accounting software from its website. This trial version is the full version, but any business set up with it can only have entries entered for 7 days; after that, purchase of the software is required.
How to activate Tally accounting software free trail license? Once Tally.ERP 9 Setup Exe is downloaded on your machine, click on Run and install the Exe file.
And once the installation is complete from the start-up screen click on Activate License, select the option First time activation for your organization and press Enter. Now use Tally serial number and activation key shared through email and activate your license.
