Why you Business needs a complete GST Software
Businesses are evaluating various GST software, looking for the one that suits their needs. Here we provide you with a guide to finding the best software.
We are at the brink of one of the biggest business changes of our times viz. Goods and Services Tax. So far, most of the big businesses have already identified vendors for implementation of GST software. Many of the large enterprises had floated a Request for Proposal/Request for Information (RFP/RFI) late last year, asking software providers to present them with their solutions. They would have then evaluated these providers, over multiple product demos and extensive question and answer rounds, to reach a stage where they can now begin the implementation process, and undertake business process mapping and solutioning.
Why to Buy GST Software?
After many years of planning and debate, GST was introduced with many expectations and it is believed to create major changes to the existing Indirect System of taxation.
Unlike the previous regime, which did not require the uploading of invoices when filing returns, to avail of input credits, during the GST regime, it is mandatory. Also, if the filing of returns is not done or delayed, a taxpayer would face interest penalties as well. The use of GST software, ensures the details captured in every invoice are verified and processed, so that the thousands of taxpayers can avail of input credits.
An error free and reliable software, that follows GST rules, is required to assist the tax payer at various stages like data import, return filing, invoicing etc. In the absence of a good Accounting Software, there will be failures in the business unit along with an effect on its operations. It’s advisable to look out for a relevant accounting software depending on the nature of thebusiness as every business is different.
Key Features to Look Out For GST Software
Let’s throw some light on the important aspects or points to look for in GST software that would ultimately be useful for business units, tax payers, etc. Small/large-scale units or Entrepreneurs or Vendors can concentrate more on business due to automation
1. Security feature that will protect confidential business information which is robust in both tax filing and data security feature
2. Invoicing, Accounting and GSTN validator
3. User Friendly interface with step by step process that allows to navigate back and forth (excel like interface).
4. Flexibility in integrating the existing systems with the new application (GST Software) and provide a seamless experience
GST software helps businesses with invoicing, account reconciliation, and filing GST returns. ... Instead, choose a cloud-based accounting software, such as QuickBooks Online, because it has all the accounting and bookkeeping features you need.