Businesses have two major worries – the movement of their products across the country and maintaining the accounts. The first is vital to the business because if the goods do not move, there are no sales and the business will not make a profit. The second is important because it shows the status of the business at any point.
You can solve both these worries with one solution. That is the use of GST compliant accounting software. This is the type of software that the businessman can use to take care of his bookkeeping, making ledgers, and for doing multipoint invoicing. And at the same time, it helps him remain GST compliant. Being GST compliant means that he prepares bills that include GST tax as prescribed by the government.
Helpfulness of the Software
The GST return in India helps to remove the burden of multiple taxations. It ensures a smooth passage of goods across the length and breadth of India. In this way, the businesses stand to profit by the saving in time and money. But, doing the GST calculation is tedious. Use of software for this purpose removes the strain of doing the manual calculation. It speeds up the process while making the business GST compliant.
Ever since GST came into effect in India, there is much worry about its implementation. The businesses have to show their GST compliance in the movement of goods and also in the sales of the goods. The use of GST compliant software helps the businessman keep up with the norms. This is because the software will compute the tax and make the bills ready. This is one of the major uses of the accounting software that is GST compliant.
Software Brings in Automation
Because the businessman is able to make the GST tax return with ease, he will opt for the use of the accounting software that the service provider gives him. He can create the business ledgers and journals needed for accounting. This will keep him informed about the needs of the business and the way things will shape up. Most of the time, the business will benefit by the use of automation that the software brings in.
This is because it can track the point of sales customer interaction and make deductions for regular customers to improve customer interaction. It can print invoices and the speedy interaction will help in expanding the customer base. You will have more customers when you improve the speed of sales at your outlet points.
Many Other Uses of the Software
The software helps you make double entries automatically. This cuts down on the time you spend on your bookkeeping. You can also do Job Costing and Payroll with it. You only have to enter the names of the people on the payroll once and the software will prepare their payroll details and compute their tax returns.
Other than Accounting and Inventory, it can also do Statutory Processes like mandatory reporting to the government about the financial status. It helps you take care of the recurring entries and do the tax filing automatically. Also, it helps with the Branch Management if you have more than one.