To have a simplified indirect taxation system and a transparent, ease of doing business ambiance, GST (Goods and Services Tax) was passed by Lok Sabha on 6th May 2015. Goods and Services Tax is a value-added tax, imposed at different points in the supply chain, giving credit for particularly paid tax gain for supply use. Due to GST, a simplified indirect tax structure would be introduced at the central and state levels.

In this context, the best online accounting software is the need of the hour, irrespective of the extent of the business, which could manage their accounts, ledger, inventory, financial operations, assess different categories of taxes, and file it without any hurdle. By realizing the significance of all these requirements, accounting software enters the market to perform all these functions efficiently and effectively. It enables the GST calculation and extends profound support for Various stakeholders such as traders, distributors, manufacturers, and is quite helpful for the sales and service industry, manufacturing, and production houses.

How online accounting software benefits your business?

Suppose you propose to start a business and there is no doubt that you had to go through a litany of files and procedures starting from getting GST registration to so many procedures and payment of tax. It is not at ease for businesses to frequent these procedures. Here comes the pertinence of an online GST accounting software that could make whole things much easier and handy for you. As GST applies at a uniform rate, the GST software could avoid the earlier distinction of VAT and it could be able to make invoicing much simpler for business entities as a single rate would be applied.

The flexibility of the GST online software could offer its users such as keeping updated information on invoices and tax reports for each state, business rules, and calculation which is quite helpful for different business algorithms. Maintaining exact tax data which resonates with the transaction is another case in point for the online GST accounting software. It also acts as a one-stop destination for all. Mechanization of business, automation of tax are arranged at a place that makes the process much easier. This software helps the companies to customize according to their needs which would be really helpful to make big strides in their business.

As far as manufacturing companies are concerned, it is beneficial for them to raise and place an order for stocks and goods which provide regular updates. Here the tax penalties are also addressed as the case may be. Since a standardized tax structure has come into being due to GST, estimation of different tax forms makes it easier. So it is obvious that an IT-enabled system is required to handle the GST system smoothly. Here an online accounting software could fill the gap.

Advantages of using GST Accounting software

  • The convenience of data filing: Simplifying the process of filing complex data is the first and foremost benefit of online accounting software. The software is arranged in a way following the guidelines of GST by keeping a tab on financial data, inventories, calculation of different sorts of taxes, invoices, and bill generation. A cloud-based system helps resolve repetitive entries for ensuring safety.
  • Accurate and speedy: Online accounting software gives little scope for errors and keeps data accuracy. It furnishes timely data to improve the business by saving time and efficiency.
  • Cost-effective: All is done at a single click. Financial operations from tax filing and invoicing, payment to filing reports are processed so quickly. It not only saves cost but also paper works and other manual works.
  • Easy data accessibility: Since it is cloud-based software, data could be accessed at the convenience of the users. Users could be able to cross-check and verify their data, track cash flow, and real-time payment analysis.
  • Customized: GST online accounting software is designed according to business requirements. It could be adjusted as per the need.

Online GST accounting software is designed to be helpful to the taxpayer for registration and filing their business on the government portal. The user-friendly nature of the software hastens the process of tax and returns filing. The system is developed on the lines of modern technology to adapt to recent changes in the business. For instance, If the taxpayer is an exporter, the software lends a helping hand at production and exports of more goods without any extra charge. Besides, it is also designed to handle tax penalties too.