After a decade of discussions, reforms, discussions and various views, India is gearing up for the implementation of the GST Act, a historic milestone by the Government of India. The main reason for the GST rollout is "one nation, one tax". There is a simple yet mechanical system of taxation in which you always need the help of a professional to maintain your ledger well, efficiently and systematically.
But, it is not very practical and stress-free to allow yourself to meet different people for help, to travel around, and to charge high professionals for every little help. The current scenario is about mobile and desktop applications, web support, software, etc. And so, there are many softwares that can help you maintain your account more easily under GST law.
Choose A Good GST Accounting Software
There are various reasons for the failure of a business unit and its functions. One of them is the systematic way of keeping track of their financial records and cash flows; To be well prepared in a bad situation like bankruptcy or significant debt, one should always keep someone's accounts regular.
There are various methods of financial management, such as manually (writing a transaction in a book), electronically (via a spreadsheet) or accounting software.
How To Find The Best GST Software?
Like everyone else, every business unit is different. Each payment firm has its own expectations from any accounting software. Depending on your business, you should check the following points:
- Does the software include all payroll requirements?
- Does the system track available stock, work in progress, orders, jobs and other task management requirements
- Is there a provision to handle more than one bank account?
- Does software handle forex?
- Whether the business unit has a system for keeping records of each business or different departments.
- The software provides you with a platform for various activities such as online payments, verification records.
- The system maintains managed records of what customers buy, how much they buy, what taxes are levied on them, etc.
Top factors to consider while selecting a GST software
Online or offline?
Both , online and offline flights have their own advantages. One has to choose between the two.
You will need to save your transactions, maintain a database, keep a regular backup and update manually for the Line Flynn software, however, the use of the Flynn software is beneficial for those who are involved in large-scale transactions. A quick way to record them on the software. is needed. , Because software is a little slower depending on the speed of the internet connection.
There are several benefits to using online-based software. As such, you do not need to install anything and just sign-up online and start entering your transactions, it is easy to synchronize data in office fees on various computer systems, there is no risk of data loss as the server is an online server. Store everything and take a backup when you enter transactions.
You can access the software at any time of the day from any device with an internet connection.
User-friendly interface
In the business community, not everyone is well acquainted with accounting techniques or procedures. Therefore, if the software provided is loaded with every possible feature, the user may find it a little more complicated to use.
Even if the software is used by a professional for a business unit, every other member of that unit should know how to use it, so it should be user-friendly, not mechanical.
Every user of the business unit should be able to sign in and use it at any time of the day without any procedural techniques.
The Budget
This is the most important part of the decision making process. Online Accounting software has a recurring cost but is affordable. Most offline flying software comes with a one-time purchase option, but it is often expensive and you may need to pay for updates annually.
If the firm knows how much it will spend on software and has a fixed budget, it will filter most options manually.
Features to look for in a GST accounting software
- It generates GST invoices and should be able to look and feel business-wise.
- Must be able to classify costs into different categories.
- The software should be able to manage software inventory, inward-outward stock movement and depreciation.
- Create a Bank Reconciliation Statement (BRS) by importing a bank transaction.
- Keep records of inventory purchases and purchase orders (POs).
- Create and manage GST taxes (SGST, CGST and IGST).
- Record Journal Voucher Entries.
- Managing customer and vendor databases.
- Assist in preparing balance sheet, trial balance report and profit and loss statement when required.
- A platform to allow different users of the business unit to use it at the same time, as often the business unit has different users.
Good to have Features:
Support for multi-currency transactions.
Option to manage employees and process payroll.
Classify transactions according to projects.
Access access control for each team member.
To get a free demo of GST accounting software, contact us today Gross Account.
The Gross Account provides free accounting software as per your business requirements. So, don't hesitate to contact us today.
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