The COVID-19 pandemic has adversely affected the Indian Markets. Businesses are walking to halt on a microscopic level. Operating with minimum employees has made it tough to manage cash flow. Can hiring the best billing software help with tax compliance and other business operations?

Amidst the ongoing economic crisis, India’s government has offered several relaxations under the Income Tax Act and other tax laws. The GST Council has extended the deadline to file GSTR-3B for June and August.

Here’s what you need to know about filing GSTR-3B. Know how best billing software in India can ease filing GST returns.

What Is GSTR-3B?

GSTR-3B is one of the simple tax return forms implemented by the Central Board Excise and Customs (CBEC). Businesses registered under the GST regime must file GSTR-3B for July and August. The GST-1, GST-2, and GST-3 forms must be filed by September.

Who Needs to File GSTR-3B?

Taxpayers registered under the GST regime must file GSTR-3B. Businesses must file their tax returns even when Zero transactions have been made in a month.

However, the following classes of taxpayers are exempted from filing GSTR-3B amidst COVID-19

1. Input service providers
2. Non-resident taxable person
3. Composition dealers
4. Suppliers of OIDAR (Online Information & database access or retrieval Service)

Is It Possible to Revise GSTR-3B?

Once you file GST returns, the Income Tax Department will tally your claims according to the transaction reports.

In case your invoice details do not match with your preliminary information. You will be in serious trouble. It is impossible to revise the GSTR-3B form. Thus, file your GST returns carefully.

Make sure your details are accurate before submission. To rid from errors, file your GSTR-3B returns on Imprezz. File your returns with our exclusive invoice templates and solutions.

Penalties for Not Filing or Delayed Filing of GSTR-3B Form

The CBIC department has recently announced that there will be no charges penalized for the delay in filing GSTR-3B. It is applicable in cases when the liability of the taxpayer is NIL.

However, other taxpayers must pay RS. 50/- per day for failing to file or delay in filing GSTR-3B.

Avail the Updated GSTR-3B Format on Imprezz – the Best Billing Software

The updated GSTR-3B form on Imprezz is a standard format of filing returns. It includes:

• Your registered GSTIN number
• The name of your business registered under the law
• Details of sales and purchase orders accountable for reverse charges.
• Details of interstate sales made to the buyer under composition scheme, unregistered buyers, and UIN (Unique Identification Number) holders.
• Eligible Input Tax Credit
• Value of non-GST, nil-rated and inward supplies
• Payment of tax
• TDS/TCS credit

How to File GSTR-3B with Imprezz Software? – Best Billing Software in India

Imprezz automates filing GSTR-3B form. It can save a lot of money and a lot of time during the COVID-19 pandemic. You can focus on other significant business operations instead.

The auto-complete feature on Impress updates all the required details in just a click. The preview option enables you to edit the updated details from the GSTR-3B form before filing.

Our GST Export Tools will assist with the GST income form and help you file the GST return. We aim at reducing Tax Compliance time and significantly save costs. We are here to help you achieve all your GST goals with our Invoice Software Solutions.

Imprezz is one of the best invoicing and billing software in India. Avail online software at affordable prices.

The Process of Filing GST Returns Simplified – Latest Update

The GSTN has finally simplified the application of GSTR-3B. The aim is to create a less rigid and error-free system. The app is now updated to be user-friendly to enrich the user experience. Concerning several issues incurred in the past, changes have been made to make filing returns easier for the taxpayers.

According to PWC, the following changes have been made in the GST returns filing form:

1. Tax Payment:

The updated form enables the public to see the different payment modes in tax liability before submitting it. Unlike earlier filing, the taxpayer can now make changes even after filing the returns.

2. Challan Generation:

The manual challan generation process is now outdated. You can now generate challan with just a few clicks. The renewed process generates the challan with the cash amount payable from the balance available in the bank account.

3. Draft Return and Facility to Download:

The simplified version of filing GST return now has the downloading option available to save the drafts. It enables the taxpayers to re-check the returns filed offline.

At Imprezz.in, The draft can be downloaded at any stage of the filing process to verify the saved details offline.

4. Auto-Fill of Tax Amount:

Unlike earlier, the taxpayers have to fill either CGST or SGCT/UTGCT now. It saves time and rids taxpayers from errors. Other tax information is auto-filled manually.

File the tax compliance without errors and automate the entire process. Start 14 days free trial – to avail the free billing software on Imprezz.in – the best GST billing software for small businesses.

Conclusion

GST has abolished the cascading effect that taxes had on revenue by consolidating different taxes into one. The impact of GST has developed a transparent, ethical system. It has also helped India get better recognition in the international market.

However, Indian markets have dropped down drastically in the light of COVID-19. The government has released several reliefs and modifications to help taxpayers. Several amendments have been bought to light to ease the process of filing GST returns.

The implementation of lockdown and the current lifestyle phase has made it impossible to file tax returns offline. Automate the returns filing process by hiring the best billing software in India to cut costs and focus on higher management tasks.

Imprezz.in is the #1 professional invoice and accounting software option. To know and understand various services provided by our software, visit the official website Imprezz.in.

The government of India approved the Standard GST Invoice Template on its 37^th GST Council Meeting. In January 2020, the e-invoicing was accepted by the GST Council.

Like the new GST filing system, the electronic invoicing standard will be applied on a voluntary basis. The new GST invoice template is implemented to ensure that one software can read the invoice created by the other.

The new update in the GST invoice template supports the ability to operate in the GST system. It can easily read and eliminate the errors resulting from data entry.

The GST Council has decided to introduce e-invoice billing in the upcoming 39th meeting. This is applicable for all goods and services under the GST scheme. The council plans to implement a QR code application starting from October 1, 2020, in light of COVID-19

The latest amendments aim to reduce the GST evasion. Thus, apply only to businesses whose turnover exceeds a specific threshold limit set by India’s government.

What is E-invoicing?

Any business engaged in selling goods and services locally or globally must already be familiar with Invoicing. Different types of invoices are created concerning tax, retail, and excise. Click here to know more.

Who Should Issue the GST Invoice?

Any GST registered business or vendor selling goods and services to its customer must issue a GST-complaint invoice. Click here to know more.

Role of IRP Under the GST System of E-Invoicing

Companies and individuals mainly use the e-invoicing API for reporting organized B2B invoices to the GST system. Moreover, the real-time reporting of transactions eliminates the discrepancy caused due to suspension.

IRP is the first portal to allow registration of online invoices in the system by configuring the API. It integrates the e-invoicing system with the taxpayer’s commercial invoicing system.

Master data and essential code extracts are provided for an accurate understanding of logic and concepts. This portal helps businesses to improve their API performance.

Mandatory Contents on Updated GST Invoice Template

1. Invoice Number
2. Date
3. Name of the Customer/Client
4. Billing & Shipping Address
5. Registered Taxpayer’s GSTIN (Optional)
6. Place of Supply
7. SAC /HSN Code
8. Product Details (description, quantity, unit & total value)
9. Tax value & Discounts
10. CGST/SGST/IGST – Rates and Amount of Taxes
11. Applicable Reverse Charge (If only it does)
12. Signature of the Supplier/Vendor

At times, the bill of a recipient who isn’t registered might exceed RS. 50,000.  In such cases, the contents of an invoice template must include:

1. Name & Address of the Recipient
2. Delivery Address
3. Name of the State & Code

Busy invoicing? Here, find the updated GST invoice template in the image below. For accurate GST invoice processing and automation, check out Imprezz.in

How Many Copies of the Invoice Should a Business Create?

It is necessary to have three copies after sending your invoice in case of a supply of goods, namely:

• Original (a copy issued to the recipients)
• Duplicate (a copy issued to the transporters – not applicable for suppliers with invoice reference numbers from GST portal)
• Triplicate (a copy retained by the supplier)

It is necessary to have two copies in case of a supply of services, namely:

• Original (a copy issued to the recipients)
• Duplicate (a copy retained by the supplier)

When to Issue an Invoice?

The time limit to issue a tax invoice, revised GST bill, debit, and credit is followed as per the GST Act.

The due dates to issue invoices to customers are mentioned below.

When to Not Issue a Tax Invoice?

A supplier cannot issue a tax invoice under certain circumstances.

• When a recipient does not require an invoice
• When a recipient is not registered under the GST system.

How to Personalize GST Invoices Templates

Adding your company logo personalizes your GST invoice. Are looking for the best GST billing software in India that can create invoices, design invoices, and customize invoices? Start a 14 days free trial on Imprezz.in for free invoice templates.

Revising Invoices Issued Before GST?

Under the GST regime, businesses must have a provisional registration before getting the original registration certificate. Thus, you can revise an invoice before GST.

However, the protocols for issuing a revised invoice include:

1. Invoices issued between –

• Date of implementation of GST
• Date of issue of registration certificate

2. Issue of revised invoice –

• Within one month of registration

The protocols are applicable for invoices issued between:

• The GST implementation date
• And, the date on which the registration certificate has been released

Both, Large & small businesses must issue revised invoices against existing invoices within one month from the date of the registration certificate.

E-Invoicing Under Special Cases

The government provides relaxation on the invoice format under special cases. It is applicable for the banks, passengers, transports, etc. Click here to know more

Conclusion

Union FM Nirmala Sitharaman discussed and approved the standard of new e-invoice mechanism in the 37^th GST Council Meeting. This was published with the schemes on the GST portal.

Stay updated with the GST format and themes, automate your GST invoicing process. Start with us, #1 Imprezz.in – Create and send professionally designed custom invoice templates.

Managing financial transactions is crucial for a business to succeed. Often, Small business owners are self-reliant and choose to manage everything themselves. Using accounting software in such a case is one great way to save some extra money.

The software designs vary with scope. They are designed differently concerning the business scale. In today’s technologically advanced world, using accounting software has become vital for business growth.

The following page will guide you through everything you ought to know about small business accounting software.

Keep up the Business With Online Accounting Software

Small businesses often come across customers who create serious credit problems. Vendors tend to ignore the bills and invoices until quarterly payment arises. Usually, the lack of an accounting system in retail businesses creates a cash flow gap, which goes unnoticed by the owner.

You can keep your business data updated and current by hiring accounting software instead of an accountant. Online accounting software enables you to record day-to-day transactions and bi-weekly transactions electrically. It forces your business to stay tuned with the monetary pulse.

Automation also helps you make data-driven business decisions. It enables you to maintain a happy relationship with both clients and customers. Moreover, you can also automate invoice processing and payment reminders through online invoicing software to rid from troublesome clients and vendors.

Take small steps, begin with Imprezz.in. Start a 14days free trial. Advance your business with our upcoming accounting solutions.

Importance of accounting software for small businesses

Centralized Finance Management

Accounting software centralizes various aspects of finances under a single program. It enables multiple features such as:

• Creating Invoices
• Inventory management
• Payroll
• Bank collections
• Bank reconciliation
• Dashboard
• Bills and expenses management
• Information security
• Mobile applications
• Project management
• Customer relationship management

Filing Income Tax Compliance

The software not only shows the amount of tax payable but allows you to prepare income tax reports. It simplifies Tax compliance by giving easy access to financial data to complete and file the government income tax forms. Some advanced software provides options to file the compliance directly.

Accurate Calculations

Small business accounting software carries all the calculations from smaller to complicated ones. This, in turn, ensures accuracy in financial data. The software provides easy access to all accurate information. Like, client’s mailing address, outstanding amount, or the number of stocks available.

Analysis Tools

Accounting software works more like a financial advisor. It provides real time reports which help analyze different aspects of the business. It provides data and forecasts that enable you to make expert financial decisions. It offers various tools like balance sheets and reports to manage accounts payable.

Using Cloud-Based Accounting Software to Simplify Your Business Workflow?

Cloud-based accounting software enables you to access and control your business transactions from anywhere. Most software empowers business owners to access the same from their iPhones/iPads or Android devices through uniquely designed mobile apps.

These applications carry out some of the vital accounting functionalities. For instance,

• Invoice automation through mobile devices
• Complete access to client and invoicing dad
• Recording expenses and creating expense reports
• Importing contacts and data from a mobile device
• Tracking billable time and more

The inexpensive accounting software also enables your accounting team to have easy access to books. It frees you from manual and electronic file transfer.

How Does an Accounting Tool Work?

Accounting is one of the complicated business functions to manage. However, businesses must do it right. Small business accounting software makes it easier and hassle-free.

Using an accounting tool is no different from using productivity applications online. The content on any accounting software is divided into logical modules that provide navigations and toolbars.

The software can be modified as per your preferences during the installment or through settings.

The homepage or dashboard provides an overview of financial data. The financial data is shown through charts which include income, expenses, balance, invoices, and bills. The tools also show automation links that help you take immediate action.

The software is usually operated through a standard web convention. The software gives access to various accounting features through the menu, dropdowns, navigations, and more. Each software is designed uniquely with colors, infographics, fonts, which makes it appealing and pleasant.

How to Implement Accounting Software?

The implementation of accounting software can take anywhere from a couple of hours to several, depending on your business needs. These usually charge a subscription fee along with a free trial period.

The initial signing up procedure includes providing your contact details. You can either choose to upload your company logo or not. However, uploading a logo is vital to appear on the sales and purchase form.

Further, you can choose to use or disable features in the tool, such as inventory tracking, purchase orders, etc. You can then move on to uploading your fiscal year if you use any account numbers.

If you want the software to provide access to your transactions, log in with the necessary info and password. The software will automatically import all your recent transactions to an online register.

If you want to provide payment options for your customers, you will have to sign up with a payment processor.

Setting up Accounting Software for a Small Business

Firstly, you need to analyze both administrative and financial requirements.

Secondly, you must have at least minimum literacy in finance. Although you automate bookkeeping, there are certain necessary things that you will have to do.

Thirdly, you read books or take classes to improve your skills to make decisions based on financial data.

Fourthly, Do you have an accountant or consultant working for your business? Consult them before making your final decision because they have a better understanding of your finances and business requirement.

Lastly, but importantly, you need to know your hardware situation. The software quickly occupies the space. Thus, if you are planning to implement one, you need to analyze your system storage capacity and back-up procedures.

Conclusion

Accounting software is a conventional bookkeeping method. Implementing accounting software not only reduces cost but eases the business workflow. It provides insights like determining overstocks, recognizing valuable services, and generating sales forecasts, unlike the manual bookkeeping system.

Subscribe to Imprezz.in #1 accounting software in India, to simply accounting process for your small business.

Traditional organizations still consider invoicing as a manual back-end operation. However, manually processing the invoice results in accounting risks. It includes:

• Late payments
• Time-consumption,
• Labor expenses
• Endless filing
• Routing and Approving invoices
• Complexity
• Lack of visibility

Why should businesses opt to automate invoice processing? Terminating manual errors and adopting an efficient digital invoicing system accelerates the AP workflow.

Imprezz.in is a GST billing software widely known for organizing and handling data related to accounts payable. It runs the collection, processing, and delivery of supplier’s data at configured intervals. The online GST accounting software scans interprets and files the invoice data without human interruption.

Conventional Businesses in today’s competitive world demand streamlined automation. Artificial Intelligence and Machine Learning have redefined the digital invoicing process. It not only automates the invoicing process but also helps defend against fraud.

What Is Automated Invoice Processing?

Automated invoice processing is cost-effective management of Invoice data, from arrival to payment, with the implementation of a cloud-based system. Moreover, it is an ideal way for businesses to get rid of manual invoicing or paper invoices. Also, Invoice automation enables organizations to gain better control over the accounts payable.

How to Automate Invoice Processing?

Automating invoice processing has significant benefits and minimal implementation risks. You can optimize productivity by implementing the integrated and smart management of invoice processing. Are you wondering how to automate invoice processing? Here is a complete guide on how to automate invoice processing with Imprezz.

1.      Creating an Invoice Template

The automated invoice processing is a contrast of manual procedure. Creating invoices on Imprezz is an easy task. You can create a detailed invoice with the UI builder once you have collected all the data.

The automation platform enables custom workflows with customized invoicing solutions. Secure compliance allows you to create an invoice based on tasks or rates. Imprezz is a smart software that will enable you to incorporate branding like custom logos, text, etc.

The image below demonstrates the single dashboard which offers creative templates. Visit Imprezz.in to automate invoice processing.

The template includes tables for various essentials like:

• Invoice Number
• Specified table for suppliers/clients/customers/vendors (name, address & contact info)
• Number of items
• Total amount to be paid
• Remarks & etc.

As you can see in the image below, you can easily automate invoice processing with essential options available on Imprezz.

With easy automation, you can make efficient use of your accounting team. Automate invoice processing with Imprezz.in. Check out the official website to get a free trial.

2.    Specifying the Approval Conditions

While creating an invoice, you must specify how the invoice has to be approved. Defining the same makes it easier to carry out the invoicing procedure further.

• Specification of the authorities (Approving authority/secondary authority)
• Terms and conditions for approval
• Well-defined step for future procedures to be carried out

At Impress, we understand that each company has diverse preferences. The template can be edited according to your requirements. Once the invoice has been created, you can automate the circulation among different levels of the organization.

3.    Clearly Defining the Terms and Conditions for Approval

You must clearly define the terms and conditions for invoice approval. It stimulates the functionalities of invoice processing. Likewise, Imprezz offers a unique option to hide the terms from a specific team member and provide access to members involved in the invoicing process. You can also access the additional security options and restricts the rights for modifications to you alone.

4.     Effortless Workflow

Once you mention all the essentials in the software, the workflow in the organization is automated. You can fax or email your suppliers through the software. Automatic notifications are sent to different levels of the organization to maintain a smooth workflow.

Why Automate Invoice Processing With Imprezz?

1.      Execute Transparency

Transparency is when you have access to all the invoice data. Get access to everything from invoice status to spend patterns. Imprezz provides 100% visibility. It also gives access to the status of all invoices ever created.

The online software allows us to monitor the expense report, like what is being spent, where, and when. The tools give a clear picture of the business pay-outs. This helps the accounting team to make data-driven decisions.

2.     Effortless Invoice Processing

Imprezz provides invoice updates and 27/7 visibility. Country specific VAT- regulations offer is essential for an automated system. With the use of an integrated automation solution, you can control the invoice management on a global scale.

• Capture: – The data capture solution reads and interprets all invoice files, regardless of any format.
• Validation: – It means division and validation of captured invoice data, as per the available purchase order, goods receipt, and master data.
• Resolution workflow: -It means flagging of any discrepancies and missing data for user verification.

3.     Maintain Quality Relationships With Everyone

The automation of the invoicing process rids the management system from the burden and helps focus on higher management tasks. This, in turn, helps keep them happy. Having an efficient accounting system also helps maintain a good relationship between the organization and suppliers. With impress, you can benefit from the automation solutions and advanced online payment options.

The image below demonstrates various invoices and payment methods. Automate invoice processing with our software. Avail the free trial today.

Conclusion

In conclusion, Automated invoicing is gradually beneficial for organizations. Get rid of the traditional methods and lean on technology for the implementation of cost-effective processing automation.

Cut down on unnecessary paper invoicing and implement Imprezz, the #1 GST invoicing tool in India. We are a certified company bound by information security for handling finances. Let us help to ace the race in today’s competitive world.

Check out Imprezz tutorials to understand the electronic invoicing.

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