Starting your own business might sound like a lot of tasks in hand, but it is not. India is one of the most prolific start-up regions in the world. Nearly 4000 start-up businesses emerge from innovative entrepreneurs every year. However, it is said that about nine out of ten small businesses fail in India. Business owners primarily fail in taking the right steps in the initial stages of establishment.

Business owners must create and work on successful strategies from the beginning. There are various things to know about a business before you comprehend an effective method to start and run a successful business in India. This article is a part of our comprehensive business guide. It will walk you through a quick small business checklist and steps to start a small business.

Steps to Start a Small Business – Checklist

Starting a small business requires a lot of hard work and dedication. You will have to work on it around the clock to achieve your goals at the initial implementation stages. Getting set up with your small business is all about ensuring you have checked all the tasks on your list. The steps to start a small business mentioned below aims to help you do the same. We have broken a pile of tasks into manageable subcategories that will help you complete each step involved in getting started.

1.   Innovative Small Business Ideas

Necessity is what drives powerful innovations. Sometimes figuring out solutions to the problems around you can help you develop the best start-up ideas. Well, if the solution already exists, find a better, upgraded, and cost-efficient solution through innovation. A great small business idea is not the one that primarily focuses on generating wealth. It is the one that adjusts to the changes, fits your target market, suits the desirable location, and relates to you personally.

Starting your own business is a commitment itself; you need to choose something that drives you for a lifetime. What is a success, according to you? Draft your small business idea around your definition of success. Know what are your strengths and weaknesses. Question if your idea caters to them. Research on the most successful small business ideas to find ideal products or services that you can invent or innovate.

2.   Market Research

It would be best if you came up with the idea that works well on all market levels. But how do you figure out if you have hit the great small business idea? It would help if you used the “learn and plan methodology” to do that. Does your target audience desire a fancy restaurant, or would another burger shop in their neighborhood well fit their preferences? However, do not let your market research hold you back from establishing your business. It is only an experienced learning and not a part of your planning process.

It is crucial to understand your target audience to know if your business offers an ideal solution to their problems. What advantage do you have over your competitors out there? Map out the milestones and goals as per your business idea to build an outstanding team that will help you execute them within a specific timeframe. Validate your business ideas, meet real people, interview your potential customers to understand if your initial pricing plans seem convincing to them.

3.   Build an Effective Plan

“A dream written down with a date becomes a goal, a goal broken down into steps becomes a plan, and a plan backed by actions becomes a reality.” Although innovative ideas drive start-ups, they cannot succeed without a plan. It would be best to plan the sequence to how, when, and where to execute it. Sketch out the mere mirror of the path you want to accomplish to make your innovative idea an assuring existence more than just a possibility.

Draw out a flowchart in the sequential order of procedures to be followed to achieve your goal. Develop the ability to foresee the results of the events you plan. Make sure you add a back-up plan to any procedure with a chance of failure due to an unforeseen possibility. Business planning always helps you to cope up with any negative aspects that you might face along the journey. Therefore, planning is also the foremost step to start a small business as it provides a certain sense of stability and vision to follow throughout.

4.   Map-Out Your Finance Strategy

The requirement of finance to any business is like the fuel to an engine. Although generating money is not the primary goal of running a business, money is a vital aspect that sustains the business in the long run. Excel out the approximate budget you would need to start the business. Look out for financial assistance if needed. Check out the various business loans offered by the government to encourage business start-ups in India.

Here, we have listed some of the vital government start-up schemes that might be of your help.

• M-SIPS (Modified Special Incentive Package Scheme) provides a 25% subsidy for innovative start-ups related to automobiles and the electronic industry.
• The Venture Capital Assistance Scheme provides loans at zero interest rates for businesses related to farming and agriculture.
• Raw Material’s assistance helps manufacturing businesses by providing loans at low-interest rates on unique imports of indigenous raw materials.
• Infrastructure Development Scheme supports start-ups in setting up their own office space of about 467 sq. ft to 8657 sq. ft with specific terms and conditions.
• Atal Incubation Centres (AIC) empowers innovative start-ups related to artificial intelligence, food, Nano-tech, etc. It provides funds up to 10 crores INR that covers the managerial incidentals for almost five years.

Besides, there are many other schemes offered by the GOI that helps in establishing a small business. However, having a precise financial plan and execution strategy is crucial to run a business with zero hassles.

5.   Branding

If you believe branding is for large businesses, you need to rethink your considerations. Branding is one of the crucial keys to increase sales and loyal customers, and it is necessary irrespective of the type of business and it’s scale. It is where you should be putting all your hard work. Once you’ve known your target audience, you can quickly grab their attention through your brand.

To start branding your business, you need to focus on a few things. Firstly, choose the brand name that you can trademark. Secondly, come up with your value proposition: a brand message, tagline, and tone of voice. Thirdly, define the look of your brand; that is the colors, themes, and fonts. Lastly, but most importantly, create a captivating logo that well represents your business’ innovative idea.

6.   Infrastructure Management

Infrastructure management is one of the crucial steps to start a small business in India. Look out for the infrastructure or, in particular, the facilities for running the machinery (if any) to have your business run undisturbed. The communication facilities, power facilities, network availability, and basic needs like water, food, etc. must be met by the setup’s location.

7.   Legal Requirements

Any business needs to be linked and updated with the legalities as per the GOI policies. It helps a business have a stand amid the competitive world and protects against frauds and failures, assuring utmost safety. There are various sectors under which a business should be registered, especially the GST policies of the nation.

To avail of the advantages offered by the government of India, a business should undergo specific legal documentation as proof of existence. The overall financial data must be recorded and documented to submit them to the ITD when required. Thus, having a strong stand in terms of a business’s legal aspects is also an essential factor in achieving the goal effortlessly.

8.   Persistence and Passion

The road that leads you to success will always have ups and downs despite making all the ends meet while establishing your business. Only passionate business owners can persist despite difficulties and oppositions along their journey. They have the tact to keep going with their goals. And when the goals are met, they continuously keep aiming for higher goals to be reached.

These qualities are essential to sustain in today’s business world. Develop the patience along with tactics to work smart. Do not look at your business as a money generating idea. Make sure it is something you can live and breathe with, something you are passionate about. Take your failures positively, as a motivating factor, as a lesson that will help you do better in the future.

9.   Registration Processes Involved in Starting a Small Business in India

Have you registered your business name? If not, how to do it? To successfully establish your business, you will have to tick all the boxes on your checklist. One of which also includes registering your business officially. Here, we have listed the necessary registration process that you might have to consider while getting on with starting your business in India.

Name & Category of the Business

It may not seem like a more significant concern, yet, you need to invest all your intelligence in naming your business. Indian business owners often find it hard to find a business name for patent and copyrights purposes as most names are unavailable due to crores of companies within the country.

However, it is ideal for you to develop a unique name that is catchy, recognizable, and easy to pronounce. Further, it would be best to finalize the category of business that your start-up falls under as it decides the registration procedures accordingly.

Apply for the DSC (Digital Signature Certificate)

The DSC is the primary certificate provided as a signatory authority to the respective owner or director to proceed with the registration process. To apply for the DSC, you will have to present your proof of identity provided by the government to its citizens. In India, the valid proof of identity documents includes the Aadhaar Number, PAN, Address Proof, or the owner and director’s contact details.

Obtain TAN (Tax Account Number)

TAN is a unique number provided by the income tax department to the registered taxpayers. You will have to fill and submit the TAN form on the official website or centers that offer TIN (Tax Information Number). The ITD then verifies and issues the TAN number to the respective applicant.

Obtain the Required Documents that Indicate a Lawful Business

It is the right documentation that determines the credibility of the company. You will have to obtain various documents to prove that the company’s rules and regulations are as per the members involved in it. We have listed some of the necessary forms that you will have to obtain.

• MOA (Memorandum of Association), giving an insight into the pre-determined goals of the company.
• AOA (Article of Association), giving insights into by-laws that the company and its members are obliged to stand by.
• OPC, when the business is registered under One Person Company, the owner must nominate the next owner in case of death/accidents. The consent of the person assigned must be submitted with his/her PAN and Aadhaar.
• NOC (No Objection Certificate), a registered proof of ownership to ensure no objections from others concerning your business.
• An affidavit from INC-9 and DIR-2 from the proposed director/s indicates whether the company is INC, Co, or Ltd in terms of liability.
• Declaration of certifications, it declares that all the related agreements have been obtained and submitted.

GST Registration

Any business or corporation involved in the sale of goods and services must register under GST and have a valid GST number. It is mandatory for businesses selling goods with an annual turnover above 40 lakhs or services above 20 lakhs. The newly updated tax calculation procedures in India have made registration easier than ever. You will have to submit the necessary documents on the GSTIN portal to obtain the GST number.

• In case your business lists under proprietorship, you will have to provide the proof of proprietor.
• In case your business lists under LLP, you will have to provide the PAN card of LLP, Name and address proof of the partners’, and the LLP agreement.
• In case your business lists under a private limited company, you will have to provide the certificate of incorporation, PAN card of the company, AOA – Article of Association, MOA – Memorandum of Association, a resolution signed by the members of the board, identity and address proof of the directors, and the digital signature.
• You can either provide your passport, voter ID, Aadhar card, ration card, telephone/electricity bill, driving license, or bank statement as the proof of identity and address.

Obtain the Required Forms under MCA (Ministry of Corporate Affairs)

Obtaining from under MCA is the final step of registering a business under the law. You will have to upload all the necessary documents and certificates listed above in the article on the MCA website. It might take up to 3 working days for the verification and approval of the same. Once the process is completed, you will be notified about the confirmation.

10.   Launch and Market Your New Business

Once all the above-mentioned steps to start a small business is accomplished, it’s time to spread some excitement around your opening day. Start with a bang! Publish an article in the press, spread the word yourself, and ask others to do their bit as well.

• Create a comprehensive marketing plan and start marketing your business right away.
• Create materials to support your marketing plan (shop signs, PowerPoint presentations, invoices, digital and manual brochures, and flyers).
• Launch your website – register with a domain name, purchase the best server host, focus on building your site, and get yourself listed on the key directors.
• Spread your horizons on the social media platforms.
• If you love the idea of it, you can print t-shirts or uniforms for your team members.

The key is to spread the word across, let the press know that your business is coming up, and organize a grand opening day.

Steps to Start a Small Business – Quick Tips for Small Business Owners

• Create an online business at a low investment.
• Always choose digital modes of operations and advertising over traditional methods.
• Adapting to remote working culture is more likely to improve productivity.
• It saves costs in every possible way.

Conclusion

Regardless of the place you choose to start your business, it is going to be risky. No matter how prepared you are, there will be unforeseen challenges, and this is when you need to deal with the situation on your own. The key is to educate yourself and stay up-to-date to better deal with any situation. Having a small business checklist will help you put things in perspective.

We hope our small business checklist with specific steps to start a small business will guide you through establishing your new business. Do your best in all endeavors. Digitalize your business operations, rid of the manual processes. You can now automate accounting and tax calculation. Subscribe to Imprezz, leading accounting software in India.

We offer a 14 days free trial software program for small businesses in India. Log in to start your business rightfully. Feel free to contact our support team for further guidance and support.

Don’t let lack of finance drown your budding business. The success of a business is associated with hard work, dedication, and smart business operations. If you want to build your business at a low investment, all you need is a solid plan. It’s not money but passion that sustains every dream. It would be best if you took the right actions to bring your small business ideas to life.

As a small business owner, you must focus on some of the crucial business activities that might help you drive your dreams to the next level. Do not delay implementation; instead, look for unique ways to start a business that incurs low investment and high profits. The amount of time and money that you may have to invest depends on the business idea you are willing to chase.

The key to succeeding with low investment is to land on a profitable business idea that rids you from inventory, warehousing, and retail space costs. This article has compiled unique, low-cost business ideas and ways to grow your business even when your budget is low.

Profitable Ideas for Business at Low Investment

People often back off on the idea of starting their own business at low investment. It is primarily due to the fear of investing a considerable amount with a zero guarantee on returns. However, not all start-up opportunities require massive investments or upfront cash. You can start your dream business with just the right systems in place and a better understanding of your target audience.

Here, we have coupled a few profitable low investment business ideas that allow you to customize your business as per your time, ability, and passion.

Charitable Business

Non-profitable organizations contribute to creating a better world. But they can do a lot more than just that. Social entrepreneurs are driven by the causes that can bring about a change in society. Such business owners work with a mission and allocate certain shares of their profits to a cause of concern. It helps them place their business higher in the market place.

Several surveys prove that nearly 90% of the customers are likely to purchase or swap to a brand that relates itself to a meaningful cause. Offering products and services and implementing a social good can help skyrocket your business at low investment. In case you already have a business idea, you can partner with a charitable organization to support its mission, as long as you maintain the transparency with your customers.

You can create blog posts to educate your customers on your business’s impact in a particular community. You can track the result that you have created for your customers and share it on various platforms. It works as a useful marketing tool for small businesses. You can grow as a leader of change. Thus, it is one of the most profitable low investment business ideas for people who want to start with a low budget.

Freelancing

Freelancing is one of the least expensive business ideas that is gaining immense popularity. If you have the right skill sets, you can start right away; all you need is a laptop. Freelancing is nothing but trading time and effort for money. The concept of freelancing and remote working is currently stemming in India with an extensive growth rate.

It allows individuals to work for various clients on a global market, allowing them to expand their horizons as freelancers. Whether its content development, PR professional, graphic designing, or other services, you can market and grow your freelance business with just a few thousand rupees.

The expenses that a freelance business might incur are significantly less. For instance, you might shell out money on some essential tools, accounting software, or wallet websites. But mostly, your labor input is your product, which makes the monetary cost of staying in business extremely low.

Launch Books

Not many people look at it this way, but books are just like any other product. As such, you can create one to meet specific market demands. There is a wide range of variety when it comes to launching books. Starting from comics, cookbooks, picture books, poetry books, picture books, coffee table books to novels, you can publish and bring various books to market.

Usually, books are printed as per the demand. Each book has several editions as per the number of times it gets printed on demand. It is safer when you start publishing on your own as it also provides you the control over the quality and appearance of the books. If you have the right skill sets and creativity, you can also sign up on various platforms that allow authors to create and distribute their books as physical and e-copies.

Launching your book is also a great way to monetize your blog articles. In case you are planning to start a blog, you can consider launching your book shortly. An author/publisher’s costs in establishing a book depend on the time taken to create and sell the book. If required, you can shell out some extra money on attractive graphics and page covers.

Create a Fashion Boutique Online

Fashion is more or less like food; no one sticks to the same menu. If you are love experimenting styles, you can become an influencer online. You can use various online platforms to create your boutique. You don’t need to be a fashion designer; you can select unique items from other sellers and blend styles in your online store.

From formal attire to fancy dresses, swimwear, and other accessories, you can create a wide range of products for your brand. Create eye-catching styles that can’t go unnoticed. Model your styles, upload the best pictures online. Use social media for its advantage, become a trendsetter of your type. Increase your fan base to create an impact on your brand.

Coaching

Coaching is more or less like freelancing, where your time is your product. Likewise, you might also require some business tools to run your coaching business online. You might need software that supports the client’s sessions. For instance, you might need a video conferencing software for overseas clients or data collection software to stay updated with information before any meetings. The software tools are inexpensive and thus incur fewer costs.

Coaching is one such business where you can design your teaching programs as per your field of expertise and passion. If you are an expert in finance, you can help your clients effectively manage their finances. If you are particularly good at time management, you can train individuals as a productivity coach. The more experience you have in your niche, the easier it will win clients and get paid.

Online Courses

Creating online courses is just like creating any other material. Likewise, you might have to invest in specific tools. Creating online courses might require recording and editing software, video equipment, and other devices that offer higher production value. Alongside this, you can also create effective PowerPoint presentations with screen recording software.

You can provide extensive content on every possible subject or topic. You can offer courses that help learn to code, tricks to solve Rubik’s cube or train introvert individuals to be fun. Find out your field of expertise, and you will find a market for it—research over the online course sites that are the pioneer of the industry. There, you will find what works the best, and maybe you can create something better than that.

Steps to Determine How Much Money Your Business at Low Investment Needs?

Understanding how much capital your business requires goes beyond calculating the expenditure of marketing, technology, and administrative costs. Having a good strategy enables business owners to determine whether or not to raise capital before starting a new business. It helps harness better results and returns on investment by creating a self-sustainable business.

However, financial sources’ requirements can be easily understood by breaking it down as primary and secondary pathways. In the segment below, we have briefly explained various factors that you must consider while determining the capital costs.

Creating a Self-Sustainable Business

The primary goal behind investing in a business is to provide that initial kick that boosts growth by clearing the runway of self-sustenance. Plan your strategies in such a way that you are free from being permanently dependent on investors.

Constant intake of external capital injections might cause the death of a business. Businesses that operate by being entirely dependent on external capital sources may not always be a failure. But, being self-sufficient provides more comparative advantages.

Long-Term Capital Requirement

Some businesses require additional financing from time to time. In case your business is designed in such a way, you will have to save some extra time that you might need to raise capital and tackle other milestones.

Failure to do so, you will have to struggle and pitch for the right investors. If done correctly, relying on capital costs is certainly not a death warrant for the business. Thus, prioritize self-sustenance when you plan for your capital sources.

Project Your Expenses

Once you have successfully understood the self-sufficient and long-term ongoing capital requirements, you can start projecting your expenses over time to know the exact point at which you might achieve the milestone of being a self-sustainable business. Calculate the capital you would require for this timeframe to determine how much money your business will need.

Moreover, that is not all; there will be several goal milestones that you might encounter as your business may grow. Calculate for alternative milestones as making the best estimates helps put your business in an optimal and highly profitable position to determine the capital you need.

Alongside calculating the milestones, you will have to calculate various expenses that your business might incur from time to time. These expenses buckets include technology costs, marketing costs, and other daily costs required for business operations.

Lastly, prepare for the worst. Businesses do not necessarily start as per your plan. It might take longer or incur extra expenses as you proceed. If you want to be on the safer end, secure at least 130% of the amount based on your financial forecasts. It will provide you the safety over the unexpected capital costs.

How to Grow a Business at Low Investment?

We have drafted some of the great ideas to grow a business at a low investment. These action steps are well researched and do not cost you much money. So, start implementing your ideas right away! In case you face any problem, do not hesitate to reach out to our support team. We are ever ready to help you out.

1.   Create a Comprehensive Business Plan

Antoine de Saint once said, “A goal without a plan is just a wish.” One of the crucial keys to unlock success with a low budget is to plan accordingly. It helps analyze your current situation and your business position in the coming years.

You must have a clear understanding of your finances, ideas, and other fields of expertise. Carry out comprehensive SWOT analysis. Figure out the amount of work you can carry out initially. Analyze how you can delegate to take your business to the next level.

2.   Know Your Unique Selling Point

Often, business owners underestimate the power of the word “value.” Businesses must focus on solving the problems of customers and provide value. Alongside figuring out your critical skills and expertise, you need to determine how they can add value to your business.

If you fail to provide value to your customers, then who will buy your products or services? Look for the problems that people around you face and specify the problem that your business can solve. Implement your business ideas and create a comprehensive plan that can help you.

3.   Create Specific Goals in a Given Timeframe

“Plan to work and work your plan.” Specify your goals in your business plan and execute them with the right mindset. This way, you can focus on the essential business operations. Divide these goals into long, medium, and short term. It lets you break the more significant tasks into effective and smaller portions.

Start with creating mission statements to set specific goals. Determine the timeframe you need to start your small business at low investment. Create road maps that will help you reach where your desire to be in the coming years. Specify the tasks and divide them into long term, midterm, and short term. Always specify the timeframe to accomplish a specific goal.

4.   Implement an Effective Billing System

Put the right billing system in place to simplify your business operations. Right accounting software not only bills faster but helps make data-driven decisions. 40-50% of your real assets are counted by your accounts receivable. Do not pile your invoices and batch them all together. Create and send invoices instantly.

Delayed payments can hurt your business’ cash flow. It can hinder your business’ ability to sustain in the long run. Implement modern accounting software like Imprezz.in. It is the most reliable software in India that offers extensive accounting features. From creating invoices, tracking transactions to being an integrated marketing tool, the software is the best of all.

5.   Create and Reinforce Digital Marketing Strategy

As a small business owner, it is ideal for you to use free sources. Various digital platforms enable you to promote your business organically for free. If you think it is necessary, you can also use paid methods of promotion. But initially, Facebook, Instagram, and Pinterest are ideal places to promote your business using free resources.

The merging digital world has made it a lot easier for businesses to reach out to their target customers. It would be best if you instead consider using these platforms from day one of establishing your business. Free modes of promotion might take a while to work, but it will be ready when your initial set up is good to go. Eventually, you will have more followers and an engaged audience on your business page.

6.   Build an Extensive Network Amid the Business Circle

Not everyone in the business field is your competition. Networking with like-minded business owners can help you improve your client base and the overall business. In case you feel like networking is something you are not good at, learn that skill. As an entrepreneur, you need to step out of your comfort zone.

How to initiate networking? Start with sending emails and making calls. Various networking platforms enable business owners to reach put to ideal people. You might have to pay the yearly fees to attend the frequently held meetings from time to time. You can consider this as a significant investment. Networking is a symbiotic relationship that helps you grow together.

7.   Increase Your Business Visibility

Increasing your business visibility online is crucial to create brand value. You will have to work on SEO (Search Engine Optimization) so that your business ranks higher in the search results. Remember, you need to claim your business on google.

Do not depend on third-party sites for your promotions. You will have to suffer every time they change their algorithms. Instead, create your site and make sure you work smart on increasing your business visibility.

8.   Consistently Promote Your Business

Promotions play a vital role in creating a practical impact concerning your brand. Businesses must continuously promote their offers, features, and related news. Modern owners now promote their business through email footers, invoices, and email signatures.

Provide accurate and relevant information across the board. Implement an integrated accounting software that you can use as a tool for marketing as well. For instance, Imprezz invoicing software allows you to promote your business through customized invoice templates, quotations, and emails.

9.   Reward Your Team

Your team plays a vital role in driving your business to greater heights. Reward them often as a thankful gesture for meeting those timelines and budgets. Likewise, do not be punitive when your team makes a mistake. Provide timely incentives to team members who perform exceptionally every month.

As a business owner, you must spend some extra time in educating and motivating your team members. Help them grow into executives who can calculate risks and take practical actions. Do not miss out on any opportunities that can generate revenue on innovations. Let your team become the best version of themselves.

10.   Be Thankful to Your Suppliers

Your service providers may not be on your payroll, but they can do a lot more than just providing services for you. Suppliers can render help, give suggestions, and help improve your overall business for zero costs or any other expectations. All you need to do is show some thankful gestures towards them.

Work on the trade-off between refraining payments for as long as possible (while you still respect their payment terms and conditions) and exceeding expectations. Your suppliers are your well-wishers; they care for you as much as you care for your loyal customers.

11.   Provide Giveaways to Your Customers

Gift your customers with something valuable or offer giveaways on your website, front desk, when you send them invoices or while you deliver them their desirable products. Anything you give, make sure it doesn’t incur extra costs to you. But, at the same time, ensure that its useful for your customers. For instance, you can gift them coupons, invites, or special discounts.

12.   Maintain Active Presence on Social Media Platforms

As a small business owner, you must focus on having an active presence on your social media handles. Please respond to your potential customers’ DMs and comments when they express their positive reviews, voice complaints, or express their concerns about those channels.

At the same time, you need to maintain a balance between doing it right and overdoing it. Do not spam your followers. Research to know what platforms your target audience is using and focus on one or two of those platforms. Free promotions are sufficient, but you can try paid advertisements to expand your reach instantly.

COVID-19 Impact on Small Businesses in India

COVID-19 pandemic has globally changed the way businesses operated. Small businesses are adapting to the changes to survive the impact of the pandemic. There have been several predictions regarding the possible outcome of the current crisis. We have listed some of the crucial predictions that might help emerging entrepreneurs in India.

• Pandemic has wholly erased the scope for print materials, business cards, or brochures usually handed over manually. The social distancing measures have given rise to complete digitalization.
• As mentioned above, businesses adapt to the new functionalities and thus are adopting digital marketing tools and techniques instead of traditional practices.
• Businesses now prioritize building customer email list more than ever.
• Before the pandemic, remote work was beginning to grow in India. Now, it is more likely that remote work will enhance remote team co-operation.
• Entrepreneurs should further focus on implementing business ideas that create enduring value. Selling subscriptions can be a huge advantage for small businesses in the years to come.
• Sole proprietors are now rising due to pandemic. It has become easier than ever to outshine as a business on various online platforms.

Conclusion

Today’s world is driven by innovation and creativity. The times when small businesses set goals regarding funding projects, public appearance, or strategies to grow and expand are now long gone. Post pandemic, these default targets of SMEs in India are likely to change. Staying small, local, and dedicated can be the new trend.

Start by digitalizing your business operations. Grow your business at low investment by choosing remote work culture. Becoming an entrepreneur is now easier than ever. If you have the right skill sets and innovative ideas, launch your business online. We hope this article has helped you figure out how to drive your business towards success with a low budget.

If you are planning to implement business intelligence software, you must try Imprezz accounting software. It is an integrated invoicing tool that offers various features from creating invoices, managing purchase orders, tally integration to comprehensive marketing tools. Stay GST compliant with Imprezz.in.

We offer a 14 days free trial software program for small businesses in India. Beginners can now start their digital business at low investment right away and grow with us.

Are you an aspirant planning to start a business of your own? Starting small is the key to significant expansion. However, it can be slightly hard to map out comprehensive strategies for a start-up. No worries! We are here to help you out. In this article, we will walk you through the essential “ready to go” knowledge of the modern business world – small business ideas, types, legalities and registration, problems, solutions, and more.

There are various significant fields that you must be cautious about before you plan to start your own business. Like they always say, “prevention is better than cure”. Be it knowing how to avail the government schemes like “Aathma Nirbhar Bharath”,  “National Small Industries Corporation Subsidy” or the primary business crisis that you might walk yourself into; you need to understand the know-how of everything.

Best Small Business Ideas for 2020

Working nine to five may not be a dream job for everyone. If you are planning to quit that job of yours and join the club of being your own boss, you are in the right place. Thinking of a small business idea can be cloggy at times. When you are incredibly passionate, it can be challenging to find an ideal direction.

To help you, we have compiled small business ideas for anyone who wants to run their own business. Use them as a starting point to come up with your unique ideas. Sometimes, finding solutions to the problems in life can be the most outstanding business idea you’ll ever come across.

Are you ready to take it to the next level? Here’s a comprehensive list of small business ideas for Indian aspirants.

1.  Selling Crafts Online

Do you love creating crafts? Crafts are never out of the market. If you know what art people love buying, you are almost there. Create high-quality crafts and sell them online. Several online platforms help people sell their crafts easily.

• Launch your digital store.
• Create unique crafts.
• Use your creativity to make them sound alluring online.
• Sell them for great reviews at the best price.

Although crafting is a bit time consuming, it is worth the time. Improvise and repeat the process until you find your fit in the market. You can be your boss from the confines of your home with these home-based business ideas.

2.  Blogging

There might be several websites that host various bloggers online. However, not many blogs are known to provide value to their readers. It can be an excellent opportunity for you to throw your writing skills out there.

• Start your blogging website.
• Create high-quality content.
• Use relevant keywords to get more traffic to your website.

There is no limit to how much you can earn on the internet today. If you stick to your unique niche, you can make money easily through ads, promotions, and collaborations.

3.  Affiliate Marketing

Affiliate marketing is more like being a digital salesman. Your job is to redirect people towards a specific platform or website to pool more traffic for your clients. If you have what it takes to harness significant traffic, you can open an affiliate marketing firm of your own.

• Promote products or services online.
• Use your blog, website, or YouTube channel for its advantage.
• Get paid from your clients and affiliate programs on a commission basis.

Affiliate marketers usually charge anywhere from 10% to 60% commission on each product or service sold. It is one of the fastest-growing fields on the internet. There is a lot of money that you can earn in this field. What are you waiting for? Get started with your website or blog so you can make some passive money shortly.

4.  Courier Service

You can launch an application that provides various courier services. Build an online platform where you pick up and drop parcels. You can choose to deliver food, laundry, and other essential needs that are in high demand due to the ongoing pandemic where it has become hard to travel anywhere.

• Pick up parcels.
• Drop off the parcel at the location.
• Get paid accordingly for the distance and service.

Starting a small business in this field has an excellent scope for expansion. You can start small and expand to hire more people who can do the job for you.

5.  Social Media Manager

The internet has become an important market place in today’s modern world. Several businesses now prioritize social media to promote and sell their products and services. Companies are in a constant hunt for a great social media manager.

• Create engaging social media content for your clients.
• Be updated concerning the latest trends on social media.
• Use relevant SEO and hashtags.
• Create a great fan base by increasing the followers on the social media handles.
• Respond to quarries and DM’s of the potential customers.

You can initially start it off as a side hustle and launch a firm of your own shortly. Do a little research before you get started. There are various essentials that you need to understand as a social media manager. Prep yourself up so you don’t end up walking yourself into disasters.

6.  Online Tutor

Several educational institutions are offering online classes due to COVID-19. It has been challenging for parents to find the right tutor as its impossible for teachers to pay one to one attention in online classes. If you have excellent teaching skills, you can either start online tutoring or build a team of three to four teachers to start a small tutoring academy.

• Conduct hourly classes for each student at a time.
• Take classes on Skype or Facetime for quality tutoring online.
• Get paid on an hourly basis.

Bringing value to a child’s life is the most meaningful professions of all. Suppose you are an inexperienced tutor, you can check out various companies that offer similar tutoring courses on the desired niche. Likewise, you can also create online courses of your own.

7.  Event Planner

Have you ever volunteered for an event? If yes, you can kick start a wedding planning business of your own. All you need are the primary communication and organization skills.

• Search for events and gigs, if possible sign up to online platforms that will help fetch clients for you.
• Plan and organize unique events.
• Coordinate with vendors, caterers, and other organizers.
• Manage budget.
• Build your team or hire volunteers.

With the emergence of digital events, this business idea has an enormous scope. If you try squeezing the budget, event management can fetch you the right amount of profits.

8.  Make-up Artist

Make-up is mostly a pass time passion for most people. But not many realize that they can make it a full-time profession. Working on your skills and building your client base can land you on big projects. Many theatre organizations are continually looking for make-up artists. Although this can incur slightly higher investments, the return on investment is boundless.

• Get ahead of networking with clients.
• Propose theatre organizations and other make-up schemes.
• Step into bridal make-up and other occasional client’s requirements.

Suppose you want to stay home and make money out of your make-up skills. Open a YouTube page or start blogging on various social media platforms. Create make-up tutorials and direct them to your target audience. you can gradually earn through ads and promotions with an excellent fan base and viewers.

9.  YouTuber

You can start your own YouTube channel anytime! Whether you want to create content on tech, travel, food, mems, or fashion, all you need to do is provide catchy and quality video content. Once you achieve 4000 watch hours in the given time frame of a year, you will gradually start earning more.

• Stick to your niche and provide quality content.
• Promote your videos on social media platforms.
• Work on promotional, collaborations, and sponsored content.
• Focus on pooling more comments and subscribers.

You can start with your necessary skills and improvise later. For YouTubers, it may take anywhere from six months to a year to grow popular.

10.  Photography

Photography is one such passion that every youngster in India wants to pursue as a full-time profession. There are varied fields in photography from modeling shoots, wedding photography to wildlife shoots. Do you have a DSLR and adequate knowledge about photoshop and other editing software? You are all set to kick start your photography studio.

• Join a networking club to build the client base.
• Work on getting clients based on word of mouth in the initial stages.
• Work on the photography niche that interests you the most.
• Create a portfolio of your best works.

Being a photographer is not an easy job. But if you are one, you must utilize all your skill sets to the fullest. Expand your horizons on social media platforms, work hard until you get where you desired to be.

11.  Travel Agency

The travel industry is most likely to experience a significant boom post-pandemic. Thus, it’s a great time to involve yourself in the travel business. You can start building on it now, so you are all set to launch successfully once all the travel restrictions are lifted.

• Create unique and tailored travel packages for your customers.
• Try to provide the best services as per your customer’s budget.
• Talk to hotels and transportation service provides to get the best B2B prices for you.

You can quickly grow in the field of travel and tourism. Make sure that you prioritize customer satisfaction as it is a crucial factor to succeed in this area of business. It is one of the best small business ideas if you love hosting people and giving them the best travel experience.

12.  Online Bakery

Do you love experimenting in the kitchen? Are you a foodie that often bakes yummy bakery items? The online bakery is a great small business idea for you. You can innovate while you bake and price accordingly on customization and specifications.

• Bake delicious delicacies in your kitchen.
• Create an online menu where people can place orders.
• Deliver the orders with excellent presentation.

You can also make some baking tutorial videos to promote your products alongside and grow your online presence on social media platforms or your website. Once you earn enough profits, you can also start a small café.

13.  Freelance Writer

Having exceptional writing skills is a great boon. Several online platforms allow you to bid for freelance writing work. The scope for freelance writers has immensely increased in the past decade. There is a wide range of content niche that you can choose to work on.

• Schedule an ideal work hour.
• Select a niche that interests you the most.
• Build global clients.
• Get paid per hour or word as per the client’s pay plan.

Freelance writing might not be as easy as it is to write essays. There are various factors like plagiarism, grammar, SEO, and a lot more that you must be well aware of to start. Once you do well and gain enough clients, you may also expand and hire other writers to work for you.

14.  Website Developer

The demand for website developers has continuously been in streak since the inception of the internet. If designing is your best asset, you can step into this small business where you can create wonder through your exceptional creativity.

• Create layouts for your client’s website.
• Be technologically advanced while building the functionalities of the website.
• Focus on the navigation elements, ensure its user-friendly.
• Be specific in terms of choosing, themes, colors, graphics, font, schemes, and other aspects of core designing. Make sure you create what well defines your client’s business.
• Install easy updates as per your clients’ requirements.

Website designing is one of the coolest small business ideas to start with minimum investment. You can opt to take some graphics and designing courses to produce exceptionally brilliant work.

15.  Graphic Designer

If you are mostly into graphics, you have ample opportunities to shine in this field of business. Most graphic designers work solo. As a graphic designer, you will have all the freedom to work independently on products that attract you the most.

• Plan the product layout as per your client’s requirements.
• Be precise in choosing the color schemes.
• Workout on various sketches to provide ample options for your clients.
• You can design logos, brochures, campaign ads, magazine content, video creatives, and more.

Although the profession pays you less initially, you can upscale your pricing once you build a great portfolio in this profession. Several large companies pay exceptionally well for graphic designers.

16.  Consultancy Services

If you are well experienced with the organization and business development ideas, you can start a consultancy firm. With most large organizations outsourcing major client management tasks, you have a great scope to gain popularity in this field.

• Advice companies that help them upscale their niche of expertise.
• Fill organization management loopholes in your client’s company.
• Get paid on a commission basis on the results obtained.

Consultancy service providers are one of the fastest-growing small businesses in India. If you want to run this business all by yourself, you can start as a home-based consultancy service provider.

17.  Custom T-Shirt Designing

Custom t-shit designing has now become a trend. People love getting their desired prints on plain t-shirts. You just need a t-shirt printing machine to be able to customize designs. The growing scope for this business has also made the necessary machinery costs slightly inexpensive.

• Get an automated machine that can save you a lot of money, effort, and time.
• Design or print designs as per your client’s choice.
• Provide courier services to build clients across state borders.

Designing t-shirts need minimal skills, but growing the business might require a little effort from your end. Go viral with your designs on the internet. You can also print unique designs on inexpensive yet quality t-shirts to earn more profits. Sell them on online platforms that will help you increase sales.

18.  Second Hand Goods Seller

Do you have a pile of unnecessary junk occupying all the free space at home? Start selling them online. If you may know, that’s how garage sales in foreign countries work. The difference is, they sell it offline. Instead, this way, you will have a wide range of customers available online.

• Sell your used products online.
• Sell other’s used products online.

Ones you have coupled enough money, use that as an investment to buy used products out there and flip the prices online. You can earn some easy money by doing this. It is one of the coolest small business ideas out there.

19.  Tiffin Services

The food business is exceptionally profitable. You can just make use of your own kitchen space to make a lot of money. Target customers who are likely to be college-going students, people at a job that find it hard to cook for themselves. Having food outside every day can be unhealthy and expensive. Your home-cooked tiffin boxes must solve both problems.

• Always keep hunting for customers.
• Cook food from the confines of your kitchen.
• Pack lunch boxes and get them delivered to desired locations on time.

Once you start receiving orders in bulk, you can team up with some housewives who might be interested in joining your successful business. Earn some extra errands over your free time at home.

20.  Yoga or Dancer Instructor

If you are an expert in either yoga or dance, you can start an institution by building small batches. If you do not have a place of your own, you can begin teaching your clients in public places like parks or gardens.

• Conduct dance and yoga sessions batch-wise.
• Tie up with an organization where you can teach the pool of people at once.

If both aren’t your preference, you can make tutorial videos and outshine your talent on the online platforms. With most people consciously adopting a healthy lifestyle, this can be an evergreen business idea for you.

Unique Small Business Ideas

Are you willing to invest a little bit of money into starting your own business? Here are some of the unique small business ideas that might be an ideal choice for you. Choose the niche that you would love working on and go for it.

• Health-Care Services
• Small Scale Manufacturer (Incense Sticks, Notebooks, Invitation Cards, etc.)
• Food Product Manufacturing
• Hand Made Fashion Accessories
• Taxi Service Provider
• Information Technology
• Food Truck
• Repair and Service Centre (Cars, Mobile Phones, etc.)
• Children Oriented Business (Gaming & Tech)
• Restaurants and Cafes
• Customized Gifting Services
• Mobile Phone Accessories Store

You will have to work on various business skills to be able to carry out these small business ideas. Do not shy away, but work on improving your skill sets. Emphasize on learning a little bit of everything. Be it operations management, finance, marketing, or human resource management; you got to know it all to be able to handle your small business initially.

Once you grow large, you can always hire people to do the job for you. Modern business owners often choose to automate business operations to rid themselves of the risk of manual errors and excessive time consumption. Outsource some of your business functions to be able to better focus on your crucial business activities.

There are various online business tools, such as accounting software and business intelligence software that offer cost-effective business solutions. If you want to know how small business integrated software can solve all your business problems, check out Imprezz.in. Reach out to our customer support team for better guidance and understanding.

Small Business Ideas – Types of Business Ownership

Now that you have known a wide range of small business ideas that can be a massive success in the Indian markets, it’s time to think of how to start your business. You can choose to start solo or opt for different types of ownership sectors at your convenience. Here, we have listed various sectors of business ownership that are a feasible option for Indian small business owners.

Sole Proprietorship

Most business owners prefer operating solo, and that makes sole proprietorship one of the most common types of business practiced in India. As the name indicates, it is a self or individually owned business. The entire responsibility of the company is bestowed on the business owner alone.

You will require INR 500 to register yourself as a sole proprietor. The legal procedures are much easier and help get your business on track in no time. The major drawback of choosing this kind of ownership is finding investors. So, make sure you brilliantly pull off the financial baggage on your shoulders.

Limited Liability Partnership

If you are planning to start your business with multiple partners, you can register your small business under the Limited Liability Partnership. The registration may include a few procedures. You can register as per your respective state government policies. However, few states do not support this type of business ownership.

Businesses that fall under this category involve shared responsibilities that streamline the business workflow. It is comparatively easier to poach investors under this type of business ownership. The limitation of this ownership can be tax compliances as it incurs more tax. However, businesses can claim ITC under various government start-up schemes.

One Person Organization

The One Person Organization (OPO) is usually misunderstood with the Sole Proprietorship organization as both share the synonymic word “one” and “sole”. But the difference is, the one person organizations share the ownership between the owner and a “second director” or “second shareholder”. Both share their responsibilities equally or partially.

The number of directors or shareholders in this kind of business is limited to 15 members. It primarily ensures the safety of the owner under unfavorable circumstances. People involved in this type of ownership are bound to a contract for at least two years from the date of registration. Only Indian citizens can register as a one-person organization.

Other Types of Small Business Ownership

Apart from the ownership types mentioned above, a small business can opt for other options. Usually, they choose the following type of ownership when small businesses plan to expand in various markets. It gives the freedom of having a certain number of shareholders which limits their liabilities.

Private Limited Organization (PVT Ltd)

These are private businesses where shareholders are most likely to be family members. Their shares are not open to the public. They can choose to involve 2 to 50 shareholders in this type of business ownership. These organizations are commonly profit-oriented, where their legal information is entirely private.

Public Limited Organization (PLC Ltd)

These are public businesses where the shares are held open to the public in the stock market to raise the capital. The shares are transferable, and organizations have no limit concerning the number of shareholders. The responsibilities remain limited, but fraudulent risks are higher.

Joint Hindu Family Business

These are business that operates jointly, sharing ownership among family member. Most traditional businesses in India follow this type of business ownership. Legally these businesses are ancestral properties that are mutually owned by the member in a joint family. These businesses can enjoy various tax benefits, unlike any other ownership.

Co-Operative Organization

A set or a group of people who stand together to work towards a common goal usually forms this kind of co-operative organization. These businesses are created with unified objectives and co-operation of members from society. These organizations are often prone to corruption and lack of interest due to minimal liabilities.

Non-Banking Financial Organization

These businesses are financially driven, involving financial services. They operate under the wings of RBI (Reserve Bank of India). Most small banks use under this type of ownership where they provide loans and credits to those in need. A banking license is mandatory to start this sort of business.

Small Business Ideas – Legal Procedures of Registration

1.  Incorporation

Firstly, businesses have to first incorporate or register themselves under the law. As per the various ownership types explained above, you can choose what option best suits your business goals

2.  Documentation

Secondly, business owners will have to sign all the necessary documentation. It includes signing the documents where all the roles and responsibilities of the owner/director are well drafted.

3.  Registration & Licensing

Thirdly, the business has to obtain licenses and registration certificates from the concerned government authorities. Some of the essentials licenses or registration certificates include the following –

• PAN (Permanent Account Number)
• TAN (Taxation Account Number)
• Tax Registration Certificate
• ESIC (Employees’ Insurance)
• VAT (Value Added Tax)
• EPFO (Employees’ Provident Fund Organization)

4.  Trade Marking

Fourthly, businesses are required to have their unique trademark. One has to come up with logos to avoid duplication.

5.  Building Accounting & Taxation System

Lastly, businesses must focus on building their taxation system. One has to either co-operate with CA’s or hire accounting software to streamline and track each transaction. Consult Imprezz.in to rid from the hassles of building and maintaining an ideal accounting and taxation system.

Small Business Ideas – Challenges

Owners most commonly come across various hurdles during the entire life cycle of their business. Depending on the type of business, owners must prepare themselves well in advance to stand against any unfavorable circumstances. Some of the typical business problems are listed below.

• Registration of the Company
• Lack of Finance
• Infrastructure/Business Structure
• Filing GST
• Online GST procedure
• Availability & Utilization of Raw Materials
• Lack of Planning
• Lack of Expertise
• Lack of Marketing
• Lack of Technology

Businesses must follow unified procedures in each of their operations to overcome the expected hurdles. Owners must focus on employing minimum staff and use advanced technology instead of profitable functionalities. It is vital to keep track of expenses to stay ahead of competitors.

5 Way Right Business Software can Skyrocket Your Small Business Ideas Growth

Businesses are primarily focused on running profitably. They emphasize on increasing the efficiency of the business to yield higher outcome. But how do you do that? Modern businesses adopt business intelligence software tools that automate manual operations to increase the efficiency and productivity of the overall industry.

Integrated accounting tools have been helping business owners take their firms to the next level. Here, we have listed five key advantages of hiring business tools.

• Ideal Customer Relationship Management
• Customization of Quotes & Invoices
• Frequent Follow-Up of Sales Leads
• Project Planning & Tracking
• Simplified Workflow

Implementing integrated software is a comprehensive business solution. It makes it a lot easier to handle business operations with a single solution that offers to invoice, quotations, purchase order management, tally, GST accounting, returns filing, digital marketing, etc. Never heard of a software that does it all? You must log in to Imprezz.in, pioneer of accounting software in India.

Conclusion

Starting a small business in India can be an ideal choice considering the scope and size of the market. If you feel stuck at home, do not worry. The above-mentioned ideas for small businesses to set up in India works under all circumstances. They are drafted concerning the ongoing economic crisis and can be launched from the confines of your home.

Today you want to start a business; you want to give your best shot at it. What are you waiting for? Step right in! Launch your small business idea today. Grow your business effectively with Imprezz cloud-based accounting software, one of the best small business solutions for Indian owners. The company has been helping several businesses in India to experience significant growth.

It organizes an efficient workflow and streamlines workhours by limiting the time consumption. Our accounting software might be the best fit for your organizational goals. In case you need assistance regarding starting your business accounting, you can always get in touch with our support team.

We offer a 14 days free trial software program for small businesses in India. Bring your ideas to life, start a business in India, track your expenses, and grow with us.

GST invoice is tax compliance issued on the supply of goods or services by a taxable business or person registered under the GST policies of India. GST invoice format is a sequential arrangement of information; the standardized format is followed by suppliers while issuing invoices to their clients.

Any business issuing tax invoices must be well versed with the GST invoice rules. No business or company shall compromise on the mandatory rules as it plays a vital role in tracking imports, exports, and other taxable services. Issuing GST invoices for each purchase and sales transaction streamlines the processes of GST returns filing and claiming credits.

Alongside, adhering to the GST invoice format enables businesses to gain better working capital. It helps suppliers get paid faster than usual, increasing the credibility of the business. However, understanding GST invoicing’s essentials is crucial for companies to generate error-free invoices and simplify transaction experience.

This article is a comprehensive guide on the GST invoice format. We have structured the invoicing explanations under GST, how to create a GST invoice, mandatory fields, changes, GST invoice rules, GST invoicing generator software in India, and more.

Invoicing Under GST

A transaction is defined as a “supply” on transfer, lease, exchange, rent, disposal, barter, or licensing of goods and services under the GST regime. Tax invoices on transactions must be issued within a specific time frame, as and when these events occur. Thus, taxpayers must issue invoices under certain circumstances, within a particular time as specified below.

• When the goods are being moved – suppliers must issue tax invoices either before or at the time of goods removal.
• When the goods are supplied without being moved – suppliers must issue tax invoices either before delivering goods or when the mentioned goods are made available.
• When there is a consecutive supply of goods – suppliers must issue tax invoices before each transaction.
• When GST is applicable on a reverse charge basis – suppliers must issue tax invoices on the receipt of such goods.
• When the goods are supplied based on approval – suppliers must issue tax invoices six months either before the withdrawal date or before or at the time of such withdrawal.

Likewise, a tax invoice must be issued in case of supplying services within the below mentioned period.

• Suppliers must issue tax invoices within 30 days of providing a service.
• In case of the consecutive supply of services where due dates are undetermined, suppliers must issue tax invoices within 30 days from such due dates.
• In case of the consecutive supply of services where due dates are predetermined, suppliers must issue tax invoices within 30 days from the actual payment date.
• In case of termination, suppliers must issue tax invoices at the time of termination of services supplied.
• For banks and other financial institutions, the due date is 45 days instead of 30 days.

GST registered person or business are usually provided with the GSTIN (GST Identification Number). Thus, it is mandatory for businesses with GSTIN to create and deliver GST invoices to the customers for the supply of goods and services. Likewise, when a person purchases taxable goods or services from a registered person, he/she will receive a GST compliant invoice from the supplier.

How to Create GST Invoices?

The government has standardized the GST invoice format for taxpayers across India. The mandatory fields of the standardized format are discussed below. It is ideal for adhering to these essentials as your ITC largely depends on corrective reporting and invoice numbering.

Numbering invoice forms are vital; serial numbers play a significant role in matching or mismatching the invoices. It enables a hassle-free, consistent credit flow.

Essentials of GST Invoice Format

A tax invoice is issued, aiming to charge the applicable taxes and claim ITC. To ease the compliance processes, the government has notified a standardized GST invoice format. It includes –

1. Information of the Taxpayer

• Supplier’s identity
• Full name of the supplier as indicated in the Permanent Address Number (PAN) card
• For registered businesses, it is mandatory to insert the company logo on top of the invoice format
• PAN number of the taxpayer or business
• GSTIN of the taxpayer or business

2. Shipping Address

• Place of supply of goods and services, the address must be mentioned.
• When the billing address is different from the shipping address, both the billing and the shipping addresses must be mentioned.

3. Buyer’s Information

• Name of the buyer registered under GST
• Address of the buyer
• GSTIN of the buyer
• PAN number of the buyer

4. HSN Code /SAC Code

5. GSTIN (Goods and Services Tax Identification Number)

GSTIN enables the government to track the type of goods or services supplied in the country. It is one of the required mandatory fields of GST invoicing as it determines if a business is eligible to claim ITC.

6. Invoice Number

Sequentially numbering invoices enables taxpayers to track bills as and when required.

7. Invoice Date

The date of the issue of goods and services

8. Type of GST

• UTGST: Union territory Goods and Services Tax
• IGST: Integrated Goods and Services Tax
• CGST: Central Goods and Services Tax
• SGST: State Goods and Services Tax

9. Rate of GST

0%, 5%, 12%, 18%, and 28% are the various tax rates applicable to taxable goods and services.

The tax rates applicable to the supplied goods and services depends on the GSTIN mentioned in the invoice.

10. Description of Goods and Services Supplied

• The standard name of the product or service provided
• Quantity of the goods or services provided
• The rate of amount for goods or services provided
• The cumulative amount of the supplied goods or services that are taxable

11. Extra Charges (if any)

• Shipping charges
• Traveling charges
• Additional Service charges

12. Terms and Conditions (if any)

13. Copy of Invoices

In the case of the supply of goods, businesses have to issue three copies of invoices. It includes –

• Original copy: it is the main invoice provided by a supplier to the buyer.
• Duplicate copy: it is the copy that is provided by the supplier to the person in charge of delivering the product or service.
• Triplicate copy: it is the copy retained by the supplier in case of future requirements as evidence of the transaction.

In case of a supply of a service, businesses have to issue two copies of invoices. It includes the original and the duplicate copy.

14. The Value of Amount

The total invoice amount must be mentioned in words. It helps avoid the manipulation of the total amount in numbers.

15. Digital Signature/Manual Signature

Any invoice is considered invalid without the signature of the supplier or the concerned taxpayer. Invoices must be either digitally or manually signed at the end, right under the total invoice amount in words.

16. Bank Details

Lastly, one of the essential fields of the GST invoice is bank details. Businesses get paid faster by enabling transaction modes on tax invoices.

Above mentioned essentials are the fundamental and mandatory fields on GST invoice format. However, most businesses provide additional information as per their convenience. It may include discounts, occasional PO (purchase order), invoice due, size, material description, email, contact details, etc.

Latest Changes in GST Invoice Format of India

It’s only been a decade since the implementation of GST in India. The government has brought several changes and reforms to streamline the taxation system and tax calculation in India. However, when India was getting on track with GST invoicing, the COVID-19 pandemic has forced the government to make some exceptions.

The latest changes in GST invoicing strive to achieve a comparatively larger number of registered taxpayers in the nation. Here we have coupled some of the latest changes that are to be adopted by the taxpayers.

• The government is mainly aiming to digitalize the process of returns filing to avoid taxation confusion and manual errors.
• To simplify the returns filing system and synchronize tax data, the GST council has mandated to file e-invoices.
• Once invoices, returns, or ITC tax data are uploaded on the Invoice Registration Portal (IRP), it automatically generates the Invoice Reference Number (IRN). It systematically aligns invoice data that enables the government to keep track of each transaction.
• The advanced process generates QR code and unique invoice registration numbers that enable taxpayers to claim returns with zero hassles.
• To experience consistency in taxation and returns filing, businesses or taxpayers must complete and upload GST compliances on the IRP.

The Indian government has notified various relations and tax measures for taxpayers registered under GST. Thus, there have been crucial changes in the GST invoice format, aiming to improve the returns filing system amid the ongoing economic crisis.

What is the Minimum Amount Requirement to Issue GST Invoice?

No tax invoice is required when the value of the goods or services supplied is less than INR 200. GST invoicing is not applicable under the following circumstances.

• In case goods or services are supplied to a non-registered recipient.
• In case the recipient does not request an invoice (if requested, it must be issued).

However, aggregate invoice or consolidated tax compliance must be generated at the end of each day on supplies for which a tax invoice has not been issued.

Common Invoicing Alternatives Under GST Invoice Format

Businesses or taxpayers can, at times, issue alternative tax invoices. Here are some of the common invoicing alternatives under GST as per the specifications of the GST council.

1. Reverse Charge Invoice

If a registered person purchases from an “unregistered supplier,” the recipient is liable to pay the tax. The recipient must issue an invoice on the date of the supply of such goods or services.

2. Receipt Voucher

In the event of receiving advance payment for supply, a registered merchant must issue a receipt voucher for the recipient’s advance amount.

3. Export Invoice

GST under exports varies slightly; the format of registration is different as taxpayers must obtain the Import Export Code (IEC). The format also quotes PAN (Permanent Account Number), which is legalized as a symbol of import and export by DGFT (The Directorate General of Foreign Trade).

Documentation and GST return filing procedures remain the same as per the standardized GST rules when you export under GST. However, the information drafted in the invoice for supplies made to a foreign country has a different GST invoice format. Invoice statements must include the respective country’s currency. Likewise, few other minor translations must be provided by the supplier.

GST Invoice Format for Exports

The export invoice must contain the following changes in addition to the information drafted in the standardized tax invoice.

• The supplier must include the LUT (letter of undertaking). It exempts the taxpayers from paying IGST and enables them to claim a refund on ITC purchases.
• The invoices must include both Indian (INR) and the client’s country’s currency in all three copies of invoices generated.
• It is mandatory to mention the client’s address in the invoices.
• The type of export has to be specified in the invoice. The invoice must contain the phrase “Supply planned for exports with IGST payment under the Special Economic Zone (SEZ)” or “Supply planned for exports without IGST payment under the LUT.”

4. Delivery Challan

A Delivery challan has to be issued while handling special deliveries, such as –

• The supply of liquefied gas, in which the quantity is unknown at the time it is withdrawn from the supplier’s registered office.
• Foreign transport of goods for professional work.
• Foreign transport of goods for reasons other than supply.
• Any other notified supply.

5. Debit Note / Credit Note

To review the taxable value or GST charged on an invoice, the supplier must issue a debit note, a supplementary invoice, or a credit note.

Debit Note / Supplementary Invoice

It is issued by the supplier to record increased taxable value or GST charges of the original invoice.

Credit Note

It is issued by the supplier to record decreased taxable value or GST charges of the original invoice. The credit note must be issued no later than September 30, after the end of the financial year in which the supply was made or the filing date of the corresponding annual return, whichever occurs first.

Debit notes, supplementary invoices, and credit notes must include the following details furnished below:

• Whether it is a “revised invoice” or a “supplementary invoice,” the document’s nature has to be specified.
• Supplier’s name, address, and GSTIN number.
• The numbering of these notes is mandatory. The consecutive serial numbers must contain either an alphanumeric character, numbers, special characters, dash, or a slash that is unique for each fiscal year.
• The date on which the document was issued.
• Name, address, and GSTIN / UID of the recipient (if the recipient is a registered taxpayer).
• Recipient’s name, address, and delivery address, with the name and code of the respective state (if the recipient is not registered).
• The serial number and date of the bill of supply or the original tax invoice.
• The taxable value of the goods or services supplied. It must include the tax rate and tax amount credited or debited to the recipient.
• A signature or digital signature of the supplier or an authorized representative.

6. Bill of Supply

A registered supplier can issue a bill of supply under the following circumstances.

• Supply of goods or services that are exempted.
• The supplier is a registered taxpayer under the composition scheme.

Salient Features of GST Invoice Rules

Only registered taxpayers or businesses can issue the GST invoice. It is not necessary to give a tax invoice if a business complies under other taxation rules. However, as per the current GST invoice rules, suppliers can provide an alternative for the GST invoice in such cases.

Best GST Invoice Generator Software in India

After years of deliberation, the government has finally streamlined the GST taxation system in India. Since the development of GST, companies have introduced GST billing software to automate invoicing and return filing as per the prescribed GST rules. Most GST invoicing software available in the market comes with the standard software packages.

Best GST accounting software offers several advantages over manual invoicing. Here are some of the unique Imprezz features that you must look for in the best GST software.

• Integrated Software System
• User-Friendly Interface
• Cloud Security
• Remote Access
• Automation
• Customization
• Single-Dashboard
• Tax Calculation
• Import/Export of Financial Data
• Customer Support

Several companies offer free invoicing; however, the utility and features of such software are inferior. Taxpayers invoicing with a GST software must pay a license fee to use advanced features.

Conclusion

Adhering to the taxation policies is vital to create and empower convenient work experience. Taxpayers must adhere to the standardized GST invoice format to avoid taxation problems. To ease tax compliance, several companies across India offer GST invoicing software. You can avail of the seamless flow of credit and maintain your accounts effectively with proper formatting.

Imprezz GST invoicing software offers a robust IT system that enables businesses to manage purchases and sales. It provides various features, such as purchase order management, tally integration, import functions, etc. Streamline your GST accounting with our integrated software. The efficacy of the software eradicates the collaterals, such as time consumption and manual errors.

With the onset of GST, it is an alarming time to adapt to GST accounting. If not, non-compliances under the current GST regime might result in credit loss. Imprezz is India’s pioneer of accounting software that has been successfully helping businesses stay GST compliant.

We offer a 14 days free trial software program for small businesses in India. Stay GST compliant with us!

What does the word “accounting” refer to? Accounting is a method or a process of managing and reporting the overall financial sheet of an organization. It is also referred to as bookkeeping in general narratives. It includes basic accounting principles wherein tasks such as analyzing, recording, managing, and assisting the financial structure is carried out in an institution.

It is one of the vital operations of a business. It helps keep track of each transaction and ensures healthy cash flow and account management. It plays a crucial role in uplifting the right information that enables business owners to make decisions with the utmost confidence.

Are you a beginner struggling with accounting tasks? In this article, we will walk you through basic accounting principles that will help you get started with accounting right away. This article reads a few Basic Accounting Principles that any beginner in the field of accounting should know.

Would you believe it, that you need not be an expert in accounting to be able to manage it all? Learn basic accounting; read further to know more!

Basic Accounting Principles

Accounting principles are standardized ideas or a specific set of rules. It has to be followed by bookkeepers or accountants who perform accounting in a business involving any transactions. The standard accounting principles practiced in India are given by Indian Accounting Standard (IndAS).

Accounting principles in India have been continually helping the country reform the accounting and taxation system. It has made it easier for the government to ensure consistent achievements in the accounting department. Standardized rules ease the readability between two entities and enable them to experience smooth transaction quality.

Do you want to be able to manage accounting tasks like a pro? Subscribe to Imprezz.in, leading accounting software in India. Be a pro while you are still a beginner. Start accounting as per the standardized accounting principles. Stay GST compliant and succeed amid your competitors. Visit the official website for comprehensive pricing packages.

Main Terminologies in Accounting

Income Statement

Income statement dominantly deals with the generation of revenue amount gained by a business. Alongside this, it also deals with the expenses that are necessary to bring in that revenue to the company. An income statement can be generated weekly, monthly, or annually depending upon the owner’s business requirements.

An income statement helps business owners and accountants generate the net-profit using the financial documenting of the institution. It also helps develop the expenses met to bring in creating revenue that further increases the profitability during the business period of the company.

Balance Sheet

A balance sheet, as directed by the name, is a statement generated by an accountant that is used to achieve a balance in the company’s assets that are enduring after transactions that occur during a certain business period.

The balance sheet helps enhance the overall credibility of the business at the end of all the transactions that take place in a month or a year. It mirrors the exact liability and equity of the stakeholders in the vision of improvements.

Financial Statement

The financial statement is the backbone of a business as it projects each economic operation that occurs throughout a business’s lifecycle. It helps business owners generate and record the transactions and financial compliances of all the entities engaged with the company.

A financial statement enables businesses to record the financial structure of profits, losses, investments, invoices, taxes paid, ITC claims, etc. It is imperative as it acts as a deciding factor of a business’s existence.

Basic Accounting Concepts

Accounting is a significant component of any business. Managing accounting tasks effectively helps gain new investors, clients, and expand the budget. Successful business accounting enables business owners to retain current employees. However, accounting requirements vary from one business to another.

Not all accounting methods work well for a business or industry. If you want to know which accounting methods best suits your business type, it is vital to understand various accounting types. Professionals can choose to specialize in strategies that best suit their organizational goals.

Below, we have coupled various accounting methods that might help professionals and businesses work effectively.

Financial Accounting

Financial accounting is a type of accounting that involves the numerical value analysis of the business’s cash flow. It typically processes the generation of the financial statement that is audited annually.

Annual financial statements of any business involve the summarized sheet of transactions that occurs throughout an accountable business period. It is also engaged in the overall management of bills, create invoices, GST taxes, and transactions that measures the credibility of a business.

An annual financial accounting statement must be provided by a Certified Professional Accountant (CPA). It acts as evidence that validates the terms of legal influence concerning the government and its taxation policies.

Annual audits are also performed externally in specific to have a bridge of assurance between the investors/lenders and the company, in case of the debt compliance. Thus, the annual financial statement is a mandatory process that every business must organize periodically.

The department of accounting concerning financial statements is generally managed by a certified Financial Accountant (CFA)/Chartered Accountant (CA), who is typically known best for the designation or a bookkeeper in small invested companies.

Managerial Accounting

The financial accounting statement generated to achieve management related tasks of a business is known as managerial accounting. It utilizes the inputs provided by a financial accountant (as mentioned above), to support the decision-making process of a business.

It specifically concentrates on the areas of a business that include budget management, generation of investment flowcharts, the profits or losses gained in a business period, etc.,

A Certified Management Accountant (CMA), uses the annual financial statement of a company to generate an annual or quarterly based report of a business. It is used as an informative tool to predict the performance of the business or to foresee the futuristic performance stats.

Cost Accounting

Cost accounting is more of a cost-based accounting where the CMA, FA, business owners, analysts, etc., use the relevant inputs to decide the value of goods or services offered. Generally, cost accounting is misguided to be a synonym of financial accounting as both deals with the numerical values of the products or services provided.

However, the reality is that financial accounting is a result of the economic credibility of the business. Wherein, cost accounting determines the economic credibility of a company by using the outcome of financial accounting and managerial accounting.

Auditing

Auditing is one of the vital types of accounting that provides credibility to financial statements. It ensures that the data provided to the shareholders are accurate and true. Both internal and external accounting are categorized under public accounting.

External auditing allows businesses to present financial statements to a third party. A third party usually provides economic feedbacks as financial statements are an exact representation of GAAP.

Internal auditing defines the effectiveness of the auditing processes. It helps an auditor review the responsibilities of an employee, manage policies, and approve procedures concerning various projects. The feedback provided allows businesses to turn into a profitable and efficient unit.

Tax Accounting

Tax accounting enables the business to remain compliant with appropriate tax coding while filing annually. It allows business owners to foresee and plan future return filing. It helps taxpayers rid of the compliance burden, helping them to understand the implications of decisions concerning the taxes. Usually, businesses either hire a tax accountant or implement an invoice generator software to streamline financial recording.

Accounting Information System

An accounting information system ensures effective management of accounting procedures. It helps the business owner to update their technology on time. It makes it easier for the employees to monitor the existing system that determines the successful production of the organization within the given timeframe. The accounting information system helps take effective decisions concerning the IT department that instills continuous tech processes.

Fiduciary Accounting

Fiduciary accounting enables businesses to outsource accounting procedures. Individuals entrusted to handle the financial accounts are obligated to manage operations on behalf of clients concerning real estate, investments, funds, etc. You can easily rely on them to provide accurate financial information to your clients, including the accounts summary, scheduled receipts, losses, gains, and assets that are at their disposal.

Forensic Accounting

Forensic accounting deals with the reconfiguration of financial information of a business. It notifies if a report is not available to review. Forensic accounting aims to accumulate all financial information and accurately record credits, debits, and cash transactions in the annual financial statements. Professionals who deal with forensic accounting work on legal procedures involving claims, frauds, and disputes.

Public Accounting

Public accounting is adopted by businesses that deal with clients that require financial advice concerning their unique accounting requirements. Public accounting assists the processes of auditing and tax returns. It enables enterprises to make legal decisions. You can tailor the procedures of technology installation under public accounting.

Government Accounting

Government accounting enables businesses to make financial planning and resource allocation concerning the federal, state, and local governments. It is the type of accounting that ensures that the accounting standards adopted by a business complies with the Government Accounting Standards Board (GASB). GASB is responsible for the significant development of accounting procedures in a state or local government. It helps monitor the government budget and budget allocation.

Note: Accounting principles are entirely different from that of accounting policies. The difference is that the accounting policies can be defined as the rules followed by using the above accounting principles to each product or services provided that are generated under the GST policies of the nation.

Several modern businesses, especially the small industries, prefer using accounting software to rid of the accounting hassles. Cloud accounting automates various aspects of accounting adhering to the standardized policies and taxation rules. Imprezz.in is integrated software that has been helping small businesses with multiple accounting features. Log in to experience hassle-free accounting.

The Basic Accounting Principles for Beginners

Accounting principles are a set of rules and guidelines that a business must follow while reporting the financial data. In India, basic principles determine the entire suite of accounting standards. Here, we have furnished some of the most popular accounting principles that are vital for small businesses in India.

Principle of Consistency

Any accountant or a person designated to manage accounting activities should be well aware of the principles that he/she adapts. Once a business implements certain principles, they have to be constant with it, unless, a well-recognized and better functional principle stops by the way.

Changing the principles based on personal opinions might cause severe obstacles in the readability between the entities. As long as transactions are concerned, it will be jeopardized with the complications that might arise.

Principle of Accuracy

As mentioned above, money is an asset that nobody wants to jeopardize. Thus, an accountant or business owner must focus on streamlining the invoicing process at the initial stages. Otherwise, they might have to face the consequences where minor errors might hurt the actual cashflow.

Principle of Revenue

Businesses must adhere to the revenue recognition principle while establishing GST compliances. An income is generated while passing on the ownership of a taxable product to another entity. No business can merely accumulate income by receiving money; a transaction must be carried out as per the guiding principles.

Principle of Costing

The principle of costing eradicated the clog created by the misassumptions concerning the “costs” and “values”. Cost is the actual price of a product, wherein, value is the current price of the work that might be increased or decreased compared to the original cost. It usually depends on the demand of the product under the “present scenarios”.

The principle of costing determines an accountant’s actions. One must always mention the historically recorded costs on any asset/product while generating the statement of assets. It helps get rid of the confusion in understanding the asset’s value.

Principle of Full Disclosure

The principle of disclosure states an accountant to disclose/mention each transaction strategy completely. The disclosure aims at providing accurate information to stakeholders, costumers, investors, and other readers of the financial statement. Mishandling financial information and statements can create chaos that might lead to legal procedures of fraud. Thus, businesses adhere to the principle of disclosure to avoid any such consequences.

Principle of Matching

The principle of matching is a generally accepted accounting principle that binds the accountant to follow a particular method of accounting. It ensures that the financial details recorded are generated despite occasional changes under the vision of accounting improvements. The principle of accounting aims to avoid the errors entailing the financial statement or reports.

Principle of Conservatism

The principle of conservatism ensures that businesses pay attention to the possible losses that might occur in the compliances. It helps a business owner to foresee and anticipate the potential complications.

The principle of accounting can be adopted in reporting procedures that involve more than one solution for generating a financial statement. Yet, an accountant can never hinder any possible way of presenting the statement to its owner as he/she is the final decision maker of any deal.

It is essential to have that statement of possible losses to overcome the losses if any within a manageable time. Whereas the profit gained, the statement can be issued once assured, because it’s the losses that need repairs.

Principle of Ongoing Concern

The principle of ongoing concern is also known as the “Non-Death Principle” according to the Indian standards of accounting. The principle mainly ensures a company’s existence and functionality without a predefined end date.

It means according to this principle; it assures that a business continues to exist unless and until the owner of the company discloses the probability of having it closed due to the financial breakdown (if any).

The principle of ongoing concern enables accountants to study the financial statements of the business at any time. Thus, by following this principle, an account can forecast the possibilities of the business’s existence in days to come.

Principle of Economic Entity

The principle of economic entity supports accountants to manage financial statements of the business effectively. It ensures that there are no misinterpretations of the owner’s liabilities with that of the business’s assets.

The principle dictates an accountant to maintain different bank accounts and financial records of an owner and his/her business, respectively. The principle of economic entity determines rules that create a borderline between personal and professional life, ensuring strong work ethics in a small or large-scale business.

Principle of Reliability

The principle of reliability is an ethical or legal principle that deals with financial information in the business statements. It helps verify the linked evidence certified by the designated person. It ensures that a business is transparent towards its clients and taxation policies.

Conclusion

Basic accounting principles play a vital role in ensuring the profitability of a business as it eradicates all the possible mistakes that can occur in the accounting procedures. The principles mentioned above are incorporated in various accounting frameworks. It enables the accounting standard to govern and treat the reporting of transactions.

Imprezz.in has trusted accounting software that ensures that the basic accounting principles in business are met accordingly. It streamlines the accounting procedures and helps business owners to operate smoothly. You can now be a pro accountant with basic accounting knowledge, switch to Imprezz invoicing software. Let us run the errands for you while you take care of other business activities.

Imprezz is an all-inclusive best GST billing software that enables you to create GST invoices, financial statement records, quotations, and more. It is an ideal solution over manual accounting.  Rest assured with our billing software. We offer a 14 days free trial software program for businesses in India. Start your basic accounting today.

The best GST billing software is a business tool that any small, medium or large-scale businesses must implement to effectively manage operations and facilities. It not only increases the potential credibility of an organization but also eradicates the errors or complications that are generally accompanied by the traditional (manual) billing methods.

Only 7% of the total population in India are registered taxpayers. Businesses, especially in India, have inadequate knowledge concerning the GST billing software. However, a significant increase in SMEs in the nation has dramatically changed how businesses operate over the past two years. Most modern businesses in India are updated and use advanced technology to upscale their growth.

Despite adopting a systematic approach towards business functionalities, several businesses face issues concerning GST related invoices, returns, claims, compliance forms, and other finance-related functions. Not many business owners are well aware of the GST updates, including various vital aspects of return filing – for instance, GSTIN, HSN, SAC, tax calculations, varying tax rates, etc. No business can afford to commit errors regarding these aspects; it may lead to severe consequences like IT (Income Tax) raid or Tax fine.

Implementing the best GST accounting software can counter all these issues in no time. The conventional software comes with automated features that accounting professionals or business owners can easily understand and use. You need not be an expert in accounting to be able to do all the accounting tasks. With minimum technical knowledge, you can keep your business on track, avoid delay in payments from clients, GST returns filling, etc.

In this article, we will walk you through the vital features that your billing software must-have. Please make sure you only implement software that saves time and not waste it. Are you looking for a cost-efficient GST billing software that can manage all your financial data? Subscribe to Imprezz.in. Read this article to know what unique feature Imprezz.in offers.

GST Billing Software – Top Features

Tax Calculations

Being a taxpayer, understanding the taxation system can be confusing at times. There are different rates of GST for various products and services. Thus, taxpayers often struggle with multiple forms of GST, such as CGST, SGST, UTGST, IGST.

The on-going economic crisis has led to various changes in the taxation format and policies. Most taxpayers find it complicated to file GST returns. Implementing a GST billing software can rid you of all the taxation hassles. Imprezz accounting software comes updated as per the changes notified by the government. Provided the right inputs, the software calculates tax and file returns in just a few clicks with zero errors.

Implementing the right accounting software can help reduce your confusion. Error-free tax calculations will simultaneously help increase the productivity of your business. To know more about GST updates and relaxations, you can visit Imprezz.in. We provide comprehensive guides to ease the burden of taxpaying for business owners, accountants, freelancers, and other SME’s.

GST E-Invoice Generation

E-invoicing under GST is now mandatory for businesses. All goods and services registered under GST must have records of transactions. Precisely, the invoices issued by a seller to a receiver must be GST compliant.

E-invoicing can be carried out through GST invoice generator software; it generates and sends invoices per the taxation policy. Issuing invoices through accounting software provides flexibility in appearance, personalized according to the company’s theme.

You can issue and record multiple GST e-invoices easily, saving time, and workforce. The accounting software, like Imprezz.in, helps your business remain GST compliant as it stays relevant and updated as per the GST law. Issue invoices as per the updated E-invoice format; subscribe to Imprezz, leading accounting software in India.

Integration

Due to frequent changes in the nation’s taxing policies, the taxpayers have to deal with a lot of confusion when filing the reports concerning GST, GST returns, ITC claims, etc. The forms must be filed to the concerned departments, monthly, quarterly, and annually.

The forms should be filed in specific formats specified as per the GST law. Your GST accounting software should be able to import accounting data and generate reports. Instead of implementing multiple software to manage various accounting functions, you can now switch to Imprezz.in.

The software offers tally integration for effective reports management. The import function enables business owners to import files in just a few clicks. The software also provides Purchase order management tools that accelerate the PO lifecycle.

ITC Synchronization

Taxpayers are eligible to claim Input Tax Credits for GST paid on inward supplies. ITC can be claimed if suppliers file GST tax returns periodically without fail. Thus, your GST accounting software must be able to record each transaction and supplier invoices under the same system.

Imprezz accounting software helps calculate the ITC accurately by synchronizing multiple records. It automatically notifies unsynchronized reports so you can take immediate measures to resolve them. Thus, ITC synchronization is one of the vital features you must look for in accounting software.

Cloud Storage

Data storage is vital for any business. Accounting software must provide an adequate storage facility that is reliable. Under unfavorable circumstances, business owners must be able to restore financial data with backup options. For any business, crucial operations are dependent on their finances. Thus, no business can afford to lose financial data.

Cloud accounting software not only provides data storage and backup facilities but also ensures that all your financial data remains synced under one system. Using cloud software enables you to access all your financial data with just a click. You can create invoices, edit formats, send quotations or manage GST related accounting tasks from anywhere, anytime.

Having cloud storage and the facility is a great advantage. Imprezz automates accounting functions and eases the burden of account management. The single database storage and access also enable business owners to control the data access as per their requirements.

Code Reference

In the Indian taxing culture, a supplier’s goods and services are classified through the Harmonized System of Nomenclature Code (HSN Code). The code is provided on all goods and services sold, irrespective of its type. Thus, issuing GST invoices to recipients is obligatory under the current taxation system.

Businesses issue several invoices every month. In such a case, it is time-consuming and challenging to search for each code manually. You will be lost in papers for hours or days. Wherein, implementing an Imprezz GST accounting software can do this job for you in a single click of a button. Each invoice code is synced with the goods and services you provide.

Data Security

Businesses are often prone to financial frauds wherein their business data is hacked or destroyed. Sometimes, having a flawed software system can cause system malfunctioning due to virus pop-ups. In today’s competitive world, business data is equally valuable as that of the financial value. Loopholes in data security can result in loss of time, money, and efforts.

Therefore, implementing the right GST billing software helps create a safer business environment. Choose software that provides cloud security that comes with a password, access code, and special UPI codes for banking sectors. Imprezz.in is an antivirus guaranteed software that ensures high-end data security.

User – Friendly Interface

Not many small business owners are tech-savvy, nor do they have efficient resources to hire someone who can handle it for them. Modern accounting software is built to rid business owners off from the technical hassles.

For instance, Imprezz accounting software automates technical functions, allowing users to manage to account from the tip of their fingers. Businesses can now operate effectively and achieve desired financial results with the necessary computer skills.

Cost-effective

Businesses, irrespective of their scale, require accounting software to track each transaction. It is vital to choose a software that best suits your business goals. Cost is one of the crucial factors to consider while making this decision.

Usually, the desktop version of GST accounting software is a bit expensive. Although free GST accounting software in India offer good deals, they provide restricted features. Good news? Imprezz.in offers desktop version at cost-effective pricing plans. Visit the official website to know more.

Customer service

GST taxation culture is a recent implementation, and people are slowly adapting to the government’s changes and improvements. Not many taxpayers are well-versed with accounting activities, especially GST and taxation.

Thus, choosing an updated and useful accounting software as per the recent amendments is significant for businesses. Select the best GST billing software that offers customer support round the clock. Subscribe to Imprezz.in for 24*7 customer support, manual user guides, webinars, and more.

Conclusion

Not many accounting software are well aware of the diverse business requirements. Designing an all-inclusive GST software requires an in-depth knowledge of various facilities that are to be offered. It is vital to ensure that the accounting features mentioned above have an undisturbed road to success.

Imprezz GST accounting software is one of the leading pioneers in India. We are an Indian invoicing software designed to make various accounting ends meet for small businesses. We are an integrated platform offering features to generate GST invoices, quotations, billings, tax calculation, cloud accounting, etc.

Subscribe to Imprezz.in, have un-interrupted experience in your business management. We offer a 14 days free trial software program for small businesses in India. Start GST accounting today!

The scope for small businesses and start-ups has been exceptionally increasing globally over the last few decades. In a developing country like India, the idea of small business growth is often ignored due to the massive population. But, is it possible for any business, large or small, to sustain without an ideal customer base that appreciates the goods and services provided?

However, with the emergence of “Make in India,” the country is eventually aiming to march towards creating a self-reliant economy. Thus, young and innovative minds can now hustle towards revolutionizing the business environment in the country. The government is striving to uplift small businesses by providing profitable financial schemes and support.

This article will walk you through profitable ideas for small businesses, their challenges, incites, and business solution.

Exciting Ideas For A Small Business To Set Up In India – Challenges

Starting a venture of your own is like bringing your ideas into life. Often, people confuse themselves with a cluster of ideas and improper investment plans. Many struggling founders quit before joining the hustle due to a lack of direction.

Besides having a precise idea, you need to be determined and confident to start a small business. Here, we have coupled small profitable businesses ideas that you can kick start with a low investment cost.

Culinary & Cuisine

India is widely popular for its zesty seasonings, authentic desi cuisines, and aromatic spices. The flavor of each cuisine is vibrant and varies with locality due to diversified geology, soil type, and agricultural practices.

Trying new cuisines and appetizing recipes can never go out of trend. Thus, culinary innovations have no limits. If you are a person who is passionate about innovating recipes, you can kick start your dreams with a culinary blog. You can earn good money with a minimum investment.

Are you an exceptional cook? If yes, you can invest in a small catering business. All it requires is a little space. Better yet, start delivering from the confines of your home. You can always tie-up with a delivery service provider or be your superfast delivery agent. Besides, all you need to work on is your cooking skills, managing skills, and acquiring adequate resources.

Challenges Faced by Small Culinary & Cuisine Business Owners

Cleanliness is a prominent factor to consider while setting up a small hotel or food service business. Maintaining hygiene plays a significant role in retaining customers. Neglecting or failing to maintain cleanliness can put your business on the stake or worse, your business could get banned by the health and food safety department.

In case you have decided to establish your culinary place, make sure you make the acceptable use of food resources. Do not waste what is left over. Instead, serve it to people in need; you can be a small contributor in a country fighting against poverty and hunger.

Candle & Incense Sticks Manufacturing

Manufacturing products like candles and incense sticks require fewer raw materials than other small business ideas in India. Better yet, these products can be manufactured in the comfort of your home.

All it requires is wax, colors, perfumed oils (if needed), thread, and molds when it comes to manufacturing candles. Candles are grouped among products that are fast-moving in the market. Be it for lighting or merely showcasing, candles get sold like hotcakes.

On the other hand, manufacturing incense sticks requires local bamboo sticks, perfumes (rose, jasmine, lavender, or any preferable scent), paste either made of charcoal or sawdust package labels.

Candles and incense sticks are the products that are frequently used, not just in India but also worldwide. It can open doors for small businesses to feed large industries involved in international exports. Besides, in a secular country like India, these products are essential for religious offerings.

Thus, it can be considered one of India’s most profitable and fast running small businesses. If you have an investment capital anywhere around RS. 20,000 to RS. 30,000, you can safely invest in manufacturing either one or both products.

Challenges Faced by Small Manufacturers of Candles & Incense Sticks

The amount of risk associated with manufacturing incense sticks and candles is minimal. All you need to ensure is quality manufacturing and target sales.

Marketing Business

A marketing agency is a third-party business where you need not worry about raw materials, manufacturing, or machinery investments. You are only selling your time and skills. Your service is centered on your abilities to market your client’s products or services.

You are your investment; there is no capital requirement to start as a freelance marketing agent. Once you acquire a firm client base through word of mouth, you can widen your horizons through building an application or website to sell your services. You can grow and create ample opportunities for several other businesses.

Are you not sure if you are a great marketer? Look within, find out what are your best skill sets. There is an excellent scope for freelance agents. You can be an accountant, graphic designer, software developer, or website manager/developer. Keep exploring until you find what best suits your lifestyle and skill set.

In a technologically driven world, several youngsters are aspired to work, and they start with either smartphones or laptops. Many young influencers use their social media platforms to market products and services effectively. Quality content on social media works like magic.

Challenges Faced by Marketing Agents

Marketing may not be everybody’s cup of tea. At times, creating traffic can be tricky. Marketers hustle days and nights to create demand before targeting sales. Because generating leads is crucial to develop efficient sales. As a marketer or any freelance agent, you require key skill sets to take your client’s business to the next level.

Fashion Designing & Tailoring

Are you a creative person? Do you love designing fashion accessories? Better yet, do you have a degree in fashion designing? India is an ideal place to kick start your dream of being a great designer. It is a perfect place to find inexpensive yet alluring raw material for clothing and other fashion accessories. Be it cotton, jute, silk, or otherwise, India is one of these raw materials’ largest exporters.

The massive availability of raw materials makes it cheaper when compared to the rates in other countries. The demand for embroidery, lacing, hand-stitched, and other crafting work on apparel is higher in India and outside. As an Indian, you can travel to ethnical cities, explore folklore designs and prints, to create apparels inspired by the same.

You can easily start with an investment capital around RS. 50000 to RS. 1,00,000. You can always boost your sales through social media marketing and online selling/e-commerce platforms. If you want to start with a low budget, you can get yourself a sewing machine and start creating wonderful outfits from your home.

Alongside planning to start as a fashion designer or a tailor, you will also have to educate yourself about the various clothing materials trending in the market. Your creativity plays a vital role in creating eye-catching dress pieces. When you start doing slightly better with your orders, you can focus on branding your small business.

Challenges Faced by Fashion Designers & Tailors

Businesses that are involved in designing or stitching apparels and fashion accessories are usually in demand. In a fast-paced world where people blindly consume frozen food over what is fresh and healthy just to save themselves some time, the slower you operate, you will lose your customers.

Artificial Intelligence

Artificial intelligence has been revolutionizing the day to day operations in ways humans never imagined before. The gaining popularity and demand for AI advancements make it one of India’s best ideas and start-ups. All you need to excel in this field is quality of service, providing accurate solutions to counter the toughest of problems.

Machine learning is the central backbone of AI businesses. However, it is not an “all set to start instantly” sort of a business plan. It requires persistence, determination, patience, and passion for creating an advanced AI product or service. You will have to be an expert in computer technology and programming.

A great entrepreneur is the one that can innovate under AI to create something that counters people’s problems. Several such entrepreneurs are encouraged by the government, where they can claim up to 50% of the investment that goes into creating an AI product.

Challenges Faced by Small Businesses Driven by AI

There are several loopholes that you might have to deal with while coming up with an AI product. Minute loopholes can lead to significant security problems. Be it smartphones or auto train engines; you cannot afford to operate with drawbacks. Thus, accuracy is the key to successfully launching an AI innovation. Prioritize accuracy in productivity over spending hours only to achieve a primary outcome.

Manufacturing Jute Bags

As you all may have seen, people are consciously adopting an eco-friendly lifestyle. Plastics have been banned in several countries to support the green world. Thus, creating an excellent opportunity for jute bags in manufacturing industries. If you are a budding entrepreneur who wants to create a better world to live in, you can start with small scale manufacturing of jute bags and other jute products.

The investment required to start this business might cost anywhere around RS. 50,000 to RS. 1,00,000. India is one of the largest manufacturers of jute across the globe. If you have ever been to cities like Chennai, Mumbai, Bangalore, and hilly regions of Western Ghats or Himalayas, you will often find old-fashioned jute bag weavers.

While the world is rapidly shifting towards eco-friendly products, jute bag manufacturing can be an excellent idea for India’s small businesses. Rural labor availability and skills make it cheaper to manufacture this product. The manufacturing of the same can bring you a fortune while you also work for a social cause. By starting this business, you can empower rural laborers as well.

Challenges Faced by Jute Bag Manufacturers

Manufacturing of jute bags can only be done manually. It may cost you a lot of time and manual effort. You can adapt weaving machinery to rid of this issue as employing many labors can be an effort demanding job for you.

Government Schemes that Support the Ideas for Small Business in India – Incites

The government of India has notified various schemes aiming to empower new and young entrepreneurs of the country. Have you been second-guessing your idea for small businesses due to a lack of investment? We have coupled a shortlist of government schemes that might be significant financial support for you and your new business.

M-SIPS: Modified Special Incentive Package Scheme

Under this scheme, manufacturers and designers of electronics are supported by the electronics and information technology. In case small business owners plan to set up their venture under this scheme, they can leverage subsidies up to 25%. The scheme applies to all businesses that primarily deal with electronics.

The Venture Capital Assistance Scheme

With the breakdown of COVID-19, several urban employees have shifted to working on their village side farmlands. The dramatic shift has been creating awareness about the agricultural business. Several employees often quit their nine to five jobs and return to their old town farms to work on fields.

Under this scheme, the government offers various benefits for farmers in India. Almost 40 banks provide loans for agriculturists, agriculture graduates, agriculture-based entrepreneurs, and self-help groups with zero interest rates.

The assistance of Raw Material

Under this scheme, technical manufacturing businesses are given loans at lesser interest rates. The National Small Industries Corporation (NSIC) notified this scheme for entrepreneurs and small scale manufacturers to assist them with technical and financial support and the supply of raw and indigenous materials.

Infrastructure Development Scheme

The scheme applies to businesses that are not registered under the software technology parks of the Indian scheme. Under this scheme, businesses are provided with approximately 467 sq. ft to 8657 sq. ft of space to help build their initial business set up. Businesses of all sizes can claim the infrastructure development scheme.

Atal Incubation Centres (AIC)

Atal Innovation Mission powers the AIC scheme. The scheme aims to encourage innovations by funding start-ups with up to 10 crores Indian rupees. The scheme covers all the managerial and operational incidentals for nearly five years or less. Any business start-up concerning AI, automobiles, food, Nano-tech, and other relevant industries can leverage this scheme.

In summary, the government has implemented several schemes to fuel small businesses’ ideas that can skyrocket the Indian economy. Special provisions are provided for businesses that operate with agendas to improve rural areas in India. Since its inception, the schemes have been successfully supporting businesses to employ hundreds of people in special economic zones.

Media plays a vital role in a business’s growth. Making fair use of media to upscale business growth comes with its pros and cons. Whether a boon or a curse, it is up to business owners to make total sense out of it. In a digitalized world where all eyes are on smartphones, it is up to businesses to make the best out of it.

Ideas For Small Business in India – Checklist

Almost every individual dreams of living life king-size, owning one’s venture. Yet, only 4% of the crowd emerge as successful entrepreneurs or business owners. Several start-ups come up each year, and nearly 50% fail to sustain in the market for more than five years.

While starting a business on your own, you need to consider various aspects of business requirements. Just the desire to top the A-listers in the market isn’t getting you anywhere. Dedication, hard work, persistence, and smart business practices are vital qualities of a business owner.

Here, we have listed some of the key considerations that you must have on your small business checklist.

Ideas for Innovation

Innovations help businesses drive the world with an advanced force. One way to feed your innovative thoughts is to look for what is missing. Observe your surroundings to understand the situations and sufferings of people better. Your solutions seed your innovative ideas for small businesses. Focus on the day-to-day lifestyle of people around you. It can help you create a business idea that can grow in no time.

Planning

Innovation is the key to any start-up. However, it is only an idea without a precise business plan. Draw a detailed plan and sequence your execution. Planning is one of the primary considerations that you must have on your business checklist. It will drive your business with a vision that can leave a legacy.

Vibrant Work Ethics

Draw out the strategies, outlines, and boundaries to upscale your business every day. Make sure you focus on the responsibilities you share with your co-partners or employees who consistently work to make your dream a reality. Business is not all about making money; without a proper system in place, you might as well shut down in loss.

Investment Capital & Finance

No business can succeed without a healthy cashflow. However, to start a business, you need to invest in it initially. You will know your capital amount requirement once you’ve learned your business type and size. Make sure you have the required funds to start your business.

Once you’ve started a business, you will require financial support to help the business grow initially. You will have to invest in various business aspects. Thus, having a clear financing pattern is crucial in developing a business in the long run.

Location

Location is one of the prominent factors that any business start-up must consider. Location plays a vital role in the success of a business. For instance, a manufacturing unit is ideally set in a space where the business can save taxes, water, electricity bills, and quickly access raw materials and labor. Wherein businesses that sell niche products need a location that sells it.

If you are an IT company, it is ideal that you start amid a software hub. In case you are a business that requires an office setup, you will have to consider setting up in a place with good transportation facilities, parking space, refreshment areas, etc. Regardless of your business type, choose a location that fits your budget, and complements your business growth.

Technology

In today’s fast-paced world, technology has revolutionized the way businesses operate. India is the third-largest user of the internet, primarily due to its population of 132 crores. You have a vast arena to build traffic and influence your target customers. Thus, technology is a crucial business component that you cannot ignore while starting your small business. Be it equipment, business tools, machinery, plant, or GST software installation, you need them to efficiently monitor your business operations.

You need to consider various factors before implementing the right systems in place. Assess your business requirement to select what best suits your business goals. Make sure that you are well trained before implementing anything. Educate yourself enough to be able to manage installation, upgrading, and other vital technical activities. In the end, make sure you make the best use out of it.

Engaging With a Social Cause

Engage your business with social causes for societal wellbeing. Share responsibilities before focusing on building traffic and tax reduction. Provide value to customers before you ask them to value your business. It can play a vital role in gaining your customer’s trust. Once you accomplish that, nothing can stop your business growth.

Ensure the Needs of Your Employees

Your employees are the ones that can either make or break your business. You need to have an effective staff recruitment strategy. Tie up with a recruitment agency to hire ideal candidates that define your business goals. You can also hire through various recruitment portals online. Make sure you hire the right candidates.

Provide necessary tools and crafts that your employee require to get the job done for you. Delay in providing adequate support to your employee can hurt your overall business functions. You can also enable work from home in case of emergencies or on worker’s problems. Keep a constant check to make sure that your employees’ needs are met each time.

Product or Service Demand in the Market

Once you’ve finalized your business roll-outs, your last step is to explore the markets. Know what market promotes your product or service. If there isn’t any, you must create the demand for your business in the market. It ultimately depends on your ability to convince your customers. Tell them how you can make their lives better compared to your competitors. Luckily, social media has made it a lot easier for businesses. Start working on it right away!

Solutions for Small Business & Start-up in India

Enterprise Resource Planning (ERP) is the best software to include in small, medium, or even large scale businesses. It helps increase productivity and saves time by enabling businesses to scale account management. ERP solutions for small businesses in India can also help downsize the labor costs and manual processes.

• ERP software helps a business generate invoices, bills, and quotation with multiple numbers, in just a few clicks.
• It helps increase productivity.
• The software provides cloud storage facilities as per the package you choose.
• Some of India’s leading ERP solutions, such as Imprezz online accounting software, comes with a user-friendly interface. It only requires basic technical knowledge to use this sort of software solution.
• It helps maintain a cutting edge over your competitors.
• The ideal software solutions help your business stay GST compliant. They automate GST returns filing and other tax procedures.
• You can automate payment reminders and get paid with zero hassles.
• Your accounting software can be your new marketing strategy.
• ERP solutions help manage all your business resources effectively.

Are you eagerly looking for business-related solutions? Do you think you require an ideal software to manage your business data? Check out Imprezz GST billing software for easy returns filing, GST invoicing, impressive quotation creation, etc. Imprezz is one of the pioneers of best accounting software in India, helping small businesses, start-ups, entrepreneurs, freelancers, and solopreneurs to build on their dreams.

Conclusion

Business in particular (small, medium, or large enterprises) to have a successful path needs to work with an open mind. Individuals capable of handling both ups and down in a progressive way can sustain in the long run. Choosing to opt for an ERP solution can rid you of the risks of fraudulent activities and business operations’ mishandling. Therefore, with the right software in hand, your business stays protected and technically advanced.

As mentioned earlier, it is a great time to kick start your start-up in India. With the on-going economic crisis, a developing country like India has several unique business opportunities to offer young and innovative minds. “Aathma Nirbhar Bharath” is entirely dedicated to helping small businesses in India to grow efficiently.

If you want to take your business to new heights from inception, subscribe to Imprezz.in. Keep track of each transaction effortlessly. Poach new clients, create GST invoices, and manage your finances effectively. Imprezz is an invoice generator software that comes with tally integration and purchase order management features. It is a one-stop solution for all your business accounting needs.

We offer a 14 days free trial software program for small businesses in India. Login in to check out the free GST billing software for up to 14 days.

India is a nation that is emerging towards the greatest days of all time. With the literacy rate up to almost 75% of 132 crores of population, people are now ready to educate themselves and find transparency in everything that the government offers. Recently, GST tax calculators have gained immense popularity due to apparent changes in the GST regime.

The government has notified economic relaxation measures and extended due dates to overcome the impact of the COVID-19 pandemic crisis. The GST Council of India has also implemented several tax calculation changes to relieve the taxpayers of the compliance burden. Each registered person or business registered as a taxpayer is linked with the taxation policy to track funds effectively. This article will walk you through GST rates, deductions, and calculations.

Categories of GST

There are four departments of GST, they are:

UTGST

The Union Territory Goods and Services Tax (UGST) includes taxes that are claimed by the government of union territory.

IGST

The Integrated Goods and Services Tax (IGST) includes taxes claimed by the state government on the inter-state exports and imports department.

CGST

The Central Goods and Services Tax (CGST) includes taxes claimed by India’s central government.

SGST

The State Goods and Services Tax (SGST) includes taxes that are claimed by the State government.

Tax Rates Under GST Regime

The different rates of GST in India are accurately calculated through a GST tax calculator. It includes the following tax rates:

• 0%: It covers the day to day necessary products such as rice, wheat, dairy products, etc.,
• 25%: It includes coarse diamonds, various precious gems, etc.,
• 3%: It has goods like gold, silver, leather, quality jewels, etc.,
• 5%: It covers the processed food item and fish millets, foot wares below RS.500, etc.,
• 12%: It includes cell phones, ayurvedic medicines, frozen meat or meat fat, etc.,
• 18%: It covers books, electrical batteries, trademarked items, hotels and food services, etc.,
• 28%: It includes luxury services and products such as 5star hotel services, private jet, ATM, alcohol, tobacco, etc.,

Every small-scale business or large-scale business has to consider the GST policies of the country to maintain a smooth and professional financial relationship with the government.

GST Tax Calculator – Tax Calculation Requirements

India is now following a unified single tax structure across all the states. Many people in business found it a worrying factor as it may increase the burden of compliance. On the other hand, the nation has a more significant deal under GST taxes in day-to-day food and personal care products.

These are few essentials that are required to calculate GST Tax. These essentials are usually required to calculate the GST amount on GST tax calculators, such as Imprezz.in.

• The original date when the GST annual return is filed.
• The product/services your business offers that attracts the RCM (reverse charge mechanism).
• The acknowledgment of ITC (Input Tax Credit).
• The total tax amount of the taxable month.
• The due date of the month of filing your GST returns.
• The number of months that you want to calculate your GST tax.

How to Calculate GST Amount

Step – 1

Covert the GST rates (The GST rates – 5%, 12%, 18%, 28% ) into decimals. I.e., divide the percentile by 100.

Example: 12 ÷ 100 = 0.12

Step – 2

Multiply the actual amount of the product, for instance, consider it to be RS. 12,000, multiply the amount with the decimal value of the GST tax percentage.

Example: 12,000 × 0.12 = RS. 1,440

Step – 3

Now, RS. 1,400 becomes the GST amount, excluding the original amount. Further, add the GST tax amount to the actual amount.

Example: 12,000 + 1,440 = RS. 13,440

It is the calculated tax, including the GST of the imaginary product.

How to Calculate Taxable GST

To calculate the taxable GST, follow the step – 1 mentioned above, add “one” to the applicable tax rate and divide the total receipt by that value derived. For instance,

If the tax rate is 12%, then after step – 1, i.e., 0.12 + 1 = 1.12.

Now divide the total receipt amount derived from step – 3, as mentioned above, by 1.12, i.e., 13,440 ÷ 1.12 = RS. 12,000.

You can easily calculate the GST tax through the online GST tax calculator. GST tax calculation at your fingertips – Imprezz.in, the best accounting software in India. Visit Imprezz.in to know more about GST invoices, formats, quotations, and more.

Types of Taxpayers Under the GST Regime

Generally, there are two types of taxpayers under GST.

Type – 1: Taxpayers Registered Under the Normal Scheme

Under this taxation scheme, the taxpayers can claim the Input tax credit and collect the tax through tax invoices. It includes businesses or taxpayers with a specific turnover threshold.

• Business with a turnover of up to 5crore.
• Business with a turnover of over 5crore and more.

Type – 2: Taxpayer Registered Under the Composition Scheme

Under this taxation scheme, taxpayers are not allowed to claim the input tax credit, nor are they permitted to collect tax through tax invoices. Both schemes have their pros and cons. The aim is to bring up the tax culture to an appreciable facility level.

The nation is slowly trying to adapt the portal services and online form procedures for a better experience. The government is focused on speeding the process related to GST to encourage people to pay their taxes for the nation’s better tomorrow.

Conclusion

GST tax calculation is a no brainer task. Yet, as a taxpayer, be aware of what you follow in terms of calculating your taxes. As a citizen of India, we must pay taxes on time with greater transparency possible. It is the only way we can contribute to the nation and overcome the COVID-19 economic crisis.

To automate the GST tax calculation, Subscribe to Imprezz.in. Rid of multiple tax calculations and automate GST calculated Invoices on our online accounting software. For GST related help, feel free to contact our support team. We are ever ready to offer an uninterrupted business environment for you.

At Imprezz.in, we offer a 14 days free trial software program, empowering entrepreneurs, freelancers, and small businesses in India. Log in to start your GST calculation.

What is an invoice number? Each person or business registered as a taxpayer is given a unique consecutive number for identification of the flow of payments known an Invoice Number. It enables the government to keep track of funds that rotates across the country for various purposes.

In other words, we can define the GST invoice number as an Aadhaar number of a tax-paying business or a person. The given number should always be mentioned on purchases if the purchased goods or services are worth Rs.50,000 or more.

For creating a GST compliant invoice, quotations under GST invoice rules without any confusion, visit Imprezz.in. Send invoices, quotes, and reminders with just a few clicks. The cloud-based invoicing software helps automate invoicing processes and enables you to access financial data from anywhere, anytime. Keep track of all your transactions with zero hassles.

What is Invoice Number and Its Importance in the GST Invoice?

The invoice number is generally within 16 digits and should not exceed 16 characters. The number is either initiated by “1” or an integer higher than 1. Often, the given number includes the date of registration, for example, “20200003”. Some invoice numbers also include alphabets representing the company name or the owner’s name, for example, “2020KP005”.

The given number is reflected in the GSTN portal every time it is used, which acts as a pre-validation. A unique number is also issued along with an invoice number known as IRN (Invoice reference number). An IRN is sent to the taxpayers directly once IRN is generated.

Importance of Invoice Number in GST Invoice

The invoice number is a crucial component of GST invoices and is vital to manage bookkeeping processes. It acts as a record or documentation towards securing a company’s or a service’s history. An invoice number is also significant concerning legal protection. It helps prevent small businesses in India from being jeopardized by improper or fake lawsuits.

About 7% of revenue is generated by the taxpayers, who sum up to a population of 132 crores. In a country like India, the exchange of goods and services takes place even without government involvement.

Previously, the inadequate taxing procedures in India were one of the prominent reasons behind taxation fraud. Thus, the government adopted improvised taxation principles such as numbering GST invoices to avoid misleading goods and services. Therefore, enabling the government to keep track of accurate GST return filings.

The GST invoice number also helps lead the auto-populated filing under the new GST return forms, increasing the accuracy and speed of the procedure with ease. Thus, it also helps auto change the relevant information in ANX-1 and ANX-2 of the taxpayers.

Connectivity is another major issue faced by taxpayers in India. The GST portals malfunction often during the auto-population or during uploading the GST forms of clients by government. However, the introduction of new GST returns filing procedures has successfully failed the technical issues of returns failing.

Conclusion

GST invoice number linked to the exports and imports of goods and services is a boon. It helps carry out a secured transaction as it acts as a written agreement or a proof of the transaction.

India has the lowest taxpayers despite its overpopulation. Thus, the GST invoice number’s implementation and use can significantly help track down violations of laws related to funding transactions in the nation.

Professionally creating invoices with the GST invoice number helps emerging companies or a potential client get paid faster, which generates more revenue for the nation.

To have the safest invoice billing and hassle-free GST returns filing, subscribe to  Imprezz. in, India’s leading online invoicing software. We offer a 14 days free trial software program, enabling entrepreneurs, start-ups, and small businesses in India to skyrocket their business in no time. Log in to access the free invoicing tools.

An invoice generator software helps create invoices and credit notes under the standard format. It enables accountants and business owners to calculate the taxable amounts, keep track of all transactions, and interact with vendors/customers.

Integrated bookkeeping software like Imprezz rids businesses from the risk of human errors and redundancies of manual invoicing processes. Invoice generator software eliminates the need for hours of repetitive tasks related to manual invoicing.

What is an Invoice Generator Software?

In its simplest form, the best invoicing software helps your business by automatically generating invoices for the goods and services provided. Generally, billing software creates a list of products and services, adds their cost with discounts, and issues the invoice by email or other electronic delivery.

Online invoicing software offers ready-made templates, ridding from time spent on manual processing while providing a professional invoicing consistency under updated invoice rules. Cloud billing systems make billing, collection, and recordkeeping more automatic and uncomplicated for your small business.

Why Use an Invoice Generating Software?

The advent of automation in all industries has given us a software and technology option to run businesses efficiently. Technology has revolutionized the field of invoicing. Previously, the cumbersome and time-consuming task was simplified by using off-the-shelf applications and software. But the question that arises is, should a small and medium business or a startup invest in such technology?

The answer is yes! They should. The software enables businesses to create paperless invoices and store them in the cloud that can be quickly processed, reconciled, and calculated and are environmentally friendly (less or no paper waste). Invoicing software is an ideal recommendation for any business type.

Here are some of the vital benefits a business should consider before using an invoice generator software

Reduces Errors

Online invoice generators calculate the total amount for you to prevent errors. It adds the taxes and ensures that the right client is billed. Processes done by humans are prone to error. They can also damage the relationship with the customers. Issues in Invoicing software can be fixed easily with the implementation of the right accounting software.

Increase in Sales

We can increase sales and generate revenue by giving out discounts, Seasonal Offers, and Combo Packages. Invoicing software gives you the options to modulate offers and add into it as and when the vendor decides without worrying about the changes and the calculations that come in the invoicing.

Increasing Customer Database

A business that operates fast and has an adequate workforce makes the company acquire the customers’ trust. Having a reliable and user-friendly invoicing software makes getting work done quick and easy. It provides credibility to the company’s reputation and image in the market.

Cloud Storage & Remote Access 

A cloud-based invoicing solution allows you to save all your financial data. Your estimates, invoices, expense receipts, and other related documents are online and in one dashboard.

Professionalism

When Invoices are generated with customized messages and greetings towards customers, it gives them a sense of attention

Interacting with Customers & Vendors

The preferences and choices for your customers and vendors shape the business and production of your company. Massive corporations have a separate department that handles and manage their interactions with customers. Small and medium scale companies use an invoice generating software to do these tasks and call to action.

Options of Multiple Payment Options & Currency

Providing payment according to the region and conversion of foreign currencies gives customers ease of doing business.

Multiple Platform Interface

Invoices can also be made with mobile versions of a web app or desktop software. This way, it’s easier to be notified in real-time. When payments are carried out or when businesses generate invoices, you get to verify it in your hand-held devices.

How to Choose the Best Invoice Generator Software?

Now that you are well aware of the lucrative benefits of implementing an invoice generator software, you should know how to choose what is best for your business. While searching, you will find many free invoice generators stacked together. Some are reliable, while others are not.

So here are some professional tips for choosing the best accounting software:

• The best invoicing software will be designed as per the industry standards, keeping in mind current tax processes so that the billing amount calculations are clear and accurate.
• The best billing software in the market offers you features like instant bills, invoices, and credit notifications.
• Besides, the software will provide you with services such as managing multiple businesses, mobile response pages, seamless synchronization with remote access.
• Most importantly, online invoicing software must provide complete security when it comes to billing and transaction confidentiality.
• Some of India’s best invoice software comes with unlimited features for credit memos and bills, and you can also set timers to generate recurring invoices.
• Most invoicing software offers you a free trial providing you an opportunity to solve all kinds of app-related inquiries.

Having said that, it is best to point out that the features of the invoice creator software should be chosen according to the needs and specifications of your business.

Conclusion

It is vital to choose a reliable and suitable invoice generating software according to the business type. The top software available online is free but comes with Paid Premium features, which makes work easy. These features come on a subscription basis or can be customized according to your organizational requirements.

Some of the subscribed features on Imprezz invoicing software include instant invoicing, billing, hassle-free syncing anytime to your database, recurring bills, crediting notes, managing multiple businesses, mobile compatible pages, connecting even in offline mode, and most importantly, giving complete security when it comes to invoicing and transaction confidentiality.

With Imprezz invoice generator software, you will know the exact time and date of delivery. You will also get notified when the bill gets opened. We offer a 14 days free trial software program for small businesses in India. Start invoicing today!