Small businesses in India are increasingly transiting to the Goods and Services Tax (GST) regime. GST accounting is a more comfortable and cost-effective approach to all the indirect tax systems that previously existed in the country. Since the GST launch in July 2017, GST compliant software has become the most significant factor for the government and corporations. The recent changes enforced to counter COVID-19 economic crisis has helped MSME business owners to keep their accounts organized amid the tough times.
GST has been an evolving process; it has brought several benefits to small businesses by reducing tax calculation complexities, the introduction of digitalization and online portal for GST return filing and related processes. According to the recent survey carried out in April, there are around 13 million GST taxpayers; 6-7 million from B2B sector and 5-6 million from B2C sectors. MSME’s in India contribute about 8% of India’s GDP with 45% industrial output, 40% of exports and 40% of the total workforce.
The raising scope for GST has increased the demand for accounting software. With the advent of remote working culture due to COVID-19, small businesses now prefer cloud-based data access. Digital is the new convenient for solving accounting and billing problems. However, a large percentage of companies still rely on pen and paper for invoicing. Manual accounting offers a minimum understanding of business operations such as profits, account receivables, inventories, etc., learning the know-how of accounting software becomes complicated when business owners primarily rely on CPA’s.
Indian MSME’s must go digital. Using simple accounting software to manage accounting operations helps stay on top amid the cut-throat competition in today’s modern world. Implementing GST can be a daunting task for enterprises that do not rely on digital solutions; they might spend most of their time balancing their accounts and compliances. Worry no more! This article is a comprehensive guide on “GST Billing Software Feature”; here’s everything you ought to know about GST accounting and ideal invoicing software for your business.
What is GST Compliant Software?
GST billing software is designed and developed by various service providers to help taxpayers with real-time invoicing and return filing. GST software allows enterprises and registered persons to upload documents to the government portal automatically from the software. The software simplifies the tedious registration task of filing complex data with automation. It also helps taxpayers relate and understand the impending structure of GST.
GST software development companies are working hard on preparing accurate models for GST filling and invoicing. They are focused on providing hassle-free accounting experience by making it easier to under the filing process. They fasten the process of filing and offer complete access to the GST data, anytime, anywhere. Since government-mandated online GST registration and return filing, modern accounting software like Imprezz is designed with relevant and updated features.
Why Use GST Compliant Software for a Small Business?
Modern businesses are in a constant search for better online accounting software to do their calculations accurately. Accounting operations today involve managing various functionalities such as ledger, finance, inventory, tax calculations and precise presentation of all the above. To manage multiple accounting functions, enterprises must look for software that can perform all these tasks and calculate GST under a single platform.
SME’s spend a lot of time in manual compliance from invoicing to filing returns. Small business owners prefer doing it all by themselves. However, how helpful is that? Instead, it is ideal to implement the best GST accounting software, minimize the effort and time spent on compliances, and better focus on other business operations that matter the most. Here’s why you should use GST compliant software for your small business.
1. GST Compliant Invoices
GST is a transaction-based tax regime; invoices issued under GST must meet the standardized requirements. The Goods and Services Tax Law define specific GST invoice rules and provisions; the necessary details must be recorded while creating invoices. Besides, the law states that different invoices must be issued as per the nature of their supply under GST. Issuing tax-compliant invoices is a crucial aspect of registered businesses; it enables the customer to avail Input Tax Credit (ITC) on their purchases.
The GST software has a built-in system to capture necessary GST invoice details. Alongside, it also provides an option to add non-mandatory information as per your business requirement. Smart software is also capable of understanding the nature of the transaction and auto-calculate the applicable GST rates. Ideal business intelligence software offer error-free invoicing and automation of recurring invoices.
2. Hassle-Free GST Settings
A small business GST invoice software allows quick tax settings with minimal efforts and time. Traditional or lifetime free GST billing software would ask you to configure the details; GTS rates, GSTIN for ledgers, etc. In case your enterprise offers hundreds of products, you might have to enter GST details for each product, this can be time-consuming and daunting as GST rates constantly fluctuate time-to-time. Traditional software does not support modernization, get rid of them if you are still operating under such a platform.
Modern invoice and GST software are designed to provide effortless experience; the amount of work you put in uploading 50 product entries or 500 entries is the same. GST intelligence software allows user to configure settings at the group level. For instance, if you have grouped 500 products with the same GST rate, you can change the GST rate at the group level rather than editing each product entry. This way, it is convenient and easier to update GST rates on the software.
3. Alerts & Preventions
GST accounting and billing software offer one of essential GST features – prevention and alert capabilities. “Prevention is better than Cure” – Ideal software programs come with built-in capabilities that automatically bifurcates potential errors while recording transaction data and notify users through alert messages.
Smart business intelligence software like Imprezz can read details like price, status invoice match, record type, etc. On a significant level, it can also read party ledgers, products, etc. The software accordingly anticipates the right value/type of supply. In case users record incorrect tax type, the software automatically corrects it and sends an alert message. It results in error-free GST invoicing and tax returns filing.
4. Accurate GST Returns
Small business accounting software helps create GSTR-1 and GSTR3B Forms in Excel and JSON format, which can be uploaded to GSTIN system/GST portal directly from the software. The built-in software intelligence helps achieve 100% accurate GST annual returns with the click of a button. It is what Imprezz is popularly known for in India; the “Avert-Detect-Correct” technology.
The software adheres to the parameters of updated return filing requirements. It can also detect transactions that provide inadequate information or errors to help upload correct files for return filing. GST billing systems analyze 100% of the transactions to ensure accurate and real-time return filing.
5. Auto-Update GST Changes
In the past three years of GST implementation, there have been several changes in GST rules and laws. During COVID-19, government-provided several relaxations to the taxpayers by making amendments in the GST ACT. Changes in the GST regime can be as small as tax rate changes or can size up to changes in the entire return format.
GST billing software like Imprezz is highly flexible in terms of adapting to these changes. It allows the user to change the price rates on their own rather than waiting for product updates. However, it also supports product update feature, which is necessary to keep the overall GST accounting operation auto-updated.
Which Is the Best GST Invoicing & Billing Software in India?
Imprezz is the pioneer of Indian accounting software for MSME. The software company has seen remarkable growth in the past few years of establishment. Imprezz takes pride in being #1 billing and invoicing software in the country. The software has been helping several medium and small businesses to grow while they stay GST compliant. Managing GST compliances in Imprezz is much easier and faster compared to other conventional software.
The GST return filing process seems smooth and efficient after implementation of Imprezz accounting system. The software is user-friendly and does not require more than three to four steps to complete recording an invoice or filing returns. Here’s what you can do with Imprezz business intelligence software.
Imprezz #1 GST Billing Software: Features – Overview
- Invoices & E-way Bills
- Standard Quotations
- Dashboard & Overviews
- Payment Reminders
- Expenses & Sales Tracking
- Import & Export Function
- Accounting & Taxation
- Stay GST Compliant
- Team Collaboration
- Tally Integration
- Services & Offering Management System
- Purchase Order Management
- Business Data Reporting
- Balance Sheet Development & Overview
- Data Security
- SSL Security
- 24*7 Customer Support
Implementing a standardized GST billing system makes establishing a new business easier and hassle-free. Imprezz eliminates the tax calculation confusion and makes billing easier with remote data access. Log on to the official website to check the most reasonable offers exclusively designed for small businesses, entrepreneurs, freelancers and CA’s.
Implementation of GST in India has reduced the complexities of accounting operations for business owners. The centralized tax system has opened doors for several entrepreneurs with small businesses ideas to grow amid the though times of COVID-19. GST provides business owners with the ability to retain accounting data in e-invoices and tax reports which simplifies the management of business tax needs with GST
Imprezz GST compliant software is the best fit for all your accounting requirements. It helps you manage your taxes and report accurate tax data on time. It is integrated with various accounting functions primarily focused on business mechanisms, processes, and tax automation. Use the customizable GST software as a marketing tool to help your business grow alongside staying GST compliant.
We offer a 14 days free trial software program for MSME in India. Log in to stay GST compliant!