Identifying a GST ready Accounting Software for your Business Accounting Solution

• Posted on Jul 17, 2017
• |
• By Dhruv

Introduction:

“GST” a tax reform which has completely changed the taxation scenario of India. The government of India took a decisive step to implement GST in an attempt to bring the entire economy into a single market. But somehow it has created a situation where in people are confused about how to charge and calculate GST. This problem has risen due to monthly filing of return.

Under GST regime, any business house has to file 3 returns per month and 1 yearly return which sums it up to 37 returns in a year and this is when a company is operating in a single state. Now, if the company is operating in more than one state, then the company has to file the returns for each state separately.

So, overall scenario for small traders and medium scale business houses is confusing and a bit difficult as compared to old return filing system. This situation has made accounting software a must.

As now small traders also has to register themselves under GSTN and subsequently has to file returns accordingly. So for them the question arises how to identify a software which is GST enabled and serves their purpose. Basically first thing that will come to their mind will be, that it calculates GST properly and prepares the invoices accordingly.

Below are some underlying factors which affects the decision-making process of business while selecting an accounting software:-

 User Friendly:

• By user-friendly we mean that no matter the size of the business or the qualification of the business owner, he/she should understand the software easily and can operate it.

Cost Effective:

• The cost of the software should be such that it serves the purpose of the business and the business house shouldn’t feel like they were over charged.

Accessibility:

• The accounting software should be such that, it is easily accessible from number of devices. For example, cloud based accounting software gives advantage to its user by providing their accounting details on the go.

GST Ready:

• The current economic situation of india requires an accounting software which is both GST ready and can directly file return for its account holder.

Security of the Data:

• The software should be designed in such a manner that it can secure the data of the account holder efficiently and secure it from any virus attack or data loss. Cloud Based Accounting software is best to serve this purpose because it is cloud based so the data is stored in the cloud servers of the company and thus are well protected if the device of the member company is affected by a virus attack.

Other Factors:

• Conversion Ability: The ability to convert the bill into any format as well as the ability to send the bill invoice to the vendors automatically via email.
• A proper inventory and purchase management system should be there for the manufacturing and trading firm which help the business house to take important decisions.

In the end, the decision to select a particular software lies to the company concerned and as per their requirement. But the above factors explains the current scenario which is prevailing in the market.

So, we can say that, “Cloud Based GST ready Accounting Software” is the solution for any company whether it’s small, medium or large.

• Posted on Jul 17, 2017
• |
• By Dhruv
• |
• 0 Comments