As happened, on July 1, 2017, India witnessed a new dawn in the taxing system, with the coming of the Goods and Services Tax (GST). The government started this new law, foreseeing a comprehensive and uncomplicated method of paying taxes to the central or state government. While the system was introduced, along with it, came a series of rules and regulations, demanding compliance with the IT filing process. Apart from compliance, filing a GST return is gradually becoming more time taking and complex, owing to the newness of the system. To solve this issue, a new system came into effect that not only keeps it compliant but offers various features that make the IT filing procedure, easy, faster, and error-free. This new system is known as “GST-Compliant Accounting Software“.
Explaining the Term
GST-Compliant Accounting Software.
The first thing that comes to our mind when we hear the term “software”, is making a task, easy, quick, and more relaxingly. As days progress, calculating GST manually is getting difficult and prone to several accounting errors. So, to ease the process, a software system has become a requirement rather than a development for the country.
The introduction of GST accounting software suddenly brings the entire tangled situation organized and easy. It contains many new features that become extremely popular amongst taxpayers and accountants. People started finding tax filing extremely easy as now they do not have to go through the arduous phase of manually filing all 25 returns every financial year. More so, software usage grew so much that it stands at a market share of US$ 9.67 Bn for the year 2020. In a recent report, it has been forecasted that the entire market will grow at a CAGR of 8.5% from 2021 to 2027, hitting more than US$ 17.12 Bn.
Advantages of Having GST Accounting Software.
When you are using a system for accounting purposes, you can expect the work to be easier, quicker, more organized, and importantly, delivers a cost-saving opportunity for the organization. These being the most common benefits, here is the list of GST-compliant accounting software advantages, that keeps the IT filing process more advanced and thorough.
There are several businesses, that complain of having mismatched data between sales and returns numbers, despite having advanced financial accounting software. This discrepancy creates a big gap in filing the GST return and takes up a lot of hours and resources in fixing the issue. However, GST accounting software comes with a reconciliation feature that ensures compliance and saves a lot of time. Flawless billing and accounting help in keeping the management away from the troubles caused due to incorrect GST filing.
Data Storage Security
Security is a very essential feature that the GST accounting system should have. There are valuable information, financial data, and bills, that are stored electronically. Hence, the security must be of a higher quality. GST-compliant accounting software ensures that the system has password protection and multiple authentication steps to access it.
Several GST accounting systems contain ready-to-use templates that can be chosen and integrated with their current system for the GST return filing process. Then there is other GST accounting software, that is customized and multi-industry compatible. You can revise the parameters for GST entries as per the industry and can also include other taxes, surcharges, and other essentials.
GSTR-3B and GSTR-1 Filing
There is numerous accounting software for GST that auto-filled in GSTR-3B and GSTR-1, making the process simpler and quicker. The system also allows exporting the data in various formats like JSON and MS Excel.
E-invoices and E-Way Bills
After the introduction of accounting software, generating e-invoices and e-way bills have been the easiest. GST accounting system enables you to create them in minutes, keeping the procedure compliant.
Manually searching for relevant HSN’SAC codes is difficult. For this reason, having GST-compliant accounting software is essential. It makes it easy for taxpayers to locate these codes according to their taxable goods and services.
Over the years, accounting software for GST filing has become more advanced and administrable for taxpayers and businesses. Often, businesses fail to avail the best accounting software for GST filing, due to budget or lack of knowledge about the system.
WrkPlan is a SaaS ERP solution that has integrated GST software, offering all the latest and most useful accounting features for a business. With WrkPlan, taxpayers can have the advantage of generating e-invoices in seconds, filing GSTR-1 and GSTR-3B, finding respective HSN/SAC codes, and many more.
WrkPlan cloud ERP software contains highly advanced system features for all business operations. To know more about WrkPlan and its utility, call 1-800-120-2449 or schedule a free demo by visiting the website now.