Growth of accounting software market in India
According to the research, the GST accounting software market is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period of 2019 to 2024. Over the last decade, there have been many changes in the financial and accounting software market. One significant change occurred in July 2017, when the Indian government introduced the Goods and Services Tax (GST), which transformed the entire taxation structure. As a result, businesses had to adapt to the new statutory norms.
Introducing accounting software and GST
It is a one-stop solution for managing all financial solutions within an organization. Companies benefit from performing financial accounting efficiently with the help of GST accounting software in India. Additionally, it limits the risk of any operational fault that is leading to extreme business losses. The arrival of GST in India brought major changes in traditional accounting that were easily managed by GST compliant accounting software. With this system, the managers do not have to worry about the changing laws of the accounting system. You can stay updated with the latest compliances, manage your finances, and conveniently file GST returns for your business.
Key takeaways of GST Accounting Software
- The right GST billing software can make return filing much easier and quicker for your business.
- It saves time, simplifies a lengthy process, and limits making bigger mistakes.
- There are two packages in the GST software platform depending on the user’s preferability. GST accounting software and filing software.
- Both the above-mentioned packages have their features. Selecting the package depends on the requirements of the business.
Top 7 factors to consider while choosing GST-compliant accounting software in India
- Understand your business needs
Understanding your business needs is the first step before selecting GST billing software.
- Whether there is a need for a tax filing system?
- DO you need software that could generate multiple reports?
- Is it cloud-based software or not?
- How much emphasis is given to data security?
- Lastly, does the software allow easy integrations?
- Business Security
Ensuring security is one of the most crucial aspects of using GST-compliant accounting software. It is essential to protect confidential business information to prevent it from being misused or stolen, which can pose a significant threat to your business. A breach of data can lead to a loss of money, time, effort, and crucial business information. Therefore, an ideal GST accounting software should have appropriate security standards that help taxpayers prevent data breaches. It should be mandatory for GST billing software to be equipped with the highest standard encryption technologies that implement some important security features such as password protection, proper backup of accounting information, antivirus protection, and other threat protection measures.
- Scalability of the system
When considering adopting accounting software, it’s important to think about not just the current situation, but also the future. Failing to do so may result in having to switch to a new system later on, which could be costly and disruptive. Therefore, it’s essential to choose GST accounting software in India that is future-proof and can be easily extended as per the business requirements. While selecting GST-compliant accounting software, take the time to invest in the right software that meets your business needs and can adapt to changes in the market.
- The intuitiveness of the software interface
Having a user-friendly software interface is an essential feature that users always appreciate. This is especially important for GST filing to make the process easy to understand and accessible for non-technical users. The software interface should be simple and flexible, with informative dashboards and informational reports (MIS) that enable users to make quick decisions and conduct transparent operations. The GST billing software should keep the users constantly updated with real-time information related to the latest GST updates and deadlines for GST filing. Additionally, it should connect to the GSTN (Goods and Services Tax Network) to provide a seamless filing experience.
- GST compliance requirements
Compliance with financial records laws is a prerequisite for GST-compliant accounting software. Such software allows tax authorities to access complete invoice trails submitted by taxpayers through the GST portal. Following such compliance rules manually can be time-consuming for accountants. Therefore, businesses should use accounting software to streamline these processes, automate the creation of e-way bills and e-invoices, and manage other compliance obligations.
- Adaptability with multiple platforms
It is essential that the GST accounting software you buy is adaptable to multiple platforms to ensure smooth functioning. Such software allows users to file their GST tasks or returns on various devices such as desktops, tablets, laptops, or mobile phones at any time. This feature enables timely online return filing and provides taxpayers with relief from the taxation process.
- Availability of customer support
It is crucial to have excellent customer support when using a purchased GST software solution. This is because such support helps taxpayers to understand the software better and make the best use of it for their business needs. The support offered makes it easy for taxpayers and accounting professionals to learn about the various functionalities of GST billing software. When developers provide real-time support and site visits, they can better understand the business and accounting needs of their customers and suggest the best solutions. Therefore, it is important to choose GST-compliant accounting software that provides such support for optimal use and benefit.
- Online and offline functionalities
GST software offers both online and offline operating modes which provide users with new capabilities. This means that users can work even if they are not connected to the internet. An online GST accounting software should have the capability to function offline, especially in rural areas where network connectivity can be a problem. This feature enables organizations to work in a better environment without having to push data to the GSTN every time they need to access it.
Cost is a crucial factor to consider when buying GST billing software. The market is filled with various types of GST billing software, each with different features and licenses – some for single users, others for multiple users. The cost of GST accounting software depends on two factors: business requirements and budget. Business owners and accounting professionals should opt for GST software that meets the specific needs of their company. Factors such as business size (large or small) and requirements (online/offline or both) should be considered when choosing the right GST software.
Selecting the correct GST accounting software for your organization is challenging. As a business owner, you want to make sure you invest your time and money wisely by selecting the best software that meets your requirements, without the need to switch from one software to another. To achieve this, it is advisable to allocate some time to research and explore the available options. Our blog aims to assist you in this regard by presenting advanced GST software with the necessary tools and smart features.
WrkPlan is a trusted name in the market, providing the best GST accounting software in India. Our team of experts is experienced in GST-based solutions and can provide quick assistance within your budget and timeframe. Quickly sign-in to schedule a free demo of the accounting system or you can dial 1800-120-2499 to connect with their consultants.