With the Goods and Services Tax (GST) rollout on July 1, 2017, the Indian business ecosystem witnessed new dawn of comprehensive tax filing protocols. While many small businesses and MSMEs found the process overwhelming initially, robust GST software helped fill the gap and allowed business entities to adopt GST completely.
There is multiple GST software available for each business type, and you can choose one based on your requirements. Most of them offer a wide range of benefits. Let’s take a look at some of these.
What is GST software?
A GST software is a comprehensive tool that allows companies, proprietors, and business owners to file, track and manage their GST returns. The software also enables you to comply with the latest GST norms, calculate the right amount of tax to be paid to the Government, file your returns and pay your taxes on time to avoid penalties. The GST software is a boon for traders, distributors, manufacturers, producers, and retailers.
MSMEs and small businesses have struggled with GST filings due to a lack of tech awareness while some businesses have found the online filing system cumbersome. This is a problem simple digital applications like GST filing software can help overcome.
GST filing software like KYSS are not only easing the GST filing process but are also making compliance smooth and effortless. With KYSS, GST filing software, you can expedite the process of filing your GST each month, saving time & money!
8 benefits of GST software
This software can help take away the hassle of manually computing taxes, reconciling mismatched reports, import excel data and even help with financial accounting, amongst other things. Here is a brief look at the top 8 benefits of using GST software:
- Ease of invoicing
Several businesses involve filing VAT and other taxes. Restaurants, bars, and other private limited companies operating in the services industry are burdened with the arduous task of calculating taxes for different bills based on the items and rates in the bill.
A GST software makes it ultra-easy to calculate these taxes on each bill in a simple form. Without automated GST software, the business entity will have to manually calculate the taxes on each bill, leading to loss of time and money.
- Simple data filing
Many businesses resort to buying accounting software to help deal with the daily finances, inventory management, invoicing, and billing when starting out. Exporting this data to then manually reconcile and file the GST returns is a highly cumbersome process that can prove counterproductive.
In such situations, a GST software provides for easy GST registration, quick migration of the accounting data and reconciliation for timely and error-free GST filing.
- Optimise cost of filing GST
GST software is an all-in-one tool that can help companies save money on the operational front. With one GST software, you may be able to eliminate the need for getting and integrating separate software for different financial purposes. That should help you save a massive amount of money not only on the licensing cost of various software but also the cost of employing resources for specific financial needs. Further, reconciliation, uploading data on the GST portal, and computation of the taxes add to the man-hours, contributing to company expenses.
All these expenses can be done away with by using a GST software. In a nutshell, a single piece of software may be able to help you save money on multiple expenses.
Regardless of the nature of the business, there are hundreds of different documents, bills, and pieces of information that are needed every month during the GST filing and quarterly payment season. Collating multiple documents in one place and filing them on time can become an overwhelming task.
A GST software will help you save all the time it would take you to sort through the documents and find the right ones. Moreover, it will also help you file the bills before deadlines and save you the last-minute hassle of doing it. Moreover, you and your team will be able to save a significant amount of time in compilation and reconciliation of data.
Since GST software eliminates any scope for errors, you will also be able to save time on finding mistakes and fixing errors. Some GST software, like the one from KYSS additionally permits sending reminders to vendors for uploading documents from within the system – that’s one more round of operations that is time-optimized for you.
- Customizable software
Many user-friendly GST software come with ready-to-use templates that can be picked up and integrated seamlessly with your existing tech operations as a part of your GST return filing.
Many GST software are also highly customizable and may be multi-industry compatible. You can modify parameters to compute GST based on the industry or the sector your business operates in, and include any additional taxes, surcharges and other essential items. Additionally, the software may auto-pull the forms from the Government GST portal to ensure your GST filing happens seamlessly, irrespective of the segment(s) your business operates in.
- Record reconciliation
Despite robust financial accounting software, many businesses complain of mismatches between the sales and return data. This may not only create a problem while filing the GST return, it may also lead to a loss of precious work time and resources.
Fortunately, several GST software have a reconciliation feature to ensure compliance while saving time. Error-free billing and invoicing can help you avoid the troubles resulting from incorrect GST filing.
- Easy access to data
GST software allows for easy and convenient access to accounting and financial data at any time, any place. Instead of relying on physical paperwork and thick stacks of files, you can verify data, store it on the GST software, generate real-time reports and go through it whenever you want.
- Secure data storage
Since all your financial and accounting data, bills and other sensitive information are stored electronically, it is important to ensure that it is stored securely. GST software helps solve this problem by securing your data with passwords and putting in authentication steps to access it.
How does the GST software help prevent losses?
While GST software facilitates faster and simpler filing of GST, it also helps prevent financial losses while doing so. Here’s how:
- The GST software will help remind your teams about the due credits, uploading the invoices on time, and pending payments. The software may be used to nudge your vendors with reminders about completing their GST compliance on time to smoothen the entire process.
- The GST software helps you calculate the right GST amount without errors. Therefore, you save money on the penalties you may have to pay for incorrect computation of GST or late filing.
- With a GST software, you can easily view and generate reports about your vendors paying their dues to the Government on time. This will not only help you avail the credits you are eligible for with timely filings, but will also help vet the vendor for financial standing and compliance, and make a decision about continuing business with them.
Finding the right GST software can be a struggle for many businesses that want an all-in-one software. Fortunately, KYSS offers a wholesome solution to this problem and helps business entities and CAs file GST returns using the GST software in an easy, hassle-free, and super quick manner. Call us for a demo today!