The introduction of GST in India in 2017 has changed the way most companies function. Businesses are doing their best to cope with the new systems and ways of accounting. This method is actually a lot better than the previous one, where multiple taxes had to be paid several times in a year.
The new gst registration and payment system combines all the taxes a company owes to the government, hence making the entire process efficient and easier to operate. However, with the introduction of this, a lot of companies are trying to familiarise themselves with the new tax system, and here is where new billing softwares come in.
Reasons to choose the right GST billing software
Here are a few reasons why using these softwares will help make the procedure of tax-paying easier and manageable.
- Easy invoicing and record maintenance.
With a large shift of all government operations online and everything moving to digital, bookkeeping is no exception. Right from bills, sending invoices and keeping records of payments, everything has moved to digital. This is very helpful since it is a more reliable system than maintaining books through offline modes.
If you use a software or app like Khatabook, you can easily manage all the invoices that are supposed to go out, the payments that have to be received, and the expenses that have to be made. It also works on a reminder based system where you can notify your client regarding any pending payment. This prevents any confusion in the future and ensures that all your records are maintained in a hassle-free manner.
- Data Security
With the increasing number of online transactions, there has naturally been an increase in the cases of cyber-fraud and duping innocent people of their money through unlawful practices. The main reason for this is the fact that even though most websites provide facilities to their consumers, they majorly lack strict data privacy policies.
Due to this, users can easily fall prey to any malpractices online. Apart from the usual guidelines of keeping your personal information to yourself, most apps have now started developing data security policies and systems that ensure a safe method of transaction for the users. These guidelines and verification processes help the users to keep most of their data private while also letting them enjoy the benefits of the software.
- Save up on cost and time.
Traditional bookkeeping systems have not only become outdated but have also become inefficient in terms of resources like cost and time. Initially, when everything was done in books, there was a lot of time put in to make sure that all calculations are correct and no mistake has been made.
Now, in new and updated softwares, the system itself will notify you if an entry has been made in the wrong way or the numbers don’t tally. Due to this, all you need to do is enter the transactions well, and the system will do the rest. This also saves up on the cost of hiring an accountant to carry out all small and menial tasks.
Compliance of GST laws
The gst billing software that you use will be operating under the stipulated GST guidelines set by the government. This will help you avoid any mistakes or taking any steps that go against the guidelines. Due to this, you will not end up with a minor entry issue at the end of your invoicing process.
You can also consult the software’s rules and regulations to better understand how it operates under government directives. This will ensure that you are referring a verified source that makes it easier for you to understand difficult concepts unlike taking advice from a person who might not be as skilled or as informed as the software is.
- Availability of specifications
Due to the constant need for software companies to keep updating their websites and applications, they are always coming up with new and improved versions of their products. They make sure that all the things they introduce help the users customise their experience as per their business needs.
These customisations ensure that your experience of using the software becomes easier and that it caters to needs of the type of business you are handling. You can make alterations in the basic settings of the softwares to make them better suited to your operations.
The introduction of GST has definitely made it easier for small and medium business to function, and the introduction of such softwares make the process even easier than it is already.
Make sure you use these tools to your advantage since it is your duty as an entrepreneur to do everything in your power to adapt to changes that can save you time and money. These softwares not only do that successfully but also help you run the business efficiently.