According to the financial specialties, people who are getting registered into GST will have to make use of GST software in order to adhere to the filing dates and go through the stringent guidelines. There are several accounting software in the market that companies and businesses owners make use of it during the calculations of tax. However, after the implementation of GST, new provisions and rules have been declared due to which that accounting software would not be a right fit for the complex GST calculations. That’s one of the reasons, Government of India has appointed GSPs and ASPs to develop and design GST software that can be used across the country that also carries extreme data of GST rates, HSN and SAC codes of various services and products. It not only help you with the GST calculations but also in return filing, reporting, tax credit claim and so on.
In this post, we list five most important things that you need to look in a GST software. Let’s take a look.
1. Smoothly Integrates with your ERP
One of the best things that you need to look for when buying a GST billing software is its compatibility. It should be a robust compliance tool using which the organizations and companies are easily able to continue their accounting work with modifications in their old accounting framework or ERPs. Make sure to get one which is easy to operate and smoothly integrates with your current system.
2. Integrate the Data from Multiple Sources
In order to safeguard all your sensitive and delicate information, you might need to facilitate your business with a software solution. However, using the robust GST software can eliminate all your troubles that you desperately need after the GST implementation. The upgraded GST software can help you out in integrating the data from multiple sources such as supplier, customer and the vendor. It can create invoices and upload it automatically to the GSTN on the defined date. Significantly, it assures you with information reconciliation from multiple resources. Make sure to buy one that caters your these kinds of needs.
3. Reconciliation of all your Accounts
Everyone after the GST implementation needs a software that can handle all the GST related issues including tax filing, invoice generation, uploading them and so on. It can not only help your business through the tough calculations but also save a lot of time that you can use for the growth of your business. Reconciliation of the accounts is such a things which can’t be done by various accounting software. That’s the reason GST software is designed to clarify the confusions of businesses regarding the GST taxation reform.
4. Tax Validation
Calculation mistakes can always have an adverse effect on your business or company. The terrifying perspective for the business owners at the time of GST implementation was that there were a plenty of new taxation laws introduced. The defective calculation can lead to loss of input tax credit. Therefore, it became important for businesses to choose a GST compliant software that can help them with the correct results and calculations of the taxation and prevent them from going into a loss.
5. Adaptability for Future Changes
After being implemented, Government might change some rules and laws in designing, implementation of various laws and rules. Therefore, you need to consider the software that can easily be updated and does not require monthly maintenance which can add up to your extra cost and burden you up unnecessarily. Though everything will be prompted to you with updations in the new GST software regarding the procedures and laws, still you need to check it and confirm with the legal websites or your chartered accountant.
Before choosing any software related to GST, you need to take care of few things. Make sure it is a good and reputable company that offers warranty and guaranty of the product. Also, it should update on its own and is able to perform all the necessary functions that you want it to do including tax filing, invoicing according to the GST rates and so on. Therefore, it’s advisable to look all the necessary points given in this article for a better judgment of the GST software and purchase it accordingly.