Imagine a scenario where a business with its operations in a metropolitan city is issuing heaps of invoices to the customers on manual basis! Seems quite impractical, isn’t it? Though a year has passed by now since the launch of Goods and Services Tax (GST), many Indian businesses still find it difficult to function without the implementation of a feature-oriented GST compliant software.
Considering the present scenario, it has become difficult for businesses to use a GST compliant automated software for eliminating the errors, saving time and complying with all the GST provisions swiftly. However, while considering the various high-priced GST application pricing schemes prevailing in the market, many of the entrepreneurs still think of it as a not-so-worthy investment with no fruitful returns.
Tax consultants mainly chartered accountants and GST practitioners have understood the need for a GST compliant software very well by now. Collecting the bills in the form of hard copies, entering the details online before preparation and filing of GST returns (GSTR) are all tedious enough which, require huge amount of effort and time. Thus, it is ideal for the tax consultants to recommend the use of a GST compliant software to their clients.
Simplified Solution for Error Correction
Before editing or adding the invoice details online, tax consultants often require the consent of taxpayer. On the other hand, the taxpayers need to go through the bill and communicate with the tax consultant which, requires effort and time. To simplify the entire process, using a GST accounting software can be of great help to you as all the data will be available online. This will help taxpayers to match the data from GST Returns with bills which, have been previously issued to customers.
Elimination of Recording Data Online on Manual Basis
After the accountant retrieves data from invoices on manual basis, the next step is recording them online as per the needs of GST portal. The task of maintaining accuracy is quite cumbersome for tax consultants as it consumes a lot of time and involves a huge risk of errors and duplication. To mitigate the issue, a GST application software will be able to automate the entire process which, in turn, will minimize the risk associated with filling forms incorrectly.
Revision of Returns
Evaluating data accuracy is another key consideration for taxpayers which, again needs to undergo through a tedious process. Since one cannot revise the GST Returns, any data being filed online is considered to be final. Thus, the business is prone to risks of paying hefty fees or penalties in case the data in its books does not match the data being filed in GSTR. On the contrary, a GST accounting software will help the taxpayer to get a preview of the GST Returns data before being filed and even cross-examine before ensuring accuracy.
On a concluding note, GST compliant online accounting applications have revolutionized the way of handling the accounting activities while easing down the complexities involved in making your business GST compliant. Thus, if you still lagging behind and have not implemented the use of a software, it’s time for you to take the initiative right now.