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Why Tax Consultants Recommend a GST Compliant Software to Clients

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.

How Online Accounting Helps Startups & Medium-Scale Enterprises

Invoicing Attributes

When it’s the time to invoice and collect money from the customers for the hard work on your side, a cloud-integrated accounting platform will certainly help in generating accurate and professional invoices, send it to the clients directly and integrate with the payment gateways.

If you start the process of invoicing from the beginning itself, you will be able to have a well-structured, well-sorted log of all the invoices in a chronological order. Thus, it can be concluded that it is highly beneficial for gauging your progress and prepare a listing of all your contacts and revenue records in a single place.

Improved Mobility with Automated Features

With the entrepreneurs focussing more and more on their core business competencies, it becomes gradually difficult for them to deal with the accounting activities. Thus, by implementing the use of a cloud-integrated online accounting software, you will be able to benefit from a host of automated features, thereby resulting in considerable time savings. Facilities such as automated generation of invoices, online dashboards and financial reports are some of the most valuable attributes of a cloud-integrated online accounting application in this context.

Final Word

Business entrepreneurs often get ambushed by a plethora of decision making situations every single day. Thus, be it the task of adjusting all your business operations as per the recently revised tax reforms or developing a roadmap for the approaching financial quarter, cloud-based online accounting software for medium business may help you make the precise utilization of information to prepare shareable and unambiguous reports for achieving better insights into your ongoing business performance and take better data-driven decisions as well.