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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.

Two Key Pointers for Facilitating Error-free Cloud Accounting

Moving to the World of Cloud has become an undeniable requisite for and should be taken into prior consideration for stimulating business growth. Many companies have either shifted or willing to shift to the Cloud for its agility, convenience and cost-efficiency. However, the entire transformation process is undoubtedly tedious and requires thorough attention and knowledge.

Though cloud implementation initially focussed on the areas of sales force automation or application development, however, organizations have started exploring the same for refining their core business systems like financial management, supply-chain management or transportation management.

Irrespective of the type of application, you should be cautious enough to avoid the most common slip-ups during the activities of financial planning. Following here we have listed out some of the major mistakes made while implementing and utilizing an online accounting software for small business, which will ensure sound functioning and fulfillment of business objectives.

Not considering the Dashboards and TCO

Often businesses fail to measure the Total Cost of Ownership (TCO) of the online accounting software. Considering the same, many vendors offer dashboards for providing users with a clear, unambiguous view of the cost. This, in turn, helps businesses in monitoring use of the software more easily and restrict the same if the extent of operations exceeds thresholds. Furthermore, many vendors offer usage-based accounting for monitoring the real cost and worth of software being migrated to the cloud.

In order to benefit from the low compute cost without making the ongoing expenses for storage, companies can be able to take advantage of planning their data migration and enterprise application properly. They should deploy a unified platform for storage, data migration and management for boosting migration flexibility, thereby improving its total cost structure, which, in turn, prevents the capacity constraints.

Getting stuck with vendor lock-in

While using the cloud-based products and services, you might be interested to make a transition from one cloud vendor to another. However, doing that in the proper way might not seem to be that much easy because of significant constraints like incompatibility in between various proprietary cloud-based technologies and lack of predefined path. Thus, you must go through the contact terms and conditions for avoiding bad vendor lock-ins and make clarifications regarding the tools and facilities.

Final Word

Apart from the aforesaid, it is important to give pivotal importance to the compatibility issues as well in compliance with the modern cloud-integrated environment. Furthermore, you must consider the issues related to reverse backup and disaster recovery and for this, implementing the use of an integrated online accounting software for small business which, features a high-end structure to cover this issue. Thus, on a concluding note, though installing an online accounting software is important for growth, however, knowing the right techniques for using it is where the real quest lies to leverage your business successfully indeed.

An Explicit Checklist on Choosing the Right Accounting Software

Technology is progressing fast and so is the way of doing business. With the launch of futuristic, feature-rich tools and applications every now and then, every facet of the business is being refined for making it more productive and efficient. Likewise, using an online accounting software has become inevitable for businesses to simplify the entire process and stimulate seamless operational flow. However, choosing the right accounting application is certainly where the real quest lies.

While choosing the right accounting software, you will be able to observe that all the solutions do not deliver the same level of scalability and functionality. A growth-oriented organization will try to use an efficient and flexible software that can help in managing the increasing organizational complexities, number of users and volume of data.

Having said that, following here are some of the inherent and imperative features to consider before choosing the right online accounting application for medium business.

Multi-dimensional Reporting

This advanced feature is helpful for simplifying and streamlining the chart of accounts by helping you to give an estimate of the account numbers required by you for providing enhanced reporting capabilities.

Multi-dimensional reporting facilitates the creation of customized reports from which you can extract vital information and attain valuable insights such as expenses per department based on location, revenue per item and more. This, in turn, will aid in presenting insightful data in front of higher management including executives, managers, board members without having much reliance on the IT department.

Cloud-integrated, Multi-tenant Environment

Accessibility to your company’s accounting activities from any random web-connected device signifies that you will be able to enjoy full-fledged control over the financials at anywhere during any time. You should select a solution which provides real-time, automated upgrades for giving consistent refinements, thereby reducing the chances of unproductive downtime. With the use of a multi-tenant architecture, the software becomes much more affordable and feature-rich. Thus, you should opt for a security-oriented software which boasts a set of top-level security attributes, continuous data backups, continuous white-glove testing, disaster recovery and much more.

Multi-functionality

While running a company with its operations across multiple entities, currencies and locations, the complexities involved with it certainly increase. However, the appropriate software will aid in simplifying the process of collecting valuable data, analyzing the financial reports via dimensional tagging and reporting. You need to look for a solution which, can collect and accommodate information from various business entities and locations by using a single login.

By using a cloud online accounting application for medium business, you will certainly get a concrete, well-structured solution for catering your current needs, assess where your business is heading to and attain better grip over the business to achieve the pre-defined goals. Apart from the aforesaid, dashboard integration is another key feature to look for as it helps users in getting an unambiguous, relevant and real-time view of the company’s performance.

Invoicing Errors You Can Eliminate by Using an Accounting Software

The world of accounting is evolving at lightning speed and has shifted from the era of leather-bound journals to the genre of spreadsheets. Businesses are focussing more on ways that would help them to make data-driven decisions and this, in turn, has led to the genesis of instilling automation into their work course.

Being a business owner, it is expected that you certainly understand the importance of appropriate invoicing for proper functioning of your business. However, the entire process of sending and tracking invoices and ensuring that your clients are making timely payments can prove to be exhausting. Considering the same, by using a cloud-integrated online accounting software you would be able to stay ensured that the task is done skillfully.

Following here we would like to discuss certain crucial errors which, can be eliminated by using the best online accounting software in India.

Forgetting to Send the Invoices on Time

An advanced, feature-rich system will certainly simplify the entire invoicing process thereby, ensuring that you are getting paid on time. It is pretty obvious that your client will not chase you all the time for making the payment on time and thus, the initiative must be taken from your end.

Using the Wrong Recipient

Without a proper, organized, cloud-integrated online application, you might send the wrong invoices to the clients by interchanging the records mistakenly. You might face certain serious issues such as getting underpaid or giving unnecessary discounts. By implementing the use of an automated invoice system, you will be able to prevent such type of heinous mistakes.

Eliminating the Currency Confusion

For the entrepreneurs who are running global businesses, they might need to deal with multiple currencies. Considering the intricacies of the business, it is crucial for them to ensure that they do not end up in invoicing the wrong amount to customers by entering the wrong currency or missing certain digits. An appropriate online accounting application with advanced global payment gateways will do the task skillfully, while ensuring that you get the right amount being paid for offering the service.

Facilitating Data Loss Prevention

Irrespective of how much observant or heedful you are in terms of maintaining business records, it might not work as a concrete plan. Your data can get exposed a number of vulnerabilities such as computer corruption, strikes, system crash and much more. Thus, you must use a cloud accounting software to ensure that your data is well-backed up, secured and accessible 24*7. Cloud integration is considered to be more secure compared to a local server and thus, it will work as the safest way for implementing a strict and effective data loss prevention program.

Eliminating Unnecessary Complications for Clients

An unambiguous or overly-informative invoice might make it difficult for clients to understand the calculation or transaction detail. However, your ideal intention should be always to present necessary information in a precise and professional way. Relevant information such as client details, your detail, cost, service, payment information, date, invoice number should be provided on the invoice for making the process quicker and smoother. Adhering the same, an online accounting application is designed to present or prepare invoices which are easy to read to navigate by using professional layouts and templates.

Ideally, a high-end online accounting software can simplify the business operations to a great extent and improve the overall efficiency, thereby promoting work agility. Thus, empower your business by facilitating streamlined and seamless work automation.

Potential of Cloud Integration in Transforming the World of Accounting

Technology evolution has flourished like never before and alike any other sector, it has simplified the modus operandi of accounting and bookkeeping industry. With the introduction of a gamut of accounting software and online tools, the accountability and visibility of business tasks have also being fine-tuned and adhering the same, the conventional way of consistent on-site consultations have been mutated to compact and crisp off-site meetings.

In context to the scenario, cloud accounting has taken over the business world like a storm as it has phenomenal potential in driving the efficiency and accuracy of processes in finance departments. Reporting is undeniably a crucial task and with the advent of implementing accounting software, businesses have been able to reduce the complexities related to data generation and storage to a great extent.

Following here’s an overview on the promising benefits of an online accounting software in simplifying your work schedule.

Recording of Business Expenses gets Simple
Has your glove box gone filled with hefty piles of expense receipts? How many of those receipts will make its way to the tax return by year-end? You can possibly lose the track of business records if you fail to register the expenses properly. Generally, the best online accounting application with cloud unification will help businesses in keeping the operational expenses easily including credit card integration, tracking bank accounts and much more.

Greater Accessibility on the Go
Having your own business means being the boss of your own and not tied up to a desk or office thereby, enjoying extensive freedom and flexibility. However, it is nearly impossible for you as an entrepreneur to run your business effectively on the go with a desktop accounting software. Often, it becomes much strenuous for entrepreneurs to send invoices to clients, access financial reports or pay bills unless you are present in the office. However, cloud accounting gives you the key to access your financial information at anywhere and everywhere you go irrespective of whether you are enjoying a vacation, attending a conference or working from a distant location.

Faster and Simple Software Updates
The older way of using an accounting software was certainly a bit time-consuming and labour-consuming. Every year, when a new version of the software was released, the business owners need to spend extra amount for procuring it. Moreover, they were compelled to buy additional licenses for providing accessibility of accounting data to more people. Keeping these in mind, cloud accounting is the saviour indeed with its simplified software upgradation process. Thus, implementing a cloud-integrated software will blow away all your problems related to updating the new releases and data backup. You can simply access the software via a web browser or an app. The software provider will take care of all the backups, updates and security and thus, you do not need to make a hefty upfront investment for hiring in-house IT help.

Final word
Irrespective of whether you are a sole proprietor working on a simple spreadsheet or the owner of a SME relying on a traditional desktop software, using the best online accounting application with cloud integration for your business can serve as a key for stimulating enterprise agility. Thus, focus on your prime enterprise goals, evaluate the various available options of the market and choose a business-specific accounting software for ensuring long-term success of the company.

Pivotal Aspects to Note for Choosing the Right Accounting Software

The business world has predominantly taken over by the bandwagon of Information Technology like a storm since the advent of 90s. While encompassing its varied operations starting from resource procurement and allocation, manufacturing, HR administration to accounting and much more, every sphere of the business has been simplified and streamlined by the use of software systems.

Considering its impact on the accounting system of a company, millions of packages are being launched by developers these days for facilitating work automation and enhancing productivity. The scope of online accounting has flourished with the steady decrease in prices. Moreover, the software systems are also being upgraded for offering better accessibility and flexibility, especially to people with less or no prior accounting knowledge.

A business might start with a simple manual ledger or spreadsheet, however, with its gradual growth, it should opt for an efficient, high-end, integrated and computerized system for maintaining its productivity efficiently. Following here are some of the crucial considerations to keep in mind for choosing an online accounting application.

Information Accuracy

Efficient information accessibility and preciseness are certainly a key requisite for businesses. You might face complex situations while addressing the strict bookkeeping practices and protecting confidential information. Thus, the application must be successfully implemented for ensuring everything to be well-arranged and security-oriented, thereby meeting your requirements.

Error minimization

Using an online accounting software will help you in eliminating all sorts of mistakes and areas of confusion. An invoice software will allow the users to provide an appropriate tax percentage while performing all the calculations precisely. Select an application that offers detailed invoices, including relevant information on the transactions which, in turn, will profoundly aid in error minimization.

Hybrid solutions

With the technological improvements, many accounting packages are being designed with the objective of meeting the business requirements at different stages of its growth. Many of the inherent attributes of a high-end software can even be required by SMEs and startups because of their growth in volume or expansive operational periphery (multiple locations).

Finding the right online accounting system is important to induce an appropriate ecosystem for your business. Keeping this into consideration, the realm of Indian IT industry has unveiled a gamut of feature-rich online accounting packages, developed in adherence to the diverse accounting needs and the industrial standards. Thus, before choosing the perfect online accounting application in India, special emphasis must be made on defining your unique business objectives, projections, work culture and operational periphery.

4 Emerging Accounting Software Trends to Rule the Present Business World

The global business environment is dynamic, evolving drastically with the development and implementation of newfangled, state-of-the-art technology for simplifying business processes. The technological proliferation has instigated a series of expeditious innovations that served as the genesis of remarkable progress, thereby strengthening organizational culture.

Accounting, being a distinguished arena of business addresses a host of significant changes because of the upsurge of digitalization. Progressive online accounting techniques serve as the bedrock for a growth-oriented organization and thus, if you follow the appropriate practices and strategies, we can ensure that your company will grow sustainably.

Following here are some of the emerging trends in terms of accounting software.

Cloud Technology

Cloud integration is known to be the trailblazing keystone for businesses of all sizes. It is extremely user-friendly, convenient and a reasonable way for enterprises to deal with accounting activities in the most effective manner. Noticeably, before claiming one as the best accounting software in India, you must try to ensure that it boasts simple compatible interfaces, facilitating open access for clients, colleagues and business partners from different locations with a series of easy accessibility options.  Thus, if your business has not implemented its usage yet, then it is high time to do the same and take advantage of its impeccable benefits.

Transparency for Enhanced Performance

Numerous regulating bodies are greatly emphasizing the ethical and coherent accounting processes. With the business world getting perturbed by a series of financial irregularities, scams and scandals, it is important for restoring credibility within the enterprise by dealing with relevant financial information carefully. Cyber security has undeniably become one of the significant issues and concerning the future, the enterprises need to ensure full-fledged transparency of the accounting processes for stakeholders.

Machine Learning

Deploying a machine-powered, accounting software has made it simpler for administrators to manage the tasks and then, make a difference to the organizational work process. Machine learning has emerged as a boon for businesses indeed while benefiting clients with improved accuracy, high speed levels, convenient fraud detection and much more, replacing all sorts of conventional accounting strategies. This, in turn, has helped in elimination of all the associated redundant tasks to a great extent.

Responsive Friendliness

Concerning the technological refinements, organizations have enhanced the way of managing accounting standards. Thus, for endowing your employees and business associates with faster accessibility of information, it is important for businesses to utilize a feature-laden, highly responsive accounting software which, facilitate easy access to real-time data or information via any device (including smartphones, laptops & tablets). Getting started with mobile or responsive technology will undoubtedly serve as a win-win situation for your business as well as high-valued client associates.

The introduction of strategic accounting, progressive business models have reinforced the significance of upgrading their business procedures to match the potential of other competitors. Thus, as an entrepreneur, it is beneficial for you to judge the performance or functionality of all available options before you claim one as the best accounting software in India. This, in turn, will not only help you to simplify your accounting functions and ensure seamless workflow but, assist you in making substantial cost savings and boost your business profits.

4 Inherent Attributes of a Bespoke Online Accounting Software

Functionality, innovation and agility have always been the cornerstones of a widely-accepted software. Keeping note of this fact, an accounting software is not all about performing a set of basic functions such as general journal entries, ledger preparation, accounts receivables and accounts payables. There are various other additional yet effectual attributes that aid businesses in evaluating their performance and predict their future course.

Adhering the same, following here are some of the ancillary features to know which, will empower businesses in processing and managing financial data.

Reporting and Analysis

Information has become synonymous to the word ‘Power’ while concerning the present challenging business environment. Thus, a high-end accounting software is expected to boast a set of robust reporting and evaluation capabilities. Apart from endowing business owners with insights to help them in performing crucial financial activities, the reporting and analysis functions also assist them in maintaining the industry and government regulations.

Scalability

Before you address a particular end product as the best accounting software in India, you must ensure it boasts an inclusive feature of easy upgradation to accommodate the ever-growing volume of financial transactions and increasing number of users as well. This, in turn, will help you in making your business large and prosperous, while serving proactively.

Automatic Updates

Using an outdated online accounting software is one of the major barriers hurdles which, hinder the growth of a business. Tax regulations, laws and various other financial practices have changed over time. Thus, it has become almost a requisite for businesses to deploy an updated software which, receive automatic, fast and user-transparent updates.

Customization

Businesses must look for a high-performing, flexible accounting software which, facilitates easy customization of forms, statements, reports, screens, including a set of other significant program facets as well.

The software must include role-based access and allow users to manage multiple businesses from a single account. Furthermore, the best accounting software in India is also expected to have an attribute of managing bank accounts, cash, credit cards, e-wallets and recording withdrawals, deposits and transfers at one place, while covering all sorts of integrated banking transactions.

Whats new in this February?

Whats new in this February?

Enhancement in Purchase/sales

  • Now you can add an item with 0 amount in purchase/sale invoice. This can be helpful to users who want to mention free items or services on the invoice. For e.g. ‘courier charges’
  • Now you can hide discount fields from sale invoice and sale invoice PDF if you never give a discount to your customers.
    • This  preference is available under invoice book
  • Now you can configure whether you want to show an only single column for all taxes or separate column for each tax in sale invoice PDF.
  • You can also select where you want to total amount i.e. before discount or before taxes.
  • Now in Sale invoice, PAN of contact will be shown only if TDS is applied to that invoice. If TDS is not applied to sale invoice PAN won’t be shown.

Reports

  • ‘Statement of Custom account’ is now renamed to ‘Statement’. Now you can view the statement of any contact, bank account or custom account from here.

Customize Sender ID for SMS

  • Now you can choose Sender ID for your company. It means all the SMS messages sent by Hisab on behalf of your company will use chosen Sender ID.
    • To change Sender ID, Go to the Settings >> Company settings.
    • Click on the Edit icon.
    • See the last field in the dialog ‘SMS Sender ID’. You can update it with a value which you want. Just remember, you need to enter exactly 6 characters

 

Firefox browser support

  • Now you can use Hisab in Firefox browser (Version 57 or higher).

Misc changes

  • You can directly open contact, bank account and custom account statement by clicking on any Journal voucher item from Journal voucher view dialog.