GST Billing Software is a major tax reform that has recently been introduced and implemented in India to enhance the economy and eliminate corruption.
However, people dealing with the supplies of goods and services face a lot of issues with the complex and New GST Calculations.
Even the smaller agencies, companies, enterprises and businesses have to invest extra to acquire Chartered Accountant services to understand and resolve their tax-related issues.
The Indian Government, on the other hand, has taken measures to simplify the GST compliance for the entire population of the country, whether they are irrespective of the position they hold.
GST Billing Software Features
The government has appointed ASPs and GSPs to design some applications with GST software and a calculator to help businesses simplify various GST-related tasks, including registration, e-filing, returns, and availing the ITC.
This post lists five important features that any GST software must have. Take a look.
#1. Purchase & Re-order Features
Every GST software or related application needs to have a feature that can calculate the accurate cost of all the products and services you receive from any supplier.
This feature will help you know the number of services and products you deliver directly to the retail business or consumers.
It should also calculate the number of re-orders of the same product or services through the supplier.
You’ll be able to know the accurate figure of your earnings on a monthly or annually basis.
#2. Security Control
Any GST application that provides the user with various other platforms to simplify their GST-related tasks, such as GST software and GST calculator, must be fully-loaded with safety and security measures.
The user’s sensitive information must be secure and safe while using such applications because the entire business data is stored in it. Also, there should be a data recovery option to make the system easier and safer for the user.
The applications safety must be authorized-based or access-based to store data in a configurable role.
#3. Uninterrupted GST Billing
The major feature of the GST software is that it gives you uninterrupted and faster GST billing.
There are two types of GST billing software, online and offline, chosen according to the type of business you carry out.
Online is a cloud-based software that can help you know the latest GST rates, HSN and SC codes as per the new modifications.
It is capable of updating itself according to the changes made by the government in the regime.
However, the offline GST software is used for basic calculations of the taxation system, perfect for small businesses.
The best part is that both of them doesn’t require any maintenance.
#4. Inventory Tracking
Another major feature of the software used for GST-related tasks is inventory tracking.
For instance, if a business deals with different kinds of products that need to be purchased in the mid of the month, the calculations of such products and maintaining the inventory becomes a bit difficult.
This is why concerned software is required to simplify and maintain all the details of each product you’ve bought for sale. You can also calculate your profit and loss based on those inventories.
#5. CRM & Loyalty
The software also helps you save enough time rather than indulging in the calculation stuff.
It is a great way to focus on different aspects of your business, such as you can push your customers to buy products by offering them discounts and delightful offers related to the services or products you sell.
This way, you’ll be able to build healthy customer relationships and make them your loyal customers.
The Final Word
If you are also willing to get one software for your own, it’s advisable to look for several options and then choose the one you feel is suitable for your work and business.
Also, keep checking on its safety and security measures to safeguard your business information.
It must contain other features that have already been discussed in this blog post to make your GST related tasks easier and simpler.
In addition, before getting the GST software, get registered into the new taxation system to avoid difficulties in your future.
- How Successful Teams Use Project Management Software
- Why go for Drake Tax Software Hosting?
- Importance of Having Movavi Data Recovery Software
- How to Implement New and Better Expense Management Software
- Benefits of Using Accounting Software for Small Business