The advent of the Goods and Services Tax (GST) law four years back in India transformed the complicated indirect tax structure into a simple and centralized one. Over the coming years, the current tax reform or GST will have a lot of positive bearing on the Indian economy. Establishing a unified tax format across India with a successful GST implementation is challenging. More specifically, it becomes crucial when all the teams are unfamiliar with the GST processes.
So to ease the processes and automate invoicing and return filing, businesses must have robust GST billing software. Any business, irrespective of the industry in which it operates, must understand the law so that the GST taxation system doesn’t redirect them from their core business operations. This write-up will explain why businesses must adopt billing software complying with all GST rules.
Simplify the data entry process for invoicing:
Most companies use accounting software to look after their invoicing processes, which involve complications in data filing and then reporting it to the government portal for GST. However, with the GST compliant invoicing software, sending or receiving the data onto the GST portal becomes more accessible and simpler.
Information and data security:
Data and information security have become crucial for any business. Using a GST billing software, the business can keep its data secured as the software is designed for robust security and encryption, after accounting for any security threats to keep the financial data more secured as a priority. Moreover, data is kept in the cloud-based servers backed by bank-grade security and can be retrieved easily if the device crashes.
Document handling amidst tightened GST rules:
The GST law called for the need to manage documentation online and digitalized various documents such as notices, refund documents, and invoices. Suppose one has to manage these documents manually. It becomes tiresome, but one can easily manage and store all documents conveniently with the GST billing software. With the invoice software, all the documents are bifurcated based on the types and are stored in different folders as per the rules given under the GST law.
Simplifying the invoicing process:
The billing has become complex under the goods and services tax system, with several products having different HSN codes and tax rates. The normal invoice software cannot compute the right tax rate and provide the right billing. Hence, one must use GST compliant invoice software to raise bills for several products free from errors effortlessly.
Option for customization:
The invoice template customization helps improve the user experience. The invoice software allows invoice, proforma invoices, debit notes and credit notes templates to be customized according to industry and business demands. The GST invoice software is competent to cater to several penalty types for contravention. Another benefit is that the GST invoice software is dynamic and can also be seamlessly integrated with several other compliance and accounting software.
It saves time and money:
GST invoice and compliance software simplify tracking the invoices together with the computation of taxes separately for every bill. Using the GST compliant software eases the entire invoicing process and makes all the financial tasks starting from billing to tax return filing easier, cost and time-saving.
Further, several genuine GST invoice software is currently available at reasonable prices. Therefore, put money in GST compliant invoice software as it is quick to use, simple, and cost-effective. Moreover, suppose one wants to reduce the hassles of invoicing and GST return filing. In that case, one can go for ClearOne GST invoice software for small businesses.
Get the edge with artificial intelligence:
GST compliant invoice software uses artificial intelligence to give an edge to small businesses in ensuring 100% tax compliance without fail. The complex structure of tax filing has been made seamless with GST invoice software. Any organization having multiple branches across India may need to file hundreds of GST returns such as GSTR-1, GSTR-3B, and GSTR-9 in one financial year. An organization operating from a single state must file twenty-five GST returns for a financial year, making it a tough task. Using artificial intelligence, such organizations can simplify GST return filing for as many returns or forms as required.
GST invoice software addresses all aspects of business operations, from invoicing to tax compliance to accounts receivable collection. It will ensure that the business’s working capital remains unaffected with the help of operations automation in a secure manner. It is the perfect recipe for business growth.
The GST law has astronomically affected micro, small and medium-sized businesses. Presently, the customers understand the extent of tax they are paying up to the government. Although it is a complex taxation system, it has benefits business owners, consumers and the government.