If you are someone who is connected to the world of finance in any way, you must have heard about GST and all the conversation that takes place about choosing the right kind of GST accounting software. But if you are not someone who is directly connected to finance but has an interest in the field? What if you feel left out in a conversation where people are talking about GST?
Through this article, we have tried to help such people out. Here we have mentioned some of the most common questions about GST and an accounting software with GST. Let’s dive straight into it.
What is GST?
The first and the most important question is what is GST? Well…to put it in simple words, GST stands for Goods and Services Tax. The government implemented GST back in the year 2017 with a mission of combining all the indirect taxes into one. This was done to make the entire process of financing easier for businesses. And to be honest, it really did make a lot of things easier. But the presence of GST accounting software systems has taken the whole thing to yet another level by making the process less complex and user-friendly.
What is a GST Accounting Software?
GST accounting software as the name suggests is a software specially designed to handle tasks related to GST. This kind of account software system is mostly used by business people, professionals, and taxpayers to manage their GST compliance in a smooth and efficient manner. The software has all the rules and regulations related to GST pre-installed in it. It can prove to be very useful for all kinds of businesses and its additional features will make the processing and filing of GST less complex.
What are the Features of an Accounting Software with GST?
Every accounting software with GST will have its own set of unique features. But there are certain features that can be found in most of the software systems. Let’s have a look at them.
1. Generating Easy Reports: This is one of the most common features of an accounting software that is specially built to handle GST. The feature will prove to be very beneficial to taxpayers as they will be able to import all the data easily from the excel sheet in the software. They can also generate reports by recording all the sales and purchases entries. This will help them file monthly, quarterly, or annual tax returns easily.
2. Auto Tax Calculation: It is a known fact that calculating tax manually can involve a lot of errors and miscalculations. This might have a huge impact on the final reports. Hence, having an accounting software with GST that can calculate the tax automatically will prove to be a huge advantage for an organization. It will also save a lot of time and provide great accuracy.
3. Reconciliation of Reports: When it comes to GST filing you will have to create a lot of reports and if any of these reports have any errors, manually checking them will turn out to be a time-consuming process. But with the help of GST software, this can be done in minutes. You can easily reconcile any mismatches that might be present in invoices, ITC, returns, or purchases.
