A quick guide to all about GST Enabled Accounting Software

Transition to GST 

Goods and Services Tax (GST) has replaced the previous State and Central level indirect taxes like Service tax, VAT, CST, Excise etc. Organizations that are registered under Service or VAT Tax are required to march forward to GST according to the enrolment plan of State Governments. It is applicable to businesses those have annual turnover of Rs. 20 lakh or above. In case of hilly areas i.e. Jammu & Kashmir, Himachal Pradesh, Uttarakhand, and Sikkim, and North Eastern states (Assam, Arunachal Pradesh, Mizoram, Meghalaya, Manipur, Tripura and Nagaland) the threshold limit is Rs.10 lakh. Though in many sense GST has made the life simple however in many ways it has added the compliance burden since it is asking to load 3 monthly returns and the return should also contain invoice wise details in many cases. These increasing compliance has forced the entrepreneurs to find out the suitable tools in forms of GST enabled accounting software that could reduce their pain in this regard.

GST software

GST is the sole biggest tax reform being introduced by the ruling government since India’s independence. Since its inception i.e., July 1, there has been a “GUST” amongst the businesses as well as the Charted Accountants (CAs) about how to intellectually exercise this newly introduced tax law.
It is now 4 months of roll out of GST in the country and the time has arrived to file various returns in GST era. And what could be more propitious best and easy GST Accounting software tool that could raise the invoice/bills record all the transactions, maintain complete accounts & inventory and above all could generate the GST returns with already recorded sales/purchase transactions in the software .
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The GST enabled accounting software solution are easy-to-use accounting and invoicing tools that are flexibly designed to meet the tailored needs of different businesses, industries and sectors for keeping the accounts and doing GST compliance. Through the use of efficient GST accounting software, both firms and individuals can easily manage their inventory, accounts, purchase, sales, finances, taxation, payroll and several processes in an effective & integrated manner. These software provided the real time reports and MIS that could be very useful for taking timely business decisions like to replenish the diminishing stock, to take action on slow moving inventory, long outstanding debtors etc.

Advantages of GST enabled accounting software for your business

The GST enabled accounting software is a completely user-friendly one-stop platform for fulfilling all diverse business accounting needs and utilizing the recorded sales & purchase transactions to prepare and filing the GST returns. Check the below mentioned list for various activities that can be managed by effective GST enabled accounting software :-

• Sales & Purchase Billing and recording of transactions
• Accurate tax returns filing with utmost ease
• Recording of cash, bank, expenses and income transactions
• Proper Management of accounting, payroll, inventory and taxation activities in real-time
• To prepare and tabulate transactions to determine the tax liabilities for paying it timely.
• To provide parties balances on regular basis and to notify/alert in irregular cases.
• Companies can increase their profit margins and  efficiency by taking timely and corrective measures               on the basis of MIS/reports provided by accounting software
• Inventory management
• Preparation of financial statements (Balance Sheet, Profit & Loss account, Cashflow statements)
• To manage Discounts and schemes
• Integration of devices like biometric attendance, smart card reader, bar code reader etc.
• To handle accounts of multiple locations/warehouse
• To handle the multi-currency transactions

Add-On Features
The best GST accounting software comes with multiple innovative features like news updates about GST, updated GST return formats, HSN code verification, GST number verification etc..

Best GST accounting software for small businesses
For small & medium business, the best GST accounting software 2017 is AlignBooks. The software is always updated with GST related issues like returns, various invoicing formats etc and provides online supports. The software is best suited for Indian environment where every business/market have their unique requirement in terms of invoicing and recording of transactions and reports as well. Hence in the Indian environment the software like AlignBooks that gives lot of flexibility to adjust the features according to the Users’ requirement are best suited . It offers free trial too.

Micro organizations can also prefer ZOHO and QuickBooks they are marginally short in terms of features to AlignBooks.