Requirement of GST Enabled Accounting Software for Small Enterprise Business

Is GST has become a boon or a burden for Small Enterprise Business?
Goods and Services Tax (GST) is implemented in India on 1st July 2017 after a decade of debate and discussions. It is implemented with an aim of “One Nation, One Tax”. It is said that GST will be the biggest tax reform of India since its independence.
GST has now replaced all the existing indirect taxes by Central GST, State GST and Integrated GST. It is believed that the implementation of GST will help the small enterprise to over-come the burden of double taxation. But the question is that after the four months of GST implementation whether it has proved to be a boon or a burden for the small enterprise business.

Does a small enterprise require a GST enabled accounting software?
best GST accounting softwareGST has brought radical changes in the taxation system of India and has given some basic guideline that every business must follow to comply with. It became absolute necessary to keep proper record for accurate tax declaration. GST enabled accounting software helps the small and medium enterprise business to keep every record properly and calculate GST accurately and automatically.  It is certain that GST authorities will audit the GST declaration of the company from time to time and will impose huge penalties in case wrong record is declared. But with the help of best GST accounting software business is less likely to make errors in their GST declaration and avoid penalties for wrong tax reporting and thus it can reduce compliance cost of the business. Moreover, calculating GST manually is normally time-consuming but in GST accounting software, GST is calculated automatically and saves time and effort for the company. Thus, GST accounting software has become very essential for every small and medium enterprise.

What should be the feature of the best GST accounting software?

While you go to buy the best GST accounting software for your company, you should keep in mind that it should generate GST invoices and can be customized as per your necessities. Best GST invoicing software will also be able to categorize the expenses of the company into different categories and will be able to manage the inventory, inward-outward stock movement as well as the wastage. In fact, the accounting software for small business should be able to generate balance sheet, create trail balance report, create profit and loss statement whenever required.  One such outstanding accounting software is Align Books that can provide a complete accounting solution for small and medium enterprise business.

Comments

  1. Unknown4 August 2018 at 04:55

    Hi, I am a big follower of your blog. I am really happy to found such a helpful and fascinating post that is written in well manner. Thanks for sharing.Fixed Assets Audit | CFA Audit | Inventory Audit


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  2. Talha Shahzad25 September 2018 at 02:41

    Excellent blog I visit this blog it's really awesome.The important thing is that in this blog content written clearly and understandable.
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  3. POS Billing Software India | Retail & GST Software | Easy Retail Software - Er4u1 October 2018 at 05:20

    It was a great post on the requirement of accounting software for businesses.
    Retail POS Software
    POS Software India

    ReplyDelete
  4. Sherin infanta5 October 2018 at 05:41

    Your blog was very interesting & easy to understand. Thank you so much sharing that valuable blog. AP Vendor Helpdesk | Duplicate Payment Audit
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