Features to look for in GST software
Making the switch to GST can be a daunting task. There are many things to consider, from understanding the new tax system to finding the right software to help you manage your finances. How do you know which GST software is right for your business? What features should you be looking for? In this blog post, we will discuss the most important features to look for in GST software and how to make the right decision for your business.
An overview of GST software
GST software is a tool that businesses can use to manage their GST compliance. Choosing the right GST software for your business is crucial, as it can save a lot of time and money, which you could use for other business-enhancing purposes. Since GST compliance can be a complex and time-consuming process, you should ideally look at a few things when choosing GST software.
Features to look for in GST Software
- Making tax-compliant bills
The software should generate invoices as per the GST guidelines. It should capture all the required data points and help you create compliant bills without any hassle.
- Support e-invoice creation
Since invoicing is a day-to-day task, instant generation is the need of the hour. The software should be able to generate e-invoices as per the latest guidelines. This will help you save time and reduce paperwork.
- Generation of e-way bills
One of the most important features to look for in GST software is its ability to generate e-way bills. E-way bills are required for the transport of any goods can be worth INR 50,000 in India but you need to keep in mind that different states have different thresholds. This means that the goods can be worth over INR 50,000. 50,000 within India. The software should be able to generate e-way bills quickly and easily, without any errors. One way to do that is using the GST software has connected solution to generate e-way bill instantly.
- Precise return filing
The GST software properly understands the details required for return filing, validates the transaction details and highlights if there are any incomplete details or errors, and allows seamless correction, so that the returns you file are 100% accurate. The software also provides auto-filling return information on GSTR-3B and GSTR-1.
- Cancellation of e-invoice
At times, the invoices for the IRN, which have been generated already might have to be canceled. The cancellation can occur due to a variety of reasons, such as data entry mistakes, duplicate entries, and so on. The best GST billing software will allow you will cancel all these invoices automatically. It will also send all the details to IRP about the cancellation of IRN. If you have already initiated the cancellation through the portal, the software will obtain the details from the portal and then update the details about the IRN in the books.
The best e-invoicing software available will always have the latest and most up-to-date product offerings. This is important for two reasons, firstly because it keeps your customers happy by providing them with the newest products on the market, and secondly, because it allows you to keep up with the competition by ensuring that you are always offering the latest and greatest products.
- Integrates with other business modules
GST compliance is not just about filing returns. It has many other components like invoice management, accounting, and inventory management. A good GST software will have seamless integration with all these business modules so that books are in alway synch and help you get the complete view of business
Flexibility
The GST software you choose should be flexible enough to cater to your business needs. It should be able to generate invoices, manage inventory, track payments and help you stay compliant with GST rules and regulations.
Security
The GST software you choose should have robust security features to protect your business data. Look for software that uses encryption to safeguard your information. It should also have security and user management system that helps you create multiple user roles, assign and restict rights, etc. . By investing in superior quality GST software like TallyPrime, with robust security features, you can rest assured that your business data is safe and sound.
The bottom line
When choosing the right GST software for your business, there are a few key features you will want to keep in mind. Ultimately, the best software for your business is the one that fits your specific needs and budget. By doing your research and comparing different options, you can find the perfect GST software to help streamline your tax filing process.
If you’re still unsure which software is right for you, consider talking to a professional or taking advantage of free trials before making your final decision.
