7 Benefits of A GST Accounting Software
The inception of Goods and Services Tax in July 2017 revolutionised the Indian tax system. Effectively replacing all existing taxes, GST follows the principle of “one nation, one tax” and is imposed on the sale and purchase of all goods and services in the country.
Of late, businesses have undergone rapid digitalization and the tedious task of tax filing has now been delegated to cloud accounting softwares. This trend is visible from the rise of GST accounting software in India. Besides saving time and reducing the risk of manual errors, accounting softwares comes with a number of other benefits, seven of which are listed below.
1. Simplified Tax Filing
A good GST software only requires the business to enter their GSTIN at the time of creation and all other details, including the HSN/SAC codes, are fetched by the system itself.
2. Auto Tax Calculation
A GST software helps in locating the applicable GST rates under CGST, SGST, UTGST, IGST and CESS. RealBooks is a GST accounting software in India that automatically calculates all your GST liability and also assists in sending transactions to the GST portal.
3. Multiple User Support
With a GST software, it becomes easier to calculate taxes for multiple businesses and branches parallelly. RealBooks has an inbuilt branch/ group accounting feature that can give you independent PnL reports for each of your business as well as consolidate all such data for reporting to the parent company.
4. Easy Invoices
A GST accounting software is usually designed to generate GST compliant invoices as per the data of the payer. The invoice includes all details like the GST number, rate, etc. Such a software also provides for scheduling of invoices and reminders for outstanding payments.
5. Real-time Record of Revenue and Expenses
Tracking and organising all transaction data is one of the hardest parts of running a business of your own. A cloud accounting software is helpful in this regard as it regulates your cash flow and updates the business owner with real-time revenue, income and expenditure status.
6. Regular Automated Reports
A GST accounting software automatically generates reports based on the recorded history of sales and purchases. These reports can be generated monthly, quarterly, annually or even on demand.
7. Advanced Security
All cloud accounting softwares use high standard encryption techniques to keep all data strictly secured. Realbooks, hosted on Amazon AWS Servers, is equipped with multiple levels of data backup and Password Protection Policy to ensure ultimate security and confidentiality.
These are seven fundamental benefits of using a GST accounting software. The market is filled with many cloud accounting software brands, each adding a couple of distinct features to their system so as to be the best of the lot. RealBooks is a rising GST accounting software in India.
RealBooks provides the best user experience by accommodating for Vendor Management, Compliance Management as well as Bank Reconciliation facilities- all at affordable rates. Visit their website now and make GST accounting easier with their services.