With GST being implemented some time back, organizations falling in this particular tax bracket are required to submit their accounts to evaluate their tax and to pay GST on time to the government. In today’s environment, no entrepreneur can think of spending huge money on hiring more employees than required or waste precious time undertaking manual tasks like accounting. Moreover, with GST being implemented and other previous taxes done away with, the entrepreneurs who previously were using manual accounting methods are required to use the GST software program. Also those who already have existing accounts software has to implement the necessary upgradation, so as to be in the right side of law and continue to enjoy having improved goodwill in the market.
Reasons for implementing GST billing software in the business
There are numerous cited for installing the right GST accounts software in the business, of which few are given below:
- Speed: When compared to manual accounting, bookkeeping software can prove to be highly efficient and also time saving. Account reconciling becomes easy and quick. With numerous transactions taking place in the business and entered in the package every day, this information will be pulled by the software automatically trough to relevant journals and ledgers. Also, the balances will get automatic updates.
- Accuracy: This is one major reason for entrepreneurs to consider implementing bookkeeping software in their business. more efficient and accurate accounting cycle is ensured with this software. Manual processes generally involved huge mistakes and errors being committed, thus leading to loss of time and wastage of money. The advanced software technology reduces such human errors as it has been designed input of incorrect data like credit-debit mistakes, etc. Therefore, data capturing mistakes are made obsolete.
- Meticulous, fluid results: Every entrepreneur does demand to know where every paisa spent goes into in the business. but to derive this accurate knowledge, he is not interested to invest sufficient time to check manually the financial books. The accounting software when carefully selected will offer him to view all the records and the profits or losses made by the business during the financial year or previously in just few clicks of the mouse.
- Pulling out financial statements and reports quickly: Reports are required by every level of management to determine the progress of the business. amounts are to be posted in different accounts and balances updated on time. the financial statements can now be prepared in just minutes.
In short, the laborious manual system of maintaining accounts has been effectively and efficiently replaced by the automated accounting system. There are several steps involved in manual accounting cycle which is automated by the accounting software like:
- Ledger accounts posting
- Preparing Unadjusted Trial Balance
- Preparing adjusted entry
- Preparing adjusted Trial Balance
- Closing entry posting
- Journalizing closing entries
- Preparing post closing Trial Balance
- Financial Statement preparation
It is only with a carefully selected, the highly reliable and the best GST software package can help the business to grow and overcome competition. Also, there needs to be prompt software support from the providers to ensure that all hiccups and obstacles are done away with during its operation.