101: Guide on using GST Billing Software

One of young software designers making presentation of new application

The government of India introduced the GST tax system on July 1, 2017, intending to bring the “one nation, one tax” policy into action. From small businesses to MNCs, every firm had to comply with the new regulations and make the changes accordingly. Accountants and tax experts had to learn everything about GST to process the bills and file returns. However, it has been only a couple of years, and people are likely to make mistakes in following the new regime. Therefore, the use of GST billing software becomes eminent to avoid silly mistakes and save time. It is a well-integrated mathematical software that does the laborious tasks of creating invoice effortlessly! Let us understand more about the usage and features of this helpful tool

GST Billing Software: New Age Accounting

GST invoice making and billing process can be a time-consuming process. The complexity and calculation in tax compliance are what sweats most of the accountants and taxpayers. There need for ensuring components like SAC (Services Accounting Code) and HSN (Harmonized System of Nomenclature) codes, GST rates, several taxes under the system, etc. The GST billing software simplifies the billing process while keeping all these contents and numerical adjustments accurate.

Bookkeeping and GST billing becomes manageable with productive software at your disposal.

Features of The Software: Know What It Offers

For understanding how to use the GST billing software, it is crucial to understand all the features that it offers! Know about all the tools and services to use them to the most of the benefits. Although most people do not see it through the basic idea they have of billing software, there is a lot in store to use!

Well-Prepared Invoices

Once the customised billing format of a company is saved in the software, it is possible to provide well-prepared invoices and bills. Add company name and logo with address and contact details to make a permanent format.

ITC Reporting Service

ITC (Input Tax Credit) calculation and reporting become a comfortable task with the GST billing software. The match/mismatch reports can help one identify the loopholes that may or may not affect the tax records.

Offers Handy GST Reports

GST reporting is one tremendous task if done manually. The purpose of the billing software is to simplify it and categorise all the reports on a monthly or yearly basis.

Provides Latest Cloud Technology

The cloud storage and technology system has renewed the way we record files. Businesses can utilise this feature to keep a track of their outstanding invoices, records, etc. As long as the account is active, it is accessible to the user with valuable insights.

Data Security

The security system of the GST billing software has to be robust and well-encrypted. All the information related to GST invoices and returns are sensitive, and one needs to rely upon a platform that can keep them all safe. One should always verify the technology used by software providers to ensure it is hack-proof.

Auto-Calculates GST Payments

Calculations of every GST bill and invoice are time-consuming, difficult and complex for any person to understand. With the help of this software, the complexity reduces to a point where any owner can create the invoices by himself. Yes, no need to wait for an analytical mind to carry out the tasks.

SAC & HSN Code Integration

The recent announcement by the government specified the need to use both HSN & SAC codes in all the GST bills. The software helps identify and specify these codes in every bill with complete accuracy.

Supports Third-Party Apps

Some of the software companies tie up with third-party applications that can boost the performance of the same. One can use calculation and storage applications to enhance the experience.

Usage of GST Software: Learn How To Use

A GST billing software comes with a handful of features, as we learnt above. However, using it to the most of a business’s benefits depends on the user/owner. One has to know the right classification of each feature to make cent per cent use of the offered benefits.

  • Setup the primary format of the monthly and yearly GST bills and invoices in the software to get easy access.
  • Create an account for the cloud backup option and keep the automatic button on to transfer all the files routinely to the system.
  • Learn the edits from the company executive to enter all the outward and inward sales, and the software will do the rest of the calculations!
  • Keep a track of inventory using the stock adjustment, item categories and low stock reminder features.
  • Record business transactions on a weekly or monthly basis to avoid hassle at the last minute!

Paying taxes can burden businesses without any reliable technical support and backup.

Benefits Rendered By The Service Provider

The benefits of using GST billing software go beyond just avoiding the hassle of mathematical calculations. Users get to use the exclusive features of the software and improve their experience of service.

1. Account Sharing With Teammates

Partnership firms can keep the transparency of activities by sharing the software account with their partners. No one has the privilege of sole access as every shared partner can look at the inventory reports and filed bills.

2. Digital Support & Backup

The cloud backup facility of this software avoids the time and space consuming task of manual bookkeeping. No need to pile up tax files in the office as the bills and return files are safely stored in the account.

3. Manage Stocks Conveniently

The inventory management and report facility help have a one-shot look at the company stocks. Get access to all the information on one dashboard while saving time and energy.

4. Get Real-Time Information

Some of the leading service providers also offer the real-time update option where the software makes the recent policy changes and keeps reporting the news through notifications.

5. Automated Backup System

Software backups are convenient but not something business owners have the time to remember. Smart software tools like automated backup facilities reduce this burden as well!

6. WhatsApp Customer Support

The convenient and fast use of the WhatsApp application makes it more convenient to communicate with the customer support department.

Ways To Choose The Best Software

Choosing the best GST billing software can be a tricky business, especially when one does not have any prior information about the options. Here are a few tricks one can use to filter out the best of the rest!

  • Make a list of the leading software service providers in the country. Visit the websites and understand what they have to offer.
  • Shortlist the ones with the most useful features and additional benefits. Reap the value of money by picking the most competent ones.
  • Compare the features keeping the pricing in check to make an informed decision.
  • Contact the companies and check their customer service quality to finalise the best one.

The Bottom Line

GST files and billings are what keep businesses legitimate and off the trouble-track in the long run. Instead of spending too much money on hiring the perfect accountant and having the task done manually, one can opt for the GST billing software. It is remarkably valuable to firms, especially the small ones. The primary task is to find the best service provider who will offer all the features and benefits in one basket. One should compare the prices and features together to make a wise decision. After all, it is a one-time investment that will pay off in instalments in the long run! 

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