Saturday, 16 September 2017

How to choose the best GST Accounting Software?

Since the historic launch of the GST in India, most business houses are trying to adjust to the changes that it has brought in their ways of carrying out their transactions. The aim to have a single tax for the whole nation has been under preparation for a long time. However, business firms are now looking to find the best GST accounting software in India that would help to sort out their taxes and be compliant with the GST laws. To make sure that the GST is properly calculated and the company is compliant with it, it is necessary to use a proper GST accounting software. 

There are numerous factors that are responsible for the success or failure of a business organization and its tax related operations. It is necessary to keep all financial records and bookkeeping documents in perfect order. The business house should maintain all of their account books in a neat manner as this can help in quickly adjusting to difficult financial situations. The best way to manage GST is to find accounting software that can offer smart solutions for the company. 

Characteristics and features that a good GST software should have 

Each and every business house is different and has unique needs. Therefore it is quite natural for a company to have different expectations when it is looking for a GST accounting software. However, there are some of the major characteristics and features that the best GST software systems should have. 

·         The software should include all the requirements corresponding to payrolls.
·         The GST software should have provisions to manage more than a single bank account.
·      The software system should be able to track available stocks, orders, jobs, work in progress and various other requirements relating to task management.
·         The software program should be able to work with foreign exchange.
·        The software should be able to provide you with a perfect online platform to carry out different activities like verifying records and online payments.
·         The software should have a well defined system to keep detailed records of all business activities or the various departments that operate under a single business unit.
·      The GST software system should be able to keep an accurately managed record of customer preferences, customer purchases, total amount of products that they buy, the taxes charged on them and other details.
·         The software should come with a user friendly interface. 

You should also remember that GST software programs come in both online as well as offline versions and both of them have their unique advantages to offer. The offline GST software allows you to properly save all of your transactions, have regular backup, maintain the database, and also manually update it. However, using an offline software is a better option for business houses that carry out bulk transactions on a regular basis and therefore need a faster method to record the transactions on a software, since online software programs tend to become a little slow depending on internet speed and usage.

Monday, 28 August 2017

How to file GST Return Online?

The GST Return is basically a document that contains the details of income that a taxpayer is needed to file for the Indian tax administrative authorities. The details are used by the tax authorities for calculating the tax liability. According to the GST laws in India, the listed dealer needs to file for GST returns and incorporate all the details of purchases, sales, the output GST on the sales and Input tax credit, i.e. GST paid on the purchases. In order to file for GST returns online, GST compliant invoices for sales and purchases are required.

According to the new GST regime in India, a regular business owner has to file for three monthly returns as well as one annual return. Therefore it leads to amounts to a total of 37 returns in one single year. When filing for GST return online, a person has to enter the details manually for only one monthly return, i.e. GSTR 1. The details for the other two remaining returns, GSTR 2 and 3 are going to get auto-filled based on the information that has been presented for the GSTR 1 by the business owner and additional vendors. There are also separate returns that are needed to be filed appropriately by various special cases like composition dealers.

Online GST Return filing steps:
Step 1
A taxpayer is going to transfer last GSTR 1 return form specifically either through the information section present at GST Common Portal or through transference of the record containing the GSTR 1 return form via Apps by 10th of the month after the month in which the supplies were made available. The expansion or diminish in supply solicitations are going to be permitted, on the actual premise of points of interest that are transferred by counterparty buyer in the GSTR 2, up to 15th day of the applicable month. The provider cannot incorporate any missing pointers or solicitations after the 10th day of the applicable month. The GSTN will encourage intermittent transfer of all such information to reduce load on the online framework. GSTN will also encourage the disconnected planning of GSTR 1.

Step 2
GSTN or GST Common Portal will auto draft the GSTR 2A. The purchaser can modify GSTR 2A through GSTR 2 and file for the GSTR 2 on or before the 15th day of the month in the succeeding period.

Step 3
The purchasing taxpayer is going to acknowledge/alter/dismiss all auto drafted GSTR 2A. The taxpayer can download the provisional purchase explanation if he chooses to do so from the relevant Portal or through the Apps using the Application Programming Interface and redesign or adjust it even without an online connection.

Step 4
The purchasing taxpayer will have the power to add more purchase receipts points of interest for GSTR 2 which hasn’t yet been transferred by the counter-gathering taxpayer or provider as shown in the above discussed steps, provided he is full in control of the legitimate receipts that are issued by the counter-party taxpayer.

Monday, 3 July 2017

How to choose an accounting software to meet your needs?

Over the last few years or so, the scope of accounting has changed completely with the introduction of accounting software systems. These software programs can address all the needs of a CPA or chartered accountant firm and enhance its efficiency in more ways than one. Due to this reason, every accounting company focused on boosting their prospects in a highly competitive market invests in an accounting software that can help them to address the needs of their clients while at the same time improve the working efficiency of their employees.

The wide range of benefits that are offered by accounting software programs make them indispensable for today’s accounting companies. However, in order to achieve success with an accounting software, it is very important that the company clearly assesses its needs before investing in a software system. The market is now filled with a wide range of accounting software programs and unless one knows what he or she wants, it can be very confusing for a person to choose the best software program for the CPA firm. Here are some of the things that a company should consider before investing in an accounting software system.

Every good accounting software system should have the following features:

·         Create invoices and other accounting paperwork

·         Track expenses and arrange them according to specific categories

·         Allow the users to completely customize the user interface and its functions

·         Carry out bank reconciliation by efficiently importing bank transactions

·         Manage inventory, wastage and inward-outward movement of stocks

·         Record inventory purchases and create the purchase orders (PO)

·         Manage detailed lists of vendors and customers

·         Record the Journal Voucher entries

·         Manage and create taxes

·         View Profit & Loss statements, Balance Sheet and the Trial Balance reports

·         View all account payables and receivables

·         Add more team members

·         Provide scope for managing employees as well as processing payrolls

·         Offer technical support for multicurrency transactions

·         Access complete control for all the team members    

·         Categorize the transactions according to their projects

Importance of Budget
When you are out in the market looking for an accounting software, it is important that you have a clear budget in mind. This will not only prevent you from overspending but also allow you to never lose sight of your company needs. It is important that you do some market research before you come up with a budget figure. While it is not important that you spend a fortune in order to get a good accounting software, keeping the budget too small will only prevent you from choosing a good software for your firm.

Talk with various software dealers and ask them to take you through the features of various accounting software programs. This will help you to understand which program is perfect for your specific needs. You can also ask for a trial or a demo as that can help you to make a better decision. Always shortlist some of the best accounting software programs and then finally take your pick from them.