Tax Calculation Software Systems Increase Operational Efficiency of CPA Firms

Every accounting company that is working for its business or individual clients needs to prepare detailed taxation documents for them so that they are compliant with the tax regulations of the country. Based on the country a person is living in or a business firm is associated with, the entity is supposed to pay annual taxes in time so that it is perfectly in compliance with the tax laws of the country. Taxes such as GST, sales tax, income tax, octroi tax, property tax and a range of other taxes are levied on various entities on an annual basis and it is necessary that they have the tax papers in perfect order so as to avoid unnecessary legal hassles later on.

A CPA, CS or CA firm that is required to manage the tax requirements of its clients makes use of a wide range of software systems in order to perform such tasks. While at one point of time the professionals associated with these firms performed all of the tax calculations manually, nowadays they make use of smart software solutions that can help to save a lot of time and also increase the accuracy of such calculations. While making tax calculations, it is extremely important to maintain the highest level of accuracy as otherwise the company or the client may face a number of serious legal hassles. Due to this reason, it is practically beneficial for the accounting firms to make use of specialised software systems when it comes to calculating the taxes.

There is yet another distinct advantage of using tax calculation software systems. Most CPA, CA and CS companies handle a large number of clients on a regular basis. Since the greater number of clients automatically leads to greater profit margins, most accounting firms leave no stone upturned when it comes to attracting customers. However, this also leaves them with a large bulk of work to handle which in turn can lead to inaccuracies in calculations when they are preparing the tax papers. In such cases, they need the support that they can get from tax preparation software systems as it can reduce the chances of making mistakes and make it easier for the professionals to manage the taxes of a large number of clients.

The latest tax calculation software systems also come with a wide range of beneficial features such as cloud storage and document preparation systems that can make it even easier for the accounting professionals to do their work. This has encouraged the accounting firms of today to opt for a complete infrastructural change and go for the software systems which can help them to serve their clients in a better way. There are also a number of software development companies that offer customized tax software solutions for accounting firms looking to make the most effective use of technology. If you are the owner of a CPA firm looking to boost its operational efficiency, you should definitely go for these software systems to boost the accuracy of tax calculations.      

Easy Accounting with CA Office Automation Software

Chartered accountants or professional CAs are always looking for the best quality software systems that would help them to effectively manage the accounts of many clients. While at one point of time CAs mostly carried out all of their accounting work by hand, nowadays they prefer to make use of software systems that would in turn help them to complete all of their accounting tasks within a short time and ensure higher levels of accuracy at every step. The clients that they are working for also demand prompt results which can only be achieved through the use of highly competent software systems. 

One of the software systems that have considerably helped professional chartered accountants all over the world to perform their tasks efficiently is the CA Office Automation Suite. The CA Office Automation Suite is a software program that has been designed for effectively making use of IT infrastructure and systems so that the accounting requirements of various business firms are properly taken care of. Professional CA firms not only work with a single business client but they serve multiple clients at the same time. Therefore they need the best software suite that would help them to perform the accounting tasks for them and make sure that their clients have all the information that they need at hand so as to make the right kind of business decisions.

With the help of CA Office Automation Suite, it is perfectly possible to transform the IT infrastructure of a CA firm so that it can offer the best accounting services to the business clients. The software suite also makes it a lot easier for a CA firm to scale the IT facilities that is available to it. The software also helps a CA firm to automate the various processes associated with data center management and also provides with the flexibility to carry out the tasks at one’s own pace. This also helps to bring down the risks associated with the accounting works and reduce errors while at the same time making the best use of the existing infrastructure. The CA Office Automation Suite can be used by data centers to implement a modular and systematic approach to automation which can help to integrate CA Process Automation, CA Configuration Automation and CA Server Automation.

Here are some of the distinct benefits of using the CA Office Automation Suite.

• ·         Accelerating the process of application deployment
• ·         Working with a new service within a rather short time period
• ·         Efficiently handling workloads for meeting the fluctuating business demands
• ·         Control private and public cloud resources with the help of one single, unified system
• ·         Deploying and scaling IT services according to one’s own pace
• ·         Making the most efficient use of existing resources
• ·         Orchestrating and automating the IT processes
• ·         Leverage the current IT infrastructure for delivering cloud services

The CA Office Automation Suite also helps to monitor and examine the vital applications and infrastructural information. This can help the CA firm to dynamically respond to various configuration errors, system utilization changes and application performance metrics with policy-based and coordinated actions. This can give rise to a dynamic data centre which can elastically scale the IT services for improving the quality and availability of business accounting services.

Benefits of using an Accounting Software for Business

Using accounting software programs is quite common these days as they simplify the whole process of accounting. They help a business organization in more ways than one to enhance the operational efficiency of the organization. It is therefore no surprise that companies spend a lot of time and effort in finding the best accounting software for their needs. 

Here is a look at the various advantages offered by accounting software programs.

Increased productivity

When you are using accounting software programs for your accounting needs, you can benefit from quicker business processes that will leave you with more time to focus on the core aspects of running your business. With the accounting software programs, you can also keep your account books perfectly up to date without any hassles, and effectively de-clutter office space by getting rid of the need of investing in a lot of paperwork. 

Increased accuracy

It is a well known fact that people make mistakes while drawing their accounts. However, accounting mistakes can lead to major financial losses if you are not careful. By having an accounting software in place, you can bring down the chances of committing accounting errors to a great extent. It also becomes a lot easier to check through digital documents and carry out instant corrections in case something is wrong. 

Manage your monthly expenses effectively

Time and money can be vital when you are the owner of a small business. With an accounting software, you can actually save on both and this can benefit you in more ways than one. Instead of having a professional accountant to manage your company’s accounts, you can do the whole thing by yourself by having an accounting software in place. The leading software developers offer fully functional software systems that come without any annual license fees and also include training, additional support and even self-help services. You can also save on paper and printing costs and also take complete operational control over your company’s finances. You won’t even have to actually wait for professional accounting experts to do your job for you. 

Tax compliance made easy

Accounting software comes with a wide range of analysis tools, payroll assistance applications and report making applications. They are also the best technical tools for preparing tax details. They can provide you with all the information that you need when you are working on taxes and audits and need to use the income and expense tracking systems. Some software systems also come with additional comment capabilities that allow you to make important notes and observations for future reference.

Heightened security

When you are running a business, it is very important that you protect all the valuable data of your company in the best way possible. Loss of such data can seriously jeopardize all your business efforts in a matter of minutes. Due to this reason, it is very important to keep all of your sensitive information as safe as possible. This is true whether you own a small or a large business organization. However, a password protected accounting software can offer enhanced security for your business details and accounting records.

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.

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.