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What Major Features to Look for in GST Software?
What Major Features to Look for in GST Software?

September 10, 2019

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After the introduction of GST in the country, many businesses have found themselves wondering about how to best comply with new laws and provisions. There are many benefits of GST implementation if you are aware of how you can use it to your advantage. To file returns smoothly and maintain billings, you might have to look for GST software with a wide range of features. You will want the software to simplify the entire taxation process and make it easier to calculate complicated taxes and their rates. The GST software should also make the process of invoice creation, return filing, and compliance more convenient.

The best GST software could be the one which perfectly fits your needs and requirements. Here, let’s take a closer look at things that you need to consider when choosing the right GST software for your business.

1. Accessibility

One of the most important aspects to look for in GST software is whether it offers online or offline access. The decision on which one is better will totally depend on the nature and requirements of your business. A cloud-based software comes with built-in capability to store all your sensitive data on the cloud in a safe and secure manner. The best part is that it automatically gets updated as per the latest laws and amendments introduced by the government. On the other hand, offline software can only help you in calculating GST and generating invoices using pre-built formats.

2. Budget / Price

For many businesses and taxpayers, the price can be an important factor when determining the right GST software. Fortunately, many software providers offer multiple pricing plans to fit the needs of different types of businesses. Hence, keeping your budget in mind, eliminate all the options that do not offer choices to fit your desired price structure.

3. Security

To comply with GST laws and regulations, the GST software will need to access a lot of your personal information. Some of these crucial details include business accounts, financial transactions, records, and even your bank account information. Therefore, it is important to ensure that the software has proper security mechanisms set against viruses, hacking, data theft, and other threats. A secure GST software will implement better encryption technologies and other security measures to protect the user data.

4. Customizable

When choosing the right GST software, you should be able to easily customize it as per your business needs like generating invoices in a particular format. In addition, the software should be intuitive to operate and should not require much time to understand the navigation process. It should have the ability to manage a list of customers and vendors, manage inventory, inward-outward stock movements, and more. A user-friendly GST software should not take much time to learn and be able to work effectively depending on your needs.

5. Support

When dealing with new software, you might have to go through a learning curve before you could become productive. Additionally, you may have queries and want consultation regarding GST compliance. So, your GST software must provide a reliable support system to help you with any kind of issues.

Conclusion

The aforementioned points may guide you to find the perfect GST software which suits your needs and fulfills all your expectations. You could also ask for suggestions from an accounting professional who has knowledge of accounting and GST compliance.


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