How to Automate GST Invoicing for Retailers Using Marg ERP

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Marg ERP Ltd
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Automate GST Invoicing for Retailers

In retail, time is always precious, and hence efficiency always rules the roost. Retailers always seek ways in which they can make their operations cheaper and more efficient. Automation of processes is one very important step in its direction. One function that obviously takes up a lot of time and manpower is that of invoicing. With GST presently enforced in India, generating GST-compliant invoices has become a must for all. This keeps the things transparent and accountable but has added one more layer of complexity to the retailers. Isn’t it amazing if you knew that GST invoicing could be automated? Introducing Marg ERP, an all-rounder solution helping retailers simplify GST invoicing and make finances at their fingertips.

It outlines how the Marg ERP system can help in making automate GST Invoicing for Retailers, and perhaps explains why it is the game-changer for small and large retail businesses.

Why Automate GST Invoicing?

Before we dive into how Marg ERP helps with automate GST Invoicing, it’s essential to understand why automating this process is so important for retailers.

Time-saving:

Doing that manually, ensuring that these invoices are prepared according to the rules of GST and submitted takes a lot of time, especially for retailers who have such volumes. Automating saves plenty of that time-consuming effort.

Minimizing Errors:

Since the entry of data into the system is manual, errors would be inevitable. Even errors in GST rates, HSN codes, or even customer details may lead to default and hefty fines. Such errors in sending invoices are minimized if the process is automated.

Real-time Tracking:

The automated systems will provide real-time tracking of invoices, payments, and even returns on GST. It is then where the retailers get to watch their books without actually digging through mountains of paper.

Compliance and Accuracy:

GST laws are complex, and are subject to regular updates and changes; therefore, an automated system like Marg ERP gets updated all the time according to the regulatory requirements for keeping your business adapted to and compliant with the latest developments in law.

Cost Efficiency:

Automating invoicing can help reduce costs in the long run by cutting down on manpower, time spent, and resources used for manual processes.

Now that we have a good grasp of the benefits of automation, let’s see how Marg ERP facilitates this process for retailers.

Marg ERP is a source of enterprise resource planning software intended to operate accounting, inventory management, billings, and much more in regard to business challenges for different industries, such as retail. Its core feature would include the integration of GST which makes tax procedures less complicated for all small and large businesses.

For retailers, Marg ERP has seamlessly integrated features for generating GST-compliant invoices, returns filing, inventory management, and customer-vendor data management all through one single platform. Ergonomic and customizable, making it possible to operate it even by a layman.

How Marg ERP Automates GST Invoicing for Retailers

Easy Setup for GST Compliance

All new amendments to GST will not need retailers to rummage through glitches because Marg ERP comes pre-configured with the latest GST rules, HSN codes, tax rates, and filing requirements. Once the right software setup is done, it will automatically extract the relevant tax rates based on the type and nature of the product or service so that the invoices will be compliant every time they are issued.

Steps to Set Up GST in Marg ERP:

  • Install the Marg ERP software and navigate to the GST settings.
  • Add your business details, including your GSTIN (GST Identification Number).
  • Configure your products with their respective HSN (Harmonized System of Nomenclature) codes and GST rates.

This setup only needs to be done once, and after that, every invoice you generate will automatically include the necessary GST details.

Automated Invoice Generation

Marg ERP allows retailers to generate invoices in just a few clicks. The software automates the process by:

  • Auto-filling customer details: Once a customer’s information is saved in the system, Marg ERP can pull up the details automatically when generating an invoice.
  • Auto-calculating GST: Based on the products or services being sold, the software calculates the correct GST amount and includes it in the invoice.
  • Customizing Invoice Format: Retailers can customize their invoices with logos, terms and conditions, and other business details. Marg ERP offers different formats, ensuring that your invoices look professional and meet legal requirements.

The automation ensures that every invoice is error-free, GST-compliant, and tailored to your business needs.

Bulk Invoicing for High-Volume Retailers

Generally, this isn’t possible for retailers dealing with a high volume of transactions in a day. For example, you could easily have hundreds of individual invoices being generated daily. With its bulk invoicing functionality, Marg ERP can print hundreds of invoices per day. All you need to do is upload the customers and sales data in bulk, and the software will generate invoices for each transaction in a single print run.

This feature is a must for e-commerce retailers or companies that have multi-outlets. It also saves tremendous time on invoices and can ensure that no transaction takes place without documentation.

E-invoicing Integration

According to the new GST rule, a business will have to raise an e-invoice if the annual turnover is above the threshold. E-invoicing is enabled by Marg ERP, and thus, with the aid of Marg ERP, retailers can raise and directly upload e-invoices on the GST portal.

How E-Invoicing Works in Marg ERP:

  • Once an invoice is generated, Marg ERP sends the details to the Invoice Registration Portal (IRP) automatically.
  • The IRP generates a unique Invoice Reference Number (IRN) and digitally signs the invoice.
  • Marg ERP then retrieves the e-invoice and QR code, which are included in the final invoice before sending it to the customer.

This integration eliminates the need for manual uploads, reduces compliance risks, and ensures that your business adheres to the latest GST requirements.

GST Return Filing Made Easy

In addition to automating the invoice generation process, Marg ERP simplifies the process of filing GST returns by tracking all sales and purchases-so you are always sure of accurate data for GSTR-1, GSTR-3B, and other returns.

How GST Filing Works with Marg ERP:

  • The software automatically compiles all sales and purchase data.
  • It categorizes transactions based on the type of GST (CGST, SGST, IGST) and prepares the necessary return forms.
  • With a single click, you can upload your returns directly to the GST portal.

This automated filing process ensures that your returns are always accurate and filed on time, reducing the risk of penalties.

6. Inventory and Sales Management

The other advantage of Marg ERP is that it integrates inventory and sales management through GST invoicing. With it, retailers will also track their stock levels, establish reorders, and even analyze sales trends, all against GST-compliant invoices.

This is also very useful for the compliance of GST since the software ensures that all the products have HSN codes and the proper tax rates aligned against them. This would eliminate any scope of paying wrong GST rates, and there would be no chance of non-compliance problems.

7. Real-Time Reports and Analytics

Marg ERP provides real-time reports and analytics that help retailers keep track of their sales, inventory, and GST liabilities. The software generates detailed reports on:

  • GST collected and payable
  • Total sales and purchases
  • Inventory movement
  • Customer and vendor balances

These reports provide valuable insights that can help retailers make informed business decisions. Moreover, having all this data at your fingertips makes it easier to prepare for audits and ensure that your business remains compliant with GST regulations.

Why Choose Marg ERP for GST Automation?

There are several GST software solutions available in the market, but Marg ERP stands out due to its comprehensive features, affordability, and ease of use. Here’s why retailers should consider Marg ERP for automating GST invoicing:

  • User-Friendly Interface: Even if you’re not tech-savvy, Marg ERP’s intuitive design makes it easy to navigate and use.
  • Cost-Effective: Marg ERP is designed to be affordable for small and medium-sized businesses, offering a range of features at competitive pricing.
  • Industry-Specific Solutions: The software caters to different industries, including retail, pharmaceuticals, FMCG, and more, making it adaptable to your specific needs.
  • Regular Updates: Marg ERP is regularly updated to stay compliant with the latest GST rules and regulations, so you can stay caught up.
  • Excellent Customer Support: Marg ERP offers dedicated customer support to help retailers set up the software, troubleshoot issues, and ensure smooth operations.

Conclusion

Again, automating GST invoicing is no longer a luxury but a necessity for any retailer who wants to streamline operations as well as keep in pace with India’s ever-evolving tax laws. Marg ERP provides a robust, user-friendly, and cost-effective solution to simplify GST invoicing while integrating with other parts of your business like inventory and sales management.

With Marg ERP, retailers can save time, minimize error, ensure compliance, and focus on what matters the most-growing their business. So, if you are still struggling with manual invoicing, it is high time to make a changeover and discover the benefits of Marg ERP.

Try Automate GST Invoicing Now!

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