GST Compliant Accounting Software – Retail Technology Trends 2020

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Why Indian Businesses Require GST Compliant Accounting Software?

Since the replacement of the complex indirect taxation system with Goods and Service Tax (GST), there has been a positive impact on India’s economy and businesses in the long run. Due to the lack of the right accounting tool, the accounting process is very complicated.
Accounting software can play a massive part in making the accounting processes even smoother in the organization. Choosing GST compliant accounting software is crucial these days. This tool simplifies GST compliance and automates invoicing in an accounting process. Here are some of the reasons to choose GST compliant billing software.

☞ GST Adherence

GST compliance transactions, e-way bills generation, GST return filing, etc., are some of the main features of an accounting tool. For the startups and new accountants, GST can be very complicated. It would help if you had accounting software that comes with all the core functionalities of GST compliance for bookkeepers, accounting departments, and organizations. A composite dealer files GST CMP-08, and an average dealer files GSTR-3B and GSTR-1 returns. You need accounting software that can meet the needs of all types and sizes of businesses.

☞ Easy Return Filing

It would be best if you had accounting software that can make the accounting process more manageable. Along with generating GST-ready invoices, the software should also help you file GST returns by exporting all forms and uploading information to the GST portal. Look for the accounting software designed by considering GST norms to make the process easier through GST returns, invoice generation, and making the data transfer smooth from the system to the GST portal.

☞ Regular updates to comply with changes in GST rules

GST laws and rules are subject to change in return formats and rates from time to time. So, your accounting software should update itself from time to time to comply with these changes automatically. It must be designed to stay up-to-date to keep your invoice compliant with GST norms to avoid penalties.

☞ Invoice Generation

Accounting software can automatically generate invoices smoothly. You may not want to issue a wrong invoice and realize it later. It may lead to conflicts between you and your party. This way, accounting software comes with in-built features to record all the essential details while avoiding issues due to entering the wrong tax type or value, leading to flawed invoices.
As per the type of transaction, the finance department can generate various GST invoices like bills of supplies, tax invoices, etc. Generating wrong invoices can cause losses, and you can avoid those losses with accounting software with in-built data invoicing features.

☞ Streamlined Accounting Processes

It is always recommended to invest in a GST-compliant accounting program, which helps in systemizing invoices. Without accounting software, your business may not get the benefits of accuracy, and it also raises overhead expenses.

☞ Security & Access

Accounting software should be secured enough for financial transactions. You may have a considerable number of transactions daily if you are running a large-scale business. Accounting software should provide role-based access. This way, you can assign the rights to team members as per their positions.

How Technology is Changing Retail?

Accounting was very challenging before the advancement of technology. Businesses had to maintain several account books to record different types of transactions and compare them to ensure accuracy manually was very tedious. Along with unnecessarily increasing the burden for employees, it also increased the risk of human errors and affected an organization’s profitability. It is the best time for organizations and accountants to work together and adopt technology to solve their business issues and focus on other essential tasks.

All small and large organizations are adopting technology to streamline their processes. The latest technology in the retail industry in India has helped very much to cut down manual tasks and improve profitability in the long run. You need a software application to save time, reduce training costs, improve reliability, accuracy, and productivity in an organization while handling all accounting activities from processing ledger to managing inventory and generating balance sheets.
Here are some of the most anticipated retail technology trends 2020 that are most crucial to change the way we manage our business.

✥ Automated Accounting
These days, businesses are witnessing significant market changes, and timely reporting is the key to helping businesses thrive. Accountants have to generate reports accurately, efficiently, and quickly for their organizations. Quick and smart decision-making is critical to run a business smoothly. You can remain updated with cash flow to make quick decisions and help your business thrive.  It would help if you had accounting software to generate profit and loss statements, balance sheets, inventory, and cash flow reports in real-time with one click.

✥ Real-time Inventory management
It is the present and future of retail technology as it helps businesses to keep track of their operations, inventory, and logistics at the same time. With proper inventory management, businesses can report and collect accurate information and ensure excellent efficiency at a reasonable cost.  An efficient inventory management program can help expand your business with purchase order and sales management, intelligent reporting, stock tracking, etc. It has many interactive features to manage stock query, stock summary, and aging and movement analysis. Any business can easily stay updated with their stock count.

✥ Data Security and Privacy
Complete security is crucial for any organization which is engaged in processing considerable customer and business data.  Any attempt of data breach can cause a massive downfall in profitability. Business owners and accountants should rely on retail technology to ensure security with authorization, authentication, confidentiality, and user information integrity.
This way, an ERP solution can store your essential business data. When it comes to online security, this solution is the best choice. There are accounting systems that come with multi-level security to avoid a data breach.

✥ GST-ready accounting software
It is another retail technology in India, making GST invoicing and billing easier for organizations. It is a crucial technology for both small and large businesses because India’s whole taxation system has been transformed with the introduction of GST. A GST-compliant accounting system is significant for accountants, enterprises, and companies. As discussed, it gives accurate information about several aspects of the organization. It handles all your invoicing needs as you can deal with several tax structures.

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