Tag: Billing Software

The Indian government has introduced the Goods and Service Tax as an initiative to simplify tax compliance processes. Under this regime, the government has further introduced, the E-Way bill system. E-Way bills serve as electronic documents that are required for the movement of goods that are worth over specified value both intrastate and interstate. What Is an E-Way Bill? To learn to generate an E-Way bill, we first need to understand what is an E-Way Bill. An e-Way bill is a mandatory permit needed for the interstate transportation of goods worth more than Rs.50,000.  It was made obligatory for inter-state supplies from the 1st of April 2018 and for intra-state supplies from the 25th of April 2018.  Some latest updates that were implemented on the E-Way Bill system are:-  Delhi. Starting from the 16th of June, E-Way bills are only required for the transportation of goods that are worth more than 1 lakh, within Delhi, i.e., intrastate. Non-requirements for E-Way bills were implemented for registered sellers and unregistered customers. West Bengal. Starting the 6th of June E-Way bills are only required for the transportation of goods that are worth more than 1 lakh within West Bengal. Tamil Nadu Starting the 2nd of June E-Way bills are only required for the transportation of goods that are worth more than 1 lakh within Tamil Nadu. An E-Way Bill entails its contents in two parts. Part A includes:-  GSTIN of the recipient PIN Code of the place of delivery. Invoice or the Date of Issue.  The value of goods being transported. HSN Code. Part B:- A) Transport Document Number (Goods receipt number/ Railway Receipt Number/ Airway bills number/ Bill of lading number) Step-by-step process of an E-Way Bill Generation Here is a step-by-step detailed explanation on how to generate an e-way bill using the GST portal. https://youtu.be/Pw5MiZJGHD8?si=o7ky9WJYqCg7HOqC Step 1: Log in to the GST Portal The first and foremost step in e-way bill generation is to log in to the GST portal using their respective credentials. As a new user, you need to register on the portal to proceed further. Step 2: Navigate to the E-Way Bill Section After logging in, Navigate to the “E-way Bill” section on the portal, under the “Services” tab Step 3: Select 'Generate New' From the E-Way Bill section, select the option to “Generate New E-Way Bill”. This will redirect you to the E-Way Bill generation form. Step 4: Fill in the Required Details In the E-Way Bill generation form, you need to give every of the fundamental details according to the prerequisites. Key data to be incorporated are:  - Invoice number: Enter the unique receipt or report number related to the transfer. - Invoice Date: Determine the date on which the receipt was given. - Value of Merchandise: Enter the sum value worth of the products being moved, barring charges. - Details of the transporter: Give the details of the carrier, including the carrier ID, vehicle number, and method of transportation. - Party Details: Enter the GSTIN or UIN of both the shipper and the agent, alongside their locations. - Item Subtleties: Determine the details of the merchandise being shipped, including amount, depiction, and HSN code. Step 5: Validate the Information After all the required credentials have been entered, recheck the details and complete the process. Make sure to validate the information provided and make the required corrections before you proceed further. Step 6: Generate and Download the E-Way Bill After you validate your information, click on “ Generate E-Way Bill” to generate an E-way bill electronically. A unique E-Way bill number (EBN) will be allotted to you along with a QR code. Step 7: Print or Save the E-Way Bill After the E-Way bill has been generated, it can be printed or saved electronically for future reference. The E-Way bill has to accompany the goods during transportation, in physical or electronic form. Other Optional Cases of E-Way Bill Generation Update Transport Details In any case, if your mode of transport or vehicle details are supposed to change after an E-Way bill system generation, you can update your transport details on the E-Way Bill GST portal, ensuring that the E-Way Bill system remains a complaint throughout the process. Generate a Combined E-Way Bill  Businesses that are involved in the transportation of multiple consignments in a single vehicle can generate a combined or Consolidated E-Way bill on the E-Way Bill portal. It eases compliance by combining multiple E-Way Bills into one single document. What Must Be the E-Way Bill Validity? An E-Way validity bill depends upon the type of conveyance of the cargo.  For other than non dimensional cargo an e-way bill is valid for one day for a distance of less than 200 km and with every additional 200 km additional day’s validity is added to the EWB. For Non-dimension cargo an e-way bill is valid for one day for a distance of less than 20 km and with every additional 20 km an additional day's validity is added to the EWB. Goods That Don't Require E-Way Bill There are certain situations where the goods are...

Marg ERP is an Inventory and Accounting solution software that has been serving the industry since 1992 and possesses 850+ support centres with advanced features that contribute to managing and overcoming business problems. This software is specially produced to help small-scale businesses and provide them with equal opportunities to ease their success journey. The software also helps all businesses to improve their billing, inventory, and accounting performance. Unlike the manual method, Marg ERP automates all business operations, helping them save time and prepare accurate reports. Additionally, this allows entrepreneurs to record, evaluate, and interpret financial transactions, helping them to simplify complex banking and accounting processes and providing enough time to focus on other business operations.   In addition, users can upload data online and directly store it in Google Drive or OneDrive. They can access the data from anywhere and restore the backup as per their needs. It doesn’t end here, Marg ERP is beyond this.  https://youtu.be/oRpi2fy3REk?si=A6UqetIJLtKR1k1P What is an ERP System? An ERP solution is a comprehensive software that entails several business functions into a unified platform. Plus, it allows companies to control and automate key procedures. ERP software provides savvy services to make informed decisions and drive operations efficiency with consolidated data and real-time data visibility. Some of the ERP software examples other than Marg ERP, are Zoho ERP software, Tally, and more. In this article, we’ll discover how Marg ERP simplifies your business operations effortlessly. Maximise Efficiency Using Marg ERP, you can significantly mitigate the requirement to enter data manually with the cloud ERP software. This ERP solution efficiently manages data by making the data entry process manual-free, eliminating errors and repetitive processes. This allows you to free your workforce from daily activities and use them more efficiently. Thus, MARG ERP software for the manufacturing industry maximizes the overall operational efficiency of a business. Save Cost & Time The system lets you know near-expiry items months or a few days before the due date, that you can either sell fastly or return to the supplier before expiry, avoiding losses on expiry wastage. Additionally, you can create customized invoices with the company name, logo, and identity in the local language that you can send on WhatsApp to your customers which saves you costs on printing. Also, the software itself is very affordable. Financial Management Marg, the best ERP software in India possesses smart financial management features, such as accounting, financial reporting, billing, GST filing, POS, and more. The software automates financial processes, enhancing financial control, transparency in cash flow, and making informed financial decisions. Using this software, you also can create 100% Free e-invoices and upload them directly into the portal. It also helps you easily file GST bills and returns and make accurate GST reports by running an internal GST audit inside Marg. Centralized Data Management Marg ERP solution facilitates centralized data management and eliminates the requirement of multiple single-use systems and manual entry of data. When data is stored in a unified database, companies can ascertain data integral and access updated and accurate insights across the company. Supply Chain Management Marg ERP systems integrate supply chain management functionalities, enabling companies to optimize their procurement, inventory, and logistics procedures. This ensures efficient supply chain operations, minimizes costs, decreases stockouts, and improves customer service.  Live Insights and Reporting This ERP software for the manufacturing industry provides live visibility to all business operations via smart reporting features. Business owners can access accurate and upgraded data on several business aspects, like finances, inventory, billing, sales, and accounting bookkeeping. You can have live updates regarding expiry and reordering, and all billing transactions. This enables them to make data-driven decisions and faster management. Automate Repetitive Tasks Marg ERP system automates repetitive tasks, including re-order, inventory management - expiry, shortage, & excess, and auto-reminders on WhatsApp. Automation within the system eliminates manual efforts, reduces error possibilities, and speeds up the pace of processes, leading to improved productivity and saving cost and time that you can utilize to create something more creative and productive. Scalability & Flexibility Marg ERP system is designed in a way to scale with increasing business requirements. As your organization expands, this ERP system provides you with additional users, locations, features, and functions that ensure effortless processing and remove the extra cost of replacing the system. Regulatory Compliance All industries necessitate compliance with regulations and standards for small as well as large-size businesses. Marg ERP inventory and accounting software comes with built-in features that help enterprises comply with legal and industry-related requirements which mitigates the risk of potential and non-compliance penalties  Strengthen Customer Relations The best ERP software in India comes with features that help businesses strengthen their bond with customers. Marg ERP allows its users to create Loyalty Points and several other offers, schemes, discounts, and vouchers for customers that help retain them for longer. Marg ERP helps increase customer experience by letting users send auto-payment reminders and invoices and providing them with a customized...

              📢 𝗔𝘁𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗢𝘄𝗻𝗲𝗿𝘀!  📢 Introduction Not being a matter of compliance, staying ahead in the business finance’s dynamic world means strategic necessity. With respect to MSME (Micro, Small and Medium Enterprises) vendors’ payments, the Finance Act of 2023 introduces an amendment to Section 43B of the Income Tax Act, which would ensure payment towards the goods supplied by MSMEs within 45 days. This is as per provisions provided under Section 15 of the MSMED Act, 2006, to ensure prompt payments so that MSMEs will not be affected by delays in any fund flow issues. This amendment will be effective from FY 2023-24 onwards and it is expected to revolutionize financial planning for businesses at large. This legislative revision demands attention and adaptation among business owners. It revamps the framework under which payments to MSMEs must be processed while setting out specific timelines that if not followed could affect deductibility of these expenses in your tax returns. Understanding every part of this change is necessary towards maximizing your tax efficiency, meeting deadlines, and keeping adequate cash flow. In addition to the introduction that serves as a backdrop for comprehending the importance of the amendment of section 43B and its aspects relating to businesses particularly when dealing with MSME vendors. This blog aims at providing a breakdown for Section 43B amendment in terms that are easy to understand and implement. Our focus shall be on how this will affect your organization, taking illustrative examples into consideration as well as giving practical steps that can allow for seamless transition. Moreover, we shall also look at how technologies like Marg ERP’s Auto WhatsApp Payment Reminders can play an important role in enhancing efficiency, and streamlining your payment processes. Free Download Inventory & Accounting Software Send Your Queries Understanding Section 43B Amendment The recent amendment to Section 43B of the Income Tax Act under the Finance Act 2023 has ordered for a more structured payment approach for MSMEs. This legislative change looks forward to ensuring that MSMEs get paid on time so that they can have an improved cash flow hence their financial stability.  Any purchases made from MSMEs now must be paid within 15 days from date of purchase except if it is agreed upon that there will be a credit period whereby such payment should not exceed 45 days.  In order to claim deduction in FY 2023-24, payments must be made within the specified period. Should this not be done, then during this financial year, the said deduction will fail to be allowed and will be pushed forward to whenever such payment is eventually done.  SCENARIO-BASED UNDERSTANDING To better understand what the amendment means, consider the following scenarios. Scenario 1: On January 15, 2024, a business buys goods worth Rs. 1 lakh from an MSME without specifying any credit terms. The amendment requires that this amount be paid by January 30, 2024 for tax deduction to be claimed in the financial year 2023-24. Scenario 2: In case there is an agreement between the business and an MSME on a credit period of forty-five days, March 1, 2024 becomes the payment due date. This flexibility allows better cash flow management whilst ensuring adherence to tax deduction norms. Scenario 3: For instance, if payment is made by March 31st, it will fall within the fiscal year and therefore the expenditure will be deductible during FY2023-24. However, failure to affect such payments past this time frame transfers such deductions over to next financial periods. Actionable Steps for Compliance In reaction to the change to Section 43B, groups are recommended to take proactive measures to make certain seamless compliance and preserve economic fitness. Here's how: Stay Informed: Keeping abreast of legislative adjustments is crucial. Understand the specifics of the Section 43B modification to make knowledgeable choices approximately your financial planning and operations. Strategic Payment Planning: Adjust your price schedules to align with the state-of-the-art price timelines. Planning your payments within the stipulated length no longer best optimizes tax benefits however additionally helps the economic balance of your MSME organizations. Record Keeping: Accurate and precise document-preserving is greater important than ever. Ensure which you have comprehensive information of all transactions, along with buy dates, fee amounts, and charge dates. This will not most effectively help in proving compliance however also in handling cash flows more effectively. The Power of Auto-WhatsApp Payment Reminders in Streamlining Collections With the modification to Section 43B of the Income Tax Act growing a new paradigm for business transactions with MSME vendors, there's a heightened attention on optimizing financial operations to make sure efficiency and performance. An essential factor of this optimization is streamlining the gathering manner, a challenge that has traditionally consumed significant assets and time for groups. In this context, the introduction of technology driven solutions like Auto WhatsApp Payment Reminders has emerged as a game-changer, offering a plenty of benefits with an aim at...

Marg Billing Software provides a comprehensive all-in-one billing solution for your company. You can streamline your invoicing process, save client information in one place, monitor payments, keep tabs on inventory, and much more. With an inexpensive GST billing and invoicing software equipped with all the capabilities needed to handle your billing, you may do billing and submit simple GST returns. Marg ERP 9+ streamlines and secures complex company processes including GST billing and e-invoicing, transaction reconciliation, inventory and financial management, and more.A step by step process to download the Marg ERP 9+ Software has been provided below: Process To Download Marg ERP Software To download the Marg ERP Software the user must have Internet Connectivity. In order to download Marg ERP 9+ Software, go to our official Marg website i.e. www.margerp.com   After that, click on "Downloads" from the homepage or click on “Download Now”. Here, the user will get types of Marg Software to download which are available in Marg website i.e. Marg ERP/ Counter ERP 9+ Software and HrXpert-Payroll Software. The user will click on the Marg ERP/Counter ERP 9+ Software option. A “Download Setup” window will appear on the screen where the user will fill in the required details i.e. Mobile no., Name, Email id, etc. as mentioned in the form to download the preferred Software and then Click on “Submit”. ?An important is given for the users below where the “Download Setup” is written. All the users must read this note carefully before moving forward with the process. Click on “Save” to save Marg Setup file i.e. in which drive the user needs to save the file. Then downloading process will start. Free Download Billing Software ?We recommend that the user must save Marg ERP Setup file in the D drive or another drive as if the user gets the system formatted then all the data from the C drive gets erased. So, it is suggested that to save Marg ERP Setup in D drive or any other drive expect the C drive so that the software is safe even after if the formatting is done. The user will see that a zip file of the Marg ERP software has been downloaded.