The GST Act, introduced in 2017, was a major tax reform in India. However, despite the initial uncertainties, several amendments and changes to the act have now made it easier and faster to carry out the processes related to GST. A lot of small and medium enterprises (SMEs), in particular, have been benefited by the GST amendments, like the GST composition scheme.
Another shift that has been gaining popularity in India is the transition towards a digital, cashless economy, using tools like online banking, e-wallets, and so on. The GST Act has supported this cause by making the entire process of payment and filing of tax returns entirely online, accessible through the GST portal. Apart from that, there are several GST software applications available for SME businessmen to simplify the GST process.
5 Features You Should Look for in a GST Software
What is GST Software Used For?
The most common use of GST software for you as an SME businessman would be to create and share invoices. This helps you maintain records easier, and it also helps you and the authorities when it comes to tax filing because all the invoices are already neatly organised by the software. You can also track all your payments online and maintain details about your stock and inventory.
If you have to register online to get a GST certificate from gst.gov.in to get a GSTIN number, then the software will certainly save you a lot of time and burden in future by simplifying processes.
Now that the need and benefits of the software have been established, you should know how to choose the right software. Here are five features you should check.
With any software, security is the primary concern. You will be feeding a lot of data about your business transactions, clients, bank accounts etc. on the application, so you have to make sure none of those details is leaked, even accidentally.
One digital feature that adds security is the emSigner for GST. It is a web-based software as a service (SaaS) that lets you sign a legally binding document online. emSigner software comes with encryption and decryption facilities to protect all the sensitive business documents you sign.
- User Interface
A GST software application might have the best features and the smart algorithms, but it is useless; you cannot understand how to use it. The user interface (of any software) must be friendly and easy to understand so that the user can quickly navigate and access whatever feature he wants to. Clear menus, intuitive navigation, pleasing colours, and quick response times make the user interface stand apart.
- Integration with Existing Systems
Many businesses would have an existing ERP (Enterprise Resources Planning) software to collect, store, and interpret data from their business activities. Other businesses might have accounting software to keep track of their payments, debts, etc. For a lot of GST processes, you need data from both sources, so a good GST software application should be able to sync with the existing applications and compile all the data nearly in a single place.
The software shouldn’t have any bugs or errors which result in wrong calculations or wrong data entered automatically. Throughout the year, you can have hundreds of documents and invoices to process, so the software must be smart enough to give you the exact information you need. It must also warn you in case of human errors, like uploading the wrong GST form or entering the wrong dates.
- Compatibility With Devices
Not only is there a motivation for going digital, but there is also an increasing trend for activities to shift to mobile as well. As an SME businessman, you are more likely to have a mobile phone than a computer.
Therefore, the software must work across different devices, especially mobiles. This will help you keep track of business on the go and quickly retrieve information if needed without connecting to a computer.
Install a GST Software Today!
The sooner you go digital, the better it is for yourself and your business. Many online platforms like that offered by Khatabook offer a plethora of services for small businessmen to make their business easier. Carefully pick out the best GST software and start using it today!