Top 10 Benefits of Using a GST Based Accounting Software

Accounting is a very necessary and mandatory business process. It helps the business owner to know the exact details relating to the finances of the company. Accounting reports are considered as parameters of a company’s overall working and inherent valuations. Various stakeholders such as shareholders, institutions, government agencies, and others require it, to make rational investment decisions.

Any errors in an accounting report can damage the entire goodwill of the company. These errors were almost common when accounts were prepared manually. However, over time with digitization accounting software replaced the need for manual assistance.

Today many Online GST Accounting Software are available that not only takes care of the finances but also the taxes. These are category best GST Accounting Software that helps the businesses, especially the newer ones to reduce errors in their accounts. They behave more likely as an end-to-end finance solution for the company.

In this article, we will list some benefits, which online GST Accounting Software offers to a company.

1. Convenience in Data Filing:

In an accounts software, you do not have to worry about the double entries for a particular transaction. Filing the initial entry appropriately will automatically fill your subsequent double entries at the right locations. You do not have to look out for multiple registers, books, and formats for different entries each time. The software does it all for you.

2. Easy Invoicing:

Most of the best GST Accounting Software allows for direct upload and download of invoices over the cloud. This reduces your dependence on physical papers. You also can be free of the fear of losing an invoice. Moreover, as all the invoices are on the cloud, you can check for any calculation discrepancies that may arise in the future. You will be having complete end-to-end records for all inputs and outputs in a single place.

3. Faster Team Working:

As all the operations are online and cloud-based, multiple team members can work simultaneously. This feature becomes very helpful during important periods like financial year ending, quarter ending, and so on. Team members can file new data, reconcile the data, check its accuracy and pass onto the next file all simultaneously. This improves the speed and productivity of your colleagues in pressure situations.

4. Customizable:

This is the essence of any accounting software. Tax rates and accounting practices are all dynamic. Tax rates in particular change almost every year. Furthermore, any changes in the prices of the input materials can happen instantly. If you were to do all these manually, the chances of errors and miscalculations become very high.

Credit: Pimsy HER

Online accounting software will help you make changes with just a click. Furthermore, you can adjust these changes to reflect prospectively or retrospectively as per your choice. All these with the probability of nil errors.

5. Speedy Report Generations:

Reports about Profit and Loss, Cash Flows, Balance Sheets, and Tax Credits are all available in just a click. These can be generated as yearly, quarterly, monthly, weekly, and daily as well. This is because the system has stored the data in all appropriate locations to fulfill any user requirement that may arise at any time.

As soon as you enter a few transactions, you will notice that all report generation options are open. These software can generate reports based on a single transaction as well. They are calculating all the stuff in the background continuously as you are entering the data.

6. Remote Accessibility:

Online accounting software enables you and your team members to access financial data from anywhere around the world. Multi-device and multi-user login options are available on the cloud-based software. This helps you to access at any time like on a sudden meeting with an investor, prospective client, or an agency.

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Credit: Remote Access-ITarian

It also reduces the loss of productivity on part of your employees. For instance, if your employee is on a leave and you require specific urgent help, it can be conveyed by the employee from his/ her mobile device. As such, valuable business loss can be avoided due to a lack of interconnectivity.

7. Nil Errors:

As the software is doing all the important calculations and double entries, there is no room for errors. You just have to keep a check on the primary data entry, that’s it. If the primary entry is correct, then it is an assurance that all the secondary and the subsequent entries will be right as well.

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Errors in the accounting entries can not only misguide the numbers but also can damage a company’s image. People may regard your finances as dubious and untrustworthy. Accounting software will reduce any chances of errors and potential company image loss.

8. Full Tax Compliances:

GST Based Accounting Software will let you fulfill all your tax compliances. Not only does it calculate the net tax liabilities on your business, but also files the appropriate returns and forms as per the deadlines.

Credit: CPA Nashville TN

This ensures that you do not have any notices from the I-T Department. Neither do you have to pay extra penalties for late or non-submission of returns. Clean and clear track record always.

9. Intuitive and Customizable Dashboards:

Accounting Software provides an intuitive and customizable dashboard for observing all your finances at a glance. These dashboards show the important aspects of accounting like cash flows, total sales, profit margins, and all. You can customize these as per your needs to include figures that are more relevant to your current requirements.

10. Quicker Input Credits:

The faster you submit your GST Returns, the faster the input tax will be credited to your account. Cash locked in the Input Taxes is the greatest reason for liquidity and working capital crunch. Working capital is the fuel for driving the business operations.

Credit: Fora Financial

Any reduction in the working capital will have a negative cascading impact on the entire operating module of the company. Like you might face problems in settling the claims of the suppliers you might not be able to sell goods on credit and many more. Clearing your taxes on time will get your inputs settled fast. No problem with liquidity at all.

These were some of the direct benefits of having Online GST Accounting Software.

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Credit: RealBooks

RealBooks is the best GST Accounting Software in the market that can give you all the advantages mentioned above. It is not just like any other accounting software, it’s software that redefines business intelligence as a whole.

With RealBooks you get,

  • Enhanced Mobility with the desktop and mobile compatible app for Android and iOS both.
  • Document Management Feature with instant download and upload facility.
  • Bank Grade 256 Bits encryption, which provides top-notch security.
  • GST e-Invoice and fast GST Filing with direct integration with the GST Portal.
  • Paperless Office Experience.
  • Branch and Group Accounting simultaneous management.
  • Facility to outsource the accounts to an auditor or a Chartered Accountant.

All these and much more at a starting price of just Rupees 500 / month per user.  We have a client base of 10000+ companies. They all trust and love RealBooks. We are a proudly Made in India software designed for over 6.3 crores MSME and big companies.

So, what are you thinking of? Choose RealBooks. Switch to a smarter way of online accounting!

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