Since the introduction of Goods & Services Tax (GST) regime on 1st July, 2017, registered businesses in all sectors have been mandated to file GST returns on a monthly, quarterly, and annual basis. Enterprises belonging to the small, medium, and large categories are required to file GST across various stages of business operations beginning with purchase of raw materials to the sale of the final product to the end customer.
Consequently, accounting software in India has emerged as the tool to formalise, consolidate, and render error-free GST filing process for industry-specific entities. Chartered Accountants and other GST professionals positioned in firms can thus use these software programmes for a time-saving and effective GST filing in 2020.
Most effective software for GST filing
Enterprises primarily implement advanced and effective accounting software in India to gather and store accurate data on the finances, tax calculation, and inventories, among other particular fields. These GST-specific software programmes are designed to simplify yet institutionalise the invoicing process and eliminate the possibility of human errors during taxation management.
The best GST software programme takes into account several business measures such as tax calculation on different rates applicable for different sectors, service customisation for GST professionals, and extensive accessibility of data across several platforms.
Individuals can subscribe to these following GST accounting software. (Note that the prices mentioned are indicative.) –
• Tally ERP 9
Tally ERP 9 is a popular and convenient enterprise resource planning (ERP) accounting software used by over 20 lakh small, medium, and large businesses all over India. This business management software is aimed at making the GST filing process affordable, convenient, and effective.
Tally ERP 9 is fundamentally used for GST accounting, inventory management, and payroll accounting of an enterprise. Individuals can also customise the service provided by this accounting software programme as per the requirements of a particular sector. It is equipped with statutory capabilities and advanced accounting management measures to deal with warehouse management, purchase management, and customer management. This software is also an example of how technology is transforming audit today.
Tally ERP 9 is suitable for Windows-based business systems, and is available to individuals for Rs.54,000 per unit for beneficial multi-user services under full-licensing provisions.
In addition, Tally ERP 9 can be accessed by chartered accountants and tax experts across India in regional languages including Hindi, Punjabi, Marathi, Kannada, Tamil, among several other languages.
Vyapar is yet another operative accounting software in India that offers a vast range of services related to creating financial reports for various financial processes involved in a business. It is one of the top GST software CAs should invest in.
The software programme mainly caters to the cash management and project accounting requirements of a firm, along with exceptional services in terms of GST calculation and filing.
Vyapar is essentially a multi-user login interface that provides services such as financial accounting and taxation management. Priced at approximately Rs.2,550 for full-license subscription per year, this accounting software program also helps an individual with advanced budgetary systems, besides integration with online banking and all related transactions involved in business processes.
• Horizon ERP
Horizon ERP is an integrated enterprise resource planning (ERP) software meant to create an accounting database for various functions such as GST filing and product distribution of mainly retail businesses and FMCG companies. It uses exclusive industry-specific features designed accordingly for bookkeeping of loading sheets, PoS statements, bar code generation, scanning, and creation of a fixed price list.
Horizon ERP offers an effective and manageable interface that deals in sales and purchase invoicing, purchase and billing history, along with credit and debit note management and inventory organisation. Its single-PC license is available at Rs.13,800.
Effective accounting software program thus helps chartered accountants and other professionals file GST efficiently for enhanced business operations. Chartered accountants have to invest in the best GST software as a measure of essentials of a successful CA firm.
When establishing a firm, entrepreneurs can ease their financial burden involved in by availing a loan for chartered accountants. Bajaj Finserv is an NBFC that provides these loans up to Rs.3 crore against minimal documents.
Accounting software in India for GST filing also offer several benefit to enterprises such as cash and inventory management, apart from payroll organisation. Individuals should choose software in 2020 that best serve their industry-specific needs.