2018-06-18 02:21:35 GST Center English Make filing your GST returns simple. Discover the difference between GST-enabled accounting software and GST filing software. Learn what... https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2018/06/Accountant_uses_GST_software_to_calculate_taxes.jpg GST Software 5 Essentials You Need in GST Software

5 Essentials You Need in GST Software

2 min read

Filing a GST return is simple when you have the right kind of software to help you through the process. But when it comes to GST software, there isn’t a one-size-fits-all solution. You have two software options: GST-enabled accounting software and GST filing software. Each type has its own purpose and features. Software features vary even further depending on the brand you choose. Before you make a purchase, make sure the software you’re buying has all the essential features your business needs.

Accounting and Bookkeeping

Before you begin looking at brand-specific software features, decide which type of software you want. GST filing software helps businesses with invoicing, account reconciliation, and filing GST returns. GST-enabled accounting software helps you with your company’s accounting and bookkeeping in addition to helping you file your GST returns. But it’s important to note that not all GST-enabled accounting software is compatible for end-to-end GST return filing.

If you don’t currently use accounting software or you’re ready for an upgrade, consider a GST-enabled option. Don’t get too hung up on whether the software actually files the return for you. Instead, choose a cloud-based accounting software, such as QuickBooks Online, because it has all the accounting and bookkeeping features you need. As long as the software you choose connects to your accounts, adds GST to invoices automatically, and runs detailed reports, filing your GST returns is still simple. (And you can always purchase GST filing software to use with your accounting software.)

Do you love your current accounting software? No problem. Consider choosing a GST filing software to use with it. You can still manage your company finances and accounts using your current accounting software and then use the GST filing software to file your returns.

Account Access

Choosing GST software that connects directly to your company’s bank accounts lets you access real-time information as needed. Software that connects directly to your bank also lets you run detailed reports quickly. There’s no need to log into each account separately and track your transactions by hand. Consider using a cloud-based option to enjoy the ability to access your financial information from any location — which comes in handy when you have meetings with your accountant.

Simple, Fast Invoice Creation

You shouldn’t be calculating GST tax and entering it by hand — not when there’s software that does it for you. Look for an option that calculates and adds GST to your invoices automatically to keep the invoicing process fast and simple.

Filing Reminders

Filing a GST return isn’t a once per year thing. As a business owner, you face several different GST deadlines to submit required paperwork, such as reports detailing your sales and purchases. It’s a lot to remember, so choose a software option that lets you set up automatic reminders to keep you on top of filing different reports and paperwork.

Strong Support System

With so many different deadlines and requirements revolving around GST, it’s hard for any one person to remember everything. That’s why it’s important to choose a software option with a strong support system for business owners. Look for software that has forums available for customers, support personnel ready to answer questions for you, and a digital library filled with helpful information, articles, and how-tos.

It’s important to choose software options that fit your specific business needs. If one of the ready-to-go software options is missing something important to you, consider looking for customisable software.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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