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Whether you are a veteran or a new business owner, own
brick and mortar shop or run an online business, it is impossible not to get
tangled in the confusion of GST, the new tax reform in India. Since GST or
Goods and Service Tax came into existence, the world of business has been
looking for effective solutions to understand the tax reform better to pay tax
If you are among them, tired of tax hassles and looking for an easy solution, then GST accounting software will provide you with maximum advantages. From GST compliant invoicing, filing, and reconciliation to billing, GST software will help you in running your business safe and sound. The software is like a centralized procedure, handling multiple responsibilities, providing you with relief. Let’s find out the advantages of GST software: how the software has made paying and filing of GST a lot easier.
Of Using GST Accounting software
Effortless Data filing Most of the business owners, both offline and online, settle their business with accounting software. With accounting software, financial operations, inventory management get easier. But with the accounting software, the tax payment cannot be done. You need GST software to accomplish the GST registration, filing reports, and tax returns. With GST computation features, the software helps business owners in GST Challan generation effortlessly.
Simplified Invoicing Whether it is a retail business, restaurant, or transport business, the generation of GST compliant invoices becomes a challenge for the business owner. The employees need to spend hours in calculating taxes to generate invoices. With the GST enables accounting software, one can easily calculate the taxes and create GST compliant invoices. GST helps the transportation industry in creating instant GST compliant invoices.
Time-Saving No matter what kind of business it is, you need to keep track of the tax and billing information with time. The maintenance of all the information is not easy; it requires time and patience. With the GST software, one can keep the track of the tax payments, billing data right on time.
Access To Data
With filing Software for GST, you can get
easy access to your financial data from anywhere you want. You can track the
information, register for GST, and file returns, whatever you want.
With the highly uprising strange tides ofglobalization and the effectiveness of the new tax reform called GST, Indianlogistics is experiencing a swing of exposure in the global market. The basicintention of GST was to make the Indian logistics sector free of corruption andconfusion as well as the transportation of goods hassle-free. E-way bill hasalready replaced the transport bills, waybills, etc. that the logistics companiesin India used earlier. It is true that under GST, with every year passing, theIndian logistics industry is enjoying rapid growth, nearly 10-15%.
What Is The E-Way Bill? E-way bill is like a pre-signed bill, needed beforethe transportation of a cargo. A cargo, worth of Rs.50-60,000 is not allowed tobe shipped without the E-way bill. The transporter has to generate the E-waybill before he initiates the transportation. The person who generates E-waybill has to undergo through some formalities, providing relevant and majorinformation regarding the consignment.
Of E-Way Bill In the Logistics Industry
Less Documentation E-way bill is enough for one single consignment tocross over multiple states across the country. The transporters got relievedfrom unnecessary documentation.
Fast Shipment In the earlier scenario, the cargo got delayedstumping at each state and national check post. but the e-way bill has made thecargo movement smoother than before. Smooth cargo movement means the fast shipmentof goods.
Reduced Logistics Cost With a faster movement of cargo, the transportation cost like fuel, and such other, have also been reduced.
Does E-Way Bill Help In The Adaptation Of Technology In The Logistics Sector? GST is the Government push to the logistics sector to make the transportation better and smoother. Many logistics companies are these days are adopting technologies like RFiD, FASTag and IoT, etc. to stay GST ande-way bill compliant and make their business more efficient. The mainchallenges running across the logistics sector were the cargo safety andoperational cost. Fortunately, the sector in now gets intertwined with E-waybill and such great technologies. As a result, both the freight movement and thetransportation cost is seeing the light of hope.
All of them need to undertake a time-consuming procedure of daily transaction. Only an entrepreneur or business owner knows how difficult it is to process sales data of his company or business establishment. With the other back-office responsibilities, it becomes very daunting to organize and process the company’s sales data. Here stand the beneficial values of POS software. With the implementation of Point of Sale software in your business, you can take care of the bigger picture rather than just scanning products and process the sales.
Functions Of Point Of Sale Software Point of Sales Software can handle the analysis of your business reporting, sales receipt, product importing, manage your inventory, etc. AlignBooks, one of the best point of sale software companies, offers the latest, smartest, and high-end solution for POS. with Align books POS software, recognize your best-selling products, your employee’s work potential, and become completely aware of your stock within just a few simple clicks. We offer the best scalable android POS software that will help you to grow your business.
Other features in the POS software Besides tracking and managing your sales and inventory, cloud-based Point of Sale software will accelerate as well as optimize your business workflow. Your employees will become able to work with more efficiency and accuracy. The best part is that AlignBooks POS software can run on your mobile, tablet, iPad, MAC, etc. You can take your business or process the transaction from anywhere, anytime. POS software will make your business flexible. It will show you the real-time business report that will help you to take your decision at the right time.
Get POS software from AlignBooks and check out the business reports of your establishment from anywhere, anytime, on any device.
It doesn’t matter whether you are into retail business, e-commerce business, or running a brick and mortar store, generating fast invoices is crucial to maintaining your customer’s satisfactory level. Without having the assistance of a billing and invoice software, no business owner can produce fast and error-free invoices, no matter how efficient the employees he has. With the right features and functionalities, an invoice software will help you to stay organized, accomplish the billing procedure fast, and get paid on time. Let’s check out how the invoicing software helps the business owners to make invoices ready in a few seconds.
Fast and Easy Way To Generate Invoices With the assistance of a professional invoice software, the business owners of these days can create fast invoices effortlessly. It doesn’t only make the whole billing procedure fast and easy, the software is very much user-friendly too. You don’t need to hold any special training to teach your employees about how the software functions.
Customizable Invoices With the web-based invoice software, business owners can get access to their customer data from any corner of the world, on any device. The software allows the business owner to select a theme for his brand and create customized invoices in a few seconds.
Generate Reports If you want to take a close look into your business finances, invoice software will help you in this too. With the software, you can create business reports that will help you to take your decisions properly and grow your business fast.
Enhanced Customer support Reputable software companies like AlignBooks offers the best-featured invoice solution that helps the business owner to make the relationship with his clients strong. The software will enhance the professional image as well as the goodwill of your business in front of your customers.
Create fast invoices with AlignBooks invoice software and accelerate your business to the next level.
It doesn’t matter. You must have heard of the new tax reform called GST or Goods and Service Tax. If you run your business, managing all the tasks single-handedly, then GST may seem to be overwhelming to you. Unless you consider of having GST software, you cannot create GST compliant bills and invoices with 100% accuracy. It will help you in calculating all of your taxes and manage your bookkeeping effortlessly. Following are a few major advantages of GST software.
Simple And Easy filing of Data Most of the business owners use the accounting software to calculate their taxes and take care of their business finances. But, the accounting software cannot file GST. Hence, you need the best GST software that can calculate your taxes, complete the registration procedure, and file your GST online to the Government GST portal. From calculating the taxes to filing the data, everything has become easier within just a few clicks.
Tax Compliant Invoice If you run a service-based business like the hotel, restaurant, or the retail store, then the calculation of all the taxes and put the right amount in the invoice or bill must be daunting for you. But with the GST billing software, you can calculate all the taxes and create GST compliant invoices fast and easy.
Time-Saving The GST software helps business owners to track all the details of their financial data, and taxes easily. Without putting any effort, they can create fast invoices and file their tax returns. GST software is time-saving and cost-effective as well.
Easy Access Online GST software enables the business owner to get an easy access to his data from anywhere, anytime, on any device. With this software, you can manage your cash flow, create invoices, or file your tax returns from any location.
The moment Goods and Service Tax or GST took its entry to the Indian economic landscape, it swept away the ground from many well-established business owners’ feet. It was, no doubt, a tax reform. But in such a rapidly changed economic environment, the business owner could nothing do nor think except resist. It was the GST compliance rating that helped them to move their businesses to the realm of GST.
What Do You Mean By GST Compliance Rating? One can relate GST compliance rating to the performance rating of businesses, compliant to GST. It denotes, among all the GST registered business owners, which are the most compliant to GST, regardless of the size, monthly/annual turnover, industry, etc.
Why Did Government Introduce The GST Compliance Rating? The main intention of the Government behind the GST compliance rating scheme is to convince business owners to get registered under GST as soon as possible and maintain the tax invoices properly and accomplish the filing of GST returns on time.
Under GST, only when the seller accomplishes the filing his GSTR-1, a person becomes able to claim the input tax credit in GSTR-2. The interesting fact is that all the details regarding both of these two forms should go hand in hand with one another.
Factors Responsible For The GST Compliance Rating
According to the monthly and annual turnover of the business owners, they have to accomplish paying their taxes on time.
The business owners have to accomplish the filing their GST returns on time.
The business owners need to maintain proper and errorless bookkeeping so that every tax invoices reconcile with the other.
They must send their GST returns on time, within the due date, and cooperate with the GST authorities rightfully
Why Does GST compliance Rating Matter?
Business Owners can get their refund instantly.
Buyers can get the input tax credit instantly.
No chances of the audit performed by the GST authorities.
Entrepreneurship or running a business on your own is not that much easy as it sounds. The more you dig deep, things get more complicated. The most complicated and essential part of entrepreneurship is to make your business GST compliant and fill the GST returns on time. Since GST or Goods and Service Tax rolled out for the first time in 2017, every business owner across the country requires to make their business tax compliant and accomplish the tax filling within the due date. In this article, we are going to discuss GST tax returns in detail.
Who Should File GST Returns? Any regular business owner in India, successfully running a business needs to fill out two monthly GST returns and one annual returns. If you sell goods or provide any specific service to people, then you may charge GST to your customer. The rates of Goods and Service Tax vary from one business sector to another, from one industry to another. But, whatever that may be, if you want to run a business compliant to GST and the other taxes, you have to file for GST.
Does Filing Monthly GST Return A Hassle? The Regular taxpayers would have to file GSTR-1, GSTR-2, and GSTR-3 as the monthly tax filing. The business owners with more than one registrations within a state, need to file GSTR-1, GSTR-2, and GSTR-3 separately for each of their GST registration. The taxpayers can accomplish all their monthly GST returns filing through the web portal, managed by the Goods and Service Tax Network (GSTN).
How To Accomplish The Annual GST Return Filing? The annual GST return filing is very important for every business owner regardless of small or large. The annual GST return is known as GSTR 9. This One need to file it by 31st December of the next financial year. If you fail to file the GST return of your business, you will be burdened with the interest of the late fee that is 18% per annum.
Nearly all the businesses in India needs to get registered under the Act of Shops and Establishment, from the authorities governing the place of their business. Talking about the shops and Establishment Act, it is crucial to mention that every state in the country has set its own rules and regulations that vary from state to state. The Act covers shops, restaurant, hotel, theatre, retail business, even if you work from home. Registration under the Act is mandatory because it deals with the workers’ right and the working conditions, like wages, working hours, leaves and holidays, etc. Here we are going to discuss how to get registered under the act.
What Is The Main Objective Of The Act? Before we discuss any further, let’s get an idea about the shop and Establishment Act and its main objectives. Every state in India has framed its own and separated rules and regulations regarding the working conditions. The main objective of the Shop and Establishment Act is to ensure the benefits of the workers, working in the different environments of various establishments. This act establishes the worker’s or employee’s right; it set rules and regulations regarding the working hours, leaves, maternity leaves, national and regional holidays, child employment, etc.
How to Get Registered Under Shops & Establishments Act? Within one month of the commencement of work, every business establishment needs to get registered under the Shop and Establishment Act. The owner of the business, establishment or shop needs to send the application to the inspector in charge of the area along with the required fees. The registration certificate or the license will be obtained from the State Labour Department.
The application will contain the name of the employer and the manager, the name of the business establishment, the postal address of the establishment/shop.
The inspector will verify the application and provide the business owner with the license.
The level of competition is rising day by day in the world of online business. In such a situation, it is important for the freelancers, small business owners, entrepreneurs as well as the large business enterprises need to apply efficient ways to make their products and services better and make their customers satisfied as well. Online invoice and billing software is such a wonderful solution that helps business owners to make their billing procedure faster and track their financial data. Following are few advantages of implementing online invoice and billing software in your company.
Advantages Of Web-Based Invoice Software
Reduced cost Have you ever thought that how much your company spend on paper, ink, and envelop every year? Web-based invoice software will help you to reduce the cost of billing paper, envelops, stamps, etc.
Time-Saving Time management is another great factor while running an online business. A professional invoice software helps business owners in generating invoices faster than before. This will no doubt, save the time.
User-Friendly System Most of the online invoice software comes with the user-friendly system. You don’t need to organize special training for your employees to make them understood how the software works. One can easily understand the system and start working on producing invoices and billing efficiently.
Easy Access Online Billing and invoicing software are easily accessible. Your company’s financial data will be stored in the cloud. If you have an internet connection, then you can get access to your financial data and generate invoices from any device, sitting at any place.
Data Security Online software for billing comes with the high assurance of data security. All of your financial data will be safely stored in the cloud storage. No matter whether your system gets crashed or hanged, your data will be secured in the cloud.
Frequent late payments is a common picture in the agency world. Late in payments can drag out the customer satisfaction for your agency. Besides the main products or services, fast billing procedure stands among the prompt services an agency can offer to its customers. Fast and error-free billing is, in fact, one of the key facts that glues your clients to your agency. So how to propel your billing system fast and error-free? Should you appoint more efficient employees? No. Have you ever considered implementing an online billing software in your agency? If not, then think about now. It would be the smartest decision to transform your billing procedure into a highly effective system and maintain a healthy relationship with your clients.
Still not convinced? Read out the following points and you will understand how a billing software is beneficial for an agency.
Benefits Of Having A billing Software In Your Agency
Easy Client Relationship Management
Whether you run an ad agency, media agency, e-commerce store, or an online service, both you and your client wants to get paid on time. On time payment helps to maintain a healthy relationship with your clients for a long time. On time payment will help you to make your clients believe that they are important to you. The best online billing software helps the business owner to manage the cash flow, and make all the payments clear within the deadline.
Easy And On-Time Invoice Generation
Deliberate late and pending payments can become the hindrance on the way of your company’s growth. When you will become able to produce invoices fast and send them to your clients, they will clear your payments on time. Not only that, timely invoice generation will establish the image of both your company and employees as punctual. With a billing software, business owners can generate tax compliant invoices easily and fast compared to the manual billing procedure. With the best billing software for small business, your agency will become able to overcome the problems of sending overdue emails, bills, invoices, etc. to the clients.
Data Security And Safety
What will you do if your system gets crashed? How can you produce invoices then? With the use of the best online billing software, you can store your financial data in the cloud storage. And the cloud storage comes with the assurance of data security. It doesn’t matter what happens to your system, your data will be safe in the cloud. You can get easy access to your data any time you want from any device.
Set A Payment Schedule
By the end of a billing cycle, both you and your clients want to get paid properly. And for that, you need to generate invoices in a timely manner, which you can never achieve without setting a payment schedule. The best billing software for small business comes with exclusive features of setting payment schedule, reminders, etc. to help you not to forget about the payment schedule.
Collaboration Of Systems
The best and finest billing and invoicing solutions can work with the other existing systems in your agency with proper collaboration. The connection between billing software, CRM, Accounting software, inventory management solutions, etc. will help your agency to generate invoices and accomplish the billing procedure fast, in a more efficient way.