The introduction of the Goods and Services Tax (GST) in India rendered all the previous taxation and accounting software ineffective. Thus, businesses now have to switch to accounting tools that can help calculate GST.
For this, both new and existing companies have acquired and implemented GST India software that can help with accounting, filing, invoicing, and tax settlement.
The following are some of the top software that CAs should invest in:
1. Tally ERP 9
Tally is one of the oldest accounting and taxation software available in India. Studies made by the manufacturer claim that it is in use with almost 1 million users.
- GST invoicing
Tally ERP 9 supports all types of GST transactions and invoicing irrespective of the business’ specialisation. This feature enables you to generate e-Way bills without the need to re-enter the data separately.
- GST compliance and filing
It gives you the benefit to file tax returns by yourself or share the data with an independent accountant. It also has an Automatic correction and error-detection system that ensures your GST returns are accurate.
Other features of this GST India software are banking transactions, inventory management, payroll management, etc.
2. Reach Accountant
Reach Accountant is a cloud-based GST filing and accounting software that enables you to import data from Tally and Microsoft Excel.
- GST invoicing and billing
This software enables easy generation of GST invoices for service providers, wholesale distributors, retailers, and manufacturers.
- Support for foreign currency
Reach Accountant lets you convert currency mentioned in invoices of foreign clients into rupees. This process is automated and it is converted according to the current exchange rate.
Other features of this software include multi-user control, smartphone access to reports, inventory management, etc.
3. Marg ERP 9
Marg ERP 9 is one of the best GST India software for tax filing and bookkeeping. It also aids you with supply chain management, retail chain, sales force automation, etc.
- Counter sale entry
Marg ERP 9 lets multiple salespersons handle several customers from a single system. Supervisors can also view all counter sales entries.
- Discount system
The discount system gives you the benefit to include either a percentage or a certain amount as discounts.
Other features of this software include challan management, barcode management, salesman selection, etc.
4. Zoho Books
Zoho Books is another cloud-based GST filing and invoicing software. There are several GST benefits that you benefit from this program; these include auto-population of GST after transactions, transfer of GST invoices to customers, etc.
- Calculate input tax credit
You can easily calculate input tax credit by selecting the respective option. The same is also available to enable the reverse charge mechanism.
- Record e-Way bills
Zoho Books can automatically detect transactions that require an e-Way bill. It can also notify you of the same.
ClearTax is also cloud-based GST software for invoicing and filing. You can import data from Tally and Excel into this program.
- Item master management
The software lets you create items, view them according to a specific order, and also bulk import the respective details including invoices.
- Contact management
ClearTax enables you to create contacts, contact masters, collect GSTIN information, and bulk import all the respective details.
Make sure you have gone through the GST registration process before you avail any of the above mentioned software. All of them require a GSTIN number to log in and use the services.
However, being a CA firm, you might require some financial support for the necessary infrastructure for such software. You can secure the funds with the help of a business loan for chartered accountants. It will offer enough capital to purchase workstations as well as the licencing fee for these applications.
You can follow the above mentioned list to find the GST India software that suits all your business’ needs. Carefully consider the features as well as your budget and requirement before choosing a particular product.