GST Billing And Accounting Software In India

GST-Software

Today, every business needs a new billing management system, which should work according to the new tax regime of India. For this, many companies like ClearTax, Tally, and Marg Accounting has introduced their new billing software, which has been developed completely based upon the new Goods and Service Tax guidelines.

A billing and invoicing software help businesses perform automated calculations, keeping taxes in mind. Additionally, they are also useful for bookkeeping and record-keeping purposes.

To help businesses choose, here’s a list of the top 10 billing and invoicing solution available in India:

How To Find The Best GST Software?

Like every person, every firm is different and has its own expectations from any accounting software. Based on your business, you should check the following points:

1) Software should include all requirements relating to payroll.

2) The system should be able to track available stock, work in progress, orders, jobs, and other task management requirements

3) There should be a provision which can handle more than one bank account.

4) Whether the software handles foreign exchange.

5) There should be a system to keep records of each business or various departments under one business unit.

6) Check whether the Software provides you with an online platform for different activities such as online payments, verifying records,

7) Whether the system can manage different records on what do customers buy, how much they buy, a tax charged on it, etc

Features:

1) According to the business, it should customize the look and generate GST invoices.

2) Different categories. Should be there for different expenses.

3) By importing the bank transactions it should generate the Reconciliation Statement (BRS).

4) Inventory purchases and purchase orders (PO) will be recorded.

5) Record-Journal Voucher entries.

6) Managing database of customer and vendors.

7) Updated information about accounts payable and accounts receivables so that the user is well aware.

8) Help in generating Balance Sheet, Trial balance reports, and Profit and Loss statements as for and when needed.

9) Give platform for different users to use it in a business unit at the same point in time as at times there are different users in one business unit.

To help businesses choose, here’s a list of the top 5 billing and invoicing solution available in India:

Zoho Invoice

zoho

Zoho Invoice is a hassle-free invoicing & billing software that helps businesses send automated payment reminders to their customers and get paid faster online. This web-based solution empowers businesses with the best-automated tools, to smoothen and simplify invoicing operations. With Zoho, users can create invoices, perform faster payments and manage projects on the fly.

QuickBooks

quickbooks

Quickbooks is a reliable and scalable invoicing and billing software for businesses of any scale. Using Quickbooks, users can manage their business and stay organized anytime, anywhere on their computer, mobile or tablet. Create customized and professional invoices, sales receipts and estimates that can be sent in minutes, using QuickBooks.

Sleek Bill

sleekbill

Sleekbill is a simple and efficient billing software which has been specially designed for the Indian market. The software assists in making your invoicing operations efficient. It is a fast and highly scalable solution which can also be used to generate quick and detailed reports, backup/restore data, print/e-mail invoices, and perform GST calculations.

HyperDrive HDPOS Smart

HDPOS Smart is a retail POS billing software, designed to automate retail billing. It is efficient at handling inventory, financial accounting, and billing. HDPOS Smart can be employed at all types of business setups, ranging from stores to hypermarkets. It has additional modules for inventory management, franchise management, accounting, customer management, etc.

MargERP 9+

margERP

MargERP 9+ is an ERP solution that can also be used for invoicing purposes. From automating various ERP components to ensuring complete management of inventory, sales, distribution, procurement and, accounting, MargERP is a complete invoicing and billing software. Simple and easy to use, MargERP 9+ enables users to attain high performance and improved productivity for various domains.

Conclusion

If you own medium-sized business, all these tasks can cause a huge headache. A billing and invoicing solution will not only help businesses ease their payment processes but also get a better grasp of their finances. In turn, businesses can use this data to improve their different financial processes to make them more effective. Which one is your favourite GST software?

Everything you need to know about the recent amendments in the E-way Bill system 2018

e-way-bill

E-Way (Electronic way) bill is a document required to be carried by a person in charge of the conveyance carrying any goods of value for more than Rs. 50,000.  It was introduced earlier this year with an aim to make the interstate movement of goods smoother, swifter and easier. An E-Way bill is created via  GST common portal for E-Way bill system.

E-way Bill needs to be generated in relation to the following given transactions:

  • Movement of goods in relation to their supply for a consideration
  • Movement of goods for some reason apart from the supply of goods, e.g., sales returns or movement for repair of goods, free of cost supplies, etc.
  • Domestic acquisition of goods from an unregistered person.
  • Import of goods from outside India.

Pincode Based State Validation.

The user has to enter the input based on the Pin Code and the E-Way Bill system will auto-populates the state.  If the pin code has reference to multiple states then the taxpayers can select the suitable state by clicking.

Real-Time GST Rate Validation

Now, we have an error-free system which will auto validate tax rates entered by the user. Though it is not mandatory for the system user to feed tax rates if they do so then the system will cross check with standard rates which are fixed by the GST Council.

CGST (%) SGST (%) IGST (%) CESS-Advol (%) CESS-Non-Advol. (Rs.)
0 0 0 0 or 1 or 3 or 5 0
or 11 or 12 or
12.5 or 15 or 17
0.05 0.05 0.1 or 21 or 22 or 36 400
0.125 0.125 0.25 or 49 or 60 or 61 2076
1.5 1.5 3 or 65 or 71 or 72 2747
2.5 2.5 5 or 89 or 96 or 3668
6 6 12 142 or 160 or 4006
9 9 18 204 or 249 4170
14 14 28 400

Validation of Supply Type with Document Type

A consignee needs to carry proper documents of supply of goods for a stress-free transportation. The E-way Bill contains the fields to select document types and the taxpayer can enter the type of suppliers and buyers involved. In case the bill is being generated by consignees columns related to ‘From GSTIN (Supplier)’ and ‘To GSTIN (Buyer)’ validations will change accordingly.

Transaction Type Transaction Sub-Type Document Type From GSTIN (Supplier) To GSTIN

(Buyer)

Outward Supply Tax Invoice Self Other GSTIN/URP
Bill of Supply Self Other GSTIN/URP
Export Tax Invoice Self URP
Bill of Supply Self URP
Job Work Delivery Challan Self Other GSTIN/URP
SKD/CKD Tax Invoice Self Other GSTIN/URP
Bill of Supply Self Other GSTIN/URP
Delivery Challan Self Other GSTIN/URP
Recipient not Known Delivery Challan Self Self
Others Self Self
For Own Use Delivery Challan Self Self
Exhibition or Fairs Delivery Challan Self Self
Line Sales Delivery Challan Self Self
Others Delivery Challan Self Self/Other
Others Self Self/Other
Inward Supply Tax Invoice Other GSTIN/URP Self
Bill of Supply Other GSTIN/URP Self
Import Bill of Entry URP Self
SKD/CKD Bill of Entry URP Self
Tax Invoice Other GSTIN/URP Self
Bill of Supply Other GSTIN/URP Self
Delivery Challan Other GSTIN/URP Self
Job Work Return Delivery Challan Other GSTIN/URP Self
Sales Return Delivery Challan Other GSTIN/URP Self
Exhibition or fairs Delivery Challan Self Self
For Own Use Delivery Challan Self Self
Others Delivery Challan Self/Other Self
Others Self/Other Self

The movement to Transporter’s place

If a consignment has multiple legs supplier then he will need to input details of the first leg of movement only. Unlike the present practice, the supplier does not have to fill Part-B details. The consignment legality and movement for the remaining leg of the journey would be considered valid.

 Automatic Distance calculation between Consignor and consignee

Your E-way Bill will auto calculate the distance (in KMs) between source PIN code and destination PIN code. This process will make your data entry easier as it will auto-populated on the entry of source PIN code and destination PIN code.

One E–waybill for One Invoice Number

Your E-way Bill System will also check and alert you against multiple E-way Bill generations for a single invoice number. The consignor would be permitted to carry with the multiple e-way bills practice if and only if original invoice with the correct number is available and validated.

Bill To– Ship To’ Transactions

Now, E-way Bill System will auto capture details of Bill To – Ship To’ Transactions. These are those transactions where the invoice and the consignment are shipped to two different entities. The person who receives the invoice from the supplier then sales the product/consignment to a third party further gets it delivered from the supplier itself.

Category:

  • Regular OR Bill to –Ship To OR Bill From – Dispatch From OR Both
  • GSTIN and Name of Dispatching Party, if a category is ‘Bill From – Dispatch From’ or ‘Both’
  • GSTIN and Name of Shipping Party, if a category is ‘Bill to – Ship to’ or ‘Both’

Mandatory GSTR-1 data for users of API and Offline (Excel) tool

Post the upgrade, it will be compulsory for those who use API and other Offline tools to include information related to Form GSTR-1 with the E-way bill basic data to produce e-way bills.

Hence, we need to implement technology-based solutions to manage our compliance with E-way Bill to mandate our business. This will make everyone aware of the importance of putting such solutions in place for organizations and that doing so will significantly enhance the efficiency of our operations.  Our business needs to closely monitor new developments in the E-way Bill compliance process and quickly adapt to changing requirements.

All you need to know about the proposed changes in the Single Return Forms under GST

A recent GST Council meeting was all about discussions on providing a more simplified set of return forms. The new layouts for GST Return Forms have now been approved by the Central Government and by the GST Council. From FY 2019 these new set of GST return forms will be applicable.

GST Return

Here are some of the key changes that will be the part of the new GST Return Forms:

  • Single, Simpler and Time Saving

Unlike the previous ones, now the new forms will be less prone to human error and also a simpler form structure comprising of at max 5 to 6 tables. 80% of the form will be auto-populated and this will include sections such as details of supply and purchase/input details. Further, the information will be auto-populated based on the invoices uploaded by the taxpayers. Moreover, most of the data will be auto fetched and dealers will be required to fill the remaining 20% details only.

  • Less Taxing

Across the country taxpayer and trader, the community has a common complaint that the tax filing procedure in itself taxing. To fill returns it required an internet connection and also a desktop or laptop system which ultimately increases the expenditures for traders and taxpayers of buying system, electricity, internet connection and maybe manpower (if needed). But not any longer now A welcome change is seen in a new return filing method through SMS and will the facility to allow taxpayers to file their GST returns through SMS will begin.

  • One Nation One Return Form

The good news is that from next FY onwards the Central Government will do away with the existing multiple returns with a single return filing. Currently, the list of mandatory return file forms under GST include the likes of GSTR-1, GSTR-3B, GSTR-2A (for reconciliation purpose), etc. All these will be replaced with one. While earlier India’s PPP makes it difficult to implement a true one nation One Tax structure, a lot of hue and cry was directed towards the excessive compliance burden the GST framework imposed on the taxpayers (especially honest taxpayers and medium to small-scale traders).

  • Amendments

Unlike the current forms, the new single form will also enable amendments. The maximum number of amendments/changes that can be made will be limited to two though. Additionally, taxpayers will also be able to report negative balance or liability.

  • Profile Based Return Filing

The new FY 2019 will also see profile-based dealer’s filing of returns. The profile could be selected based on the questionnaire filled by the dealer post which returns can be files
“upload – lock – pay” System

Experts call the new returns as a three-step procedure for easy hassle free cost effective return filing. These include:

  • Invoice Uploading by Suppliers (Provide return details)
  • Approval/Acceptance by Recipients of goods or service.
  • GST Payment post return locks by Recipients

sugam sahaj gst return filing

The GST will also make room for new provisions like the Sahaj and Sugam schemes for dealer along with new return forms. Currently, dealers with an annual turnover of fewer than 5 crores file quarterly returns and such dealers can either continue with quarterly returns or they can opt for a simpler two return system which is Sahaj return and another one is Sugam return.

Sajah return is for B2C suppliers. With less number of fields and easy to file it has become much simpler. It will be filed monthly. For those who are involved in both B2B and B2C supplies, they can opt for Sugam. Rest of the process is the same. The Sajah and Sugam are only available to dealers with less than 5 crore turnover.

Use Business Accounting Software To Manage Your Finance

Over the years there have been many changes in the field of accounting. It has shifted from leather-bound journals to spreadsheets and now we are in the era of accounting software for every business.

You can make data-driven decisions by using these systems to improve your effectiveness by allowing you anytime and anywhere access to the business data.

Watch Your Cash Flow

The web-based accounting software for small business helps in better management of its cash flow. You can instantly review your debtors using it and decide about the collection or credit extension. Their use increases the productivity as there is no paperwork to generate and file. A few of these systems allow you to sift through the business data to reveal trends in the market which can lead to new opportunities.

Foreign Transactions Made Easy

Are you planning to take expand your business overseas negotiating a tie-up with a foreign supplier? If yes then you will need web-based accounting software for SME that will handle all your foreign currencies easily. Such a tool will allow you to manage currency exchange rate, set single or multiple currencies to your customers’ accounts, or set base currency to view the value of these transactions in your preferred currency.

Business Accounting Software

Manage Accounting of Unlimited Companies

If you own multiple companies, it is obvious that you would like to use single accounting software for small business to do their books and keep the things simple. It translates to finding software that allows the creation of multiple or unlimited companies. Todays, online accounting systems make the task even simpler. They allow you options like an accounting firm, a manufacturing firm, or a construction firm to base your business on. These systems even create the default accounts based on the business and industry-type selected. It is accounting at its ease.

Opt For Best Accounting Software

Locating the best accounting software for small business is a not easy as the businesses vary in their needs. Business software that is a snug fit for one may not be the right solution for another. Your best bet is to go for the accounting software for SMEs in your business niche. You should aim for a tool that is both, affordable and easy to use.

Charts to Improve Efficiency of Your Business

These tools allow you to closely monitor and scrutinize your cash flow. The best accounting software for small business shows charts depicting cash in & out of the company over the period of last six months, invoices owed to the company, bills owed by the company, and the user activities. They also come with time-saving features like automated entries, email invoicing, and accounts reconciliation.

Today, accounting is not as it was 20 years ago. There are hardly any businesses relying on paper-pencil-based accounting. The small businesses do use spreadsheets for their planning and budgeting to some extent. But, it is not long. They eventually grow and needs a proper system to take care of their business’ financial transaction and data. The accounting software for business works great to make business decisions with the flexibility and strength of On-the-Go accounting.

Unearth the best way to financial freedom in the 21st Century

The world is rapidly changing and it’s time for the financial planning advice to catch up with the pace. In this fast-paced life, most of us aim for achieving financial freedom and live a debt-free happy life. If you are planning to have one, you must work towards managing your finances well and clearing your loans.

We all have been in a situation where a panic sets into our stomach when we see the bill for unexpected car repairs. We all get apprehensive about paying our dues? But what if that car repair was just unnecessary, and instead of worrying about our other vital expenses, we pay the bill without thinking twice. That’s how little-unexpected expenses affect our daily financial situations. They are not an emergency, but barely a hiccup!

The path to financial independence isn’t easy, but once we learn to manage our expenses well, it brings new opportunities to build wealth, diversify our income streams, and invest for future security while gaining control over our finances. This may sound too good to be true, but you can achieve this! Here’s how you can begin your own journey to financial freedom:

Financial Freedom

Set your Life Goals

This step will require you to assess where you want to be in 10 and 20 years from now such as where you want to live in retirement and when you want to stop working. Write down how much you should have in your bank account by one particular age. The more specific your goals, the higher the likelihood of achieving them. Write it all down precisely, and place the goal sheet at the very beginning of your financial binder.

Set a Budget

Make a monthly household budget and stick to it, it is considered to be one of the best ways to ensure that all your bills are paid and savings are going on. It will also help you achieve your monthly goal and it’s a stress-free practice.

Limit the use of a Credit card

One of the basic habits is that we use our credit card thoughtlessly. Think twice before you spend money. It is important to get a credit report at regular intervals to make sure there are no erroneous black marks ruining your good name.

Investment in your Future

Take investment positively, as paying for your future. With today’s number of options investing has become easier than ever anyone can do it. Invest money in a different separate bucket such as Retirement Fund, House Fund, Real Estate Investment Fund, College savings, Taxable Investments, etc. starting investing today even if that means 1% of your income. Your future self will thank you.

Minimize your expenses

Minimalism is the key towards financial freedom. By clearing the clutter from our lives we will be able to focus on eliminating debt. Changing our habits and going for better decisions with fewer resources. Make small adjustments by sorting out the things you need rather than things you want is a financially helpful and healthy habit to put into practice.

The fun really starts when you realize you can meet the needs of others. Imagine being able to bless a struggling family by paying for their car repair! It’s not just about you anymore; it’s about leaving a legacy! If you live like no one else, later you can live and give like no one else. It’s worth all the hard work it takes to get there. You’ve got this!

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