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Advantages of using Proforma Invoices

What is proforma invoice?

A proforma invoice is an initial sales invoice that a company sends to sellers in advance of the goods or services delivery or transfer. This type of invoice declares the description, value, quantity, shipping information and payments for the products or services that will be bought.

Proforma invoices are sent out before the sale is completed. The purpose is to formalize the contents of the order and to give both buyer and seller an estimate of what the delivery contains and what it’s worth.

Proforma Invoice

Advantages of a Proforma invoice

The main advantage of a proforma invoice is that as it is not a finalized sales invoice and you don’t need to revise it if there are changes to the goods or services you deliver.

When items may be damaged in transit:

If items are damaged when received, you’d typically have to send your customer a against the original invoice. With a proforma invoice, you can make any necessary adjustments and then turn your proforma invoice into a full sales invoice.

When customers may change their order

When a customer recompenses their order after a delivery has been sent out, your invoice will be incorrect and would need to be re-raised. A proforma invoice can simply be restructured and converted to a full invoice.

When project scope may increase

If you’ve quoted to deliver a service and discover that more work will be needed than you estimated, you’d need to send out additional invoices. By using proforma invoices, you just finalise the sale once the full scope is confirmed.

How to issue proforma invoices

To issue a proforma invoice, you’ll need to include such fields and pieces of information, so your customer can quickly understand the nature of the invoice.

A proforma invoice will generally include:

  • Your company name, logo and address
  • Current date and an expiration date for the proforma
  • A list of the products/services sold
  • Quantities of each item in the order
  • Prices for each item on the list
  • Any applicable tax rates and the tax amount
  • The total amount that the buyer will need to pay
  • Your payment details

Mainly, your proforma invoice doesn’t have an invoice number, as it’s not a finalised sales invoice. The sale will only be counted  into your accounts under sales revenue once the proforma invoice is converted into a regular invoice.

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Advantages of Automated Accounting Process

If you are a Business owner or an entrepreneur then you must be aware of how difficult to manage so many tasks at the same time and too difficult to handle it. Accounting that holds an important position in the business as no business you can successfully without a well-developed and skilled financial team.

Accounting automation takes the most manual element of an accountant’s work day and does them automatically, often instantly.

For that if you are searching for Best Cloud based Accounting Software? We Easy GST offers India’s best Billing & Invoicing Software for your businesses.

Benefits of Accounting Process Automation:

  • Faster Analysis of Financial Data
  • Increased Efficiency
  • Get Customer Insight
  • Reduced Error
  • Save More Data
  • Global Recognition
  • Scalable
  • Increased Cost-serving
  • Cloud Storage
  • Real Time Integration
  • Take control of your business
  • Generate and send invoice digitally within seconds
  • Instant Quotation
  • Take better decision with ready reporting

Easy GST Offers Business Accounting Software including customized automation and software development. For more information call us at +91 90990 50686 or Email us on info@easyaccountax.co.uk

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Get Something Extra from Easy GST Invoicing Software

Are you looking for best GST Invoicing software for your business? You are at the right place to use Invoicing software for your business. Cloud based Easy GST accounting software offers new features for invoice. Let’s have a quick look for an Invoicing software.

Professional Looking Invoice: Create Professional invoice and customize them using your company logo and color scheme.

Customizable Invoice Template: Ready to invoice your clients? Use our easy to use free invoice templates to get started

Invoicing Software Credit Notes: Create credit notes for customer refunds. Easy to use interface helps you to create credit notes within no time.

Recurring Invoice: Recurring invoice save your time by creating invoices automatically on defined interval. Recurring invoices are important when you have to create same amount invoice on defined interval.

GST Ready Invoices: Easily file all your GST returns with one click. As you already have your invoices and bills entered in Easy. We will automatically submit them to GST server.

Multi-Currency: Multi-currency lets you create invoices and bill in any currency.

Invoice Setting: invoice settings lets you customized your PDF invoices, select from our predefined themes.

Digital Receipts: convert all your receipts and bills into digital format using our digital receipt services.

Create an invoice and you can download bulk invoice at a time. You can copy your invoice, convert into PDF file format and Print it for your record. Create or generate invoice and share that invoice via an Email option.

Let’s have a start to using our Easy GST Business Accounting software now.

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Top 5 Trends Transforms the Accounting Software

Accounting software is a crucial tool for any businesses now a days. Accounting software helps a business manager run the business with proficiency and profitable. Cloud based Easy accounting software provides all business accounting features includes payroll and HRMS.

Key Features of Business Accounting Trends in 2020 that can impact the entire accounting software:

Cloud Computing

Run your business from anywhere at anytime with the cloud accounting. Get real time view of your business finances. Access your business accounts anytime from any internet connected devices – computer, phone or tablet. You can invite your accountant to access your business account and easily share your financial data. Also your data is secured in our highly secured data center with multi layer security provisions.

Complete Functionality

Easy accounting software provides multiple features for your business accounting. Can create invoices, generate financial reports, Assets management, multi-currency, file your GST return, Inventory Management, manage billing & expenses, EPOS system.

Online Support for Implementation

Our dedicated employees help you to understand our accounting software. You can use Easy help center, video tutorials for each features, our team will support via chat, WhatsApp or on a call.

Mobile Accounting

We are providing Easy Touch Mobile application for both Android & iOS.

Analytics and Reporting

Easy has lot of reports to give you an overview of your company’s financial health and adding more time to time. Our detailed reports like balance sheet, profit & loss, trial balance, aged debtors and creditors help you to manage your finance. You can create comparison reports between any periods to see how your business is performing over different period of time.

Try Easy accounting software for seven days free trial now to get more details.

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Small Business & Employee Expenses Management Software in India

Easy GST provides small business expenses management software in India that employees love and offers meaningful visibility and control into your expenses. Record all your employee expenses and pay them on time.

Business Expense Management software – never forgot those expenses and lose receipts.

Features of Business expense management software:

  • Track all Business Expenses: whether it’s a business expense or personal expense you can track all your expenses right from Easy. Upload the scanned receipt to Easy. Don’t worry anymore of losing them. Once they are in Easy they are secure. Easily manage payment of all expenses to reflect them in your bank statement.
  • Snap and Go: Use our mobile app to snap the receipt as soon as you get it and upload them on Easy so you never miss them. You can also create the expenses at the same time which saves your time and forgetting it later on.
  • Multi-Currency: Multi currency lets you file your bills and expenses even if the expenses have been done in other country. Just select the currency in which you made the expenses and Easy will handle rest for you.

Employee Management Software

  • Employee Expenses: Record all your employee expenses and pay them on time. You can easily reimburse those expenses to your employees. Get the overview of spending by each employee so you know where they are spending more and where you have to put cut.

By tracking business expenses daily, you can also controls costs, see what you’re spending your money on and how much you’re spending.

Check it out 7 Days free trial version today to get more details about business billing & expenses.

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Are You Looking for the Best GST Software in India?

Easy-GST is a GST ready accounting software to manage your accounting, Inventory, Payroll, Billing, and Banking, File your GST returns and many more features.

Feature to save your time and help you, Keep your business finance on track.

Easy Invoice: Easy invoicing software for your business. Create Professional invoice and customize them using your company logo and color theme.

Financial Report: Get real time view of all your company financial through Easy Reporting. Easy has lots of reports to give you an overview of your company’s financial health and adding more time to time.

Assets Management: Manage all your company assets from easy. Easy does all back end work for you and creates required journal entries so you don’t need an expert knowledge to manage your company assets.

Payroll Software: Easy payroll is everything you need to automate your payroll. Create employee information at your fingertips. It provides all necessary reports for HR to manage employee time and attendance.

Multi-Currency: Multi currency lets you create invoices and bills in any currency. With multi-currency option, you can easily generate bill and invoice in different currencies.

GST Return: Easy is now GST ready. Easily file all your GST returns with one click. As you already have your invoices and bills entered in easy we will automatically submit them to GST server. Upload GSTR1, GSTR2 and GSTR3 through Easy GST accounting software.

Secured Data: Easy use SSL to securely transmit data between your browser and easy server.

Inventory Management: Get real time stock valuation with Easy inventory. Your inventory is continually updated on your balance sheet to track real time.

Dashboard: get a quick glance at your business finance. Easy GST dashboard gives you an overview of your business finance. Get real time cash flows, bank balance, invoices & bills etc…

Time and Billing: Easy to use time sheet module let your employees create their time sheets easily without spending a lot time.

Easy EPOS for retails outlets: Android based wireless EPOS for restaurant & supermarket. The dashboard gives you an overview of your payment history, receipts, sales analytics history, inventory etc…

Bill Expenses: Easy GST is business expense management software. Whether it’s a business expense or personal expense you can track all your expenses right from easy.

Banking: Manage all your bank accounts easily, and keep them up to date. Connect easy to your bank account or import your bank statement into easy. Easy offers auto matching and rule based reconciliation to make it even faster to reconcile your bank.

Time Tracking: Record every second your team spent on a project. With our flexible time sheet reporting, prepare report as per your requirements.

Try Easy GST business accounting software for 7 days free trial. Check out the Easy GST website to get more idea about the software.

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How You Can Prepare Your Business To Survive Covid-19 Pandemic

The Coronavirus pandemic has led the Indian government to issue strict self-quarantining, social distancing, and lockdown guidelines to monitor Covid’s further spread—19. Although these steps were taken to ensure Indian citizens’ protection and health, they definitely affected the small-scale market. The sectors that are hardest affected include the Food and Beverage (F&B), the automobile industry, electronics, and textiles. Restaurant dining, for example, is facing an estimated decline in business of 30 – 35 percent given the high proportion of fixed costs in the foodservice sector, such a rapid decline in sales could lead to substantial losses for restaurants in the near future. Likewise, with the outbreak of COVID-19, the automotive industry, which was already experiencing a decline in overall demand, would slide on.

Companies walk on a tightrope; on the one hand, they have to ensure the health of their employees, but on the other, they can not afford to delay in accounting and conformity. The pandemic has caused an ongoing economic crisis. Nevertheless, one effective business leader is one who can effectively maneuver through these adverse twists and turns.

It can be a challenge to decide whether to allow your team to work from home, particularly if you don’t have the right infrastructure in place to support their work and keep everyone connected. The complete framework will provide your business with the new cloud-based platform to promote remote work and ensure that your employees are secure, healthy, and efficient in the midst of the current pandemic.

Adopting next-generation technology will allow your company’s desktops and applications to run in the cloud and ensure continuity of business no matter where you are. Reliable Internet connectivity is what you need, so you can connect your company remotely, so make data-driven decisions from anywhere, anywhere.

What Resources & Benefits You Can Avail During Covid-19 Crises

1) Taking help of the technology

Automation is one of the most useful technologies available to keep your teams working efficiently from home and smooth running of your company. You should adapt to changing demands with automation, and automate manual processes so that the “WFH” team should cope with the current scenario. Remote onboarding of staff, receiving customer notifications, and monitoring employee status reports are perfect automation scenarios.

2) Work from home opportunity

For larger businesses trying to make tough choices such as workplace layoffs, the primary alternative may be to slash the wages of the better-paying employees and seek to retain those who can least afford to lose their jobs. Nonetheless, when the time comes to make a difficult decision, it is best to do so with sensitivity, search for policy guidelines, and provide additional incentives if and when necessary. Such implementation should only be carried out once and not in steps so that it does not impact the morale of employees. You may ask them to participate remotely using the new technologies to operate from home using various software and tools.

3) Cloud-Based Accounting software

If there’s something because of the pandemic that has suffered the hardest blow, then it’s accounting and finance. Every day, the economy is going down, and there is not one single country that has been spared for these crises. In these circumstances, we must ensure that every single activity is carried out without endangering the lives of the people. For this reason, accounting software is very important when working for a company remotely. For compiling the accounting operations from your home, you can view all the bills and information only.

During these times, it is important to stand together as one and support one another. Know that keeping healthy indoors is the focus right now. Through tough times some of the best ideas are made, so don’t lose hope and keep your spirits up!

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Benefits of Using the GST Software for Business You Must Know About

The term GST stands for taxation of goods and services. GST bill passed at Lok Sabha on 6 May 2015. If the bill has been introduced, it will give companies some big advantages. GST is basically a value-added tax that is collected at different intersections in the supply chain, providing credit for any tax charged on payment received for the use of supply. The middle-person or customer is, therefore, liable to pay the tax, which is the last in the supply chain. The introduction of the GST bill in India would simplify the indirect tax framework at the central and state rates. Until now, India has had a complex multi-layered taxation structure that will be replaced by GST.

In the current scenario, most company houses and organizations, whether large, small or medium, are in constant need of the best online accounting software that can do their accounts, Ledger, inventory, finance, measure the specific tax classification and also file them without any hustle. Through holding all of these criteria, the accounting software came onto the market that can perform all of these tasks effectively and can also measure GST to aid and sustain businesses.

Filing the data conveniently

Many companies settle for an accounting program that takes care of income, inventories, and different forms of taxation, invoices, and bills calculations. GST software has been implemented to make it easier to register and send complicated data by migrating your company to an online government portal. With GST, it becomes easier to measure the taxes, register, and send data.

Speed

Automated invoicing services make the accounting process run quicker and more effectively —- a big advantage. You can easily print professional-looking invoices, instead of using the old-fashioned manual paper and ink. Invoices can also be submitted via e-mail. The quicker invoices are coming out, the quicker you’ll possibly get billed. Most invoicing or billing software packages integrate with the rest of the accounting software, allowing the planning and recording of invoices easy, fast, and automatic.

Customizable Software

GST Program automates the taxes and other rates by the business method. The consumer is able to configure GST according to their business needs. Faults or defects in the produce, additional tax on goods, and other services can arise. The GST program is designed to resolve all tax penalties in a specific manner.

Organization

Invoices are easy to lose or forget, particularly when they are manually prepared. They may get lost in the mail, or they may misfile themselves in a manual system. With a kit of accounting software, the data is collected there — all in one place to be checked, repressed, and presented in case of problems. Typically, invoices based on names, amounts, or invoice numbers can be looked up in the system. It is one of the most reliable and fast and easy processes because as it is entered, the program organizes the data.

Minimize Errors

When using a computerized program, you make fewer errors in total calculation or typing, resulting in less uncertainty. The invoice program normally allows you to add a tax percentage where applicable, with all calculations being done by the device. This is a useful advantage, particularly if you have extensive invoices in which hours or particular products are charged at different rates. When a system is set up correctly, the products to be invoiced are chosen and arranged, and the rest is finished.

Time-Saving and Cost-Effective

Keeping track of all invoices and details about billing is crucial for any company. The use of GST tools can help control all payments and thus promote the filing of reports. This will save you both time and money, as GST software is responsible for all financial operations, from tax filing to invoicing.

Access Data Anywhere Anytime

All your documentation stored under one location, which can be easily accessed from everywhere, is the key benefit of GST software anytime. Testing and verifying data, keep track of your cash flow, and analyzing real-time payments are all available through GST software.

Implementing GST has the ability to raise the production rate for your company and export more goods without having to pay high tax charges. If you plan to expand your business, the implementation of GST will reduce the pain of repeated registration and filing of data. GST software’s key benefit over accounting software is the standardized tax structure applied without the boring task of estimating specific tax forms. GST software makes the program transparent and reduces the chance of tax evasion.

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Choose the Right Accounting Software for your Business

Accounting software can offer many effective ways for small companies to handle everyday financial activities, as well as provide useful reports to track and ownership to help them assess business results. Without due consideration, company owners often make expensive errors by investing in the wrong accounting software, and instead, they fail to make the software work, or by switching to new software, they incur even greater costs.

It is also a great decision-making tool as timely reports and budget review tools that come with most accounting software programs offer business owners an opportunity to step back and provide an overall view of company finances. Yet how do you choose the best accounting software for your small company in a sea of programs and software brands?

Since accounting software is essential to your small business, it’s important to make sure you do some homework before you buy any specific form of financial management or accounting software. Looking closely at the needs of your company, you can Gage the day-to-day functionality specifications that you need. Here are just a few of the things to do and consider before you commit to buying accounting software.

Multi-User Access

Many accounting systems allow you to invite other users into the system and monitor the data they see and the activities they can access. For example, you would prefer to give your business partner and accountant full access, while only allowing your employees to use the program to track their time and invoice customers. Many services allow you to invite multiple users at no added cost; others give free accountant access, but if you choose to add other users to the network, you can subscribe to a higher pricing plan or pay an extra.

Cloud-Based Software

Many of the top accounting systems are cloud-based, so you can access your account anywhere, anywhere from any computer with internet connectivity to help you manage your business remotely, whether you’re at home or on holiday.

Many also provide smartphone applications to help you track key information and perform core tasks on the go. For employees who have minimal functionality such as monitoring time and filing expense receipts, some offer different applications. The features of the mobile app differ, so if this is an essential feature for you, you’ll want to make sure it has the functionality you need. You would also want to make sure it works on your favorite device, as some are only compatible with iOS, and others can be used in addition to phones and tablets with smart watches.

Do a Needs Analysis

You must carry out a requirements assessment before settling on a particular accounting system to decide the features, functions, and reports that the program will need to do. You must first take out some time to think about what accounting transactions are important to your company, so you can choose a system that can handle them with ease. Any reports you need to build controls that you need or integrate with third-party applications that you want should be identified. The basis for which you start the selection process would be this requires review.

Time saving Automations

Some accounting applications can be set up to send regular invoices and past-due reminders automatically, saving you time on your invoicing and receivable tasks. Some will save you time by tabling transaction matches to reconcile your accounts. When your company offers quotations or forecasts to clients, search for a system that can turn these documents into invoices in just a few clicks. When you are carrying inventory, search for a program that automatically creates purchase orders to reorder goods when items drop below a specified threshold.

Along with another factor that also comes into consideration is the cost factor that is why Easy GST accounting software is offered as the new Quarantine offer. In this global crisis of COVID-19 pandemic, we are offering our software totally free for 6 Months* only for students. Instead of trial users, you can use it for 6 months without paying anything if you are a student. This offer also comes with 2 users for 1 account login & after that the nominal fees will be applicable according to the plan.

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Everything You Must Know About E-Invoice System under New GST Return and Benefits

On September 29, 2019, the GST Council approved the introduction of ‘ e-invoicing ‘ or ‘ electronic invoicing ‘ to report business-to-business (B2B) transactions to the GST system. From January 1, 2020, the new system will be introduced. Previously, there was no generic e-invoice model in India, but the latest GST return set a standard to meet the business needs of traders and industrial entities. E-invoicing is the submission on a common portal of a standard invoice that has already been produced. Thus, multi-purpose reporting is automated with a one-time input of invoice details.

What is E-Invoice?

If an invoice on the computer or Point of Sales (PoS) machine is generated by software, then does it become an e-invoice? Is e-invoice as a system that allows taxpayers to generate invoices centrally? When discussing e-invoice, many such questions are raised.E-invoice does not mean generating invoices from a tax department’s central portal, as any such centralization will result in unnecessary restrictions on the way in which trade is carried out. In fact, taxpayers have different requirements and expectations that cannot be met through one software that generates e-invoices from a portal for the entire country. Invoice generated by each software may look more or less the same, but another computer system cannot understand it even though business users fully understand it.

The key objective behind the E-Invoice System

The intention behind the e-invoicing problem is to reduce manual data entry errors. Since the machine regulates the e-invoicing system, the e-invoices of sellers, banks, agents, or anyone else involved in trading will be analyzed and read. As part of the Return, the e-invoice will also provide details to the GST system in addition to a seamless record of transactions.

Benefits of E-Invoicing

  • Invoice addresses and fills a significant gap in GST information reconciliation to minimize misalignment.
  • E-invoice resolves and mends a flaw in the GST data reconciliation process in order to reduce flaws.
  • Another software can read e-invoices created on one software, allowing interoperability and helping to reduce errors in data entry.
  • E-invoice addresses and mends a flaw in the GST information reconciliation process in order to reduce flaws.
  • Get real-time invoice tracking generated by the various suppliers with e-invoice.
  • As tax authorities receive all the necessary transaction-level information via e-invoices, audits/surveys must not be deterred.
  • Any program will read the e-invoices that were generated on one application, thereby allowing interoperability.
  • E-Invoice cannot be partially canceled; it has to be fully canceled.
  • E-Invoice has the option of canceling the invoice within 24 hours of IRP registration. Any cancellation after 24 hours could not be made via IRN; before filing the return, taxpayers must manually cancel the same on GST Portal.

The e-invoice mechanism is expected to be implemented on a voluntary basis in stages from 1 January 2020. It will be phased enforced.

How will E-invoicing curb tax evasion?

It will help in curbing tax evasion in the following ways:

  • Tax authorities will have access to transactions as they occur in real-time as the e-invoice must be generated compulsorily through the GST portal.
  • There will be less room for invoice manipulation as the invoice is created before a transaction is performed.
  • It will reduce the chances of fake GST invoices, and it is possible to claim the only genuine input tax credit as all invoices need to be created through the GST portal.
  • Since the input credit can suit output tax data, monitoring fake tax credit claims becomes easier for GSTN.