GST roll-out has given several opportunities to grow their accounting businesses in an efficient and a reliable way. Still various businesses and enterprises are dealing with a lot of confusions related to GST registrations, filing taxes, eligibility to avail ITC and so on. To handle such issues that have been raised after the implementation of GST, businesses are looking for accounting firms or individuals who are knowledgeable enough to handle their mammoth data, calculate taxes, generate invoices, and pay bills on time without wasting much of their time. It is therefore, important for the accounting businesses to adopt unique services to offer clients in order to earn good amount of money. In this post, we list five unique ideas to grow your accounting business after GST Roll-out. Let’s take a look.
- ASPs (Software Development Services)
ASPs stands for Application Service Provider and their job is to provide end-to-end solution for various businesses and organizations including corporates, taxpayers and consultants. By using ASPs, any individual dealing with the supply of goods and services can file retunes, ITC. Apart from tax filing, it also helps in GST registration, challan and other activities as well that are related to GST online compliance. It not only manages the sales or purchases of goods and services but also provides safety and security of your data. Businesses need to provide some essential information regarding their supplies in order to calculate and paying the tax automatically to the Government.
2. GST Consulting Services
Usually, companies, businesses and other organizations used to hire international accounting firms for the calculation of taxes in order to manage a large amount of money. In order to grow your accounting business, you need to have full knowledge about the new taxation regimen so that you’re able to provide consultation to your clients. GST consulting services help businesses that are struggling to assess the impact of GST.
3. Publish Guides on GST
In order to spread awareness among people, business firms, organizations, GST bill details, publish guides on GST. It will not only be helpful in better understanding of GST but also help in learning the provisions that have been made after the implementation of GST. If you own an accounting firm, ask help of CA, tax professionals or experts to write books on GST taxation system, its benefits, drawbacks, impacts on different sectors, calculations, rates and so on.
4. Training Services in Collaboration with Government
In order to grow your business, another most important step is to spread awareness by offering courses, training sessions on the entire process of GST. Make sure you conduct trainings, seminars and meetings in collaboration with the government to provide and make the applicants understand about the authentic information, provisions and law of GST. These sessions must be conducted by tax professionals, experts, CA with legal approval of government. Training firms or services have a wide scope in terms of revenue generation as every individual want to learn about GST implementation and the provisions included in it.
5. Outsource Accounting Firm for GST
Outsourcing the GST application is one of the best ways for the effective application of GST in India. Outsourcing might cover the software usage, trainings, registration of GST, tax filing and so on. It is a cost-effective way to spread the awareness of GST among people and also to earn spare amount of money. Ask help of technical experts, CA and tax pro to resolve the queries of the clients related to GST registration, tax calculations according to SGST and CGST. It will enhance the productivity and will allow you to focus on the respective area.
The Final Word
One of the best ways to grow your accounting firm in the market is to create your own GST software. It not only helps people or businesses simplify the tax calculations but also aids accounting firms to generate revenue. A robust GST software will help you manage your widespread data and number of invoices in a well-organized way with the promise of safety and security.