As the clock is ticking by and GST is all ready for the big premiere on July 1, it won’t be wrong to assume that there are a lot of speculations pertaining to GST software. Businesses are looking into different kinds of software to find the one which perfectly matches its business requirements. Most of the entities have found their suitable business partners and have formed an alliance with the same.
But, some of them are still struggling. Of course, it is a matter of your business and you just can’t settle with anyone as it might end up doing more damage than good. Finding a suitable match is the key and if you are also looking for a competent GST software which will help you transition from the existing regime to the new one, then here are some key features that you should be eyeing on.
Safety and security:
Without a doubt this has to be the first thing that you should look for while hunting a GST software. We are living in the digital world where we can get anything by the click of a button. This is a boon but, it certainly has opened the doors for people with devious intents to peek into your confidential information. As a GST software will house all your key business and accounting information, you really can’t take the risk of choosing a not-so-safe software provider. A secure software will act as a shield in protecting your critical business information and will avoid any possibility of potential threats. While purchasing a GST software you need to look into its offerings, but remember not to get blinded by the assistances as you need to pay special attention to data security as well.
Flexibility is the key:
All the major business establishments are using some kind of Enterprise Resource Planning (ERP) Software to assist them in managing their business operations effectively. Even the businesses operating on a smaller scale are using some kind of accounting tool in order to keep a track of things. In such a scenario, it won’t be one of the best ideas to introduce a software which is rigid in its functioning. A competent GST software would be the one which will help you seamlessly transition into the new tax regime from the existing one. It is extremely vital for the software to be advanced and flexible so that it is able to integrate with the prevailing ones. You certainly don’t need an additional cost burden and standalone software which would just refuse to integrate with your existing software will surely add up to the operational budget.
Look for multi-platform adaptability:
Every business needs to comply with the new tax regime as non-adherence to the same can end up attracting legal troubles for the company. The GST has been designed in a manner which leaves no choice for an alternative. The presence of invoice matching will ensure that every person falling in the purview of GST files the returns in a timely fashion. As the new tax regime is quite strict pertaining to compliance, you need to look if the GST software which you are taking offers multi-platform availability or not. Accessibility form desktop, mobile phones and other devices will make it convenient to adhere to compliance norms, hence, increasing the comfort of online return filing.
Cognizance is vital:
When you are abiding by any kind of government regulation, then knowledge and awareness are the two oars which can help you propel through the storms of non-compliance. Under the new tax regime, an average taxpayer needs to file 37 returns in a year. If that taxpayer is operating pan India, then the number of returns will exceed 1000! To handle such kind of things you need specialised tools. This is one of the biggest reasons why a GST software must be intelligent enough to communicate the upcoming events. This will help you in ensuring that no deadline gets missed and your business keeps on accelerating to achieve greater heights of success.
Choosing a credible and competent GST software isn’t an easy task. Aforementioned tips will help you in your hunt for the suitable companion which will assist you in adhering to the new tax regime.