GST Billing Software: Speed up your Taxing, Invoicing, Billing & Accounting Process

Ever since the GST tax came into existence, organizations have been looking for effective solutions to better understand tax reform so that tax is paid correctly. Let us know about GST Billing Software and give GST solutions to your business problems.

Good and Services Tax (GST), was launched in July 2017 by the Government of India. The purpose of this tax was to provide a better taxation system to the Indian taxation system. The way it has organized the Indian business and tied us into a tax system is commendable.

In our country, GST has just completed its three years. It has certainly proved to be a successful and better method than the previous VAT system of taxation. Thus, amidst changing GST trends and complex compliance, all small, medium, and large businesses seeking a reliable, economical, and effective solution for GST compliance.

There is no doubt that GST is one of the major concerns for every business and have highly complicated GST compliance. Thus, to offer friction-less GST filing capability, many development companies offering GST billing software that help businesses in-

• Auto Tax calculations
• GST E-invoice Generation
• GST Ready Reports
• ITC Synchronization
• HSN/SAC Code Lookup
• Integration
• Seamless filing process
• Data Storage
• Data Security
• User – Friendly Interface
• Cost-effective
• Customer service

As per the recent government data, there are six crore SMEs in the Indian ecosystem, which contributes 29 percent of India’s GDP. Out of this, 1.22 crore SMEs are under the GST system.

Article Content-

1. Why Your Business Needs Complete GST Billing Software?
2. Benefits of GST accounting software
3. Different areas of GST that automate with GST billing solution
4. Features of GST Billing and Accounting Software
5. FAQs (Frequently Asked Questions)
6. The SwilERP software and the GST Billing Software

Why Your Business Needs Complete GST Billing Software?

As your business grows, the number of customers also increases. In this case, managing customers ensures the business journey ahead of you. Organizations require support that is not only based on efficient business management, but also on software support, which integrates into your business according to your needs. For this, you have to adopt a correct technological trend that fulfills all the current and future demands.

In this, the billing software is the most essential tool for your business. To achieve accurate results and avoid human error and manage large business data, there is no other way than to use billing software. With GST compliance, it becomes more critical. You need to have billing software that helps your business in GST filing. In this way, GST accounting software came into existence.

• The GST software provides the necessary support for managing accounts, ledger, inventory, billing, invoicing, and other financial functions.
• The software can overcome your headache of collecting your GST revenue and file annual & monthly GST returns.
• The software provides speed in your business for filing GST and dealing with any type of accounting complications.

Benefits of GST accounting software

A software offers features that are required to manage GST compliance services (such as invoice generation and return filing). In this way, it not only reduces your compliance time but also empowers your billing and accounting system to achieve efficiency in all GST related tasks.

• GST billing software helps the business owner/accountant to know about the applicable tax rate and tells them whom and where to pay.
• With GST billing system, small and medium-sized companies get an offer to use software that has simple, low-cost, and suitable features.
• The software system facilitates accuracy, speed, cost savings.
• With the software, you will get real-time, up-to-date information.
• It enables each enterprise to focus on what they do for their customers by providing good service.
• It eliminates calculations on paper, and you are only able to do all GST calculations with software.

Different areas of GST that automate with GST billing solution

Auto Tax calculations

Like any other software, GST software also gives us a digital platform by eliminating our manual calculations from the system. With the help of software, taxpayers can easily find out the applicable GST rates and calculate their tax liability automatically. A Software –

• Gives taxpayers an easy way to pay taxes correctly and avoid errors in tax calculations.
• It enables taxpayers to pay GST taxes on time.
• The GST software provides a list of GST rates such as CGST, SGST, UTGST, IGST, and Cess as applicable under GST.
• These small business owners can automatically calculate the tax amount with the help of GST software.
• Thus, GST billing solution helps businesses to save time and avoid errors in tax calculation and help incorrect determination of tax amount.

Customized GST E-invoices

GST billing software allows taxpayers and accounting professionals to create GST ready invoices within minutes. Any taxpayer registered under GST is required to produce a GST challan under GST format. Thus the invoice format includes the following fields –

• GSTIN of supplier and recipient
• HSN / SAC Code
• Various taxes applicable under GST like CGST, SGST, IGST, UTGST
• Applicable GST Rates

The format is defined but the most important role of GST software is to create professional invoices. In this way, GST Bill software provides the following facilities:

• The invoices that contain the record of the estimates are ready to be shared after the consumers’ acceptance and convert into invoices or sales orders.
• Taxpayers can either use an invoice template provided by a particular GST software or customize the invoice to match their brand style guide.
• GST ready accounting software allows taxpayers to schedule invoices for regular paying customers.
• Also, it enables sending reminders for outstanding payments, receiving notifications for invoices viewed or paid by recipients.
• In this way, GST ready features enable them to collect payments on time.

ITC Mismatch Calculation

As per GST rules, taxpayers have the right to claim ITC in respect of GST paid on inward supplies. GST software has a feature through which taxpayers can correctly calculate input tax credit through ITC match/mismatch report.

• The ITC match/mismatch report feature of GST software enables its user to match the recorded purchases with the GST invoice uploaded by the supplier to the common portal.
• Also, taxpayers can correctly calculate input tax credit through ITC match/mismatch report.
• In this way, the taxpayers are closely informed in the ITC match/mismatch report, and action is taken accordingly.

Automated GST Ready Reports generation

A GST billing software helps taxpayers prepare reports in real-time and make business decisions. As per the GST program, taxpayers are required to file tax returns on a monthly, quarterly, and annual basis in a special format (specified in the GST Act).

With good GST software, taxpayers/accounting professionals can create such reports as per the prescribed format. They can import accounting data from their Excel sheets into GST accounting software. And, then create accounting and GST reports quickly.

HSN/SAC Code Lookup in GST Billing System

The GST regime classifies goods and services with the help of the HSN / SAC code. Thus, the software must have such a feature.

Taxpayers, who have registered under GST, are required to specify the relevant HSN/SAC code for the goods or services they are supplying to the recipient of the tax or invoice. Manually, it is a tedious task, or it has a high probability of error. With GST software, taxpayers can easily view through HSN/SAC codes and select the corresponding codes based on the taxable goods and services they are supplying.

Integration feature in GST Billing Solution

It is the relevant feature that the other parties are associated with GST accounting software. It makes your system an all-in-one solution capable of managing all accounting, business information with GST filing. Or you can say that many third-party applications integrated with GST software enables taxpayers to perform a variety of tasks such as payroll management, inventory management, and so on.

Features of GST Billing and Accounting Software

Inventory / Warehouse Management

Software for GST billing and accounting includes a feature for efficient inventory management. This function prevents stock-outs and guarantees the best inventory for sales. It provides a variety of reports that let businesses know which products sell good and which don’t. This way, you can set reorder levels & reorder at the right time. This way, you will achieve the –

1. Transfer stock across warehouses in case of shortage & replenish the stock quickly.

2. Identification of availability is aided by real-time inventory tracking and analysis.

Multiple Locations / Branches & Stock Transfer

This software feature brings the capability to the business to manage all branches in one centralized location. This way, business owners can access all branch-related accounts in one location. You can centrally view all transactions and cash flow occurring in every branch.

Bar Code Generation, Printing & Scanning

Most GST billing and accounting software has a barcode capability. The feature provides speedy barcode generation, printing, and customization options. This feature facilitates easy ordering, item details checking, and quick business data entry. Scanning the item’s barcode using the scanner to accelerate the billing process.

Bank reconciliation

This feature of GST accounting software matches your bank statements with accounting transaction records and identifies errors or fraudulent activity in business. Thus, it helps in maintaining the better financial health of your business.

Customer Loyalty Management

GST Billing & Accounting Software gives you Loyalty Management. By using these loyalty programs, you can attract your customers and help them make more purchases. In this way, you can calculate reward points based on customer purchases and get higher customer retention.

Financial Reports

GST Billing Software comes with financial reports, including- GST Return Reports, Accounting Reports, Ledger Reports, Transaction Reports, Item reports, etc., through which you can take complete information about your business together. Thus you can analyze your profit and loss and update your business strategy accordingly.

FAQs (Frequently Asked Questions)

The SwilERP software and the GST Billing Software

Whether you are a startup or an entrepreneur, it is impossible for you to alone handle the confusion of GST. It is a new tax reform in India, which consists of many conclusions. SwiLERP provides a GST filing feature for their users and is considered the best GST billing software for PC. You can consider it as the best GST billing software that has an easy and user-friendly interface. It is developed in such a way that it can easily understand by the non-accounting or non-tech savvy and comes under the category of simple GST billing software.

There are many GST billing software for retail shop available in the market, but SwilERP is quite different that handles Billing, Returns Filing, and e-waybill simultaneously. It offers some distinctive features like GST tax filing, e-billing, and e-registration.