4 Features which can make Your Accounting Business Bloom Post GST

Technologies have always been the key element in the evolution of business and the outcome as we all know is drastic growth in overall business environment & culture in India in the last two decades. Today many new businesses are keeping their footstep in the business arena but because of efficient accounting software, businesses are able to establish themselves comfortably and are much more informed.

Any entrepreneur knows it very well that without accounting one cannot dream of business success as it clearly demonstrates the results of the company activity to date. You can monitor all the available resources like labor, material, and finance with ease and submit monthly return filing to the public authorities.

Post GST scenarios of accounting software

Post GST the eye of all the major inventory and accounting software providers was on the retail segment which had an estimated 20 million shopkeepers and who were asking for a major updates in their software so that they can comply with a new and more complex law of GST and one which has the capability to suffice the need of small and medium enterprises (SME).GST Accounting Software from the very onset of GST had met the demands and challenges faced by businesses on a day to day basis.

Major features which Businesses Look for In Accounting Software

GST Compliant

GST compliant business accounting software lets you send invoices, reconcile bank transactions, track inventory, generate reports, and file GST returns effortlessly. This single tax will help streamline taxes and will bring in more efficiencies in the business. The business accounting software helped to make the process more secure, smarter and faster. For all the businesses it was a major relief as there was easy transformation journey wherein multiple electronic filing was done on monthly basis, numerous reconciliation i.e. revenue reconciliation, reconciliation with vendor details were done with just a few clicks.

Accounts Payable

You can control cash flow, and speed up the data entry with the accounting applications in Accounts Payable. Not only that it also helps in producing a wide array of predesigned reports, and take advantage of the flexibility to pay all invoices or split invoices for payment.

The accounts Payable feature helps in prioritizing your payments so that you can save time and money with the ability to review outstanding payments by the vendor and select which payments to hold or release. You can improve your efficiency with quick entry and defaults on headers. Accounts payable also manage your expenses efficiently and keep your accounts up to date.

Bank Reconciliation

An accounting software enriched with a special feature called Bank Reconciliation can help you reconcile bank statements and general ledger accounts. The feature allows you to track an unlimited number of bank accounts, void checks before they are sent or after they are posted, and review total debits posted to General Ledger for each period.

When you use Bank Reconciliation to streamline your accounting processes, you can automatically create entries in General Ledger for adjustment and transfer transactions. Not only that you can also set up as many bases and foreign currency bank accounts as you need, including routing codes for electronic payments, positive pay codes and check formats.

Barcoding:

With best accounting software system it is easier to encode & centralize all products information in a barcode, most of the information can be added to certain items in inventory and associated data can be recalled with one quick and simple scan. Inventory can be viewed in real time, anytime with one scan.

Conclusion

Industries and Businesses who have opted accounting software in day to accounting work and that too enriched with features as discussed above have not only saved companies time and money but also enhanced companies function and helped in making more profits in the long run.

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