Do you own a business and struggle with making GST bills? Do you waste hours on spreadsheets or outdated software, which can result in errors and frustration? You’re not alone. Business owners across the globe experience difficulty with GST billing. But there is a better, faster, and easier way.
Welcome the online invoicing and GST software – the solution for creating tax-ready bills in minutes. In this blog, we will be talking about the advantages of utilising online tools for GST billing. We’ll reveal how these tools can transform your invoicing process, save you hours of time, decrease errors, and keep you compliant.
The Challenges of Traditional GST Billing
Let’s explore the issues with conventional GST billing techniques:
Time-Consuming: Entering data manually, computing taxes, and generating invoices consume a lot of time you could dedicate to expanding your business.
Error-Prone: Human errors can occur, particularly with complex tax computations and numerous fields in the data. GST bill errors will cost you fines and compliance problems.
Difficult to Track: Invoicing, payment, and overdue bills tracking can be extremely challenging using manual processes.
Lack of Professionalism: Invoices handwritten or poorly designed might give your clients a negative impression.
Compliance Issues: Keeping track of current GST laws and regulations and maintaining invoices compliant with them can be stressful.
The Power of Online Invoicing and GST Software
Interestingly, technology has given us the right solution to such billing issues – GST software to enable smooth online invoicing. These programs have been specifically brought to streamline and automate the GST billing process itself, bringing immense benefits. Technology has provided us with a good solution to billing issues – online invoicing GST software. These applications are meant to simplify and speed up the GST billing process. The following are some benefits:
1) Easy and Fast Invoicing: Online invoicing software allows you to send and create professional tax-ready invoices within a matter of minutes. With simple-to-use designs and pre-made templates, you can quickly input:
a) Customer details
b) Product or service details
c) Quantities and prices
d) Applicable GST rates (CGST, SGST, IGST)
e) Discounts and other charges
The software calculates taxes automatically, saving you time and ensuring everything is accurate.
2) Reliable Accuracy: GST software prevents you from making manual errors. The software adheres to the current GST regulations, ensuring your tax-ready bills are compliant. This minimises the risk of penalties and audits, allowing you to rest easy.
3) Secure and Organised Records: Cloud-based invoicing programs store all your invoices securely in the cloud, which makes it convenient to:
a) Retrieve previous invoices at any time
b) Monitor payment status and automate reminders
c) Create sales and revenue reports
d) Be tax-ready
No more sifting through heaps of paper or endless spreadsheets!
4) A Professional Appearance: GST software offers a range of invoice templates that you can use to add your company logo and branding. This enables you to project a uniform and professional image to your clients.
5) Simple GST Compliance: GST software ensures that your invoices contain all the necessary details under GST law, including:
a) GSTIN (Goods and Services Tax Identification Number)
b) Your customer’s GSTIN (if necessary)
c) HSN (Harmonised System of Nomenclature) or SAC (Services Accounting Code) for goods and services
d) Place of supply
e) Taxable amount
f) GST amounts applicable (CGST, SGST, IGST)
g) Date and invoice number
Several of the GST software solutions also offer functionalities such as:
a) Auto GST return filing
b) E-invoicing (for medium to large businesses)
c) GSTR-1, GSTR-3B, and other GST compliance reports
6) Integration with Other Tools
Most online GST and invoicing software solutions work seamlessly with other essential business software, such as:
a) Accounting packages
b) Payment gateways
c) E-commerce websites
d) CRM packages
This ensures that your work is made easier, manual entries are minimised, and you can have a clear picture of your business finances.
Important Features to Consider in GST Software
In selecting GST software for online invoicing, the following key features should be noted:
1) Easy to Use: The program must be easy to use, even for non-tech-savvy users.
2) Customisable Templates: Search for a variety of professional templates that you can customise with your company.
3) Automatic Tax Calculations: The program must calculate GST automatically from the latest rates.
4) GST Compliance: Make sure the program complies with the latest GST regulations and provides facilities such as filing returns and e-invoicing.
5) Safe Storage of Data: Your invoice information must be stored securely in the cloud.
6) Reports and Analysis: Useful reports on sales, payments, and outstanding invoices should be offered by the software.
7) Integration with Other Tools: Ensure the software integrates with your other tools for business.
8) Support: Support that can dependably solve any problems.
9) Scalability: Select software that can scale along with your business.
10) On-the-go accessibility: Having the ability to design and manage bills on your smartphone is a big plus.
Start Using Online GST Billing: The Easy Step-by-Step Procedure
It’s easy to transition to online billings with GST software. Follow these steps:
1) Study and Select Software: Examine various GST software available. See how their features, prices, and customer feedback compare. Select the one which suits your company’s size and requirements. Most give free trials, so use these to try out different platforms.
2) Sign Up and Set Up Your Account: After choosing your software, sign up for an account and finish the setup. You will enter your business details, such as your GSTIN, address, and contact information. You can also upload your company logo for your invoices.
3) Set up Your Products or Services: Put in the products or services information you provide – names, descriptions, HSN/SAC code, and GST rates. You save time when creating invoices since you can swiftly choose items from your list. Ensure the GST rates for a product are proper.
GST billing is evolving, and technology is getting the spotlight. New features like e-invoicing, QR codes on invoices, and real-time data sharing are now readily available. With online invoicing and GST software, you can streamline your billing process and future-proof your business for the digital age of taxation.
4) Add Your Customers: Enter your customers’ information, such as names, addresses, GSTIN (if required), and contact information. Having this information in an organised manner assists you in easily creating invoices and keeping a customer list.
5) Design Your First Invoice: You can now design your first invoice. Select the customer, pick the products or services, and provide the quantities and rates. The software will automatically calculate GST for you. You may include discounts and shipping charges. Preview your invoice to confirm accuracy before sending it.
6) Send Invoice to Your Customer: When all looks good, send the invoice to your customer through email using the software. Most programs allow you to download the invoice in PDF format or share it with a link.
7) Monitor Payments and Handle Receivables: Your GST software will allow you to monitor your invoices and late payments. You can send automated payment reminders to customers who have not made payments in time.
8) Prepare GST Reports and File Returns: Use the reporting module of the software to prepare the required GST reports, such as GSTR-1 and GSTR-3B. Certain sophisticated software also allows you to file with the GST portal directly for smooth return filing.
Conclusion
Stop struggling with the hassle and stress of manual GST billing. Making the shift to online invoicing and GST software can revolutionise the way your business runs. It makes it faster, more accurate, and compliant to create tax-ready bills. This transformation saves you time and money, freeing you up to concentrate on developing your business. Make the intelligent choice today and benefit from the convenience of contemporary GST billing. Explore GST Billing and generate GST Reports through Webledger Books, a product of WebLedger. To know more, Sign up and book a free trial today.
