How to find the right software for your GST needs?

08-May-2024 10 Min read Written by: Ila Garg

Challenges of manual filing and the need for GST filing software

The complexities associated with manual GST compliance can be daunting for businesses from all sectors. Navigating through various tax rates, input credits, and compliance deadlines requires meticulous attention to detail. Manual processes not only consume valuable time but also elevate the risk of errors, potentially leading to financial repercussions.

Here lies the crucial role of GST software. GST software is designed to simplify taxation processes, offering a user-friendly interface and automated functionalities. By automating the intricate calculations and record-keeping tasks, software significantly reduces the likelihood of errors and ensures accurate GST filings.

For small and medium businesses, the shift from manual to automated processes translates into operational efficiency. Software streamlines the entire taxation workflow, from data entry to filing returns, making the process more manageable and less prone to human errors.

Choosing the right GST compliance software is a crucial task as it not only simplifies complex taxation processes but also contributes to the overall efficiency and growth of your business. In the upcoming sections, we'll explore key features to look for in such software, ensuring that your business reaps the full benefits of a streamlined taxation system. Stay tuned for insights into how software can be a game-changer in simplifying tax-related tasks for your business.

Why automate your filing process?

  • Automated software: GST software automates the calculation of GST liabilities and helps in generating accurate GST returns. This reduces the chances of errors and ensures that businesses stay compliant with the constantly evolving GST regulations. Automation of these activities helps in saving time and effort.
  • Streamlined invoicing: GST software facilitates the creation of GST-compliant invoices. It automatically includes all the necessary details required by tax authorities, such as GSTIN, HSN/SAC codes, and tax rates. This not only ensures compliance but also streamlines the invoicing process, making it faster and more accurate.
  • Efficient input tax credit (ITC) management: The software helps in tracking and ITC efficiently.It identifies eligible ITC, reducing the chances of missed credits. This not only optimizes cash flow but also ensures that businesses claim the rightful credits, contributing to cost savings.
  • Real-time reporting and analytics: Many GST software provide real-time reporting and analytics features. Businesses can monitor their tax positions, track sales trends, and generate insightful reports. This data-driven approach helps in making informed decisions, strategizing for the future, and staying proactive in tax compliance.
  • Integration with business processes :GST software often integrates seamlessly with other business processes, such as accounting, inventory management, and point-of-sale systems. This integration ensures that data flows smoothly across various functions, reducing manual data entry and minimizing the risk of discrepancies. It promotes overall operational efficiency and accuracy.

It's important to note that the specific benefits can vary depending on the features and capabilities of the GST software chosen by a business. When selecting a GST software solution, it's advisable to consider the unique needs and scale of the business to ensure the software aligns with its requirements.

Key features to look for in a GST filing software

There are various software available in the market for GST automation which come with lots of features. So it would be overwhelming for business in finding the right GST software. We have tried to list the features that are mandatory to have in a GST filing software so that you are able to choose a software that fits your need and also affordable.

1. User-friendly interface
  • In the realm of GST compliance software, a robust and user-friendly user interface plays a pivotal role.
  • Intuitive solution design reduces the learning curve, enabling quicker adoption and proficiency among users from all aspects, irrespective of their technical expertise.
  • Also, a well-designed user interface enhances the overall user experience by providing a clear and logical structure, thereby simplifying navigation leading to improved productivity and efficiency.
2. State of the art system security
  • A robust and secure system significantly provides for a secure and trustworthy experience for the users and maintains a secure environment for user’s confidential data.
  • Therefore, it is extremely imperative that the solution which is chosen for carrying out the compliance operations needs to have a robust Encryption algorithm in data transmission, strong authentication protocols, data integrity, regular monitoring of security updates to address any vulnerabilities and adherence to industry best security standards.
  • Choosing GST compliance software with a robust focus on data security is not just a matter of compliance; it's an investment in the long-term trust and stability of your business.
3. User support and training: Accessible customer support
  • When navigating the complexities of GST compliance software, having accessible customer support is invaluable to get efficient and timely resolution for all issues and queries.
  • A well-equipped support team which can provide comprehensive troubleshooting assistance and also keep you informed about any updates, enhancements, or known issues related to our product can be of substantial assistance to the users and minimizes any potential disruptions to their experience.
  • Also, transitioning to a new software system may require training for users to maximize its potential. Software providers offering comprehensive training resources contribute to a seamless onboarding process. Training materials, webinars, and tutorials empower users to harness the full capabilities of the software, enhancing overall efficiency.
4. Smooth integration with major ERPs & custom ERPs
  • A vitally important attribute that a good software must possess is to have smooth integration capabilities with major ERPs and custom ERPs so that users can seamlessly integrate with their existing systems, enabling efficient data exchange and optimized workflows.
  • The software must be customizable to accommodate specific data mappings, workflows, and business rules with widely adopted ERPs such as SAP, tally, or custom-built ERPs specific to an organization.
  • Also, transitioning to a new software system may require training for users to maximize its potential. Software providers offering comprehensive training resources contribute to a seamless onboarding process. Training materials, webinars, and tutorials empower users to harness the full capabilities of the software, enhancing overall efficiency.
5. Seamless management of voluminous data
  • As the economy grows so does your business therefore it is paramount for a solution to incorporate powerful data processing capabilities allowing users to analyze, manipulate, and extract insights from massive datasets without compromising performance or usability.
  • It can effortlessly scale to accommodate increasing data volumes, ensuring smooth operations even as the data grows.
  • By leveraging a product's seamless management of voluminous data, users can efficiently handle and leverage large datasets, unlocking valuable insights and enhancing productivity in their data-driven workflows.
6. Cost-effective solutions
  • Balancing operational needs with budget constraints is a common challenge for all businesses as they often face budget constraints, making the affordability of software solutions a critical consideration.
  • When selecting GST compliance software, businesses should explore options that strike the right balance between affordability and functionality. The goal is to empower them with a tool that not only meets their budgetary constraints but also contributes to the overall efficiency and compliance of their operations.
  • Cost-effective GST compliance software options which adopts Subscription models, open-source solutions, and cloud-based options offer flexibility in pricing, allowing businesses to choose a solution that fits their budget.
7. Intelligent insights and reports
  • To cope up with the dynamic ever-changing economic scenario, it is of utmost importance that a solution is well provisioned to analyze large volumes of data.
  • System must be competent to identify patterns, trends, and correlations within the data, enabling users to gain valuable insights and make informed, data–driven decisions.
  • Meaningful analysis extracts information in a clear and intuitive manner, ensuring that users can quickly grasp the key findings and take appropriate actions.
8. Zero downtime
  • Zero downtime is a critical aspect of a product's performance and reliability.
  • The solution which a user opts for must fully understand the importance of uninterrupted service for our users and have implemented several measures to achieve this goal. 
  • To minimize disruptions, system must perform necessary updates, upgrades, and optimizations without impacting the availability of our product during peak usage times and schedule routine maintenance.
9. Rich domain expertise
  • The extensive knowledge of the domain team in the GST realm allows them to understand the unique challenges and requirements of the users, enabling them to develop tailored solutions that address the specific needs.
  • Therefore, it is highly imperative that the team that develops the software understand the intricacies of the domain and can adapt the solution to align with specific workflows, processes, and industry standards.
10. Evaluating cost and return on investment (ROI)
  • When considering GST compliance software for your business, a comprehensive evaluation of costs is crucial. This includes both the initial implementation costs and ongoing maintenance expenses.
  • Once the costs are assessed, the next step is to calculate the return on investment (ROI) for the selected GST compliance software in terms of time and cost saving, error reduction, operational efficiency and enables enhanced decision-making as well.
  • Also, assessing the scalability of the software and its alignment with your long-term business strategic goals ensures that the chosen software not only fits your budget but also contributes significantly to the overall success and growth of your business.

Pro tip: Now that you have reached this far, please find a bonus tip. Take advantage of free trials and demos.Test user interface, functionality, and ease of use. This gives you confidence on your decision.

Steps to implement GST filing software in your business

Once you've chosen the right software, follow these steps for a smooth transition:

1. Data migration and setup
  • Ensure accurate migration of data.
  • Set up the software with business information, tax rates, product details, and customer data.
2. Customization and configuration
  • Customize the software to align with your business.
  • Set up invoice templates, tax settings, and personalize for a professional look.
3. Training and onboarding
  • Train your staff effectively.
  • Provide resources and sessions for maximizing software benefits.
4. Test and troubleshoot
  • Test the software thoroughly before going live.
  • Identify and resolve any issues promptly.
5. Go live and monitor
  • Start using the software for filing operations.
  • Monitor closely during the initial phase and address any issues promptly.

Conclusion: Streamline your business operations with the best suited GST software

In conclusion, software is the key to simplify and digitize your GST filing processes. Choose wisely, implement diligently. Don't let GST filing be a burden on your business anymore. Master the art of GST filing with the software and experience a new level of efficiency and productivity. Start a hassle-free compliance journey today.