How GST compliance Invoice Processing can be Simplified?
GST has come and we cannot ignore or hide from that fact. Earlier, sometime back all invoice processing tasks were completed manually. This meant that an account payable expert being it from small or mid-size businesses had to process every invoice, make sure it was paid, file the documents, record the payment in the bank books and follow up to make certain that the payee received it and noted it on the account.
Today in this Hi-tech world, things are changing at a fast pace. Generating invoice with GST compliance accounting software becomes much more easy and simple. Some of the small business owners might be wondering how to use the accounting software as we are not from accounting background. There are GST accounting software available where you don’t need any prior training. They are very user friendly and you can use them with ease and from the moment it gets installed in your devices.
Now let’s have a look how GST accounting software improvise your invoicing over manual processing-
· Productivity- With accounting software invoice processing, account payable employees do not have to handle every invoice multiple times. They can concentrate on completing the other important task successfully. For many organizations the amount of work done in those same hours will be skyrocketing. With manual processing, productivity can often lag — especially during busy periods.
· Data Recall- In a manual invoice processing system, it is very crucial for AP (account payable) professionals to remember important data from invoices. While in automated GST accounting software, this aggregated data is available at the push of a button. That keeps your mind at peace.
· Error Rate- A well l known quote “to err is human”. Even the best AP professionals will occasionally make mistakes. The GST accounting software offers the best of both worlds. Not only will it have built-in error checking functions, but AP will have more time to re-check the details and make sure no mistakes are made.
· Ease of Access- Searching and getting a paper invoice in a hurry may not always be easy. If you need to access an older file, it could be stored under massive piles of newer documents. To find it waste a lot of productive time. However, with accounting software, one can always be able to access old invoices online in less than fraction of seconds. This can make tax time much easier.
· Eco-friendliness- An organization cannot control how invoices are received, during manually processing of invoice lot of papers get wasted as manual processing may require multiple sheets of paper, as well as ink to complete just one invoice.
We believe in “Clean India Green India”. Accounting software is paperless…
· Cost- According to a Wall Street Journal article, writing a check can cost a business between $4 and $20 — and processing an invoice in full is even more than that. An automated accounting software system can make it easier for both small and medium size businesses to generate electronic payments or streamline the process of creating paper checks, helping to lower down the cost. Although there may be an upfront one-time cost for getting started with accounting software system, in the time to come the savings and revenues can be huge.
Once you understand the differences between manual and automatic invoice processing, you yourself will be able to interpret why and how an accounting software system is often the most beneficial. Accounting software can help you save time and money and offer you valuable insight into your business. If you choose the accounting software carefully, investing in accounting software can be one of the best decisions you can make for your business
To get the most out of accounting software choose HIAccounts.
One India One GST One Accounting Software.