It is always best to use a simple accounting software that helps you manage financials of your business in compliance with GST and TopNotepad is one such software. You just need to do all that you have been already doing, all along i.e., create invoices and log all your expenses. Our software would make sure the invoices that you create adhere to the GST invoicing rules as stipulated by the tax authorities.
Invoicing is a very crucial aspect of accounting. When you make a sale, you log an invoice and that becomes the go to document for tracking the transaction in not just your books of accounts but also in the books of your client.
Accounting every aspect of an invoice is critical to stay GST compliant. Items such as registration number of your client, date of invoice, value of invoices, taxes etc.,. are items that would guide you in matters of input tax credit and return filing. Example: The tax number of your client is key information on the invoice without which your client will not be able to seek input tax credit. The date will tell you the month for which the tax credit, if applicable, must apply.
While GST does not impact the way the accounting is done but it does impact the kind of information that needs to be additionally accounted for, to adhere to the GST tax regime. Thus you need to upgrade your accounting systems to ensure you do not miss out on storing the important data. You should also equip your accounting software to churn our reports that are required for regulatory and compliance filings.
Once such report is the GST form, that almost every business is expected to file on a monthly/quarterly basis. GST form tracks Invoice level and summary level information:
-Your GST/Tax registration number
-Your client’s GST/tax number
-Month and year to which your form corresponds
-Total value of invoice
- Tax names, tax amount associated with the invoice
Even a small business with GST number is expected to file returns on a regular basis and the simplest tool to ensure you are always ready for filing your returns is our GST accounting software, TopNotepad. This software would not only help you manage your books but also help you stay compliant! Also, you are try the software for free.
Our simple recommendation to all the businesses, to uncomplicate the complex accounting use a simple tool and not to invest in software that claim to be exhaustive, as these tools are generally quite complex and may not be affordable as well.
Invoicing is a very crucial aspect of accounting. When you make a sale, you log an invoice and that becomes the go to document for tracking the transaction in not just your books of accounts but also in the books of your client.
Accounting every aspect of an invoice is critical to stay GST compliant. Items such as registration number of your client, date of invoice, value of invoices, taxes etc.,. are items that would guide you in matters of input tax credit and return filing. Example: The tax number of your client is key information on the invoice without which your client will not be able to seek input tax credit. The date will tell you the month for which the tax credit, if applicable, must apply.
While GST does not impact the way the accounting is done but it does impact the kind of information that needs to be additionally accounted for, to adhere to the GST tax regime. Thus you need to upgrade your accounting systems to ensure you do not miss out on storing the important data. You should also equip your accounting software to churn our reports that are required for regulatory and compliance filings.
Once such report is the GST form, that almost every business is expected to file on a monthly/quarterly basis. GST form tracks Invoice level and summary level information:
-Your GST/Tax registration number
-Your client’s GST/tax number
-Month and year to which your form corresponds
-Total value of invoice
- Tax names, tax amount associated with the invoice
Even a small business with GST number is expected to file returns on a regular basis and the simplest tool to ensure you are always ready for filing your returns is our GST accounting software, TopNotepad. This software would not only help you manage your books but also help you stay compliant! Also, you are try the software for free.
Our simple recommendation to all the businesses, to uncomplicate the complex accounting use a simple tool and not to invest in software that claim to be exhaustive, as these tools are generally quite complex and may not be affordable as well.