How an online GST accounting software can help your business ?

The requirement of GST accounting software is being felt by every business. It is because the old school management is hectic, time consuming and cannot keep your business updated and in the equal level with the competitors.

The situations that your business face depends on the type of industry or institution that you are running. An online GST accounting software knows exactly what you need and how a particular business should be managed. It only takes finding the right software for your business to solve your problems.

Reach accounting software is one of the best accounting software that is GST eady. It manages accounts, sales, purchases, inventory, invoicing, tax, payrolls, expenses and much more. It is user friendly and customizes with any business with ease. Reach is a powerful software that provides various useful features required for every business owner. It can be exploited to the maximum as it is flexible and is easily accessible also automates your business and generates functions that helps in managing business while you are relaxed. It is easily accessible as it is cloud based and provides easy backup. Reach also has bank level security hence your data remains absolutely safe.

Its features are:

• Accounting
• Billing
• Invoices
• Purchase
• Sales
• Access
• API
• Mobile app
• Bulk sms and email
• Bank synchronization
• Business process
• Multi branch
• Multi currency, etc

Let us look into every niche of business and their problems and solutions in brief.

Furniture Stores

Problems and situations  

• It is usually managed by and individual
• Certain patience require bills as proofs for allowance and attendance matters
• Stock management problems like out of stock and delivery delay, etc
• Problem in getting reports of sales in case of multi branch
• Cost of TAX consultant
• Heavy expense used on auditor to file Tax audits once a year.
• Buys a software that provides minimum help example remedy or wondersoft that only connects distributors but not doctor. Etc.

Solution

• Reach handles proprietorship
• Printed bills with shop name
• Re order mechanism automates alerts when the item is out of stock
• Stock reports according to the expiry dates so you can return the expired stock on time.
• Every branch is managed and all the sales reports can be viewed easily
• No expense on tax consultant
• No expense required for an auditor
• Our software is half the price of other software like remedy and wondersoft.

Non-Profits/ Consultants/ Freelancers

Problems and situations

• It is mainly considered as trust
• Staff takes care of billings
• Fees are paid either term or month wise
• Modules required for billing, payroll, student analysis, staff allocation, etc
• Expense on auditors can go upto 50k
• EMI”™s crashing down on them for vehicles, digital boards and other facilities purchased.
• Submission of regular accounts to IMS, fee regulation committee, etc, is a must.
• Daily collection and outstanding fee reports are required
• Maintenance of laboratories, library and other inventories.

Solutions

• Reach GST ready software can provide desktop billing apps for every counter
• Bank synchronization is provided hence all the updates appears in the software immediately
• Modules for billing and payroll and provided
• Download the bank balance ahead so no EMI gets returned
• The software helps in submitting accounts regularly to IMS, fee regulation committee, etc
• The daywise collection and outstanding fees can be checked
• Inventories can be managed easily

Traders and distributors

Problems and situations

• Mainly a proprietorship or partnership
• Stocks from multiple vendors and sells/supplies to multiple shops
• Management of gunny bags and other packing materials
• Mostly buys with cash or credit
• Tracking of salesman commission is required to be tracked
• Return and damaged stock needs to be tracked
• Multiple prices like MRP, SP, BP, etc needs to be recorded
• Expense of around 2k every month on tax consultant
• CTO visits frequently
• Expense of 15 to 30k on auditors
• Employee management

Solution

• Easy and independent access for both the partners
• Management of receivables, payables and also generates a ageing schedule
• Inventory management module manages the packing materials
• You can print the cash bills
• Commission of salesman can be tracked
• Record multiple prices with ease
• Save on tax consultant and auditor
• Manage employees and payrolls easily

Retail shops/ Supermarket/ Textile store/ Jewelry Stores

Problems and situations

• Mainly Proprietorship or partnership
• Gets the stocks from multiple vendors and customers
• Buys mostly on credits and sells for cash, credit card, gift vouchers, etc
• Issues cheques to the distributors
• Needs to track credit card receivables and cheques
• Multiple prices like MRP, SP, BP
• Large amount of stocks with multiple commodity codes and multiple tax dates
• Requires a software that can read barcodes for quick billing
• Record of daily purchases are required
• Expenses on Tax consultant and auditor
• Frequently visited by CTO
• Employee management is required

Solutions

• Allows separate and easy access for all the partners
• Manages receivables, payables and ageing schedule
• POS manages credit, cash, credit card, gift vouchers and sodex ho pass sale
• Distributor accounts can be centrally managed
• Track cheques and receivables with ease
• Counter-wise cash collection can be tracked
• Work free of errors as automatically the change that has to be given is shown
• Multiple price is recorded
• Manage large commodities with multiple prices and tax easily
• Read barcodes and do faster billing
• Save on auditor and tax consultant
• Manage your employees and payrolls, etc

Cafe/ Bakery

Problems and situations

• Mainly proprietorship or partnership
• Requires to manage the stocks
• Sells mostly on cash, credit cards and gift hampers
• Issues cheques or cash to the vendors
• Requires to track credit card receivables
• Serverwise billing requires to be tracked
• Management of kitchen, orders and billing is required
• Fixed menu items are to be billed
• Subsidized Tax rates
• Covered by TAX, PF and ESI
• Expenses on VAT consultant, PF consultant and auditor
• Employee management required

Solution

• Provides access for all the partners
• Manages the stock i.e food and consumables
• Handles cash, credit cards and gift hampers
• Handles cheques or cash to vendors
• Tracks credit card receivables
• Server-wise billing can be tracked
• Tax rates can be altered
• Bill the fixed menu items easily
• Handles VAT, PF and ESI
• Save expenses on VAT consultant, PF consultant and auditor
• Manage your employees and payrolls, etc, easily

For 15 days free trial of Reach accounting GST ready software click on>> Demo

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Sumathi

I’m a tax expert with over 10 years of professional experience. I’ve gained practical insights on GST and other Taxes during my tenture as a Tax expert and GST Trainer in Reach Accountant.