How to do year end closure of accounts using online GST accounting software?

In the end of the year there are several records and sales to be checked and there are a number of work to be done to keep your sales and profit under check and you get buried under all the piled up dead line.

What is it that a business man requires to do in the end of the year?

1. Calculate the tax that is to be paid

The income tax must be paid on the regular basis and hence every year it must be calculated and kept in mind so you do not risk any legal actions. The tax must be deposited on time and the exact amount is supposed to be credited, hence the calculation must be strictly done.

2. Calculate the service tax dues

By the year end closure make sure that your service tax dues are cleared.

3. Make investment save tax

Make proper investments so that you don”™t have to spend half of what you earn and save on tax. There are several tax that you might not be aware of hence take note what you are suppose to pay and what you don”™t require but are being charged for.

4. Manage the inventory physically

Keep your inventory under proper check. All the goods of all kinds, perishables, non-perishables, consumables, etc.

5. Purchase fixed assets for your business

Purchase the right amount and keep your inventory under check so you do not exceed the fixed asset so your calculations do not cause any error. Incase you have purchased extra and is planning to use it for next year then it must be kept an account of accordingly. It is always smarter to utilize the assets and that can be done if you buy fixed assets.

6. Find out the capital gains

Find means to book a capital loss so you can work against the tax charges on your capital gains.

7. Cleanup your loan accounts

Verify your loan accounts and clean them up. Try repaying every loan taken before the year end closure and start a debt free year.

8. Manage your professional income and expenses

Follow all your expenses and income made. Keep a proper account so you are keeping a track of your expenses and your sales to calculate the profit of your business error free.

As you can see there is so much to be done as given above and that is just some of the points from the list that goes on and no business owner wants all these load on their head in the year end closure. That is understood by Reach ERP all too well.

Reach ERP is an online software that is GST ready software that manages every business with its advanced technology and powerful features that helps you manage your daily sales and calculates your tax in the right manner as provided by the government so you do not require to pay other unseen or unnecessary taxes from your income.

It tracks sales, purchases, inventory, sales executives, customers, profit, work progress etc.

Its features include:

• Project management
• Purchase
• Sales
• Addons
• Inventory management
• Invoicing
• Billing
• Real time udates
• Accessibility
• Multi branch
• Multi company
• Payroll
• Tax
• Mobile app, etc

Reach is a customizable software that knows exactly how you want your business to be managed hence it reduces your work load by taking care of your business without leaving you to go through accounts and taxes in the year end closure. It keeps a record of your daily sales, tracking your profit and letting to pay the right amount of tax for your income as it is GST ready.

Advantages of Reach

• Accessible from any location and any device
• Reduces costs
• Bank level security with 256 bit encryption
• Accessibility restriction menu
• Easy backup
• No maintenance charges
• Free updates
• Less implementation period
• User friendly
• Shoots an OTP every time an employee logs in from outside office
• Automates your business
• Helps in making better decisions
• Increases workflow and cash flow

For 15 days free trial click on>> Demo

For more information click on the video given under:

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.