GST Accounting Software SMEs

1. GST Accounting Software for SMEs • GST Accounting software for SMEs defines a kind of application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, general ledger, payroll, inventory control, generating sales or purchase invoice as per GST compliance and trial balance. It functions as an accounting information system.

3. GST Accounting software for SMEs is designed considering the requirements of small and medium size industries. It may be on-line based, accessed anywhere at any time with any device which is Internet enabled, or it may be desktop based. It varies vastly in its complexity and cost. • GST Accounting software is usually constituted of various modules; each module consisted of different sections with particular areas of accounting. The most common core modules are as follow-

5. Core modules • Accounts Receivables- where the company enters money received • Accounts Payables- where the company enters its bills and pays money it owes • General Ledger- the company’s “Books” • Purchase Order- where the company orders inventory • Sales Order- where the company records customer orders for the supply of inventory • Stock/Inventory- where the company keeps control of its inventory • Bookkeeping- where the company records collection and payment • Billing/Create Invoice - where the company produces invoices to clients/customers • Non-core modules • • Debt collection—where the company tracks efforts to collect overdue bills • (Sometimes part of accounts receivable) • • Electronic payment processing • • Expense Tracking—where employee business-related expenses are entered • • Enquiries—where the company looks up information on screen without any edits or additions • • Payroll—where the company tracks salary, wages, and related taxes • • Reports—where the company prints out data • • Timesheet—where professionals (such as attorneys and consultants) record time worked so that it can be billed to clients

6. • Purchase requisition—where requests for purchase orders are made, approved and tracked • • Reconciliation—compares records from parties at both sides of transactions for consistency • • Journals • • Departmental accounting • • Support for value added taxation • • Calculation of statutory holdback • • Late payment reminders • • Bank feed integration • After the announcement of GST tax structure in India small and medium size businesses got baffled with this new change. Though it is a good reform for them as complexity of tax get reduced, now every tax payer has to pay a consolidated tax. With GST there is uniformity in tax structure for every business. Right GST accounting software for SMEs will make this journey fruitful and effortless. • HIAccounts, GST accounting software for SMEs is intelligent and precise business management software, for small and Mid-sized enterprises that enables you to manage all aspects of your business such as accounting, inventory, taxation, payroll and much more with ease.