The taxation system dynamically changed after the implementation of GST, which subsumed almost 17 previous indirect taxes. The statutory tax rate before GST was approximately 26.5%; whereas now almost all products fall within the limits of 18% with only a few exceptions. However, because of GST’s young age, it is still in the developmental stage with almost 90 amendments made since its birth.
Maintaining the same taxation in your business with all the latest incorporations is an enormous task. Accounting software in India has become a necessity for almost all industries, large or small. Even though taxation software would not significantly contribute towards cutting costs, it would help you be at par with the latest tax regulations and pay your taxes on time. Taxation is a significant part of any business, and with that out of the picture you can better focus on achieving the other objectives.
Top 5 taxation software in India
The primary objective behind availing accounting software in India is that it makes the entire process, from the point of selling to the point of purchase, seamless, cost-efficient, and time-saving.
Here is a list of the top 5 accounting software packages in India –
1. Tally ERP 9: This software is used by approximately 20 Lakh businesses in India. It is the leading figure in taxation software in India, known for convenient GST compliance, accounting, keeping inventory, disposing banking necessities, human resources, and maintaining payrolls, logging outstanding cash flows, etc. It includes almost all the characteristics required to manage business efficiently. Because of its widespread popularity, it becomes convenient to find professionals who can operate it. It is dominantly used in tax consultancy services. Tally can also be customised in accordance with your business requirements. You can benefit from better efficiency of your business operations and business transactions, saving both time and cost on the entire process.
2. Zoho Books: It is a comprehensive accounting software for businesses. The software is compliant with all the latest GST mandates. It generates GST compliant bills and invoices and ensures your GST is paid on time. It also helps departments and individuals in a company connect seamlessly. Employees can be assigned roles and granted access to it likewise so that there is no lag in logging any latest development in their respective purview. These changes can be monitored across a system by every individual who is granted access instead of relying on a single point of logging. It is one of the top project management software CAs should consider investing in.
3. Clear Tax: It is one of the leading accounting software in India. It offers a holistic solution to businesses. It not only aids in GST compliance but also extends support to e-filing of tax returns, inbuilt to the app. Some of its key features include – audit trailing, managing inventory, importing and exporting data, proper billing and invoicing with GST compliance, etc. Along with these features, Clear Tax also offers robust security of your data and is, therefore, one of the top 4 GST software which CAs should invest in given they handle large amounts of data regularly. Another of its outstanding features is it sends push notifications across your devices; therefore you can always remain updated on the status of your business transactions, tax filing, inventories, etc.
4. Quicko: This online taxation software can help prepare TDS returns, e-filing of tax returns, and GST recording and filing. Quicko has a markedly intuitive user interface which can be used via the web and also through Android devices. It’s ideal for start-ups, SMEs, and small agencies. CAs deciding to start their firm can begin with this software for the initial days.
5. QuickBooks: QuickBooks account software is primarily used in small and medium-sized enterprises. It offers both on-premise features and cloud-based features to its users. You can manage your bills in real-time, generate GST compliant invoices and send the same through it. As it is a cloud-based platform, you can keep a track on your sales, payments made, supplier bills, etc.
Setting up a CA firm involves plenty of obstacles aside from the organisational and managerial know-how. It includes obtaining the necessary financial resources to equip your firm with the latest technologies, efficient employees, etc. Even if you are an exceptional CA, state-of-the-art equipment cannot be replaced with personal skills. Availing a chartered accountant loan would ensure you are financially secured on that end and would help you steer your focus towards the more critical tasks at hand.
You can refer to lenders such as Bajaj Finserv who offer a whole suite of Loans for Chartered Accountants which include secured as well as unsecured advances.
They also provide pre-approved offers on these loans which make the process of availing them more comfortable and hassle-free. These offers are provided on numerous financial products such as business loans, home loans, personal loans, etc. You can know your pre-approved offer by providing your name and mobile number.
It would ensure you do not need to compromise on any end and can avail the accounting software in India and all other necessities which best complement your business requirements. Refer to the most suitable taxation software and upgrade to the necessary operational setup to provide the best possible set of services efficiently and accurately.