Ever since Goods and Service Tax (GST) was introduced last year, Small and Medium Enterprises (SMEs) have been on the look-out for the perfect GST accounting software in India for their GST filing and compliance needs. Now, there are many such software packages that intend to simplify GST procedures, but not all of them serve the exact purpose and criteria as per the requirements of your business. Numerous GSPs (GST Suvidha Providers) have been appointed by the Government of India to help SMEs with their GST proceedings by developing third-party applications. There is a need to evaluate the available options before you finalize one for your business. But what are the features to look for? Let’s have a look at the top five.
5 Features to look for in a GST Accounting Software in India:
Security: Providing their clients with the highest level of security possible should be the foremost priority of any GSP. Businesses want to stay sure their private data and payment/billing information is not compromised at any point. An ideal GST accounting software should have the best security measures in place.
As per the Indian Finance Ministry and the GSTN (GST Network), every GSP should undergo an ISO audit. ISO is an international body that looks into the processes of companies to understand if they maintain international standards in terms of their services.
Redundancy and Technology: Any GST accounting software provided by a GSP should connect to the GSTN via a GST ASP (Application Service Provider) and should have the capability to automatically increase the capacity of the servers in case of high traffic. There should be the provision to keep a check on data loss and the server should have an uptime guarantee of almost 100%.
Online and offline capabilities: While the complete system of GST is expected to be digital in nature, there is also a need to keep in mind that most of the SMEs in India are concentrated around the small towns and villages, hence there ought to be connectivity issues. A GST accounting software should include offline capabilities in addition to being an online software for the better of the companies. This would also make sure going back to previous steps for editing/correcting any data would be easier without pushing the data to the GSTN every time.
24X7 Support: A great product isn’t that great without proper support. Even the simplest of products may need some demonstration or may incite some queries among the minds of the users. With a large number of SMEs and MSMEs already present and continuously popping up in all parts of the country every day, there is a need for GSPs to make sure their clients understand the concept and the software properly. That is why you should choose a GST software from a GSP that offers 24X7 support in the form of call centres, real-time support, site-visits, etc.
No Data Storage: The GST Network doesn’t allow any GSP to store any part of the consumer data pertaining to GST filings; this is an official directive. Filing data should always be stored directly on the GST Network, and nowhere in between.
There are many more features you need to look into as a representative from a SME/MSME before finalizing your perfect GST accounting software. Compare your options; look into the key features and advantages of each, check if they are user-friendly. But before everything else, consult your own accountant and concerning employees to understand what features your company requires. Vayana GSP is one of the first few in India to offer ISO 27001:2013 security which is the highest information security management certificate. In addition, Vayana offers one of the most scalable and technically advanced GST accounting software in India. Here is why you should consider Vayana GSP for your GST needs.