Top 10 Best GST Accounting Software Tools for Businesses in India 2023
Here’s looking at a common business scenario. A small-scale business-XYZ in Hyderabad has been selling handmade clothes and accessories online for the past few years. With the introduction of the Goods and Services Tax (GST) in India, they have been finding it difficult to manage their accounting processes manually, and have started looking for a solution to simplify GST compliance and make their accounting processes more efficient.
The company comes across a wide range of options in their search for the perfect GST accounting software, ranging from basic free software to expensive enterprise solutions. However, they are overwhelmed by the options on hand and are unsure about where to begin.
This blog aims to help businesses like XYZ make an informed decision when it comes to selecting a GST accounting software.
What is a GST Accounting Software?
Since it’s introduction in India in 2017, the Goods and Services Tax (GST) has become an integral part of every business. According to the latest statistics, there are over 1.4 crore registered GST taxpayers in India, and this number is anticipated to rise over the next few years.
With the increasing number of GST taxpayers, there is a growing demand for software solutions that can simplify the compliance process and make accounting easier. About 70% of businesses in India use a GST accounting software.
A GST filing and compliance software helps businesses manage their GST (Goods and Services Tax) compliance tasks. It helps them with invoicing, tax calculations, tax returns filing and the generation of GST-compliant reports. The software is specifically designed to handle complexities of GST compliance.
With a GST software, businesses can ensure that they comply with the latest GST regulations and avoid penalties for non-compliance. It also simplifies the accounting process and saves time by automating these tasks.
Why Should You Choose an Accounting Software?
Opting for a GST accounting software can bring about several benefits for a business. Here are some of them:
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GST Compliance:
A GST accounting software helps businesses comply with the latest GST regulations. It ensures that all GST-related transactions are accurately recorded and reported, reducing the risk of errors and avoiding penalties for non-compliance
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Accurate and Efficient Invoicing:
The software automates the billing process, ensuring that invoices are accurate and compliant with the latest GST regulations. It also helps businesses generate invoices quickly and efficiently, saving time and reducing the risk of errors.
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Seamless Tax Filing:
It simplifies the process of tax filing by helping businesses generate GST returns, filing them online, and reconciling payments, ensuring that all GST-related tasks are completed seamlessly.
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Real-time Insights:
It provides real-time insights into the GST-related transactions of a business, enabling effective decision-making. It also helps businesses track their GST liabilities, payments, refunds, and ensures that reports are generated on time and their financial performances analyzed.
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Customization:
The accounting software can be customized to meet the specific needs of a business, making it scalable as the business grows. It can also be integrated with other software and applications, such as CRM and inventory management software to streamline business operations.
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Cost-effective:
In the long run, using a GST accounting software can be cost-effective as it reduces the need for manual labor and avoids manual errors.
Overall, a GST accounting software can help businesses manage their GST compliance tasks efficiently, saving time and money, and ensuring accurate financial management.
Also Read: Summary of the Key GST changes in Union Budget 2023
Key Features to Consider in an Accounting Software
When choosing an accounting software, it is important to look for a wide range of factors that can make financial management more efficient and effective. Here are some of the most important features to consider:
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Invoicing:
A robust invoicing system is a vital feature in any accounting software. It must allow businesses to create and send invoices easily, track and follow up on payments, and accept online payments. The system should also be able to customize invoices with company logos and branding.
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Expense Tracking:
An accounting software should allow businesses to track expenses, categorize them, and reconcile them with bank statements. The system should also provide real-time visibility into expenses and enable users to generate expense reports.
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Financial Reporting:
Financial reporting is another important feature to look out for in an accounting software. It should enable businesses to generate reports such as balance sheets, income statements, and cash flow statements, and provide real-time visibility into financial performance. The system should also allow users to customize reports and export them in different formats.
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Inventory Management:
When dealing with inventory, the software should have a feature that allows it to track inventory levels, monitor stock movements, and generate purchase orders. It should also be able to integrate with other retail management software to ensure accurate and efficient inventory management.
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Integration:
Integration with other business software and applications is an important feature to consider. The accounting software should be able to integrate with other software such as CRM, payroll, and payment gateways, to streamline business operations and reduce manual data entry
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Tax Compliance:
The software should support tax compliance by automatically calculating taxes, generating tax reports, and ensuring compliance with tax regulations, including GST/HST, VAT, and sales tax.
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User-Friendly:
The software should be easy to use, with a simple and intuitive interface. It should also provide good customer support and training materials to help users get started.
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Security:
The software should have robust security features, such as data encryption, user authentication, and regular backups, to protect sensitive financial data and ensure compliance with data protection regulations.
In effect, a good accounting software should have features that meet the specific needs of business, including improved efficiency and accurate financial management.
Also Read: Impact of E-invoicing in GST Return filing
Major Challenges to look out for in an Accounting Software
While accounting software can bring many benefits to businesses, there are also several challenges that can come up when implementing and using the software. Here are some of the major challenges to look out for in an accounting software:
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Complexity:
Accounting software can be complex, with many features and settings. This can make it difficult for users to navigate and use the software effectively. The complexity of the software can also lead to errors, such as incorrect data entry or misconfigured settings.
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Integration Difficulty:
Integrating accounting software with other business software and applications can be a challenge. The software may not be compatible with existing systems, or the integration may require significant customization and development work.
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Security Features:
Accounting software typically contains sensitive financial data, making security a critical concern. Businesses need to ensure that the software has robust security features, including data encryption, user authentication, and regular backups to protect their data from cyber threats and data breaches.
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Cost:
Most tools can be expensive, particularly for businesses with complex financial needs. The cost of the software may also increase over time as the business grows and requires additional features and capabilities.
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Support:
Businesses need to ensure that they have access to good customer support when using accounting software. This includes technical support for software issues, as well as support for accounting and financial questions.
Businesses need to carefully consider these challenges when selecting and implementing accounting software. They should work with vendors to address these challenges and ensure that the software meets their specific business needs.
Top 10 GST Accounting Software in India
Here’s an evaluation of each software based on its features, pricing and unique selling points:
- Ginesys
- Tally ERP 9
- Real Books
- Zoho Books
- Profit Books
- Reach
- Gen GST
- Vyapar
- Saral GST
- Busy Accounting Software
Ginesys
Ginesys is an all-in-one retail management software that includes inventory management, point of sale, and accounting features. It is designed specifically for businesses in the retail industry, making it a great choice for retailers who want a comprehensive solution that can handle all aspects of their business.
Features:
- Invoicing and Billing
- Inventory Management
- Financial Management
- Tax Compliance- GST
- Point of Sale Software
Pricing: Ginesys has affordable pricing options according to users and modules and is available as a simple quarterly or annual subscription.
Tally Prime
Tally is an extremely popular accounting software in India, with a user-friendly interface and comprehensive features that make it a great choice for businesses of all sizes. It also offers strong customer support and the ability to integrate with other software, making it a versatile choice for businesses with complex needs.
Features:
- Invoicing and Billing
- Inventory Management
- Financial management
- Tax Compliance
- Payroll Management
- Bank Reconciliation
- Budgets and Controls
- Security and Access Control
Pricing: Tally Silver: INR 18,000 (1 user) and Tally Gold: INR 54,000 (unlimited users) .
Real Books
Real Books is a cost-effective and user-friendly accounting program that is ideal for startups and small enterprises. It provides organisations with real-time financial visibility, enabling them to make wise decisions and manage their cash flow.
Features:
- Enhanced mobility
- Easy Document Attachment
- Top-Notch Security
- GST Filing
- GST e-invoices
Pricing: Freelancers/ Personal Use- Free and Professional Edition- Rs. 500 per user/month
Zoho Books
Zoho Books is a cloud-based accounting software that offers a range of features, including invoicing, expense tracking, and project management. It also offers employee payroll and the ability to integrate with other Zoho apps, making it a great choice for businesses that want a seamless suite of software solutions.
Features:
- Invoicing And Billing
- Expense Tracking
- Financial Reporting
- Inventory Management
- Tax Compliance
- Client Portal
- Bank Reconciliation
- Project Management
Pricing:
- Basic: INR 2,499/year (2 users)
- Standard: INR 4,999/year (3 users)
- Professional: INR 7,499/year (10 users)
Profit Books
Profit Books is a cloud-based accounting software with invoicing, expense tracking, and inventory management options. It is designed specifically for small and medium-sized businesses, making it a great choice for startups and growing companies that need a simple and easy-to-use accounting software.
Features:
- Invoicing And Billing
- Expense Tracking
- Financial Reporting
- Inventory Management
- Tax Compliance
- Bank Reconciliation
Pricing:
If you are a startup- Pricing is completely free and SMBs - Rs 499 per month
Reach
Reach Accounting Software is a comprehensive accounting and business automation software that helps small and medium-sized businesses manage their finances and operations. It provides customers with the ability to communicate with their clients via Whatsapp, SMS, and email. The software is available in the USA and India, and it can be customized to meet the specific needs of different businesses.
Features:
- Accounting
- Reminders for Assets, renewals, and payments
- Invoicing
- Branch management
- Customizing templates and tabs/subtabs.
Pricing:
- Starter: INR 6000/year (1 user)
- Basic: INR 21,000/year (1 user), INR 63000 (unlimited users)
Gen GST
Gen GST is a cloud-based GST compliance software that offers a range of features, including invoicing, expense tracking, and financial reporting. It is designed specifically to help businesses comply with GST regulations, making it a great choice for businesses that need a simple and easy-to-use solution for managing their GST-related tasks.
Features:
- e-Filing GSTR Forms
- Match Mismatch Report Notification
- Auto Error Identification
- Purchase and Sales Reporting
- Return Filing status
- Bank Reconciliation
Pricing: Their pricing plans depend on the service you choose.
Vyapar
Vyapar is a mobile-based accounting software designed specifically for small businesses. Vyapar allows businesses to record expenses, manage receivables and payables, and track inventory. It provides a user-friendly interface and enables users to create easy and fast billing.
Features:
- Business status dashboards
- Cashflow Management
- Online/Offline Billing
- Secured Data
- Inventory Planning and alerts
- Attractive invoice themes
Pricing:
They have different annual plans for their mobile and desktop versions
- Mobile Version- Rs 599
- Desktop Version – Rs 2399
- Mobile + Desktop Version- Rs 2799
Saral GST
Saral GST is a comprehensive GST accounting software with a user-friendly interface. It is designed to simplify GST compliance and automate accounting processes for businesses of all sizes.
Features:
- Data Importing
- GSTR Comparison
- e-Payment
- MIS Reports
- OTP Management
- GST Returns and Filing
Pricing: Saral GST offers three pricing plans:
- Saral GST Standard plan: Rs. 6,900 per single user
- Saral Billing: Rs 10000 per single user
- Saral Accounts: Rs 25000 for multiple users
Busy Accounting Software
Busy Accounting Software is an all-in-one accounting solution that includes GST compliance features. It is designed for small and medium-sized businesses.
Features:
- Complete Financial Accounting
- Advanced Inventory Management
- Fully Configurable Invoicing
- Comprehensive GST / VAT Module
- Complete Operations Management
- Mobile App
- GST Billing, GST reporting
- GST Return Filing
Pricing: The website provides pricing details and the concerned person in charge depending on the state and city you reside.
Be GST Ready with Ginesys
EaseMyGST is the best GST compliance software that is updated with the new GST regulations. You can seamlessly file returns, maintain all filing data, and reconcile mismatches with ease. Our team at Ginesys will assist you in becoming GST compliant without any difficulties.
We give greater priority to your Information Security and Ease of Use
The user interface is simple and easy to understand, making it easier to navigate through the filing process and file returns without any problems. The sensitive financial data of the users is stored on the cloud, and the latest technology is used to make it impenetrable to cyber-attacks and prevent data loss.
ERP Integration made easy with Ginesys EaseMyGST
Integrating your ERP or Accounting System with EaseMyGST software eliminates the need for data import, making it easier for the tax team to manage GST compliance. You can monitor your tax compliance status anytime and from any place with EaseMyGST's cloud-based return filing software.
Tax Calculations are simple, affordable and all automated
EaseMyGST is affordable and economical for all types of traders and businesses, with simple and transparent pricing. Ginesys Ease My GST is the perfect choice for businesses that want a reliable, efficient, and easy-to-use accounting software solution. GST compliance can be complicated, but EaseMyGST's friendly support team is available to provide instant help and troubleshooting.
Start your 15-day trial now and find out why EaseMyGST is the best GST filing software in India.
Contact us for a demo and free GST consultation.