What is GST software? And What are the benefits of GST software?
Streamline Your Operations with SkyERP GST Plus
SkyERP GST Plus The enormously talked about GST implementation has become a reality. The Goods and Service Tax, an unprecedented and revolutionary step in the Indian taxation system, is being proclaimed as the biggest tax reform in India. GST will add to the economic growth and bring simplicity in the way businesses operate by replacing existing Indirect taxes such as Excise, Value Added Tax (VAT), Service Tax, etc., into one taxation policy.
However, for businesses to proceed to function smoothly, their ERP solution/ accounting software will have to be GST-ready. GST invoice billing software’s are rampant in the market and free GST billing software in excel are being used by individuals to file GST. A GST ready software solution ought to have completely re-engineered the Tax Rule Engine, consolidating the new data.
Key Requirements for GST Compliance
Updating Master Data Information: GST has completely overhauled the taxation in India. Under the new arrangement, tax rates will vary in regard to the charge of tax, point of supply of goods and services and time of supply. In accordance with these changes, your GST reconciliation software should have all updated master records information such as Inventory, Warehouse Information, Customer’s Bill To and Ship To Addresses, etc.
Connecting new Reporting and Workflow systems:Â The GST-ready ERP system should have new robust workflow systems to effectively manage the consolidation of taxes and ensure timely submission.
GST billing software is a prerequisite for organizations to ensure that they’re following GST norms.
Apart from the above GST compliances, businesses will benefit from a cloud-based ERP solution. SkyERP GST Plus is the best GST software in India that is a Inventory Management software with Order Processing and job work along with full GST compliance. We provide a free GST software demo to all interested parties. Inventory management software free demos are just a click away.
The Importance of Inventory Management
Defining Success through Stock Control
What is inventory Management and Inventory management definition? Inventory management is the supervision of non-capitalized assets (inventory) and stock items. A component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.
Importance of Inventory Management Inventory management system is important to all businesses because it helps them prevent stock outs, manage multiple locations, and ensure accurate recordkeeping. An inventory management system software makes these processes easier than trying to do them all manually. SkyERP GST plus is the best inventory management software that allows you to control stock levels and movement of stock over all stores of your organization. It also provides seamless reconciliation of marketing operations to maintain consistency throughout your company. SkyERP GST Plus provides an user defined dashboard wherein which users can chose what is to be displayed on the dashboard along with master data is set with product master and party master with HSN code and other details.
Module Overview: Order Processing to Sales
The Order processing module consists of the following:
Purchase requisition:Â Request for Purchase is sent through Purchase requisition slip.
Inquiry Details:Â Then the inquiry for the purchase are made here.
Quotation Received:Â Quotation are received from different suppliers.
Quotation Approved:Â A quotation is approved.
Purchase Order:Â Easily create purchase orders for your vendors to include payment terms, quantity and other purchase information; available in multiple currencies. HSN code for product in GST is also included here.
Goods Receipt Note:Â Provide your vendors with a delivery receipt of purchased goods, while mapping respective purchase orders, applied discount rates, and payment details.
Purchase order for Job work:Â Purchase order for job work can also be created here.
SkyERP GST plus offers the best in its class environment for you to manage all your purchase processes, such as creating purchase orders, receiving goods, making payments, and allowing you to return defective goods with financial devices. You can create, monitor, and maintain all key order information of your purchases, ensuring that each purchase order is authentic and authorized. By connecting your purchase order to inventory control, you can obtain exact stock quantities, movement history, seasonal trends, and supplier lead points.
Financial and Stock Transactions
Purchase Invoice:Â A purchase invoice can be used to prove that something was bought and how much was paid for it. An invoice is generated for the corresponding Purchase order.
Purchase return:Â A purchase return transaction is when the buyer of merchandise, inventory, fixed assets, or other items sends these goods back to the seller.
Credit/Debit note:Â When goods supplied are returned or when there is a revision in the invoice value due to goods (or services) not being up to the mark or extra goods being issued a Debit Note or Credit Note is issued by the supplier and receiver of goods and services.
Input services:Â If there is a service rendered, then also there is a provision for Input services in the software. GST on software services
Stock Issue & Stock receive:Â Automate and dynamically manage all stock operations such as inter-store stock transfer, stock issue, stock adjustment and auto shipment for complete information about the stock status and movement. It helps you manage stock allocations to multiple stores across locations with the centralized purchasing system.
Concept of Inventory Management and functions of inventory management Need of Inventory management software has not be as acute as today. The inventory management process consists of the following:
Issue for production:Â Along with party detail, the product details also get registered here.
Receipt of goods:Â The receipt of goods for production is visible here. Along with whether it is own factory or job work has to be chosen here. The challan no. is issued along with making a recording of scrap quantity. There is also a provision for recording the BOM Details.
The Job work module consists of the following:
Work Order:Â Work order no. along with consignee name and product details get recorded here.
Receipt for job work:Â Receipt of job work along with the rate and quantity get defined here.
Issue from Jobwork:Â Issue of job work along with the Issue slip no. and client name along with balance qty and wastage qty also get shown here.
Dispatch Challan:Â The dispatch challan contains the details of the challan details like consignee, addresses and product details.
Jobwork Invoice:Â It can be obtained through dispatch challan or work order. Containing job work details and product details.
Sales and Billing Management
Consolidating Customer Transactions
Sales and Billing Management consolidates the records of all products and services furnished to customers and manage the history of all past transactions associated with them. To make things trouble free, SkyERP GST plus organizes these by grouping various products in a single invoice for customers.
Draft Order:Â Initially, order is drafted with client details and product details.
Costing:Â Total cost is calculated here by quantity multiplied by units sold. THE BOM along with labor cost is calculated here.
Sales Order:Â Easily create sales orders for your customer, including payment terms and complete sales information, as in customer quotation and purchase orders. It will show the order details, client PO details, and product detail.
Delivery challan:Â It contains the challan details and Product details.
Sales Invoice:Â Generate automated sales invoices including calculating sales tax, finance charges and discounts based on payment terms-either on a one-time or on a recurring basis.
Supplementary Invoice:Â Supplementary tax invoice is a type of invoice that is issued by a taxable person in case where any deficiency is found in a tax invoice already issued by a taxable person.
Commercial invoice:Â Invoice refers to a commercial document issued by the supplier to the buyer containing the details of goods and/or services supplied to him & notify the buyer that payment is due.
Sales Return:Â Recipient returns the goods to the supplier.
Debit/Credit note-rate difference: Generate a “Credit Note” for customers to use against sales invoices, if you need to refund your customers on a credit basis in order to get a refund in purchases.
Output Services:Â Any services provided are to be recorded here. It has client detail, product details and terms and narration.
E-Way Bill Bulk:Â E-Way Bill is an Electronic Way bill for movement of goods to be created on the eWay Bill Portal. A GST listed person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill. We can generate bulk e-way bill through our software generated as a JSON file.
SkyERP GST plus incorporates the entire sales/billing management cycle by enabling you to place a sales order, generate an invoice, and receive payment. The linking of an invoice and a sales order provides you an understanding into the sales process. It also presents a refund facility for customers on a credit basis through the “Credit Note” function. SkyERP GST plus ERP System can seamlessly handle “blanket sales” orders for products that are purchased and dispensed over time.
Vouchers, Reports, and Final Compliance
Vouchers Different types of vouchers are obtained here. The voucher no. and voucher date has to be entered along with party or vendor details and product details are to be entered.
Advance receipt and advance payment:Â An advance payment is a type of payment that is made ahead of its normal schedule.
Refund of receipt and refund of payment:Â Refund voucher is to be issued in the case of withdrawal of service or sale and a receipt voucher at the time of receipt of advance under GST.
Receipt Adjust & Payment Adjust:Â In the receipt adjust voucher the amount adjusted on advance receipt or advance payment is recorded here.
Reports Our software helps in the creation of 167 types of MIS reports. A few of them are as follows:
Purchase reports:Â Various registers like Purchase register, purchase return register, and input service register.
Production reports:Â BOM Consumption report, annexure IV and annexure V reports.
Job work reports:Â Work order register, Dispatch challan register and job work invoice register.
Sales reports:Â SO variance sales order, sales register and sales return reports.
Inventory reports:Â Stock register and Batch/lot register.
GST Returns SkyERP GST Plus is complete GST compliant software. The following GST returns are auto populated:
GSTR-1:Â Monthly return summarizing all sales.
GSTR-2/2A:Â Purchase-related tax return automatically created by the GST portal.
GSTR-3B:Â Mandatory form for all GST registrants.
GST ITC-04:Â Details of challans for goods dispatched to or received from job workers.
GST Suvidha Provider (GSP) A GSP is a service provider who helps the taxpayer to comply with the provisions of the GST law through its web platform. We are a GST Suvidha Provider and the software used is SkyERP GST Plus.
The right utilization of the ERP system is vital for any business. SkyERP GST Plus seamlessly integrates with Tally. Tally with SkyERP GST software is the need of the hour. We offer the best support services compared to Tally ERP 9 GST software and other software like Marg GST software and busy accounting software for GST. Today it has become a need of the hour for firms to walk hand-in-hand with emerging technologies for staying competent—SkyERP GST Plus is one such tool that is successfully helping businesses achieve that.
