Indian business entities have two choices moving forward: either devote more humans to tax compliance or switch to an automated solution that can do it for them.
There are far too many things that can go wrong with manual calculations. Compliance risks, manual errors can lead to challenges for the organization and take a long time to resolve.
Why the need for GST automation:
GST Automation can facilitate compliance with automated GSTR preparation and filing through an intuitive dashboard. It reconciles invoices, tracks ITC mismatches, and provides correction assistance immediately. It also saves files and acknowledgments for future reference, audits and more.
Making accurate tax claims necessary:
Claiming a 100% tax credit through reconciliation, looks like a simple process, but is far from it. Calling vendors to make alterations in the returns filed by them, ensuring you are in the green zone is critical.
An enterprise can view GSTR 1 (auto-populated GSTR 2A) filed by their vendors. So, if an enterprise finds any mismatch or missing entry in the return filed by their vendors, its correction will require an enterprise to contact every vendor involved. With finance teams working overtime to resolve these issues, it is time - consuming, frustrating and painful.
If the number of invoices or the volumes of transactions were less, no challenges. If there are 1000s of invoices within a single week, or even a month, then even by considering a 5 - 7% possibility of mismatches, it will be a significant figure.
In order to tackle such a situation, every enterprise must opt for the right GST solution which can help them to reconcile returns through a single click.
Just the beginning:
Once the GST is filed, there is a lot of work that needs to be done to ensure you have the timely data, and reconciliation is perfect.
With a solution that can read your invoices, receipts and create clear GST dues, makes it much easier and simpler to process the GST payable components and the input that has to be accounted for.
Not just for Enterprise, it’s for everyone:
The business community, especially SMEs, are just getting started with the process of automating their taxation and bookkeeping workflows and building automation for their finance and GST needs is going to be a huge time saver and deliver profitability.
Learning quick and fast:
From the reverse-charge mechanism to Form 3B, there is a lot of compliance involved. Would you take a risk with just a human checking it or would you prefer having an automated system double-checking this for you and ensuring you are right.
One Solution for your GST:
From looking up the applicable provisions of the law, to maintaining the customer & vendor master up to date. Ensuring the rate mapping, product mapping is complete to ensure accounting entries are filed in and updated. There is a lot more that can be done to empower finance teams to focus on critical financial decisions and, at the same time, ensure seamless facilitation.
Speed, accuracy, efficiency go hand in hand when it comes to finance. Talk to us to know how we can help your finance teams scale operations with less human intervention, saving time, money and building profitability.