Tag: Accounting Software

When it comes to the impact of technology on the retail business, online accounting software has become a necessity for staying ahead of the competition or maximizing profitability. Retailers/shopkeepers still operating with traditional bookkeeping methods find it a daunting task to keep up with the high volume of accounting and finance records, and manually tally every monetary transaction from the financial data stored across multiple accounting systems. 

That is why accounting & invoicing software is essential to retail enterprises for managing their money, handling inventory, tracking sales, and keeping precise financial records. It is also essential to adhere to tax regulations for dealing with concerns relating to sales taxes in multiple areas or for diverse commodities. In this post, let’s dive in detail into the importance of billing software which is a need for the retail business.

Overview: Invoicing Accounting Software for Retailers/Shopkeepers

To support the financial stability of the retail industry, robust invoicing software is designed to ensure that it works efficiently, maintains accurate financial records, and generates reliable financial statements. The main goal is to keep track of daily sales transactions, manage complicated inventory systems, track accounts receivable and payable, and categorize expenses like rent, utilities, labor, marketing, etc.

Moreover, smart billing software for small business is crucial for making informed decisions and maintaining competitiveness by maintaining complete financial records and getting insights into specific financial challenges to better understand their profitability and financial condition using financial statement preparation and profit margin analysis.

According to Fortune Business Insights reports’, the billing software market will expand to $416.23 million by 2024. With the integration of online accounting software, shopkeepers understand the laws for payroll tax, income tax, and sales tax helping to improve accuracy and efficiency. Additionally, it helps retailers identify patterns, evaluate the performance of various product categories, and make wise decisions to increase profitability with regular financial analysis. 

Importance of One Stop Invoicing Accounting Software for Retailers/Shopkeepers

Growing retail businesses must improve their agility and scalability. Accounting software can turn out to be a game-changer for retail shops. It offers various benefits of Automated Invoicing and Billing such as simplifying inventory management, streamlining sales processes, ensuring optimal stock levels, reducing carrying costs, and enhancing customer satisfaction. Here is why billing software is important for retailers:

Information Accuracy

For retailers, manually executing transaction matching or workflow tasks can be challenging. Billing software for small business automate these processes. Further, it helps to keep records of the fund movement, inventory, and so on. Moreover, it offers accurate and real-time financial data to make strategic growth decisions.

Accounting software enables automatic data imports from different systems across other locations to ensure that reconciliation is done without the risk of entry errors. Also, the automated workflow helps compare the general ledger to investigate differences and take the required action, while removing the daunting task of manually comparing multiple books to accomplish the solution.

Easy and Fast Billing

OneStop billing software generates precise bills, and item management, and simplifies tax and discount calculations. With automation and optimization, it helps to save time, reduce errors, and enhance the shopping experience by improving billing speed. 

It benefits handling all sales and purchases operations, managing invoices and bills, and tracking payments efficiently. Over all the software automates the process of bookkeeping, simultaneously controlling frontend and backend financial operations, and saves a lot of time over manual processing methods.

Automate Invoice Generation

Generating manual entries for invoices for thousands of transactions is a hard task. This is where the invoicing system comes in the game. The computerized system runs reports to detect which buyers have paid and can generate invoices for their transactions automatically in just a few clicks.

The invoicing software offers retailers an effortless design header, provides a personalized touch, and prints item details in invoices to keep the customers connected and enhance their shopping experience. 

Complete Inventory Management

With the billing software, retailers can elevate inventory management to new heights, ensuring smooth operations, optimized stock levels, and increased profitability. Shopkeepers can monitor real-time stock quantities to make strategic decisions and ensure timely replenishment, avoiding stockouts and improving overall business efficiency with customer satisfaction.

Some other features of online accounting software include defining minimum stock thresholds to automate the reorder process, ensuring smooth inventory management, and preventing supply shortages. Retailers use the systems to organize their stores, manage inventories, control store-level transactions, service customers, and improve sales.

Integrated Cloud-Based System

The retail industry has seen an increase in the adoption of cloud technology. Cloud based accounting software is not only cost-effective and highly accessible but it helps small retailers track item performance, receive stock alerts, create loyalty schemes, make data access easy, forecast accuracy, and utilize customer data, all from an integrated cloud-based point-of-sale system. 

According to research, 67% of accountants prefer cloud accounting software. This creates a smooth retail experience in a competitive world. Customers are more likely to remain loyal to a brand that offers great loyalty schemes, personalized marketing outreach, and a seamless customer experience.

Cash Transaction Management

With OneStop accounting software, you can optimize cash payment management, ensuring accuracy, transparency, and efficiency in your retail business operations. Retailers can simplify their cash transactions, gain valuable insights from detailed reports, and stay in complete control of cash flow for sustainable growth and success. 

The billing software eliminates the need for complex manual calculations and reduces the likelihood of errors. Moreover, it records cash inflows with precision, ensuring transparent and reliable financial tracking, and generates insightful reports to analyze transaction data, track denominations, and maintain precise cash balance accuracy, offering valuable data for strategic decision-making.

Invoice QR Code

It is important to include a QR code in the e-invoice generated by applicable businesses. The e-invoicing system aims to have a standardized way of reporting invoices. With OneStop graphical format of invoice QR codes enables buyers of goods and services to quickly and easily verify an invoice or receipt’s accuracy.

The QR code consists of important e-invoice details, including the GSTIN of the recipient, the GSTIN of the supplier, invoice number, date of generation, invoice value (taxable value and gross tax), the number of items, etc. 

Profitability Reports

OneStop billing software offers comprehensive profitability reports that provide valuable insights into retail industry financial performance. It is beneficial for analyzing revenue, expenses, and profits to gain a clear picture of your profitability. 

This feature delivers detailed data on any selected metrics. With this feature, retail owners can monitor the performance of their businesses easily. Shopkeepers use these reports to identify areas for improvement, optimize operations, and make informed decisions to enhance overall operations and profitability.

GST Compliant

Retailers can simplify accounting processes with GST-compliant invoicing software. Generate invoices, track payments, and manage finances effortlessly, saving time and money for businesses of all sizes. Also, the client has the option of choosing the highest/lowest tax slab as per business requirements. 

OneStop accounting software prepares retailers/shopkeepers to meet regulatory standards and seamlessly undergo financial audits. GST billing & invoicing software ensures accurate and well-maintained financial records, facilitating compliance with tax regulations and industry standards. For Paying GST, Onestop accounting & invoicing software can be directly linked to the Suvidha website (If you have a username/password).

Invoice Templates

Choosing the best invoice template for your business’s invoicing is important to consider the services or supplies, your client’s needs, and your business objectives. A proper invoice format is generated with your requirements in mind so that you can keep track of your invoicing.

Apart from business and customer needs, your business must abide by the GST laws and e-invoicing rules, wherever it applies. You can create bills of supply or sales for your client, tax invoice, cash memo, etc, and have all the information you need with a professionally formatted invoice. OneStop invoicing software helps businesses choose from multiple invoice templates per retailers’ needs and allows quick and easy sharing of documents with customers. 

Compliance and Audit Readiness

The systems allow shopkeepers to generate comprehensive reports and documentation, ensuring transparency and accuracy during audits. By consistently maintaining updated financial data and adhering to compliance requirements, retailers can minimize audit risks, demonstrate accountability, and address differences, maintaining trust among stakeholders and customers.

OneStop accounting software solutions offer tax preparation features, making it easy for businesses to calculate and file their taxes. Moreover, it helps retailers to stay compliant with tax laws by providing updates on the latest regulations and changes.

Conclusion : Invoicing Accounting Software For Retailers

OneStop accounting & invoicing software is GST-соmрliаnt. Retailers should update their traditional methods intelligently to make revenues and provide an excellent customer experience. Hence, they need invoicing software that automates tasks and saves time.

OnseStop offers EMI options for purchasing its accounting & invoicing software. Investing with us benefits retailers of all sizes to improve their pricing, inventory management, and other business choices by providing accurate and current financial information. To know more about it you can read our blog on “benefits of automated invoicing and billing for businesses

In the new rapidly evolving business landscape, keeping your business updated with the latest technological developments is very crucial. The recent decision by the Central Board of Indirect Taxes & Customs (CBIC) to reduce the e-invoice threshold has brought a major change in the operations of small businesses. As per the new guidelines, businesses with a turnover exceeding ₹5 Crores are now required to generate electronic invoices. The new rules are applicable from August 1, 2023. Earlier, the limit was set to ₹5 Crores for complying with e-invoicing. This change reinforces the importance of reliable e-invoicing solutions like OneStop Invoicing Software to seamlessly adapt to these regulatory shifts.

What is e-invoicing?

E-invoicing or electronic invoicing is the process of generating and transmitting the invoices electronically. E-invoicing is a very effective tool for managing business operations. It keeps track of bills, customer information and other details and completely eliminates the need for paper-based invoices. It not only reduces manual errors but also improves data accuracy and hence, improves overall efficiency.

Read: Invoicing Software vs. Manual Invoicing: Which is Right for You?

E-invoicing Process

The process of e-invoicing involves generating the invoice in a prescribed format, uploading it to the Invoice Registration Portal (IRP), which then validates and authenticates the invoice data with an Invoice Registration Number (IRN) and QR code. This process ensures data accuracy, reduces the risk of errors, and provides a standardized format for interoperability.

Specialized software like OneStop Invoicing offers a user-friendly interface and allows businesses to create, validate and transmit e-invoices to the IRP. It is a perfect solution for businesses looking for seamless generation of e-invoices. Onestop Invoicing software not only simplifies the process but also eliminates the chances of error.

Who should issue an e-invoice?

Starting from August 1, 2023, businesses with a turnover of more than ₹5 Crores must generate e-invoices for their B2B transactions. This includes generating invoices for supplies made to other businesses, ensuring a standardized and accurate invoicing process.

E-invoicing in the GST framework was introduced in phases. Initially it was made applicable to the businesses with a turnover of over ₹500 Crores in October, 2020. Then the threshold was brought down to ₹10 Crores 1^st October, 2022 last year, before finally reducing it to ₹5 Crores in August 2023.

Benefits of e-Invoicing for Businesses

E-invoicing offers several advantages to businesses as explained below:

Enhanced Data Reconciliation

E-Invoicing addresses and rectifies a significant loophole in data reconciliation within the GST system and thus reduces instances of errors.

Interoperability and Error Reduction

Invoices generated on one software platform can be seamlessly interpreted by other systems, fostering interoperability and reducing data input errors to a greater extent.

Real-time Invoice Tracking

E-invoicing facilitates real-time monitoring of invoices generated by suppliers, contributing to improved transparency and oversight.

Seamless Return Filing

The integration of e-invoicing streamlines the process of GST return filing through automated insertion of relevant invoice details into various return forms.

Reduced Audit Probability

The comprehensive transaction-level information accessible through e-invoicing diminishes the necessity for extensive tax authority audits or surveys.

What are the mandatory fields of an e-invoice?

There are several mandatory fields that must be included for compliance purposes. These fields include details such as supplier information, buyer information, invoice date, invoice number, product details, tax amounts, and more.

Here is a list of fields that must be compulsorily declared in an e-invoice:

Field Name	Description	Remarks
Document Type Code	Enumerated list (e.g INV/ CRN/ DBN)	Type of document must be specified
Supplier’s Legal Name	String (Max length: 100)	Legal name of supplier as per PAN card
Supplier GSTIN	Max length:15 (alphanumeric)	GSTIN of the supplier raising the e-invoice
Supplier’s Address	Max length: 100	Building/Flat, Road/Street, Locality, etc of the supplier
Supplier’s Place	Max length: 50	Supplier’s location (City/ Town/ Village)
Supplier’s State Code	Enumerated list of states	Select State from GSTIN’s list
Supplier Pincode	Six-digit code	Supplier’s locality pincode
Document Number	Max length: 16, Sample: “Sa/1/2019”	Unique Invoice Identification number
Preceding Invoice Reference	Max length: 16, Sample: “Sa/1/2019”	Reference for Original Invoice
Document Date	String (DD/MM/YYYY)	Date when the invoice was issued
Recipient Legal Name	Max length: 100	Buyer’s Name as per PAN
Recipient’s GSTIN	Max length: 15	GSTIN of the buyer
Recipient’s Address	Max length: 100	Buyer’s address
Recipient’s State Code	Enumerated list of states	State of supply
Place of Supply State Code	Enumerated list of states	Place of supply state
Recipient’s Place	Max length: 100	Recipient’s location
IRN (Invoice Reference No.)	Max length: 60, Sample: “a5c12dca8…750f229”	Unique reference generated by GSTIN
Shipping to GSTIN	Max length: 15	GSTIN of the recipient or the delivery person
Shipping to State, Pincode, State Code	Max length: 100 (state), 6-digit (Pincode)	State and Pincode for delivery
Dispatch from (Name, Address, Place and Pincode)	Max length: 100 for state, Pincode: 6 digit, and Enumerated list for Codes	Details of Entity dispatching goods (Name, Address etc.)
Is_service	String (length:1)	Mention whether or not it is a supply of service
Supply Type Code	Enumerated list of codes	Code will be used to identify types of supply such as B2B, B2C, supply to SEZ, export or deemed export
Item Description	Max length: 300,	Relevant Description of the item. Give detailed description if there are two or more items belonging to the same HSN code.
HSN Code	Max length: 8	Enter applicable HSN code for goods and services
Item Price	Decimal (12, 3) Sample value is 50	Unit price, excluding GST
Assessable Value	Decimal (13, 2) Sample Value is 5000	Item price, excluding GST
GST Rate	Decimal (3, 2) Sample value is 5	Applicable GST rate
IGST Value, CGST Value and SGST Value Separately	Decimal (11, 2) Sample Value is 650	Tax amount for each type
Total Invoice Value	Decimal (11, 2)	Total Invoice amount with GST

Who is exempted from e-invoicing?

Exemptions from the requirement of e-invoicing encompass various categories, as detailed in CBIC Notification No. 13/2020. These exclusions apply regardless of the annual turnover of the registered entity.

The following entities are among those exempted:

• Special Economic Zone (SEZ) units, as specified in CBIC Notification No. 61/2020
• Entities such as insurers, banking companies, financial institutions, including non-banking financial companies
• Goods transport agencies that provide road-based goods carriage services.
• Suppliers engaged in passenger transportation services
• Providers of services related to admission to cinematograph film exhibitions on multiplex screens
• Government departments and local authorities, as per CBIC Notification No. 23/2021

Certain types of documents are also exempted from the requirement of e-invoicing, these include:

• Delivery challans
• Bills of supply
• Commercial credit notes or debit notes issued for financial purposes
• Bill of entry
• Invoices for supplies under Input Service Distributor mechanism

Following transactions are also not subjected to the e-invoicing mandate:

• Sales made in a Business-to-Consumers (B2C) context.
• Sales of goods or services falling under nil-rated, non-taxable, or exempt categories in Business-to-Business (B2B) scenarios.
• Nil-rated, non-taxable, or exempt sales of goods or services to government entities (B2G).
• Import transactions, high sea sales, and sales from bonded warehouses.
• Transactions within Free Trade & Warehousing Zones (FTWZ).
• Supplies subject to reverse charge as covered by Section 9(4) of the CGST Act.

Get your business ready for e-invoicing with OneStop’s user-friendly Invoicing solution

One Stop offers an effective e-invoicing solution that is tailored for all businesses. OneStop Invoicing software makes upgrading easy without losing your past data. It helps you create different types of digital invoices, and it complies with GST rules.

Here is a glance at the features of OneStop Invoicing software that can meet all your e-invoicing requirements:

• It helps you keep track of people you do business with (like customers and sellers) by collecting their details.
• You can list the things you sell or the services you offer and organize them with special codes.
• You can generate e-invoices easily and send them across to your customers via email.
• It lets you keep a track of your inventory, keeps details of how many products you have in stock and if you are low on inventory.
• OneStop Invoicing Software can make all your complicated financial reports for you at a single command.
• Keeps you informed of your bills, expenses and any dues, and can even pay them automatically.
• It can place orders to suppliers without making any mistake.

FAQs

What type of documents are to be reported to the GST system?

E-invoices generated for B2B transactions need to be reported to the GST system.

How does the invoicing process change with the e-invoice concept?

Yes, the process shifts to generating standardized electronic invoices, improving efficiency and accuracy.

Can an e-invoice be cancelled partially or fully?

Yes, e-invoices can be cancelled partially or fully, following the prescribed cancellation process.

Will there be a facility for e-invoice generation on the common GST portal?

Yes, businesses can generate e-invoices using compliant software or the common GST portal.

Will the e-invoice concept alter the invoicing process?

Yes, businesses will upload invoice data to the IRP, which then issues an IRN and QR code for valid invoices, requiring seamless software interaction for compliance.

What is the time limit for e-Invoicing?

E-invoices must be created on the Invoice Registration Portal (IRP) within seven days from the invoice, debit note, or credit note date.

Can we raise e-invoice after the invoice date?

No, e-invoices must be generated before the supply is made.

Can e-invoice be generated backdated?

No, e-invoices cannot be generated backdated. Hence, ensuring accurate and timely invoicing.

As businesses navigate the ever-evolving landscape of compliance and technology, e-invoicing emerges as a key factor for accuracy, efficiency, and transparency. By embracing e-invoicing software, businesses can not only meet regulatory requirements but also gain numerous operational benefits, including reduced errors, improved accountability, and environmental sustainability. Stay ahead of the curve with OneStop Invoicing Software and ensure a seamless transition into the world of e-invoicing.

Read : Integrating Invoicing Software and Accounting Systems

In today’s fast-paced and competitive business world, efficient and accurate financial management is essential to the success and growth of any organization. One of the key aspects of financial management for an Indian company is the timely and accurate submission of GST returns. However, traditional manual accounting processes can be cumbersome, time-consuming and prone to human error, which can prevent companies from receiving real-time information about their financial performance. OneStop GST Software is a reliable and innovative solution to meet these challenges and make companies more efficient with effective financial management. 

Developed with the specific needs of small and medium-sized businesses in mind, OneStop Accounting Software offers a wide range of cloud-based accounting tools and features. OneStop GST Accounting Software’s user-friendly interface and intuitive design make it accessible to users of all accounting knowledge levels, eliminating the need for extensive training or technical expertise.

Let’s dive deeper and have a look at the all the advantages that OneStop Accounting has to offer:

Advantages of OneStop Accounting Software

Accuracy of Information

One of the main advantages of using OneStop GST Software is its unparalleled accuracy in filing GST returns. Manual calculations are often subject to human error, resulting in incorrect financial information and potentially costly mistakes. With the Cloud based Accounting Software, many processes are automated, which minimizes the risk of calculation errors and ensures accurate financial accounting.

Saves Time

Using OneStop Accounting Software saves you time and gives you the peace of mind knowing that your financial information is accurate and reliable. Automated features and improved processes help you complete tasks in a fraction of the time that would normally take hours or even days manually, allowing you and your team to focus on more strategic activities and increase overall productivity. 

Financial Visibility 

Financial visibility is essential to making informed business decisions, especially when it comes to GST compliance. OneStop GST Accounting Software provides real-time monitoring of financial data, giving you a clear picture of your company’s performance at any given time. With quick access to financial reports, you can monitor cash flow, track expenses and analyze revenue trends. This visibility empowers you to make informed decisions that positively affect your company’s bottom line and ensure perfect compliance with tax regulations and accounting standards.

Data Security

Data security is a top priority for businesses today, and OneStop excels in this area. This GST software is a cloud based accounting software and hence, it stores your financial data securely in the cloud and protects it from unauthorized access. 

Cost Effective

Cost savings are a major benefit when you use OneStop as your GST software for filing returns in India. By automating manual tasks and reducing reliance on slow and traditional methods, you can significantly reduce accounting costs. In addition, being an online accounting software OneStop is cost-effective and its affordable monthly fees give you access to powerful features that ensure efficient and accurate GST return filing.

Features of OneStop Accounting Software

In addition to streamlining the GST return filing process for your business, OneStop offers a comprehensive set of features that save time, reduce errors and provide valuable financial information. 

Automated Claims 

OneStop enables you streamline accounts receivable processing by automating invoicing and delivery in real time. In addition to this, this online accounting software customizes invoice templates, adds branding elements and adds detailed information about your products or services. This feature ensures fast and accurate invoicing, improves cash flow and reduces payment delays. 

Comprehensive reports

It aids easy management and creation of various reports such as income statements, balance sheets, cash flows. These reports provide valuable insight into your company’s performance, enabling you to identify areas for improvement and make strategic financial decisions. 

Seamless inventory management 

It helps you track and manage inventory levels accurately and easily. Adds new products, sets reorder points and sends notifications when stock is low. This feature helps you avoid out-of-stock situations and ensures that you have the right products available to meet customer demand. It lets you analyze inventory, identify slow moving products and make informed purchasing decisions. 

Easy Invoice and Expense Tracking 

Simplify invoice and expense reporting with OneStop Accounting Software. It easily records and categorizes expenses, attaches documents such as receipts or invoices, and sets reminders for future payments. It automates bill payments by integrating them with your bank accounts, reducing manual work. It gives a centralized view of expenses, monitors cash flow, identifies cost savings opportunities and maintains accurate financial records.

User-friendly chart of accounts 

Organize and categorize your financial transactions efficiently with the intuitive list of accounts. OneStop creates a chart tailored to your company’s needs and group accounts into categories such as assets, liabilities, capital, income and expenses. This hierarchical structure provides a clear view of your financial data, simplifies the recording of transactions, enables accurate financial reporting and ensures compliance with accounting standards.

Manual Journals

You can easily create and manage manual journals to record non-routine events or corrective entries. Enter the necessary information such as account codes, descriptions and amounts for accurate and consistent reporting of financial transactions. You can maintain complete and reliable financial records that support accurate financial reporting and streamline the year-end process. 

Efficient purchase order and contract management

OneStop Accounting Software automates the purchasing and contract management process to minimize manual errors and streamline operations. You can create purchase orders, specify quantities, prices and delivery dates and send them electronically to suppliers. It helps track the status of purchase orders, track delivery schedules and ensure proper vendor management which improves efficiency and minimizes discrepancies in procurement or contract transactions.

Read: Benefits of OneStop Cloud Based Accounting Software

Conclusion:

OneStop is a complete accounting solution for your business. This cloud-based platform allows you to access your financial data anytime, anywhere and on any device. The software offers unmatched accuracy, time savings, financial visibility, data security, compliance and cost savings. Its comprehensive features simplify your accounting and GST processes, allowing you to focus on running and growing your business. Choose OneStop Accounting Software today and experience simplified accounting, better financial performance and peace of mind with our user-friendly and customizable solution.

Read: Guide to switching to Online Accounting Software in India

With the advent of the Internet, the billing system has evolved significantly. Under the new e-invoicing software, all business-to-business invoices are electronically authenticated by GSTN for further use on the common GST portal. The invoicing billing software issues an identification number against every bill by the IRP, short for Invoice Registration Portal. As e-invoicing software usage has grown, the accounting field has also incorporated it. 

The E-invoicing software requires you to submit an invoice on the GST portal to generate multiple reports with a one-time upload. Accounting software uses this portal to benefit taxpayers and let them perform their e-invoicing activities. Along with this, this online accounting software allows users to migrate all their data safely with the support of the new e-invoicing software. 

Note: Signs your Business need a Billing & Invoicing Software

Features of a Good Online Accounting Software

1. The GST invoicing software helps you keep track of all entries of a particular invoice. 
2. The e-invoicing accounting software lets the user directly integrate with the GST portal. 
3. E-invoicing software is easily accessible through different operating systems, such as web browsers and mobile phones. 
4. It is very cost-effective. 
5. It can reduce the risk of fraud and promote trust & reliability. 

The Current Invoicing System

At present, businesses generate their invoices through different tools and upload the final invoice manually for the GSTR-1 return instead of using single accounting software. After uploading the invoice, the user can see the information in GSTR-2A. On the other hand, transporters have to generate separate e-way bills. However, for businesses, the procedure is a little less cumbersome. They can use the accounting software with tools for GST integration and e-invoicing. 

For businesses, the e-invoicing system allows the user to import the invoice through excel or API integration. The entered data effortlessly flows through the entire GST portal. 

Also Read : Introducing One Stop Accounting Software for Small Business

Benefit of e-invoicing to Businesses

The major role of e-invoicing is to benefit the business and automate the process with the help of accounting software. A few of the advantages of using e-invoicing through GSTN are below.

• E-invoicing helps fill a significant gap for GST in data reconciliation, leading to a major reduction in mismatch errors. 
• There is a reduction in data entry errors as the e-invoices generated by multiple software can be read by this accounting software, offering integration with the GST portal.
• This GST accounting software allows all the authorities to track the invoices the supplier has prepared. 
• Another benefit of e-invoicing is that it lets you generate tax credit reports. 
• This software disables the possibility of surveys and audits by the tax authorities as all the information about your business is available at the transaction level. 
• Backward integration and automation of the process can make filing tax returns effortless. 
• It auto-populates the required details of the invoice in multiple returns. 

Read: Online Invoicing Software Can Make Your Life Easier

E-invoicing Curbs Tax Evasion

Another major benefit of e-invoicing accounting software is that it helps in proper tax compilation and curbs tax evasion in the following ways: 

• As the accounting software generates an e-invoice through the GST portal, the tax authorities get complete access to all the transactions happening in real-time. 
• Another benefit of generating invoices before a transaction is that there are fewer chances of manipulating the invoice now. 
• There cannot be any fake tax credit because invoices are integrated with GSTIN every time they are generated through the GST portal. 

Everything has two sides to the coin. If the e-invoicing accounting software has advantages, it also has some disadvantages that you shall not ignore. On one hand, it helps reduce tax evasion and fraud in B2C invoices. 

Because it only supports B2B invoices. Another disadvantage is that it does not store invoices for more than 24 hours. Therefore, study all about the new Invoicing Software for Small businesses or large one before adopting it. 

With the world advancing rapidly, everything in corporate companies is shifting to an online forum. And the finance industry is one of the top industries to evolve alongside this transformation. Although moving instantly from offline mode to online mode can be a daunting task but that is the requirement of the modern system. With every company relying on the accounting department, they need the latest and best accounting software in India to manage cumbersome tasks.

The key to deciding on online accounting software in India requires you to identify the requirements of your business. Do not jump on whatever looks attractive; do thorough research before opting for one accounting software. Below is the guide explaining how to switch to online accounting software in India.

Here are ten steps for a smooth transition to Online Accounting Software

Step 1-Your chart of accounts

The fundamental step is to determine the profit loss and balance sheet. If your business does not have the right layout, there will be no correct performance evaluation. Therefore, starting by mapping out what income, costs, assets, and liabilities you want on your balance sheet and sales report would be best. Now, all this begins by getting your chart of accounts up to the mark.

Step 2-Cut-off date

Make sure to choose the right time for the transitioning phase. Ideally, the end of an accounting quarter or financial year is the most appropriate time. Ensure there is enough time for software transition as per the size of the business. The training and complete transition may take a few months before the proper functioning begins.

Step 3-Clean up the records

Inadequate or useless data can cause problems during the transition phase. If there are any errors in the code or data, do the clean-up before starting afresh. Now you can either fix the issue yourself or call an accounting expert for the best project accounting.

Step 4-Shut down the old system

Once you finish the earlier phases, shut down the old system. Complete all your invoicing and the back reconciliations before closing off everything. If you are satisfied with the process, begin migrating to the accounting software.

Step 5-Match the old system & tax return

Before moving ahead, run a trial balance of the old system for the last financial year. Then, compare these figures from the tax return to the latest financial year. If there are differences, manage them yourself or call an expert in the accounting field.

Step 6-Migrate what is important

The next crucial step is to make the transition in the correct order. First and foremost, start with your chart of accounts, add contacts (clients and suppliers), staff and payroll details, and inventory information. Again, the best accounting software will make this migration effortless because of its various features.

Note: Introducing OneStop Accounting Software

Step 7-Make the tough decision

One of the crucial decisions is whether to import old data or start afresh. Unfortunately, the old data might not be compatible with the new accounting software. Get help from your accounting manager to avoid any mishaps. Do not undertake the task yourself because handling historical data can be a delicate process.

Step 8-Final check

Undergo a final check and see if any data is left to transfer. The balance sheet, profit loss, trail balance, unpaid sales, and purchase report must be similar in the old and new systems. Once you clear up all discrepancies, you are ready to go live. 

Step 9-Connect the bank feeds

Once you are ready with your online accounting software, ask your bank feeds to bring the bank transactions. These transactions must be from the migration date onwards. If unsure how to perform this step, ask your bookkeeper to assist with the problem.

Step 10-Final check

It is advised to run both systems parallel for some time. It could take weeks or months to settle down with the new accounting software system. The timeline may also differ depending on the size of the company. However, running the two systems simultaneously will allow you to run the diagnostic and analyze the results effectively.

Note: Benefits of OneStop Cloud-Based Accounting Software

Conclusion

As times advance, accounting software for small businesses or even large one is essential for every business’s exponential growth. However, there are many challenges that an organization can face after the final installation – for instance, security issues, understanding of the new application, data breaches, etc. You can tackle these problems by constantly working on learning the latest accounting software in India. Take control of your growth today.

Note: Cloud Accounting Software- Future of Financial Management

Bookkeeping/accounting is tedious and creating financial reports through the traditional ways is quite displeasing. To make the process easy, small and medium-sized businesses or even individual owners should opt for cloud based accounting software also known as online accounting software. It makes all the accounting processes smooth, easy, faster, and accurate and saves a lot of time.

BENEFITS OF CLOUD BASED ACCOUNTING SOFTWARE- ONESTOP

1. GST COMPILATION – Compiling GST with every transaction is a lot of work, so is often ignored by many.  This leads to a lot of pending work but with onestop cloud-based accounting software, GST is applied to every invoice seamlessly and is synced with the GST portal.  Hence a lot easier and makes you anytime ready to file a return.
2. AUTOMATION – When accounting is done manually or on the traditional software, you need to chase the invoices now and then. But by using cloud based accounting software, the whole process becomes a lot easy as one stop cloud based accounting software automatically generates notifications for invoices as well as sets the reminders from time to time or at regular intervals. In addition, one does not need to keep track of debtors. For example, combining payroll applications with the software will automatically generate the pay slips.

3. WORK FROM ANYWHERE – For Online accounting software you just need an internet connection and the financial and accounting statements of the organization can be accessed anywhere- be it your home, the office, or any other place. Indeed, there is no need of maintaining spreadsheets or installing the software. Just log in to the account from any device like a mobile, laptop, computer, etc. and you can look at the financial statements/reports anywhere.

Also Read: OneStop Accounting Software for Small Businesses

4. VALUE FOR MONEY AND ENERGY – Instead of appointing an accountant or paying a huge sum for the installation of accounting software, onestop cloud-based accounting software helps you to distribute the cost monthly, thus helping you in managing the cash flow of the organization. It also saves human efforts and errors thus saving a lot of energy by simplifying things.

5. EASY TO USE – Online accounting software is specially designed keeping a layman in mind. OneStop Accounting Software is quite easy to use and guides you at every step. Therefore, one does not need special knowledge in accounting and finances to maintain the financial records of the organization. Anyone can use this software and can understand various reports and statements.

6. ACCESS TO MULTIPLE USERS – The Cloud based accounting software let you provide access to multiple users. In an organization where work is done with the efforts of multiple people, and the same information is needed by different people, online accounting software helps. It makes the process quite hassle-free. A person just needs to add multiple people to the account and information is ready to be used by them.

7. IMPROVED AND UPDATED INFORMATION – Automation of bank feed in the billing software helps in keeping the records and maintaining the track of the organization’s balance sheet in real-time. One can view updated reports and charts to glance at the current business finances.

Also, the onestop online accounting software is constantly updated by the in-house developers that you don’t need to call someone or do large efforts for its update, which saves time, money, and lots of human effort.

8. SECURITY – The cloud-based accounting software saves data on a highly secured cloud server and is constantly backed up. So, even if the computer or main device gets destroyed or crashed, there is no need to worry as every single detail is saved on the cloud. Also, there is no fear of the data being hacked as the data is highly secured on a cloud server.

9. EASY COORDINATION – By sharing the account details with your accountant, you can easily coordinate the day-to-day update in the finances. Also, you don’t need to call the accountant at the end of the year and give information at the end with lots of pending work and workload, as your financial books are maintained regularly.

10. VIEWING REAL-TIME DATA – One Stop Cloud based accounting software links you and your business bank accounts and keeps you updated with the inventory, sales, and expenses regularly. That means you can view the data in real-time.

Read: Why Online Accounting Software is better than Excel

These are just a few of the benefits of OneStop online accounting software and they are enough to make you shift from all those traditional methods of accounting to cloud-based accounting software. Overall, online billing and invoicing software simplify the process and makes the work easier and more pleasing. Also, saves pendency and a lot of time.

One-Stop Accounting Software for small business, benefits small business owners in handling receivable and payable accounts. An easy-to-use financial tool helps small businesses and can solve complex financial situations that arise within an enterprise.

Accounting Software for Small Business

Before we delve deeper into the services, and how One Stop Accounting Software can help your business, it is important to shed some light on the meaning of accounting software for small businesses.

Accounting Software helps to make a quick and fast report of transactions that influences decision-making. Accounting software is a system that has a positive effect on companies’ performance. It helps the company to have a higher accuracy rate in bookkeeping; it keeps track of companies’ transactions and gives the right insight for the growth of the company.

What is OneStop Accounting Software?

One Stop Accounting Software is cloud-based accounting software that helps in keeping track of the company’s transactions easily. Its convenience allows you to access them from anywhere in the world.

OneStop accounting Software also boosts the efficiency of offering invoices, bridging the vendors and customers. Further, it allows you to negotiate deals, view transactions, ease recurring actions such as bills and then make payments.

Features of OneStop Accounting Software

The features that we offer in OneStop accounting software helps small & medium-sized business to move forward and compete in the market. Online accounting software is also known as cloud accounting software and acts in building a base for businesses.

One Stop accounting software helps small businesses in customizing the bills, automating payments, and maintaining manual journals.

Money in (Receivables)

One Stop online accounting software automates the invoices and money collection process. It ensures better management in business and steady cash flow. It also notifies the client in real-time about the invoices for online billing. Thus ensuring better customer relations.

Money in (Payables)

The payable feature of OneStop accounting software reduces the manual payment task by 80%. It sends reminders to the accounts department to remind them of due payments.

Businesses offer a date for payments, and sometimes the companies/clients forget about the payments. This leads to cash outflow and even leads to additional charges in the form of interests. Therefore, the online billing software helps you in maintaining your accounts as it sends a reminder for a hassle-free payment process. It ensures smooth relations with clients by making sure that the due payments are not delayed.

Bills/expenses

While running a business it is difficult to keep track of the inflow and outflow of money. Delayed payments can lead to losses and even a cash crunch in business. Therefore, the OneStop accounting software for small businesses gets you notified about the bills/expenses to make sure payments. This billing software keeps a track of expenses and payments with a seamless process.

 Charts of Accounts

Charts of account are the part of the accounting process that most small businesses do not pay much attention too. However, it is the foundation of accounting. Charts of account are the listing and classifying of all information of your financial asset liabilities, and transaction.

The charts of accounts decide how the transactions are categorized in the financial statement. The software groups the specific number that identifies a specific account type such as; asset, liabilities, equity, revenue, etc., and reports the information to financial accounts. It summarizes the month-end sheet, provides detail labeled in each group, and helps in making more informed charts that have room for every transaction, which occurs in business.

Purchase Orders

“To err is human” but that’s not the case with software. Software is programmed to make error-free statements. The purchase order is a statement that includes documents sent from a buyer to a supplier requesting the purchase of products as an order.

It will include the type of item you are purchasing, the pricing, and the quantity. If your company is making manual purchase orders the chances are they are making lengthy documents, containing inquisition, the course of purchasing cycle, order acknowledgment, quotes, sips, and invoices. Whereas, automating the purchase order ensures good record keeping, decreasing the chances of error and ensuring seamless digitization of the entire process.

Manual Journals

Reconciling the financial sheet is a tough process. It takes too much time and leaves scope for error. Whereas, the One Stop accounting software makes it easy to maintain books. It keeps everything in order and grouped in different sections.

It is easy to read and understand the financial situation of the company. Moreover, it ensures there is no scope for human error.

Contract

To prevent fraudulent activities or inaccurate invoicing is it essential to prepare a contract without errors. One Stop Accounting Software is one of the best online accounting software that helps in curating contracts for vendors with all necessary documents. It automates the whole process and ensures an error-free contract. It reviews the legal obligations and authorization limits to make an appropriate contractual term.

Inventory Management

Inventory management is the process of buying, selling, and sorting of stocks. With the help of One Stop -the best accounting software in India, you can keep an accurate stock count. The software helps in data collection and making analytical charts for better insight. It also helps you to understand the trends and improve the forecasting of stocks.

The software automates manual tasks and tracks the growth of your business. It boosts the production and profitability of your small business.

Read – Tips & Processes to Choose an Online Accounting Software

Pricing of One-Stop Accounting Software for Small Business

The sign-in for One Stop Accounting software for small business is free and you can avail of its services free for 15 days. You can organize your small business accounting with One Stop software.

Since the time, Online Accounting Software / Cloud Accounting Software has come into action, it has forever changed how accountant does their jobs. Gone are the days when professionals used to keep track of the bulk of sheets and do every possible financial task by hand. What was more challenging was to maintain that large number of physical files for years and years.

What is Cloud Accounting / Online Accounting software?

To understand cloud accounting software, we need to first understand what cloud accounting is. In 2022, we are all aware of the term ‘cloud’, which means online or on the internet. In simple terms, it refers to delivering computing services via the internet. However, this type of accounting moves the whole accounting process to the cloud and expands upon it only.

So when you opt for online accounting software, remember that it is not a desktop application, and you can always log in to an up-to-date online solution. In addition, all your data is safely stored on a cloud server.

What are the benefits of Online Accounting Software?

From accessing it from anywhere around the globe to saving a lot of time, cloud accounting software / online accounting software is clearly the future of financial management. Not only does it makes your every financial task easy, but it also adds more productivity to various other tasks in your daily schedule.

Benefits of OneStop Cloud Based Accounting Software

Access your accounts from anywhere

When you choose GST Accounting Software, you are all set to get access to your financial data round the clock from anywhere with the condition that you should have active internet access. This system allows you to be flexible and access your funds or check on your cash flow from anywhere. 

Save tons of hours

Choosing accounting software for small businesses or even for large businesses helps you save a lot of time. Moreover, this saved time can be used to increase the productivity of your entire accounts team in various other tasks. Further, as this software allow you to bid goodbye to physical paperwork, you automatically save a lot of time. In addition, you can automate your workflow, which will help you pay the concerned vendor on the exact due date every month or even invoices to your recurring customers on time.

Also Read: Online Accounting Software is better than excel

• Less Risk

There are various types of accounting software, but when you choose the best one, for example, OneStop, you sign up for the best. This is because accounting software lowers the risks of accounting errors and helps you extract an accurate report at any time. But remember, it is essential to ensure that you are entering your income and expenses regularly.

• Tech support round the clock

One of the positive factors of using such software is that you get access to tech support for any kind of help round the clock. Whether via telephone or chat, one can contact instant support from professionals to get help with any type of issue. This saves your organization time and money by not hiring an IT employee to deal with it.

• Go paperless

Well, in the current era, it is essential to go digital and, especially, declutter your workspace. While handling your finances, paperwork is the biggest challenge, and filing through expenses, receipts, and invoices can be tedious. However, if you go for cloud software, you will have easier access and a real-time view of your finances without even turning papers repeatedly. Factually, this will also help you reduce the risk of manual errors or losing data that matters.

• Be up-to-date always

As such, software keeps track of every possible record every time. It makes it easy for you to be up-to-date on your financial funds. This specific feature helps you to make informed and meaningful decisions about the future of your business/organization in monetary terms. If you plan to stay up-to-date by using the traditional method of paper accounting, you can never be accurate and will always be out-of-date.

The right accounting software online can save lots of money and time for businesses and companies. Conventionally, accounting meant managing and keeping books or ledgers. But not anymore. Today, online accounting software takes care of all – be it revenue, sales forecast, or inventory management. But, there are too many choices in the market which makes it difficult to pick one.

If you are confused and anxious about the overwhelmed options, then fret not, we are here to help you. In this article, we have researched and bought the best tips and processes to choose accounting software online.

Consider the Accounting Skills And Requirements of the Business

Before you pick any accounting software online and select a software package, it is good to spend some time analyzing the company’s requirements. Take some time to consider what function you need in the software and how you will use it. A clear idea about the product you need helps to pick the right one.

For instance, if you have a small business that makes less than Rs. 1-2 crore as a turnover then you need a different software as compared to a business whose turnover is in millions. There are lots of accounting software that are designed specifically to help small-scale, medium, or large businesses.

You can pick the best product by answering these simple questions:

What Is The Business Objective?

• Is your objective, to increase the revenue by 25% in 5 years or open different branches of the company in different locations?
• What are the features you are expecting from software that help you to achieve the goal?

When you have a clear answer to these two questions you can pinpoint the right software that company needs.

What Questions Should You Ask While Evaluating Online Accounting Software?

Selecting an online accounting software is a strenuous task. But we can make it easier with a set of questions that you must ask while evaluating the best accounting software in India.

• Will this software ease the workload of the company?
• Does it offer a customized business solution?
• How many clients and teammates can accommodate?
• Is the data secured? Can it be immediately recovered in a crisis?
• What is the cost of the software? Is there any extra charge for cloud storage?
• What type of customer service and tech support will be provided?

When you are picking the best accounting software, just don’t decide in rush. Analyze these questions and find answers. This will ease the process of choosing the best accounting software.

Advantages of Cloud Computing

The software you choose must be easy to use and has intuitive features. Cloud computing is the bandwagon that most businesses are jumping on due to its accessibility and intuitive features.

Cloud computing comes with a bunch of benefits that make accounting easy. And One-stop accounting software provides all the benefits of cloud computing. You can access it from anywhere in the world and its team takes care of backup and maintenance of the data.

Features Of the OneStop Accounting Software

Any add-on features to accounting software online are like icing on a cake. And it’s always good to have more.

OneStop online accounting software gives you access to many add-on features such as creating reports, making purchase orders, and inventory management. It easily integrates with eCommerce software and makes your accounting process easier. Some of the other notable features are:

• Create payable/receivable invoices with customized looks.
• Tracks online billing and expenses in different categories.
• View balance sheets, and expense reports
• Create charts of accounts
• Maintain financial books and entries without error.

Data Security

When you are looking for accounting software you must not compromise on safety. Consult the company on how they store data in their application. Look for companies that have trusted cloud hosting providers such as Rackspace or AWS (Amazon Web Services). Ask for their protocol to prevent hacker attacks and look at whether the company’s server is encrypted or not.

Take The Decision With Your Accountant

Selecting an online software does need financial literacy. As a business owner, you might not know much about finances so keeping an accountant in the selection team helps to get the best product. The accountant understands the needs of the company and which software would have a less complex interface to use.

Also Read: Why Online accounting software is better than excel?

The Process To Choose An Online Accounting Software

There is a 5-step process to choose accounting software online.

Talk To Employees

First, have a conversation with your accounting team to understand what their needs are. Once you understand that, make a list and then start selecting the ones that fit the need.

Know The Budget

Once you have a handful of the best accounting software in India listed down, learn about the budget. The expense you can make at this point and what are the companies that offer customized budgets.

Search And Shortlist

Google is your friend that you must rely on at this point. Check out the testimonials and read about their previous work. Learn about the programs and the services offered with the cloud based accounting software.

Schedule A Demo

Visit the website provider and ask for a quote or demo. The demo version will give you an idea about the niche and how it will help your company.

Take A Trial

Always take a trial before purchasing. Enter the dummy transaction and check the accuracy of the report. If everything looks right you are good to go!

Conclusion

Accounting software is one of the healthy requirements to run a business smoothly. So, choosing a program that achieves your daily accounting goals and shares the workload of the company is the one for you. We suggest you go with One Stop Cloud Based accounting software, which is one of the best accounting software in India. It offers a cloud-based business solution and can manage invoices with ease. So, what are you waiting for, sign up now to make accounting easier?

Excel for bookkeeping is the easiest option, as it provides all the free tools, one needs to keep track of personal finances, income, and expenses. However, is manually plugging in your day-to-day business transactions really the best option? No! Thankfully, there are plenty of accounting softwares available that can automate the bookkeeping process and
can save your time. Moreover, if the accounting software is cloud-based or online accounting software, it is like a cherry on top.

The online accounting software provides you with a personalized and customized solution to manage business finances.

Reasons to use Online Accounting Software over Excel

Excel spreadsheets can only be used, for basic accounting like tracking your income and expenses, organizing and categorizing transactions, and keeping up-to-date records of the invoices you send to clients. However, for all this too, you need a template that includes a transaction sheet, a chart of accounts, and an income statement sheet. 

Moreover, one needs to manually input the data, which is a time-consuming process. In addition, it is difficult to keep track of, all transactions, particularly if your business expands. Therefore, the best is to invest in online accounting software.

The Online accounting software makes accounting easy and error-free.  It provides professional and personalized assistance, as well as insights into your business performance. Here are some of the benefits that make cloud-based accounting software a better choice than excel.

Cloud-Based Accounting Software Over Excel

1. Excel Is Complicated than Accounting Software – Excel sheets are complicated. There are hundreds of formulas in excel and they are not easy to execute. Moreover, entering these formulas manually leaves a high chance of error. Whereas in accounting software this work is automated making accounting error-free.
2. Excel Sheets Have No Audit Trial -Excel sheets can be edited multiple times and there is no historical record of the one who has made changes and when the changes were made in it. Also, hunting down information about a transaction that has taken years ago in it is a task. So, all these can lead to mismanagement of companies’ valuable data and the loss of millions before even, you know it.

Whereas in online accounting software, a business can provide access to the designated users, and whenever anyone makes any changes the whole history is recorded. So, minimum chances of fraud and losing valuable data.

3. Making Excel Sheet Is Time Taking – Time is money! That is the fundamental rule of business. And, putting all transactions, and information in the correct format in excel or spreadsheet according to the company’s financial needs, making it error-free, working on formulas and calculations requires a lot of planning and time. Also, the accountant should have mastery of excel to improve the record-keeping of invoices and expense reports. Therefore, maintaining all transactions in excel is tedious and time-consuming. Whereas, the online billing accounting software helps in easy accounting, and one can get all the estimated results quickly.

4. Low Compatibility– Managing accounts in excel /spreadsheets means having a different sheet for each account and having a massive amount of data like that can lower the system performance. Sometimes, this can even lead to system breakdown. Moreover, an excel sheet does not integrate a few applications like inventory management, so you need a different platform for that. Whereas in online accounting software, data is on the web or cloud. So, system performance is never hampered. Also, billing and inventory management is integrated into cloud-based accounting software.

5. Excel Is Not For Collaborative Work – To make future business plans and forecasts, yearly financials reports, budgets, and expenses, businesses need to compile data from different departments. And, all this data is shared via mail, in an excel sheet. Each excel sheet has the personalized touch of an employee who has designed the sheet, which makes it difficult for other employees to take over the sheet and understand the thought process of the sheet’s design. So, consolidating data of all these sheets is quite time-consuming work, and every time one needs to go back and forth which looks similar.

Whereas in online accounting software, the designated people and department can enter, the details timely and the reports can be generated automatically anytime. Why you should use Online Accounting Software? In the above-mentioned list, we have discussed the pros and cons of using excel and online accounting software in business and how they can impact the business. Even, a small mistake in accounts can cost you millions. So, to make sure your business grows without error, business accounting software is a must.

Benefits of OneStop online accounting software

Read more on tips and processes to choose an accounting software online here.

1. Cloud-Based Accounting– Cloud-based OneStop accounting software is easier to access from anywhere in the world. You can check real-time data and even make required changes through a shared system. Also, you can sync and integrate data from multiple devices.
2. Automated Billing Procedure -The accounting software has an automated billing feature, so it decreases the scope for error. As the quote goes by “to err is human” and that is why machines do not make mistakes. The computerized automated billing process decreases mistakes and the workload on the accounting team.
3. Range of Features- Online accounting software can make automatic invoices, inventory management, and purchase contract.
4. Compatible and User-Friendly- The analysis reports, expense and annual financial reports, and charts can be easily made with accounting software. OneStop accounting Software has easy to use interface, so anyone with basic knowledge of accounting can easily manage their financades. Also, you can manage the accounts even on your smartphone on the go.

Conclusion

In this article, we have listed enough reasons why businesses should use online accounting software over excel. No doubt, excel is free for managing the accounts of a small business but an online accounting system has several more advantages over it. Additionally, it also helps you to analyze and grow your business.