Home / QuickBooks GST Software
Updated on 20 Sep 2021 9.00 AM IST | 4 min read
Overview of QuickBooks GST Software
Developed and marketed by Intuit Inc, QuickBooks was launched as an initiative to help small and medium sized businesses to manage sales and expenses and to keep a track of their daily transactions. Its developers understood the importance of cloud computing and thus in order to match a pace with other accounting software, Quick Books was launched as a cloud-based and coupled with features such as easy to use interface, 100% data security and whatsapp integration makes it much sought after accounting software. Apart from its annual update, QuickBooks software is also known for its ability to generate more than 100 reports within few clicks and thus allows the small and medium business owners to understand their business processes in a thorough manner.
Main Functions of QuickBooks Software
Many small business owners use QuickBooks to take care of the eight main functions of their business:
- To manage sales and income: You can track sales by customer with the help of Invoicing feature of QuickBooks software and thus it helps you to be at the top of the game.
- To keep a track of bills and expenses: The basic feature of QuickBooks software connects your bank accounts and credit cards so that you can track all of your credit and cash transactions.
- To gain key reporting insights to their business: For a business to continue moving further in the right direction, it is important to have detailed insights into it which can only be gained if one has regular access to profit and loss report; balance sheet report and statement of cash flows.
- To generate profit and loss report: Profit and loss report generated by the QuickBooks can help you see if your business is profitable or not and thus helps you in making informed decisions.
- To generate balance sheet report: The main reason why QuickBooks is quite a favorite amongst the firms and in just a few clicks one can create a balance sheet report and shows the assets, liabilities and equity for the concerned business.
- To generate statement of cash flows: Coded mainly in Java language, QuickBooks software can generate a statement of cash flows instantly and with the help of cash flow statement, you can have a close look at all the activities affecting the operation, investment and finance processes of cash inflow and outflow.
Introduction of GST has made the life a bit difficult because of its stringent deadlines and complex nature; however Intuit Inc was quick to realize that filing a GST is quite simple in nature provided you got the right software to help you through the process. However, the call that they had to make back was to decide if QuickBooks GST ready software has to be GST-enabled accounting software or GST filing software. It was a tricky call to make however they decided the QuickBooks GST software to have the basic and mandatory features of a good GST software namely account access; simple and fast invoice creation; filing reminders and a strong support system and with the launch of QuickBooks GST software, they aim to help small business owners to focus on their business rather than worrying about the impact of GST on their business and its processes.
Features of QuickBooks GST Software
It is the technology of QuickBooks which makes it stand different amidst varying accounting software. It is offered as in a SAAS model through the clouds and thus need of a software to install it is no longer there. Since it is based on a cloud model, all accounting information is stored online and can be accessed from any place. Also its compatibility with platforms such asS and Android allows it access from tablets and mobile phones.
QuickBooks gets immediately connected with your bank accounts and credit cards and thus allows you to record a track of all of your expenses. Its mobile application allows you to photograph and save the receipts in the app itself which you can access them on your go.
Considering the fact that it is a GST ready software, you can create professional invoice with required and mandatory GST fields such as GSTIN Number, HSN code, customer name etc within few clicks. It is also possible to upload your own invoice template or access multiple preloaded templates of the software.
As mentioned above, QuickBooks software is known for creating multiple reports within few minutes and with the help of customizable reports and dashboards, you can gain great insight on how your business is operating and if it is sailing the right route.
Cash Flow Management
It is quite natural to go haywire with the cash flow management with the growth of business. But despite how obvious it looks, it is definitely the needed or desired trait and in order to keep a check on the cash flow management, one would need a software with this very feature. QuickBooks GST software helps you to create recurring invoice and also to schedule payments to the vendors.
The very fact that it is cloud-based and not a software based one, QuickBooks GST software gives remote and instant access to your accountants and thus gives them the flexibility to manage your records from anywhere.
QuickBooks backs up your data on a daily basis and thus saves you from any kind of data loss and also keeps the business figures up-to-date.
For any business to roll effectively in today’s global world, it is important that its accounting software supports multi-currency transactions. In
QuickBooks GST software is known as an intuitive software and is enriched with features such as GST auto upgrade, bank reconciliation etc.
QuickBooks is rightfully claimed by its developers i.e. the Intuit Inc. as the only accounting software in India having a sound experience of a GST ready software and the ground behind such claim is seamless transition of all businesses to GST without any extra charges or downloads. It also comes with Automatic GST Upgrade feature which makes sure that the existing business processes are transited to GST compliance processes.
Pros and Cons of QuickBooks GST Software
QuickBooks has numerous advantages in its kitty, such as:
- Inventory tracking
- Collaboration i.e. creating multi-users and collaborating with other members and accountant.
- It allows you to keep track of your expenses in addition to time-tracking.
- It is known for generating 100 plus reports and thus allows you to keep up with your business growth.
- It is up-to-date software and backs up your data on a daily basis.
- Features such as multi-currency transactions and real-time working makes the QuickBooks GST software much desirable one.
However, it has its own share of disadvantages, such as:
Its users feel that the mandatory payment of an additional fee for its payroll table updates is an uncalled move and should be removed. Also it has faced an extended outage due to power failures and is currently working to one of its major flaw of instability or system crashes. It has other limitations as well such as double entry and keying errors across systems and departments and generic and impersonal support.
Who Can Use QuickBooks GST Software?
As mentioned above, it is designed keeping in mind the need of small and medium enterprises, however an individual, any start-up, agencies or enterprises can also use QuickBooks GST software.
QuickBooks GST Software FAQ's
Final Thoughts on QuickBooks GST Software
Without a second thought, QuickBooks GST accounting software is here to stay in the Indian as well as global market and is a great choice for small and medium sized businesses who would like to manage accounting information and have an easy access to the information such as cash flow, inventory, MIS reports etc while on the move. However, considering that it is a newcomer in the Indian market, it still has long way to go in order to set its dominance over other established players.
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GSTR-3B is a summary return to be filed by all taxpayers except those registered under the composition scheme, every month. However, from 1st January 2021, there is also quarterly filing option provided to taxpayers with annual aggregate tunrover of up to Rs.5 crore, not opting for the QRMP scheme for Aug Month. (Aggregate turnover up to Rs.5 crore in the previous financial year)Sep 20th ,2021