It is said that the dynamics of doing business in India will change by 2030. This is mainly because The country has top-notched by 30 ranks in the year 2016. The Indian government has seen improvement in the World Bank ranking with a 100th place in comparison with previous years. The higher rank is said to be due to reforms indicating that the country is on the path of a steadfast growth. This has eventually signaled that India has improved its business regulations in absolute terms.
On the other end, business enterprises which took to GST were still reeling pressure of continuing its steady shift. This took a good an amount of time as there is a gap between policies and their implementation. In fact, many accounting software is yet to adapt to the reforms while creating business reports.
There are gst softwares to help you easily adapt to the procedures. However, if you need to think whether to purchase the updated version, you need to look into the following criteria.
Development team: Implementing the new set of guidelines need specialized expertise. Especially they need Industry-standard reporting tools which are required for configuring or extending the current software. Smaller teams are just enough for your small business but large enterprises with robust application need a bigger team to work on the newly implemented policies with new program code. The requirements decide the number of people sufficient to get the new change running.
Availability of Support:
The requirement of customization of the software is normally seen as high-end market software. So when you need to get custom features it may require constant assistance or support from the vendor. Always check if the customer service is in place before you get the accounting software updated.
In case of a lesser requirement for customization or reduced implementation costs you still need to work on user training while implementing reforms or new policies into your accounting software. For example, providing the users with training in online gst return filing will be beneficial reducing mistakes in computing.
The cost of updating your current accounting software will not include hardware expenses. Yet you will have to incur the cost related to the development while extending the application in relation to the Industry-standard.
The application has to be easy to use avoiding any confusion while loading data. Reducing the intricacies involved in the development and implementing time-saving features within the accounting software will be beneficial.
Most of the online sites offer customer service and other additional benefits while taking an upgrade. In case you are getting the entire accounting software built all again be aware of the service limitations based on the number of customers, users, transactions and invoices in your business. You can also look for services like credit card processing, payroll services other than tax preparation for GST.
In the end be wary of password and permissions as there is more than one person using the accounting application. Providing admin log in case, multiple users or segregating users based on their roles is useful when using the same tools for different purposes.