There are several accounting firms out there that help various businesses to deal with the annual finances and management of their sensitive information. However, these firms also need to be trained according to the new GST era. They need a GST compliant software solution that can help their clients to handle all the business data and calculations in its own simple way. Accounting firms, in order to help their clients, must know how to operate the advanced and robust GST software. There are several accounting services that need GST software so that they can further assist their valuable clients. Take a look on six types of accounting services.
Bookkeeping is one of the accounting services that handles the basic tasks of small and medium enterprises such as updations of financial figures of the company using a reliable and GST-compliant GST software. In addition, the bookkeeping services also takes care of the account payable and receivables.
2. Tax Accounting
Tax accounting as the name suggests deal with the income tax payments and deductions. These services not only work for taxable individuals but also fulfils the requirements of businesses seeking the taxation help. Tax accountants are experts that help people to claim taxes and avoid paying huge amount of taxes unnecessarily. Therefore, these services must have a reliable GST software using which they can provide support to their valuable clients.
3. Chartered Accounting
There are several individuals, small or medium businesses that seek help of registered Chartered Accountants to resolve their complex GST calculations. As we know that CAs are professionals in multiple financial and accounting domains, therefore, to simply their own tasks, they prefer using a reliable, compatible and efficient GST-compliant software.
4. Financial Controller Services
Financial controller services not only deal with the management of the various operations of the business but also handles the new clients and overseeing staff. They are generally known as the heads of the accounting departments. That’s the reason they need a software to track down the work of their lower level management staff. Using a software they can track down their employees’ performance and clients huge data.
5. Forensic Accounting
Forensic accounting is one of the most popular type of accounting services that deals with the tracking of missing funds and other related discrepancies in a business or financial reports. This service helps to unveil the truth to your employees as well as to your company regarding the accusation of tax fraud or evasion. These services act as lawyers and work with law enforcement agents and that is why they need a GST software to know various loopholes by knowing the business’ accurate data.
6. Accounting Audit
Accounting audits are the important part of any organization, company or a business. They not only tracks the financial reports and statements of the company but also deals with the accuracy and validity of the same. They check the past records and receipts of the company to make sure that there is no such tax fraud. These audits requires in-depth knowledge of business which can be pulled out from a consistent GST software.
The Final Thought
The complex nature of financial and accounting industry in India always requires a tax professional and an appropriate accounting software that can help companies, taxpayers and accounting firms to verify and clear out the doubts. GST-compliant software is one such application or tool that does multiple tasks for businesses and accounting firms. It stores a huge amount of sensitive data of businesses on cloud, helps in e-filing, returns and other taxation issues. It intimates you about the current GST rates on different products and services. Therefore, make sure that your accounting services has a compliant software to make your services a better in need services.