With the advent of the new tax regime, every business whether small or big has to file monthly, quarterly and annual GST returns in a particular format as specified by the government. Non-filing or late filings of GST return may attract a heavy fine or even cancellation of your business registration. To facilitate the process of GST filing and lend a helping hand to the taxpayer's many software companies has come up with GST the software in the market, but very few of them have the modules and features that will handle all aspects of GST.
For your convenience, we have listed some important modules and features that your software must have so as to make the whole process of GST filing and inventory management a hassle-free experience.
Order Processing module: The order processing module lets you manage all aspects of the procurement process. Right from making requisition slips, to sending RFQ, to making comparative, to creating a purchase order and goods receipt note(GRN) it streamlines and automates all procurement activities. The order processing module also allows you to track your company’s purchasing activity. You can store the details of all purchase orders, track shipments and invoices received, and cross-check the shipments against the invoices that were received separately. You can also maintain the database of all your suppliers along with their records in terms of delivery failures, quality issues, incorrect quantity on the shipment, or any other issue. Additionally, you can generate reports of inquiry register, requisitions, purchase orders, quotations pending, GRN register, and many more as and when required.
Inventory management module: This module centralizes the most basic and necessary functions of warehouse operation. With the help of this module, you can manage your stock levels, reorder level, and replenish it when the stock level falls below to reorder point. It also allows you to view the product history and product specification of the items held by you in the warehouse. By using this module you can calculate the value of your unsold inventory with LIFO (Last-in, First-out) or FIFO (First-in, First-out) method. In addition to this, the inventory management module also allows you to keep track of your inventory in real-time, thus avoiding the situation of stock-out as well as of overstock due to the accumulation of excess material in your warehouse.
Another important feature of this module is creating and managing BOM (Bill of materials). A bill of materials is an extensive list of materials, components, and parts that are required to manufacture the end products. The inventory management modules automate the process of creating and managing all your BOM’s. Furthermore, this module facilitates the process of generating reports of the stock register, sales order, stock issued/received, schedule vs delivery, HSN register, and many more.
Job work Modules: Job work means processing or working upon raw materials or semi-finished goods supplied by other manufacturers or principal suppliers to complete a part or whole of the process. Job work is carried out on product or service in order to add value to it and increase its market worth. The Job work module of the software allows you to send/receive products outside of the company for carrying out processing work on it. It supports two types of job works viz., inward and outward. Inward job work is carried out by specialized workers within the industry premises while outward job work is accomplished by specialized workers outside of the industry premises.
The Job work module of the software enables you to outsource raw materials from multiple vendors for carrying out activities such as cutting, polishing, packaging, coloring, assembling, designing, etc. It will also help you to keep track of all services or materials, orders, invoices, goods receipt note (GRN) and Bill of Material (BOM) of job work. Furthermore, you can also maintain the record of vendors and job workers involved in that specific job work.
The job work module also allows you to bill your clients on a quarterly, monthly or periodic basis for the job work that you carried out. It can also generate reports and contain forms for service master, job work order, material requisition, job work challan, and job work receipt.
Document management module: The document management module is another important module without which your software is incomplete. This module does away with the need for maintaining physical files and relieve you from the botheration of losing important document due to fire, water, theft, or termites.
The document management module allows you to receive, track, store, and manage all documents in digital form, thereby reducing the paperwork and mitigating the risk of losing your valuable documents. All the documents related to sales, purchase, and distribution are automatically saved and archived at a centralized location in the system. Documents stored in this form can be easily searched viewed and modified by different users based on the authorization rights granted to them. This enhances the security of your confidential documents and protects it from unauthorized access. This module also helps you to take back up of certain actions such as modify, cut, copy and delete on regular basis and ensures that all your documents are intact and you do not lose any important information. The administrator can view a complete audit trail of all events that have occurred on a particular file or folder.
In addition to this, the document management module seamlessly integrates with Microsoft Office Suite (Word, Excel, PowerPoint and Outlook) and other business applications used in the office. This facilitates the smooth migration of documents/files from one system to another without re-entering the data. Besides this, sharing information between different systems avoids duplication of work. This results in increased operational efficiency and reduction in office costs.
To facilitate the process of the GST return filing process and extend a helping hand to taxpayers many companies have come up with GST software. But very few of them have all functionalities and features that will manage every aspect of GST. One software that needs to be mentioned here is Sky ERP GST Plus. This cloud-based software has all the necessary modules and features that will help you gain better control over your business operation with full GST compliance. Built on four modules viz., order processing, inventory management, job work, and document management this comprehensive web-based solution will enable you to create GST ready invoices effortlessly, file GST returns, generate GST reports and manage inventory related data and documents impeccably.