Features of Account With GST

• What Is Accounting?:
  • Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows. Regardless of the size of a business, accounting is a necessary function for decision-making, cost planning, and measurement of economic performance. A bookkeeper can handle basic accounting needs, but a Certified Public Accountant (CPA) should be utilized for larger or more advanced accounting tasks. Two important types of accounting for businesses are managerial accounting and cost accounting. Managerial accounting helps management teams make business decisions, while cost accounting helps business owners decide how much a product should cost.
• GST (Goods and Services Tax):
  • Tax Collection and Compliance: Simplifies indirect taxation by replacing multiple taxes with one system.
  • Input Tax Credit: Facilitates claiming credit for taxes paid on purchases, reducing overall tax liability.
  • Uniform Tax Structure: Promotes ease of doing business across states by standardizing tax rates.
  • Automation: GST systems are integrated with accounting software for seamless filing and compliance.
• Tally Prime:
  • Simplified Accounting: Enables easy management of financial transactions, payroll, and inventory.
  • GST Integration: Automates GST invoicing, filing, and compliance.
  • Data Security: Ensures secure handling of business data with backup and user controls.
  • Reports Generation: Offers instant insights with customizable financial and business reports.
  • Multi-User Collaboration: Allows businesses to manage multiple users or branches effectively.