Along with business growth, your business transactions and orders are also growing simultaneously. And one of the major challenges that growing companies face is GST invoice software and documentation.
Especially if you are a manufacturer dealing with high transaction volumes and data, you surely have gone through the struggles of manually creating each document. GST software is a solution that most businesses need, but since they are unaware, it's keeping them from leveraging the benefits of the same.
Section 31 of the CGST Act 2017 states that a tax invoice or bill of supply has to be generated for each transaction of supply of goods and services. Moreover, it can either be generated by the person supplying such goods or services or by the registered receiver.
As per GST rules, the generation of a tax invoice is essential because it testifies to such a transaction, It is also considered an essential document for the receiver of goods, to avail of Input Tax Credit.
A GST-compliant tax invoice is a mandate for businesses engaging in buying or selling goods or services at any level. Companies that are still relying on the paper-pen process, and do not have GST e-invoicing software, may soon have to pay hefty legal penalties, which can be as high as 10% of their total unpaid tax.
In this article, we will walk you through the five best GST billing and invoicing software, along with the pros, cons, and features of each software. This will help you in making a well-informed decision about the best GST invoice software.
Best GST Billing and Invoice Software
If you've made it to this point in the article, we believe you're ready to move forward from the initial stage of awareness about GST billing. If you're looking for more insights into various software alternatives in order to reach a decision, let us help you:
TranZact
TranZact is a business automation tool enabling end-to-end digitization for manufacturing businesses. Along with its core business solutions, it offers seamless invoice automation, GST-invoicing and documentation solutions.
Features:
- TranZact assists you in creating purchase orders, sale orders, goods received notes, and challans, apart from GST-compliant invoices.
- The software automates email notifications and alerts the other party to the transaction, via mail in real time.
- The tool allows you to track orders effortlessly and automatically modifies inventory based on incoming and outgoing supplies, and invoices.
- It also supports effective production cycles, with multilevel bill of material and planning supervision.
- TranZact also offers integrated production, inventory and material requirement planning tools in addition to offering business intelligence and reporting solutions.
Pros:
- TranZact provides Tally integration for seamless accounting data inflow, along with Excel and other integrations for business convenience.
- The software was specifically created to cater to the needs of SMEs, which is why its base features come with a free plan. This makes it a cost-effective software for businesses to try for an unlimited period.
- Besides being a free GST invoice software, TranZact is a solution that believes in integration and can be easily integrated with other applications.
- It's easy to use, safe to deploy and has a quick implementation time of 7 days only. Undoubtedly, it is one of the best GST invoice software in India, especially for SMEs.
myBillBook
myBillBook is an invoicing software that enables you to perform several billing related tasks, such as sending payment reminders to clients and tracking invoice status.
Features:
- The software automates processes such as invoicing, accounting, tracking, etc.
- It provides an inventory management tool that assists in maintaining optimum levels of inventory within organizations.
- It supports cloud, android, and windows deployments and automates SMS and WhatsApp alerts.
Pros:
- Ideal for someone looking only for invoice automation functionality.
- It offers automated data backup along with active customer support.
Cons:
- Does not provide adequate integration support.
- Does not offer other functionalities needed for an SME on a single platform.
Zoho Books
Zoho Books is a software that automates generation of GST-compliant invoices and assists in notifying other parties involved in the process.
Features:
- Zoho Books enables real-time tracking of projects.
- It supports a number of payment options.
- Data reporting helps you plan your initiatives appropriately.
Pros:
- In addition to managing GST input credits, the software also helps with inventory management.
- Accounts are updated automatically via bank transaction entries.
Cons:
- Customer support is not active.
- No freemium plans are available.
Genie Books
Genie Books is a cloud-based software that helps small and medium enterprises to create and manage GST-compliant documents such as invoices.
Features:
- It offers inventory management and API integration.
- It supports recording and tracking of compliances.
Pros:
- Offers effective automation and comes with an active customer support.
Cons:
- Their paid package is quite expensive, given their limited functionalities.
Cygnet GSP
Cygnet GSP is an on-premise software offering solutions for GST compliance-related problems. It automates the creation and filing of returns.
Features:
- It enables users to create and file GST returns automatically.
- The tool assists in the creation of invoices and e-way bills.
- It also allows integration with ERP, Tally, Oracle.
Pros:
- It offers effective integration for efficiency in business processes.
- Timely call and email customer support.
Cons:
- Only compatible on desktops, with data stored on local servers.
- It offers quote-based pricing.
What Is a GST Invoice Software?
A software that assists companies in automating the creation and processing of GST-compliant documents, such as invoices, returns, e-way bills and other similar documents, is known as a GST invoice software.
The best free GST invoice software will assist you in tasks such as compliance data storage, and transferring the same from software to government portals as and when required. It will also protect the information from external security threats.
Such software will help you securely manage your documents in a digitized manner without posing a risk to your business. You will also be saved from paying unnecessary penalties due to a non-compliant and inefficient system.
Why and Who Needs a GST Billing and Invoice Software?
Every SME manufacturing business needs a professional GST billing and invoice software, as every business is involved with GST tax calculation, tax return filing and GST invoicing.
The process of GST invoicing is complex because of the many mandatory rules one must comply with. A manual process is inefficient and can pose high legal and financial risks for your business.
One of the many reasons companies need to switch to an automated process is the ease of process. As mentioned earlier, companies have to merge their GST-related data over government platforms, which can become a time-consuming activity when performed manually for several transactions.
Another major reason companies are actively looking out to automate is, because GST mandates are very stringent and include a lot of paperwork. Moreover, data security has also evolved as a significant concern for companies over time.
Today, no organization is willing to pay the price that comes with a breach; thus, a trusted, free online GST invoice software turns out to be the best option!
How to Choose the Best GST Invoice Software?
While choosing the best GST billing software for small business, make sure to look for these functionalities:
- Security features are extremely important since you don't want your company's data to get breached or fall prey to third party vulnerabilities.
- Integration between accounting and other business modules is also an important requirement. It helps to automate all processes and improves efficiency while handling GST billing and related documents.
- It is also suggested to go for an easy-to-use software, to ensure your company's employees learn it easily without any major interruptions. This way, you won't need a budget to schedule learning workshops and you can save time and money.
Automate GST Billing and Invoicing for SMEs
All business initiatives should ultimately reduce costs and drive profit. Automation, when designed thoughtfully, helps your business to scale profitably. Automation for regulatory billing and other activities such as inventory management, production management, forecasting and analyzing, and more, drives significant value.
As a free online GST invoice software, TranZact helps you to achieve all this and more by simplifying and automating GST documentation, billing and invoicing!
FAQs on Best GST Billing and Invoice Software
1. Which is the best free GST invoice software?
When choosing software for GST billing automation, it's important to consider ease of GST documentation and invoicing for small businesses. You must also be assured of the data security aspects of the tool.
Further, it's also important to consider integration functionalities of the GST invoice tool with accounting and other modules to ensure ease of invoice management.
If your GST invoice software can also provide added capabilities like automated inventory management, real-time status tracking of purchase orders, and notification features like TranZact, it will make your business significantly more productive.
TranZact is built on AWS web services, by Indian engineers for Indian SMEs. It offers 100% data security, making it a trustworthy and best free GST invoice software.
It also offers a free sign up to the tool, for an unlimited period, enabling SME business owners to explore TranZact for free, for as long as they would like. They can upgrade to paid features only when they are ready.
