Small business owners are often overloaded with tons of activities revolving around their business, and they have very little time left for managing cash flows or scratching their heads on companys finances. On the other hand, mismanaging your companys funds might lead to total failure of your business. Even though you have the brightest…
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It is no news that the implementation of the GST (Goods and service tax) will pose some major advantages and a few disadvantages to the services industry. Many service businesses will face a lot of changes over the years as they try to conform to the introduction of this new taxation system and we…
DetailsUsing cloud technologies is crucial in today’s digital age. We at ProfitBooks encourage cloud technologies and computing more than anybody. Since we’re a cloud accounting software, we practice what we preach. Almost all companies are switching to cloud technologies, as it’s, simply put, a lot more efficient. Individuals don’t need to use local storage and…
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Here is a quick guide on how to file GSTR 1 from ProfitBooks. GSTR 1 return is used to upload your sales data to the GSTN portal. Every tax payer needs to report following things: Invoice summary (Types of invoices, Credit Notes, Advance Receipts, etc) Summary of documents issued (Documents such as invoices, credit notes…
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In earlier articles, we’ve covered various aspects of Goods And Services Tax, how to create a GST invoice and finally how to file GST Returns. Now, once you file the returns, it becomes little tricky to make changes to the transactions of that particular month – specially Invoices. But we are humans and changes…
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After a decade of debates, amendments, discussions, and varied opinions, India is all set for the implementation of GST Laws, which is a historic move by the government of India. The One Nation, One Tax is the core reason for the GST rollout, making way for GST software to emerge. It is a simplified, yet…
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With the introduction of the Goods And Service Tax in India, a lot of new changes have taken place. In as much as there are some few negatives ones, the majority of changes are positive and ideal for many businesses. The introduction of GST can be considered as India’s biggest and best tax reform of…
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Most Indian businesses have started complying with GST after 1st July 2017. Now, invoices and bills are being raised in the GST format. After the initial glitches in filing monthly returns, Government has taken various steps to simplify GST Return Filing. Tax authorities had introduced a simple return form called as GSTR 3B. This has to…
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Every month suppliers will be required to upload their invoices to GSTN portal and those will be matched with the purchases from customers. So, invoice matching is going to be a monthly affair for businesses. Use of IT systems for bookkeeping and tax compliance work will be seen even in many small and medium…
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