What Are The Qualities Of The Best Accounting Software For A Small Business?
GST is a consumption tax imposed on the supply of all goods and services made in Malaysia except specific goods and services that are categorized under zero rated supply. It is a multi stage tax that is imposed at each stage of the supply chain. Tax amount does not become part of your cost because you can claim for GST refund if your input tax claimed exceeds output tax collected.
GST software Malaysia is developed to help users meet their GST obligations. This records and keeps track of your business transactions to comply with GST. It can generate necessary reports for Audit. Every company has to choose the right type of software according to their business size and required features to manage GST efficiently.
Create New Tax Codes:
Accounting software for Malaysian companies comes with the Malaysian GST tax codes along with their tax rates to ensure that GST software in Malaysia can calculate right values for the transactions. It is capable of dealing with tax exempt transactions and zero rated transactions.
GST Ready Invoices:
GST software of Malaysia possesses all the relevant features required by Customs Malaysia regulations to generate GST ready invoices.
GST Audit File:
GST Audit File is used to produce a data file containing information of supplies, purchases, general ledger transactions etc. GST software Malaysia contains this feature to produce GAF report as per requirement of Royal Malaysian Customs Regulations.
Monitor Cash Flow:
Accounting software enables users to track Input tax paid and output tax collected to prevent any problem of cash flow. This feature helps business owners when they need to remit the net GST to the Government.
Generate Reports:
Accounting software generates reports that help the reviewer in identifying potential problem areas. It allows getting report showing all transactions and tax reconciliation report to view the tax charged for a period with the amounts in the ledger accounts.
Conclusion:
GST Accounting software is mandatory to run business efficiently and to manage cash flow according to the Customs Malaysian regulations. Businesses need to purchase GST software in Malaysia for their business operations. GST accounting software ensures that GST returns are correctly submitted.
Choose a reliable company to purchase accounting software for your business. We offer GST software in Malaysia that is suitable for small businesses. It allows monitoring you business cash flow and can provide accurate GST calculations, GAF audit file, GST reconciliation etc. If you want to get quality software for your small business, contact us today.
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