Tax compliance is one of the most important things businesses have to look after these days. The implementation of goods and services tax has paved the way for a fair and simple tax regime, and every organisation can reap its benefits by being focussed towards their taxation procedures and refining the accounting practices.
Maintaining the tax records and timely filing is a tedious task, and it’s hard to come up with the time and effort to make it work as an entrepreneur. Business owners have to work their way around to manage the filing and tracking of GST returns along with managing the business tasks and expansion plans.
If you are stuck between filing taxes and doing business, then automating the taxes is the only solution to optimise the process.
The Problem With Manual Tax Filing
Most of the organisations from large enterprises to small scale businesses are working to replace the age-old system of manually entering the data of every transaction into invoices and tax forms. Not only does it take plenty of time, but there is always a possibility of human error while entering the data.
Since gst filing and other tax compliances require complete and correct information for processing and can get rejected for the erroneous data, it is better to take leverage of the tax automation tools available in the market.
How Automation Tools Can Help
Businesses can use automation tools to record the data entered manually on the forms and store them in a searchable format. Other crucial tasks like e-signing the papers with digital signature certificates and maintaining the workflow are embedded in the systems.
The automation tools in the market have custom made interactive dashboards that facilitate GSTR preparation and tax filing. As the tools work with the cloud, there can be no data loss. Some of the tools can also be accessed from mobile phones and make it easier for checking the process anytime, anywhere.
The tax process automation can help a business owner by:
- Utilising the tax exemptions available to them, thereby maximising their profits and savings
- Fulfilling the tax obligations as per the guidelines by the tax authorities
Automation tools can optimise the taxation process by working on accounting from the start by punching the numbers and maintaining the books in an organised manner.
Benefits Of Tax Automated System
Advancing to a tax automation system can be beneficial in many ways, as listed below:
- Managing the bookkeeping in an accurate and timely manner
- Organising the receipts and invoices in a readable format
- Executing the financial numbers faster
- Resources Optimisation by removing the manual process and minimising the errors in data
- Utilising the tax exemptions and aligning with the obligations
- Small businesses can result in higher savings which can be utilised in business growth and expansion
EmSigner For GST Paperwork
Organisations with a heavy load of maintaining taxation usually face the problems of workflow management, process optimisation and securing the GST paperwork. There are a number of papers to be moved from one department to another and requires multiple authorities to verify and sign the documents. Optimising the workflow process in such an organisation is a crucial factor, and automation tools like emSigner can be incredibly useful.
emSigner is an advanced automated tool for digitally signing the documents and workflow approval system to optimise the online management of paperwork. It is a tamper-proof system wherein the whole process from uploading the document to final execution can be tracked.
It gives an organisation power to manage their GST paperwork and create workflows for smooth execution of the tax filing and tracking. Every signatory in the workflow can check the process and track the changes made in the paperwork. The authorities use their digital signatures captured by the tool to sign the documents and process it further.
In the new tax regime, it is imperative to focus on risk management, and every business should be accountable for correct and proper tax filing. Automation tools can help businesses in the reconciliation of invoices, tracking the corrections, report generation, report comparison, and monitoring the GST returns.
Tax automation is the first step in making the nation tax compliant. With the right tools in place, it becomes easier to log every transaction, which reduces the reliance and dependency on manual efforts.