Had enough of late GST submission? Engage a reliable tax consultant, some might say. Correct, but you’re still being dependent on someone else. What can you do on your end instead? Let me share with you three points to note to avoid being tardy on your GST submission. We’re a huge fan of efficiency and saving your money on GST penalties.
Adopting a POS system is a start. I’m sure business owners like you would agree to some extent that POS serves like a vein for your business. The one that channels the blood to other organs in the company. In today’s business standard, a point-of-sales system has evolved into a retail management system and it encompasses a wider range of business scope like inventory, supplier record and barcoding among others.
A good POS system can provide you with an accurate and real-time data, an upgradable and no-frills security feature that comes with a reliable and fast customer support experience. Because you can be spoilt for choices, choosing the right tools and customising it accordingly to your needs are imperative.
A very organized and up-to-date account book is the second point I like to highlight. Generally, what matters most for GST is how much a business is charged for and how a business is charging GST to their customer. The difference between those two will determine the basis of your GST filing and submission.
Hence, a very well maintained and efficient bookkeeping practice must be put in place. Being a cloud based system ourselves, I can’t help but to reiterate the effectiveness of using Xero as the #1 accounting and bookkeeping solution. Learn more HERE.
Utilising an automated filing and submission of your GST is second to none for a timely GST filing and submission. With an effortless POS system automating your day-to-day sales points, the implementation of a very well maintained bookkeeping system, it’s time to look at a simpler, smarter taxing. This is where SmartTax comes in the picture.
In a nutshell, SmartTax is an add-on feature that integrates with Xero accounting system to file and submit your GST – simpler, smarter, faster. Sign-up for a 14 days no-commitment, no-credit card trial. Get in touch with us if you need more information. We’re thrilled to help you.