People who belong to creative and science fields, and don’t have an accounting background, are known as non-accountants. Therefore, they often face problems while filing GST and tracking finance on a daily basis. But now with Artificial Intelligence (AI), this problem can be solved.
In this article, we will see what challenges non-accountants face while filing GST and tracking finances, and what AI tools can be helpful to them.
Importance of Filing GST and Tracking Finances
- Saves from penalty and maintains credibility
- Reducing the tax credit
- Getting business loans faster
- Tracking cash flows, profits, and expenses
After knowing the importance of filing GST and tracking finances. Let’s move to challenges non-accountants face while filing GST & tracking their finances.
Challenges Non-Accountants face while filing GST & Track Finances
- Limited accounting knowledge: Non-accountants without accounting knowledge have to pay a huge penalty just for a duplicate transaction or a silly mistake of adding a zero.
- Time constraints: Non-accountants, especially from creative and scientific fields, have no time to check or focus on their financial health or GST filing. Because those people are the busiest ones in their work and have to practice critical thinking in their line of work.
- GST laws are changing: GST rules change time and again. Sometimes tax percentage is high or low due to the RBI repo rate. Given that, non-accountants are not updated with this knowledge due to a hectic schedule. Hence, they face consequences and suffer a huge financial loss.
- Error is equal to penalty: The non-accountants are exploited more in this financial system than any other person because they don’t know how to avoid tax legally without hassle or engaging in a legal battle.
Hence, the important question is how AI can help non-accountants for financial security and how they can use AI for GST and financial aspects.
How AI Tools Can Help Non-Accountants To File GST & Track Finances
- Error Identification
- Daily Reminders
- Data Entry
- Categorization
We came to know how AI Tools can help Non-accountants. But wait, what are the best AI tools for GST filing and financial tracking? Let’s see then.
Best AI Tools for GST Filing and Finances
1. TaxBuddy
TaxBuddy is an AI-powered platform that simplifies tax filing with both self-service and expert assistance, making it accessible for individuals and businesses. Its comprehensive services, ease of use, and affordability make it a standout choice for tax management.
2. MyBillBook
MyBillBook is a comprehensive billing and accounting software designed specifically for small and medium-sized businesses (SMBs) in India. Developed by FloBiz, it streamlines invoicing, inventory management, and GST compliance, making business operations more efficient and organised.
3. ZipBooks
ZipBooks is a cloud-based accounting software designed to simplify financial management for small businesses and freelancers. It offers a free plan with features like unlimited invoicing, expense tracking, and basic reporting, along with paid plans that include advanced functionalities such as recurring billing, time tracking, and smart tagging.
4. Khatabook
It is an Android App enabling businesses to digitally record the credit they extend to customers. As more businesses are adopting digital for business than ever before, Khatabook’s goal can be summed up simply – Empowering merchants by simplifying their business.
5. Vyapar
Vyapar software provides comprehensive product description data to help businesses manage their inventory efficiently. It includes details such as the product name, SKU (Stock Keeping Unit) for easy identification, and HSN/SAC codes for GST compliance. The software also records the unit of measurement, such as pieces, kilograms, or litres, ensuring accurate stock tracking.
Final Thoughts
AI is necessary for non-accountants to operate smoothly in their lives with secure financial transactions without worrying about financial fraud, government’s GST hurdles and tax authorities looming over businesses. Hence, accepting AI as a smart financial partner is not a bad move. In fact, it is a futuristic step to learn and grow in the accounting world without a degree or course.
FAQs
1. Are AI tools costly for small businesses?
There are some less expensive AI tools, especially for small businesses. But you need a solid and cost-effective strategy for finding unpopular AI tools for business on different platforms.
2. Can AI tools help me if I have zero accounting knowledge?
Yes, there are many helpful accounting AI tools designed for non-accountants like you. Some AI tools have a tally plugin, and in a few steps, you can easily record your transactions there.
3. Which is the best free AI tool for small business owners to file GST?
Vyapar GST Software is a free-forever AI accounting and billing tool that is quite helpful for non-accountants because it is mobile-friendly and works even when small business owners or non-accountants are offline.
4. How do AI tools calculate Input Tax Credit (ITC)?
Firstly, AI tools extract data from the given information for data entry with Optical Character Recognition (OCR) and Machine Learning (ML) features. After that, these AI tools can identify a mismatch and missing (transaction statement irreconcilability in accounting language) in invoices/details that minimise the chance of human transactional mistakes. Furthermore, AI tools can pop up suggestions for better data replacement.
5. Can I file GST returns for multiple businesses with the same AI tool?
Yes, you can. So that you don’t have to worry about your transactional data leaks. One AI tool that has a cloud backup will do so because of a sync feature.
6. Is there an AI tool to capture your receipts and do bookkeeping and statements that is reliable, practical, and easy?
Karbon is a really good one for capturing your receipts and doing bookkeeping and statements in an easy manner without worry.
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