Practical Guide: How to Set Up GST Billing Software 

Is your business in the process of migrating to GST billing software? Have you chosen your new billing software? If so, the next step is to configure it. This blog will guide you through the straightforward and manageable process of setting up your new GST billing software. Stay with us and feel reassured in your ability to handle this transition with ease! 

Difference Types of Bills Under GST 

Before diving into the setup process, let’s explore the exciting world of GST 

bills. These are the different types of bills that you’ll encounter under GST, each serving a unique purpose in facilitating transactions between businesses: 

Tax invoice 

This is the most commonly used invoice type under GST to validate the sale of goods or services. 

Revised invoice 

It is issued by the seller as a rectified version of the original invoice. 

Receipt Voucher 

It is issued when an advance payment is received for goods or services rendered. 

Refund Voucher 

It is used when goods or services are not consumed against advance payment received. 

Bill of Supply 

It is employed when selling exempted goods, services, or transactions with composition scheme dealers.

Credit note 

Issued when the invoice amount is decreased due to the return of goods or adjustments 

Debit note 

Issued when the invoice is increased, serving as the opposite of a credit note

Step-by-Step Procedure Set Up Your GST Billing Software 

When you subscribe to any GST billing software, you must set it up to meet your business requirements. To do so, here are the steps which you have to follow. These steps are crucial in ensuring that your software is configured correctly and ready to use for your business: 

Step#1 Configuration 

The first step in setting up GST billing software is configuration. In this step, you have to do the following: 

1. Sign up to your billing software
2. If the software is terminal-based, download and install the software. In the case of cloud-based, log-in 
3. Update company information pertaining to GST 
4. Set up payment terms 

Step#2 Update Customers Data 

Feeding customers’ data in the GST billing software will help you generate bills quickly. Following are the data fields that you must update: 

1. Customer name 
2. Business address (if applicable) 
3. GSTN (if applicable) 
4. Contact Information – Mobile no. & email address 
5. Delivery address (if applicable)
6. Billing preference (if any) 

All this information will help you quickly generate customized and error-free invoices for each customer. 

Step#3 Update Product/Service Information 

To make your GST billing process faster, you also need to update your product/service details. To do so, the following information is required: 

1. Name of the product/service 
2. HSN/SAC Code 
3. GST rate 
4. Product/service description 
5. Discount (if any)

Step#4 Generate Invoices Like a Pro 

After updating customer data on your new GST billing software, you can generate invoices based on the fed data, which speeds up the process by reducing manual data entry steps. Try generating an invoice and see how it works. 

Step#5 Generating E-invoice & E-way Bills 

If your business requires you to generate e-invoices and e-way bills, GST billing software can significantly help. Most GST billing software generates e-invoices with just one click, so it won’t take much of your time. 

Step#6 Sales Analytics 

Record and analyze sales numbers to foresee your business’s growth and plan procurement and production accordingly. This is where the analytical tool in digital billing software comes in handy. It helps you plan in advance by providing insights into your sales performance and trends. 

Why Should You Subscribe to GST Billing Software? 

Reason #1 Generate Multiple Invoice in One Go 

Businesses are continually seeking solutions that streamline operations and save time. GST billing software is one such solution. It enables you to generate multiple invoices in one go, freeing up your time for more strategic tasks. This is how you can alleviate some of the burdens of your business operations and focus on what matters most—building your business strategy. Imagine the potential improvements in your business operations with this exciting tool! 

Reason #2 Deliver Invoice Electronically 

Having GST billing software not only generates invoices but also relieves additional burdens, like mailing invoices from your head. Some software has a read recipient, automatic remainder, and built-in payment gateway features. 

Reason #3 Manage Expenses Closely 

Modern GST billing software can track expenses. This facility allows you to keep a sharp eye on accounts payables, generate detailed reports, and cut down on unnecessary costs. 

Reason #4 Stores Customer Data Safely 

Whether your GST billing software is online or offline, it prioritizes the security of your customers’ data. You can confidently store and manage this data using the new billing software or import it from your old billing system, knowing it is safe and protected. Rest assured, your data is in safe hands with our secure billing software. 

Over To You 

After reading this blog, we hope you understand how to set up GST billing software for your business. If you’re ready to take the next step and set up your software, we’re here to help. If you are looking forward to switching your GST accounting software, you must consider Munim. 

Munim’s GST accounting software has various features to help you manage your business effectively. Get in touch with us today to learn more! 

Frequently asked questions on GST Billing Software. 

How do I start the GST billing process? 

Following are the steps to draft the GST billing process: 

Step 1: Select a template 

Step 2: Set invoice number as per your company standard 

Step 3: Update customer information 

Step 4: Add product/service details 

Step 5: Calculate the grand total, including the applicable GST slab 

Can I give a bill without GST?

No, you cannot issue an invoice without levying GST. 

What is the cost per invoice? 

The cost per invoice is an important metric that businesses use to understand their invoicing costs. It is calculated by dividing the total expense incurred by the Accounts Payable department by the total number of invoices generated by the department in the given time period. This metric can help you identify areas where you can reduce costs and improve efficiency in your invoicing process.