How to choose a tool or software to reconcile faster and ensure 100% compliance?
Answers
Answer:
♠ The system should be real-time and proactive. A seamless integration to bring the invoice for reconciliation and real-time automatic application of pre-defined rules will help.
Explanation:
➲ Proactive reminders and automatics to reduce human intervention will also make the system more efficient.
⇒ The tool should be able to handle a massive amount of data.
It should make it easy for the business owner to get data into the system for reconciliation and also take it back to his ERP post- GST reconciliation. A seamless integration here would help. It should be able to get the data into the reconciliation system from any kind of source – ERP, Excel, bill books, etc.,
⇒ It should be able to provide deep reporting and insights which can help answer the pain points above.
Overall, it should also make the whole process month over month seamless and largely efficient that the business owner does not feel a burden.
⇒ It should allow for easy data sharing and collaboration between the business owner and his accountant(s).
⇒ Given the Government GST rules might keep changing over time, the system should have the ability to evolve fast and in-line with Govt. changes. This will abstract the real problem away from the business owner and make it still seamless for them.
⇒ It must be extremely intelligent to handle any case of missing/wrong information. It can be wrong dates, wrong invoice numbers, missing items, wrong tax rate, wrong sale value and a lot more. The system should be able to provide the most effective reconciliation in all such scenarios.
⇒ The system should be real-time and proactive. A seamless integration to bring the invoice for reconciliation and real-time automatic application of pre-defined rules will help.
⇒ Proactive reminders and automatics to reduce human intervention will also make the system more efficient.
Answer:
Explanation:
The system should be real-time and proactive. A seamless integration to bring the invoice for reconciliation and real-time automatic application of pre-defined rules will help.