The latest buzz word is the introduction of GST and Retail POS has undergone a sea of changes to accommodate this addition. This major tax reform has eliminated indirect taxes and all types of industries will be affected. Several months have already passed since the introduction of GST, and if you have not taken necessary steps to be ‘GST’ (read just) ready, this article will help you.
Whether you own a luxury hotel or a fast-food chain, your restaurant billing software should be upgraded to the latest version. Here are few points to help you get started.
Revamp existing systems-Your company or business has to understand the effect of GST on all legal and accounting systems. Once a report is ready, you can choose to alter the entire system or replace the existing one with a new module. It is a good idea to get in touch with a multi-national company who can ease your task.
Understand how the system works– Most of the corporate firms that have operations spread across different countries will have knowledge about the Indian GST. Companies can prepare themselves GST-ready by doing a research or understanding how their counterparts work with regard to the implementation of a single, direct tax.
Set a target– It is a challenging task to reboot your system to make way for the new software. Set realistic targets so you can keep a tab on the progress.
Educate your employees on the changes– Without going berserk over the new tax, you must start off by explaining to your employees and team the need for a single tax. Talk to them about its various benefits and how your business will change to blend with the new tax. If you are unclear on this topic, get an expert to deliver a talk about GST and its advantages.
Seek help– Large businesses will need time to familiarise themselves with the new tax implementation. You can get in touch with the finance ministry or chambers of commerce to ensure you do not miss out on the finer details. Keep a handy reference regarding all the rules and regulations needed for the GST preparation.
When you visit a restaurant or a coffee shop after the introduction of GST, you will see plenty of changes. The restaurant management software should be modified to print the central and state GST. Further, your restaurant is divided into AC and non-AC category.
Earlier, your software would calculate the total amount taking into consideration service tax and VAT. With the introduction of the new tax, your software should compute a single bill which includes the service taxes levied by the restaurant.
With proper training and education, you can transform this process into a cakewalk and ease the worries.