In the past, firms lacked a thorough understanding of the procurement procedure. But now, even small to medium sized businesses are considering to implement a procurement software that helps them generate procurement ROI.

Purpose of measuring procurement ROI

Procurement is an essential component of production and manufacturing organizations. But sadly, the world is presently experiencing a period of instability during which losses are escalating and businesses have to stay up to date and technologically advanced. At this point, purchase managers must prioritise maximising procurement ROI.

The procurement department's spending is compared to the overall financial and operational savings it produces for the entire company, as opposed to traditional ROI, which is evaluated simply on sales. Businesses have been forced to examine their thinking and processes in great detail because of the financial and market instability. The ability to maintain financial stability in the face of uncertainty makes ROI one of the fundamental needs.

Methods to calculate procurement ROI

1. Total Cost Per Invoice: This process includes dividing the overall expenditures of the account payable division by the number of invoices received on a monthly or annual basis.
2. Total Paper Check Payments And Cost Per Payment: This includes every staff member's time spent doing check runs and handling returned checks.
3. Total Rebates Achieved: This provides a summary of the discounts acquired from the vendors and whether you should renegotiate the contract terms and conditions.
4. Amount of Catalog Compliance: This will reveal to you how your staff members are locating and making requests for the things they need. If this number is significant, online catalogues can help you save money.
5. Length of Purchase Cycle: This makes it easier for you to estimate how long it will take for your payments to clear once you place your order. This might help you identify areas where delays are occurring and cost-saving opportunities exist.

All firms have a different procurement process since requirements are different. Each industry has its own set of specifications, so it will have a distinct procurement procedure than another business that has different standards.

Here are the few ways to accelerate procurement ROI:

1. Create Standards For Procurement Management

Create a solid procurement management framework before you can begin to fix any bottlenecks in your procurement process.

You should take a step back and examine how sourcing works in your company if you don't currently have a procurement management strategy in place or if it hasn't been updated in a while.

Your framework for procurement management should establish rules for:

1. Keeping track of and approving purchase requests
2. Managing suppliers and contract negotiations
3. Establishing a three-way match and quality management
4. Payment and Invoicing
5. Record keeping

Do not be misled; this is not a quick process. You must examine your procurement practises in depth, create workflow diagrams, and create standard operating procedures.

Best practises for procurement procedures necessitate a strong management foundation.

2. Measurable Procurement Metrics

One of the most important factors in estimating the profitability of a specific growth strategy or investment is return on investment. When comparing the expenditures of the procurement function with the overall financial and operational savings it generates, procurement KPIs can be calculated at a greater extent. Finding those data across all departments is more difficult. Set rigorous requirements for all vendors, including the most reliable ones. Assess performance to be determine whether the expectations are being met through procurement KPIs.

3. Implement Digital Contract Management

The procurement cycle revolves around contract management. Reviews, invoices, and purchase orders all include a trial period. However, this trial need not always be on paper.

In order to reduce risk and increase transparency, businesses need to move contract management workflow to the cloud to maintain procurement ROI. A unified, readily available procurement software that can save your business money while securely maintaining your procurement papers is made possible via the cloud.

4. Automate Procurement Processes

Unproductive procurement costs businesses lots of money. Efficiency will help your company save time and money while allowing you to concentrate more on your clients.

Customer satisfaction rises as a result. However, you must automate your procurement process if you want to achieve levels of efficiency that will produce a significant procurement ROI.

5. Make Transparency In Sourcing A Top Priority

At any time of their journey, your team members need to be able to view documents, purchase orders, and specifications in real-time. Your teams will be kept in the dark if you don't have a procurement system that offers visibility and crucial metrics that measure procurement ROI.

Utilize a single platform to control your vendor monitoring, billing, and purchasing. This guarantees clear communication and responsibility for both the buyer and the seller at every level of the procurement process enabling improved procurement KPI.

Your team will be able to access the data analytics they require from a single system to benefit from discounts, prevent late or duplicate payments, and maintain vendor satisfaction.

Better recordkeeping, strategic purchasing methods, and lower procurement costs are all ensured through transparency. However, it cannot be accomplished by a number of incompatible systems operating inconsistently. To achieve that, you require a solitary procurement software.

6. Maintain Supplier Relationships

For purchases, procurement departments who do not yet use procurement software frequently look through their catalogue of previously reliable vendors. It is difficult for these businesses to get the appropriate information that they can rely on, so they are unable to explore the market further and find the greatest offers for their needs in terms of goods and services.

With procurement ROI through automation, we can reach out and compare several vendors in one shot to obtain business negotiations that will result in more savings.

This in turn also allows businesses to assess vendor performance through significant procurement KPIs which gives them a clear picture on the vendors that deliver what is expected of them and the ones that do not. Due to the error-free operations provided by procurement automation, you may lower contract add-on costs and boost the level of confidence in the whole procurement process.

7. Improved Decision-Making

There are more opportunities for negotiation and obtaining deals with reduced purchasing costs without sacrificing quality when all of the suppliers' information and expenses are available. The vendor data enables better decision-making in support of the company's finances and focusing on procurement ROI.

Procurement in any business has a direct influence on the overall savings. A streamlined procurement procedure makes it feasible to buy high-quality products at affordable prices. The procurement source-to-pay process includes steps including vendor evaluation, contracting, supplier identification, and payment for products provided. 

What is Source to pay?

The source to pay process (S2P) comprises of all the procurement tasks that involve the vendor and the organization. The initial phase in the source-to-pay process is choosing the best supplier, and the final step is paying the provider. The entire sourcing and procurement process for identifying, assessing, and negotiating with suppliers of goods or services, finalizing contracts with vendor payment, is another way to define the source to pay concept.

The source-to-pay process involves tactical procurement tasks like spending assessment, purchasing, contract management, and supplier management as well as concluding tasks like purchase order processing, electronic procurement, accounts payable, invoice automation, and payment processes.

When is a source-to-pay system used by a company?

A source-to-pay system might be helpful for organizations that need to evaluate new vendors who offer better purchasing terms, lower costs, or new commodities that are not supplied by existing vendors.

What are the advantages of a source-to-pay system for your business?

The benefits of a source-to-pay system are:

1. Centralizes the whole supply chain to increase the efficiency of procurement

2. Creates a single sourcing platform that combines key procurement processes

3. Promotes adherence to regulations, contracts, and procedures

4. Aids in improving the consistency and accuracy of business forecasting

5. Facilitates accurate expenditure analysis

6. Collaboration between suppliers and businesses is improved

7. Assesses supplier performance against standards and benchmarks such as pricing, deliveries, invoicing cycle time and other crucial performance indicators.

A streamlined source-to-pay procedure improves spending and procurement visibility. Source to Pay combines purchases across business units rather than treating procurement as a collection of unrelated jobs in order to boost performance, create business value, and enhance expenditure analysis.

Standard Source to Pay process flow

Source-to-pay process can be laborious and time-consuming without a sound plan. The source-to-pay life cycle includes the processes listed below:

1) Discovering Suppliers:

Finding potential suppliers is the first phase in the S2P lifecycle. Researching the market extensively is necessary to select the ideal supplier. The sourcing team members will send out the RFIs (requests for information), RFPs (requests for proposals), and probably RFQs (requests for quotes) to prospective vendors. Some businesses utilise templates to quickly collect vendor information. E-auctions are a commonly used strategy that sourcing teams use to find the greatest prices on products and raw materials. E-auctioning is a more efficient way to find reputable and cost-effective vendors.

2) Evaluation and Screening of Vendors:

The RFX vendor data and the e-auction results aid the sourcing team in screening the vendors to identify good matches. Finding the right balance between product affordability and making a profit is the key to effective sourcing. For the business to turn a profit, the raw materials must be affordable. Suppliers are assessed based on their pricing, minimum order quantities, delivery timeframes, and other criteria in addition to their quality. Negotiations happens once the sourcing team selects the ideal buyer.

3) Contracting and Negotiating:

The sourcing team may choose to work with only two or three vendors after analysing the vendor information from multiple vendors. The goal of the contracting and negotiation process is to select the best provider. Businesses are constantly looking for methods to keep production costs low throughout the supply chain, and the ideal place to do so is during the sourcing stage. Purchasing costs for goods can be significantly reduced when larger quantities are sourced. Contracts must be issued after a specific price and order volume evaluation.

4) Purchase Order:

According to the agreed upon cost and quantity of the items, the purchase order is issued. The purchase order becomes a legal document once the vendor accepts it. It includes every clause of the agreement between the business and the vendor.

5) Products Delivery and Payment:

This completes the source-to-pay procedure. To guarantee that the received items are in accordance with the purchase order, the information in the goods received note is compared to that in the PO. At this point, the quality of the received goods is also examined. Payment to the seller is processed once the verification is finished. As per the business requirements, a shipping and payment process is set up to make sure verification and on-time payment and delivery. The timely delivery of raw materials and the continuity of production operations are ensured by adhering to a delivery and payment schedule.

The complete source-to-pay process can be efficiently automated with cloud procurement software, which saves time as well as effort. An extensive range of functions is provided by a source-to-pay software throughout the procurement cycle.

Automating the Source to Pay Cycle

Nearly half of the source-to-pay process might be efficiently automated using current technologies. By removing duplication and redundancy, the numerous source-to-pay products on the market are intended to streamline the source-to-pay process. The S2P solutions contribute to higher savings, lower prices, and more chances to investigate new value-add sources. As per the McKinsey reports, digitizing the source-to-pay process can decrease spending by almost 3.5%. The scope for automating the complete source-to-pay procedure is about 56% of the tasks in the workflow.

The more transactional aspects of the S2P process, especially the placing and receiving of orders, were determined to have the greatest potential for automation. Around 88% of the tasks can be digitized and about 93% of the activities in payment processing. Additionally, 47% of the supplier selection workflow and negotiation activities can be automated.

An important business decision is selecting the appropriate automation technologies for the source-to-contract process flow.

The first and most crucial step for businesses is to decide which processes of the procurement process can be completely automated. For each task in the source-to-pay process, it is important to determine the level of automation that is currently in place and to correlate it to what is technically feasible. The team can calculate the benefit of bridging this gap. The analysis is based on changes in compliance, cycle durations, and payment conditions at each step, as well as the number of tasks that can be automated. Businesses that are considering automation should make careful and targeted decisions on using the right technology for digitising the S2P workflow because the digital world is always changing.

Most of the organization strives to be a reliable business for their customers, which can only be achieved by delivering quality products on time. Efficient inventory management allows you to meet rising demand while also increasing your credibility.
However, firms fail to keep up with stock requirements and inventory analysis. These inventory management challenges can severely disrupt business functioning, so let’s discuss some of them and how we can solve them with a robust inventory management software. 

Why is inventory management a challenge?

Inventory management checks are labor-intensive and cover numerous steps, including buying, packing, picking, and shipping. The biggest challenge is completing all these functions efficiently and ensuring on-time delivery.

Here are some common inventory management challenges:

Handling inventory can be an overwhelming task. The process, if not executed strategically, can impact your business negatively. These are the inventory management challenges to watch out for.

• Unreliable tracking:

Following manual inventory tracking processes can be time-consuming, unnecessary, and prone to errors. All businesses can utilize a central inventory tracking system. You need to shift to an
inventory tracking software that offers automation right from ordering to procurement. It provides a single, cloud-based database for accurate inventory insights and data capture.

• Monitoring warehouse performance:

Inventory management is a prolonged continuous process. Measuring warehouse performance KPIs such as stocks, inventory turnover, customer success rate, and order delivery can be faulty as manual methods are used, leading to inefficiencies. Thus, integrating an inventory management system makes the entire process transparent and makes evaluating performance easier.

• Erroneous data:

You have to keep track of the stocks you have at your disposal. Regular manual stock auditing workflows lead to human errors and wrong data. Firms need to implement inventory management systems that provide updated and accurate data, enabling improved cash flow. Automating audits helps schedule inventory functions and generate precise financial information.

• Varying customer demands:

We are aware that customer needs are constantly changing with time. Not having a structured process leads to scenarios where you have bulk stocks that you cannot sell, as well as insufficient stocks. You must develop an inventory plan that can accommodate changing customer demands. With TYASuite inventory management software, you can forecast demand and setup orders as per changing customer inclinations, stock availability, and other trends.

• Inadequate Visibility:

When businesses lack inventory clarity, it leads to delayed and incomplete distribution. Maintaining your inventory with sufficient stocks and efficient delivery increases your customer success rate, which can be achieved with an advanced inventory software. Enhance the complete process with automated functions across all teams, right from receiving stocks, accuracy and preventing data loss.

• Labor-intensive Documentation:

Inventory issues are exacerbated by the use of paper-based manual processes that are insecure and monotonous. Staff performance cannot be analyzed with these methods, but using the right inventory automation system facilitates overall productivity. Inventory software helps automate manual inventory data capture and offer paperless transactions.

• Supply Chain Complications:

Another inventory management challenge that can be a burden for businesses is the changing nature of supply chains. Adjusting to these challenges can be hard, but with a flexible inventory process, you can track supplier information, detect errors, and prevent delayed delivery. With the support of inventory management software, you can even measure vendor performance, identify supply chain issues, and reduce complication.

• Excess stocks:

Storing excess stock due to inaccurate information can impact the business's finances, leading to overspending and inefficiency. Using inventory management software prevents inventory management challenges such as manual errors, data loss, and unnecessary cash flow.

• Inaccurate stock planning:

Warehouse stock planning is crucial for reducing delayed distribution and inaccuracy. Implementing inventory management systems with simple interfaces displaying real-time data helps bridge the gap between what stocks is needed and what is not.

• Poor Communication:

For the proper functioning of any inventory process, communication and coordination are essential. Using a warehouse management system aids in tracking and controlling inventories. Make the most of the various benefits, such as tracking inventory alerts, monitoring warehouse locations, and receiving delivered inventory. When you can obtain all of this information from a single source, you can ensure faster approvals and better coordination across all teams.

• Incompetent Processes:

Manual inventory management processes make execution faulty and inefficient. Using the right inventory management system helps scale up the time-consuming tasks by shortening the span of time spent on each task with automation.

• Productivity automation:

Managing inventory problems can only be done effectively with an inventory system that is easy to access at all times. With cloud-based inventory software, you can control stocks and enhance overall warehouse productivity.

conclusion

A robust inventory management software automates workflows, improves inventory performance, and boosts customer success rates. TYASuite inventory management helps overcome these common inventory management challenges. You can easily monitor inventory across various locations, manage orders, estimate customer demands, and plan stock distribution without having to deal with unwanted obstacles.

Inventory management or inventory control is the process of monitoring the warehouse of a business to ensure that the stock is being used at the optimum level and is managed well. An inventory management software manages the following:

1. Stock from the time it is ordered
2.  Movement of the stock within a warehouse to multiple warehouses
3.  Status of the stock till it reaches its destination or disposal

In this blog post, we will throw light on the benefits and key features of the inventory management. 
So without any delay, let’s get started!
Before we walk you through, let’s understand the importance of inventory management. 

Why Is Inventory Management Important?

Inventory management allows you to track the status of your stock levels across all your warehouse locations across all the inventory phases. With the right inventory management, you can ensure that you never run out of a product and also prevent overstocking of a particular product. 
On top of that, it also helps you understand the demand to prepare a strategy to process more orders quickly. Additionally, inventory management benefits and prevents overselling and can help you improve the reputation of your organization. There are multiple ways by which the inventory management benefits your business.

Why Do You Need an Inventory Management System?

Proper inventory management improves the operational efficiency and allows you to perform the following operations:

1. Track the status of your stock
2. Streamline different processes
3. Inventory forecasting & planning

Here are the benefits of inventory management for your organization:

Automated Inventory Management

One of the biggest benefits of inventory management is to automate multiple operations and processes. Automation eliminates human error, saves time, and decreases the probability of mistakes. An automation system is capable of executing repetitive tasks with little assistance once you have set up some rules.
Automated inventory management enables you to have real-time visibility of your inventory levels. This feature plays a vital role in accurate forecasting and delivers a unique customer experience. It offers you real-time insights into where your stock is particularly in different locations such as a physical store or a warehouse with multiple sales channels.

Inventory Forecasting

Accurate demand forecasting helps you to keep up with the demand. Seasonal data can also be utilized to understand any changing patterns that require adjustments in stock at different times of the year. The inventory management helps you with accurate inventory forecasting to streamline order volumes.

Helps Prevent Overselling & Stock-Outs

Overselling is one of the biggest issues for growing eCommerce businesses and startups. In case you do not have supervision on your inventory, you might run out of stocks. Such a scenario is called stock-out. Stock-outs not only prevent your customers from returning to your business, but also suspend your business from entering certain marketplaces.
Inventory management process manages all your orders across all your sales channels and helps prevent stock-outs. With the right inventory management, you can easily replenish your stock and track them easily.

Reduces Your Business Costs

An advanced inventory management report tells you what you have in stock. This helps in managing your warehouse so you do not waste time looking for inventory that is not available at your warehouse. 

The inventory management saves your time and streamlines the following processes:

1.  Picking 
2.  Packing
3.  Shipping

With accurate data and insights, you can have a clear idea of the products your customers are interested in. Focusing on the products your customers are buying is a great way to cut down eCommerce costs.

Inventory Planning & Forecasting

Information management and accurate reporting are two key pillars to successfully running and growing a business. The inventory management process integrates with multiple marketplaces and sales channels. Such a system also smoothens shipping and third-party logistics (3PL) processes with real-time visibility across your organization. 

This further allows you to improve your business and reduces wastage in different costs including:

1. Unsold stock
2. Unwanted stock
3. Stock in the wrong locations

Improved Supply Chain Operations

Supply chain management involves tons of challenges. With the integrated inventory management system in place, different eCommerce businesses and retailers can efficiently prepare and incorporate a supply chain management. 
The more suppliers you have, the more you can narrow down the wait-time if a particular supplier cannot deliver on the deadline. You can prepare yourself for the next phase of your business-like peak season to order the right amount of stock from a supplier and prevent any order management issues.

Adding New Sales Channels

Ever wanted to try a new sales channel to list your products? An inventory management system smoothens the process of adding new sales channels and centralizes your inventory. With such a system in place, you can track the efficiency of your inventory in different locations. 
Inventory Synchronization and Forecasting are two key factors that help maintain your inventory control and allow you to sell your stock in multiple locations at once.

Establishes PAR Levels

PAR levels or Periodic Automatic Replenishment levels allow you to set an amount of inventory that should be available at all times. You should replenish your stock control when they reach these levels.
This allows you to balance and maintain the standard demand rate for specific items. The Periodic Automatic Replenishment level of an individual item varies but you can find out the accurate level using your average daily sales volume, the lead time and safety stock number for each product.

ABC Analysis

The demand for different products might not be the same and is unevenly distributed between your stock. ABC analysis enables you to streamline this uneven distribution by categorizing your products into three categories (A, B, C) based on the following parameters:

1. Demand
2. Supply
3. Value
4. Costs

Bifurcating your stock enables you to prioritize ordering specific items you have shortlisted.
So that is how inventory management benefits your business. Let’s now check out some key features you should expect in the inventory management for your business.

Key Features Of An Inventory Management System

Do you want to harness the power of the inventory management for your business? Are you facing problems related to increasing costs, low profitability, and efficiency issues?
Here are some features and benefits of inventory management to look out for in 2022.

Real-Time Tracking

1. Reflecting the status of the inbounds goods as soon as they are scanned at the warehouse
2. Managing your warehouse transfers
3. Eliminating the new assembly runs if the components were used in different operations
4. Tracking the consignment stock even if it is in a different store
5. Stock control

Real-Time Inventory Value

An inventory management process stays updated in real-time as per your accounting software. With such a system, you have access to:

1. Exact inventory values that are responsible for the volume and prices of your purchases
2. Multi-currency support for your vendors and buyers worldwide
3. A perfect line-view of your inventory according to different geographies
4. Ability to efficiently track the production wastage and courier fees
5. The ability to create product listings to offer a detailed view of your COGs (Cost Of Goods sold)
6. Ability to have profit margins on your products according to the sales channel and its location

Alerting Systems For Low Stocks

Sometimes you might not know the exact amount of stock you have. In such a case, a powerful inventory management needs to set automatic low stock alerts when a particular stock is running low. 
This gives you the insights and time frame to procure that stock or generate a purchase order for that particular stock. You need to prepare a reorder report that lists everything so you can manage your stock control.

Supplier & Purchase Management

With a proper inventory management tool, you have access to control your purchasing. Keep in mind that you should not waste time in transferring your inventory data into your purchasing process. The right inventory management allows you to:

1. Generate and fill your orders automatically
2. Store all your supplier orders and details
3. Generate quantity discounts for your suppliers for optimal purchasing
4. Check the transaction history of your suppliers
5. Receipt an order if your goods are scattered

Proper Reporting

Getting a fancy inventory management is meaningless if you have to manually extract all the data every month. The main benefit of inventory management is to reduce the admin operations and streamline automation.

Here is what to expect from an inventory management software for your business:

1. Margins
2. Unit sales
3. Stock control
4. Backorder rate
5. Inventory turnover rate
6. Average number of days to sell for each SKU

Bills Of Management (BOM)

Bills Of Management are the elements that define the uniqueness of an assembled product. If your inventory management manages your BOMs, it becomes very easy to order the right components in the right quantities for production.
An inventory management process auto-fills the purchase orders right from your BOMs. This allows you to nest multiple levels of BOMs for more assembled products. Apart from that, you can record the value of any production waste as well.

Serial Number Tracking

Similar to the batch tracking feature, serial number tracking has its unique identifiers. This feature allows you to have the serial number for tracking if you have high-value components. Serial Number Tracking also helps in after-sales service so you can offer a unique experience to your customers.

Batch Tracking

The right inventory management should offer a batch of inventory tracking feature. Batch tracking keeps you on top of the stock batches through which you can easily monitor the expiry dates, stock, condition of the goods and more before they lose their important feature for manufacturers who require robust traceability systems if they want to recall the status of their products.

Conclusion

Harness the power of the right inventory management process with TYASuite and increase profitability, improve operational efficiency and reduce costs at the same time. Our Cloud ERP suite automates your inventory management processes and saves time so you can focus more on growth and marketing. 

Get all this while having complete visibility into your stock movements and sales data to spot more growth opportunities. Contact Us today and mitigate your stock issues even before they arise!

Introduction

In today's business, procurement systems are progressively seeing as vital strategic contributors to their value plan and matching end-user goals. A reliable procurement system is one created to improve accuracy, efficiency, and speed. Because of this view observed by many, the need to standardize business processes within procurement process and ensure best practices becomes very important to the overall business Lan. But despite all the security measures taken in creating a standardized business strategy, sourcing issues still arise. Procurement challenges, ranging from organizational inadequacies to human error, can in turn have an adverse impact on a company's sourcing and purchasing ability. Here are some common challenges in procurement and solutions, courtesy of industry experts.

Top 10 Procurement Challenges and their Solution

The following are the top ten procurement challenges that Businesses face and need to mitigate –

• Reduction in Quality to Reduce Costs

In today's business world, cost is still a very important factor when it comes to consumer products. This is especially true when it comes to products that are seen as luxury items, like cars and clothing. We see businesses continuing to cut costs even though this has detrimental effects on the quality of their products. In many cases, the quality dimension is altered in order to save money and management has high expectations that the quality risk will not be detected.

Solution: To solve procurement challenges, businesses need to realise their profit margins and create better funnelling of customer and consumer feedbacks in order to create sustainable business practices and exclude cost cutting and quality degradation.

• Lack of Clarity in Specifications and Requirements 

Providing vague specifications and requirements when procuring doesn't always work and fits the "help me" scenario. If an organization has clear and defined requirements for what it wants from its suppliers, the supplier usually can provide a much better job of fulfilling those requirements.

Solution: A procurement management software can allow businesses to create flexible requirement data sets that can be easily shared with suppliers for better clarity.

• Lack of Formidable Assessment of the Supplier before the Initiation of Business

Organizations often ignore supplier evaluation and stick to what suppliers promise on paper. Keeping suppliers at arm's length without any form of assessment can leave room for irregularities and untrustworthy experiences. A lack of trust can cause procurement challenges between the parties involved in a deal.

Solution: Before choosing a provider, do careful supplier evaluation criteria and/or assessment. After being chosen, aggressively include key suppliers in problem-solving procedures. Positive results for general growth follow from it. Consider your supplier to be strategic partners in business.

• Having a lack of considerable knowledge about the Supplier Capabilities 

Lack of knowledge of supplier capabilities will almost certainly result in dissatisfaction when potential procurement challenges occur. When a supplier is expected to finish a procurement process quickly beyond his means, the results are typically devastating. When it comes to suppliers, this procurement issue is one of the most difficult ones that experts in procurement face. In order to get more from your suppliers, the process—from choosing the finest to guaranteeing consistent and high-quality delivery—can be quite important.

Solution: To guarantee that all delivery requirements and standards are followed, procurement specialists must continuously monitor suppliers in addition to the conventional procurement process. With deadlines in place and quality agreed upon, begin with progressive increase. In other words, do routine supply reviews, talk about important performance KPIs, and come to an agreement on improvement and action plans.

• Lack of Agreement on Significant Key Performance Indices 

Implementing best practise procurement requires the use of crucial KPIs. Supply chain best practises utilise five crucial elements (variation, variety, velocity, visibility, and volume). Many procurement specialists are unaware of the need of asking challenging questions about the contributions a new supplier makes to the equation. Although they can be useful, factors like purchase price fluctuation, percentage cost reduction, timely delivery, etc., are insufficient. Furthermore, these activities frequently clash with important strategic ones that have long-lasting effects.

Solution: KPIs should be the principal topic on the agenda for routine supply reviews after they have been agreed upon. A procurement system that delivers a balance between cost, customer value, quality, and speed should be used by the management system.

• Lack of Supplier Business Trust

Such businesses typically retain suppliers at arm's length in situations where there is zero trust for a provider. The approach is similarly comparable to having little confidence. Some people may not take well to the display of mistrust toward suppliers, and this might result in a number of challenges in procurement. But even so, put your own security first and exercise caution.

Solution: It is important to identify trustworthy suppliers who can form long term association with the business and can operate as partners rather than procurement channels alone.

• Lack of Business Supplier Transparency

Organizations' tendency to suppress important information leads to procurement challenges that prevent suppliers from giving customers value-packed products. Critical data, such as market trends, product updates, and sales projections, might lead to unpleasant shocks that could damage your supplier relationships.

Solution: As much as businesses need to be clear about their requirements, suppliers are expected to be clear about their capabilities to reduce and eliminate gaps in promise and delivery. Transparency is the key to achieve that.

• Lack of Formal Contract in the Business Proceedings

More than 40% of vendors on a company's supplier list do not have a formal contract. Legal documents and  contracts may be difficult and time-consuming to draught and alter. When there are frequent requests (for expressions of interest, proposals, quotes, etc.) and managing them takes time, challenges in procurement may occur. Such processes must be followed in a straightforward, equitable, and comprehensive manner. Avoiding them could lead to greater procurement challenges, even though it calls for good work from the procurement teams.

Solution: Before setting out into any sort of association the establishment of a formally and legally binding partnership of association contract must be mandated within the business to ensure legally binding promise and delivery.

• Inflexibi lity of Suppliers

A number of procurement choices are made in conjunction with the company risk management plan. Low expenses, for example, better represent the outcome of business activities. However, some suppliers could not offer savings or continue to include certain levies. With your suppliers, you should frequently find opportunity for bargaining as a knowledgeable procurement specialist.

Solution: See what negotiation possibilities, such as discounts, may be advantageous to your company before choosing a supplier. Keep doing business with suppliers that understand and respect your goal of maximising performance to avoid procurement challenges.

• Lack of the Access to Accurate Data

The possibility for excess inventory, inventory shortages, and various additional procurement challenges with the ability to negatively impact your organization's bottom line might result from creating purchase orders based on inaccurate procurement data.

Solution: Establishing accurate data sets and data driven analysis and business parameters should be the industry standard.

With the right cloud procurement software, you will stay on top of procurement challenges and make better-informed business decisions that empower your organization to lower operating costs while reducing administrative burden related to procurement and management

Conclusion

The above enumeration concludes the top ten procurement challenges and how organisations can navigate them professionally.

TYASuite cloud-based software is been designed With the new technology trends and advancements which can help you come up with the challenges faced and make your business organised.

Before the development of e-procurement software, the company's procurement was usually handled on paper. Earlier it was riddled with many inefficiencies and very time-consuming. As the usage of the internet grows, procurement tool functions were transferred to websites and emails. With the advancement in technology, companies have preferred using procured technologies and to buy these tools that will help them with the automated process and increase their profit margins. Also, the technology aids help in improving transparency, transaction visibility, reliability and is cost-effective across the supply chain.

In 2020, the procurement tool vendors have nearly 5.6% of the global procurement applications market which declines to 2,8% which comes to around $4.45 billion for license, subscription, and maintenance revenues.
 The procurement tool applications are designed to purchase materials, whether direct or indirect, processed or raw or completed, which has resulted in the flow of product supply chain for a specific business process or with the support of performing service or services.

The other function in the applications includes electronic network, sourcing, contract management, and ratings that help to optimize the supplier relationship management. The procurement applications help to represent the major contributor to enterprise resource planning as an important part to exercise the market size.    

What does procurement management tool do?

Top procurement tools enable businesses to manage and streamline their spending, which in turn increases overall cost savings for the business.

Procurement tools are a crucial component of any modern business, since they help organizations cut costs while improving efficiency and productivity. Here are some examples of how procurement tools can benefit your organization:

1. Improves efficiency - By automating processes and reducing manual work, procurement software helps save time and increase productivity for all types of employees across an organization. In addition, it also improves employee retention by reducing errors and providing a better customer experience.
    
2. Eliminates waste - Cloud Procurement software helps eliminate unnecessary expenses through real-time tracking of orders, inventory levels, and suppliers' performance against their contracts with the business. This means that no matter who is filling out paperwork or what stage of the process is being automated, it's all happening with one click from a single screen!
    
3. Improve supply chain visibility - With a procurement management tool, you’ll have better visibility into your supply chain so that you can make informed decisions about what products to buy or where to source them from. You’ll know exactly where each item is being sourced from, which means that you can cut down on unnecessary middlemen fees and pass those savings onto your customers!
    
4. Eliminate manual spend analysis - With a procurement management tool, you can eliminate manual spend analysis as well as other manual tasks that take up your time and resources. This will save you time and money in the long run.
    

The Top 8 Procurement Tools:

1. Precoro: The Precoro, ground control purchasing tools that help to easily create custom purchase orders, track approvals of managers and assign each payment with the correct budget.
   The procurement tool offers features like order creation, delivery, quick data analysis, billing, approved workflows, vendor management, etc. The templates can be used to keep things simple and users can add extra fields in the procurement forms that contain important information.
    
2. Kissflow Procurement Cloud: It is a flexible procure–to–pay solution that help all size of businesses to streamline their procurement process. With this tool, the company can streamline its procurement strategy and boost productivity. With this unified platform, users can get the benefits of procurement, AP automation, punchout clouds, management, supplier portals, custom integrations, inventory management, and more.
    
3. TYASuite: This procurement tool is mostly designed for medium and small-sized enterprises. This tool helps to improve and enhance the growth-related need of a company. It’s a user-centric platform that helps in providing accuracy over the cross-departmental operations. TYASuite streamlined approach to procurement management helps buyers, procurement and finance teams in companies reduce the time spent on paperwork and streamline processes. Such benefits include significant cost savings through increased visibility of spending, annual savings through reduced delays and errors, and corporate social responsibility benefits that arise when the correct amount is paid by the correct people at the right time in accordance with policy. 
    
4. Planergy- It is a spend management platform that focuses on making the payment process more and more easier for everyone, and with planergy you can enjoy those benefits with purchase orders. 
   You can create departmental budgets and set the limit for spending, purchases, and pre-approved vendors and you can also set direct instruments during the time of purchase.
    
5. Veeqo: It is designed for a specific form of business. As a retailer business follows tougher procurement and purchasing needs as compared to other businesses. They constantly order and re-order stocks and make a quick turnaround and larger margins. Therefore the retail brand uses Veego to handle this inventory. 
   The procurement management tool help with purchasing, inventory forecasting, and managing orders that ensure the customers always receive what they need on time.
    
6. Coupa Procurement: It is a business spend management tools that have helped most companies globally to get more visibility and control the overall spending to improve operational efficiency, and financial risk, reduce the involvement of the third party and increase the bottom line. It has helped many companies to get more value.
    
7. SAPAriba: It is a cloud-based procurement tool, that tracks the amount spend and a supply chain management solution for the buyers within a single platform. It’s all in one integrated framework that helps to manage anything from sourcing to the payment process. With SAP Ariba you can digitally transform the supply chain, contract management process, and sourcing.
    
8. GateKeeper: With Gatekeeper you can easily control the relationships between the employee and its company and the external suppliers. The procurement management tool has two different platforms- the vendor portal and the employee portal. It serves the goal to digitize and automate a wide range of process that was traditionally done by following the manual process. The gatekeeper tool also provides you with customizable workflows and ready-to-use templates for a better possibility.

Whether you are owning an e-commerce business or has huge stock turnover, a tech company has to handle many invoices from all the suppliers or a company that needs help with the payment process, so to help you sort out these issue, one of these procurement management tool is all you need.
So without wasting more time and efforts on the manual process of procurements you need to get these tools. These are some of the industry’s best procurement management tools that are used by several top companies and they have achieved huge success through it.   

You may have seen people use procurement and purchase interchangeably. As both terms are used frequently in organizations while buying goods and services, many often mistake these terms. Some are very ignorant about these terms and don't even care what terms they use during formal conversation.

If you dive into the seas of technical terms and organizational language, you will realize that the terms are different and must be used appropriately for official conversations. Why does the distinction matter? Because it lets the management execute these functions and increase the value they offer to the company. And if there's a mixup or misunderstanding, it will affect the entire team and process.

Several organizations use procurement software tools such as TYASuite for the automation of these processes. And it helps the organization to function efficiently.

Now, how do you differentiate procurement vs purchase these terms?

To differentiate these terms, you need to understand the definition of procurement and purchase these terms. Then, you can understand how and where the difference arises.

Before the definitions, let’s take a quick look at the process involved in both. The flow chart of the procurement vs purchase process will make it easier for you to understand the differences and similarities.

Procurement process

1. Identify needs

2. Research and source supplier

3. Create supplier list

4. Issue RFQ

5. Evaluate supplier quotes

6. Negotiate contracts

7. Receive product/service

8. Performance check

9. Analyze KPIs and margins

10. Builder supplier relationship

Purchase process

1. Receive purchase requisition

2. Evaluate receive RFQ

3. Create purchase orders

4. Receive product/service

5. QA of product/service

6. Process payment to supplier

Definitions

Procurement

In short, you can define procurement as, "a series of processes that are executed to acquire goods and services for a firm."

Procurement is actually an umbrella term with a subset of processes that help fulfill the requirements of goods and services of a firm. Each firm has a unique procurement process, but, a common framework of the method can be listed below:

• Recognizing business requirements and raise PR
• Identifying, analyzing, and selecting relevant suppliers
• Negotiating contracts with chosen suppliers
• Create PO
• Quality checking of goods
• Invoicing and starting off payments to the suppliers

Purchasing

The term refers to the set of procedures related to the execution of transactions between a firm and its suppliers to buy goods and services.

Purchasing is a subset of procurement, and it begins and ends with placing and receiving an order.

These definitions are enough to understand the meaning and the correct usage of the terms.

Now, let's look at the key differences between procurement and purchase.

Strategic vs tactical

If you read the definitions carefully, you will understand that procurement is a strategic function, whereas purchasing is tactical. Purchasing starts and ends with the pacing of the order and receiving (it), whereas, procurement begins when there is a requirement of gods or services. Procurement involves aspects such as finding the right supplier, analyzing the pricing, supply chain, etc.

Goals or targets

Purchase is totally focused on the cost of the orders, and procurement focuses on the creation of value and TCO (Total Cost of Ownership). Purchasing is concerned with the minimization of cost and procurement aims to mitigate risk, cost savings, relationship with suppliers, etc.

Supplier relationship

Purchasing process doesn't have anything to do with the supplier relationship. However, procurement places high importance on building long-term and cooperative relationships with the main suppliers. The procurement process considers the suppliers as strategic partners.

Evaluation of risk and mitigation

Mitigation of risk is not needed in the purchasing process. The risks are of various kinds such as operational risk, data security risk, financial risk, etc. Only the procurement process is concerned with identifying these risks and analyzing which ones impact the business and stakeholders.

The next important question is when to use these terms or when do companies use procurement vs purchase processes?

There are various factors that decide the usage of these methods of acquiring goods and services, they are:

Time

If the requirement is immediate, firms purchase the goods and services. Procurement usually takes longer to happen as it involves steps like a request for proposal creation, supplier selection, and negotiation of the contract.

Quantity 

Procurement is the best form of acquiring goods and services in huge quantities for a longer period.

Customization

If the firm needs to customize some products or goods, procurement is the best route as the firm can work with vendors to make sure they understand your requirements

Price 

Purchase of services is cheaper than procurement services. It also depends on the conditions

Relationship

Purchasing is simple and vendors like it, because nobody wants to go along with the long process of procurement.

Now that the difference between procurement and purchase is clear, let's look at how firms automate both processes.

As mentioned earlier, procurement is a process of searching and agreeing to the terms of purchase. It involves identifying potential suppliers, negotiating contracts, and selecting the supplier that provides the best value for money. And purchasing is the process of direct buying of goods and services.

For making the process automated, firms use eProcurement tools, such as TYASuite. You can check the Request for Quotation, issues in orders, and track deliveries. eProcurement can help streamline and automate your procurement and purchasing process.

Conclusion

In short, people look at procurement and purchase as interchangeable terms, and the terms comes into the picture when there's a requirement for goods and services. Proper understanding of these terms is necessary to do business, and every employee of the organization must understand the difference between these terms.

A thorough understanding of these terms will help one converse with your colleagues, clients, customers, business partners, and recruiters. And a lack of knowledge about procurement vs purchase will lead to complications and related issues.

What is Inventory management?

The concept of inventory management mainly represents the procedure of storing, using, ordering and selling a business's inventory. It includes the management of components, raw materials, finished products and warehouse processing products. Besides this, inventory management practices try to streamline inventories from raw components to finished products efficiently. The inventory of a company is considered one of the most important assets in all industries such as food services, manufacturing, retail and others.

Types of inventory management?

Based on the type of products or businesses there are some inventory management procedures. Some of the procedures are materials requirement planning (MRP), just-in-time (JIT) manufacturing, day sales of inventory (DSI) and economic order quantity (EOQ).   

MRP (materials requirement planning)

This inventory management procedure is considered as sales-forecast dependent. In this term, it mainly focuses on monitoring accurate sales records of manufacturing products to enable appropriate inventory needs of the business. Along with this, it is also useful for ensuring the communication regarding material supply on time. Besides this, the inability for presenting accurate inventory plans and forecast sales has benefited from the application of the MRP procedure.

DSI (day sales of inventory) 

It is a financial ratio. DSI mainly indicates the average time in a day that an organization takes to turn its inventory into sales including goods and work progress. Additionally, it is also known as average age of inventory, inventory outstanding and also days in inventory (DII). These are interpreted in multiple ways. The prime feature of the DSI procedure is to indicate liquid inventory management. Moreover, the figure of liquid inventory represents what the stock of a company could stay for how many days. In this context, a lower DSI indicates a shortened inventory clear-off duration, whereas the average DSI varies across different industries.  

JIT (just-in-time)

This method of inventory management permits organizations for reducing waste and saving money by keeping records of inventory that is required for selling as well as producing products. JIT also helps in reducing insurance and storage costs along with liquidating costs or excess inventory discarding efficiently. On the other hand, to some extent, JIT is considered risky. In this term, it can be explained that if unexpectedly demand increases, then the manufacturer may not be able to fulfill that properly due to limited inventory. Therefore, it will damage the reputation of that organization as it will be unable to meet consumer demand spikes. Moreover, it will also be responsible for declining the competitive advantage of a company across the markets.

EOQ (economic order quantity)

This type of inventory management procedure is mainly applied to calculate unit numbers of a business that should be added to its inventory. It is also associated with batch order in terms of reducing total inventory costs by assuming constant consumer demands as well. Additionally, EOQ also includes the setup and holding costs of an organization's inventory. This inventory procedure is effective for ensuring adequate inventory amounts per batch order. Therefore, it helps a company to maintain a record for batch orders and helps to avoid excessive and frequent ordering issues simultaneously. Besides this, it assumes a trade-off between inventory setup costs and inventory holding costs. Moreover, by determining both inventory setup as well as holding costs, the total inventory costs of an organization can be reduced. 

Importance of inventory management?

There is a wide range of importance regarding inventory management process and some prime ones are mentioned below:

1. Control paves related to competitive ability

Usage of cloud based inventory management enhances market share and, in this way, it increases the competitive ability of a company. High-factor loading values, as well as significant mean values, have performed a vital role in determining business support concerning its competitive ability. 

2. Improving service level

Inventory management software leads to improving service levels as per the requirements of consumer preference swiftly. It aids businesses by allowing a company to right level of hands-on service within desired lead time. 

3. Reducing storage costs

Proper application of inventory planning helps a company to reduce excess storage costs by maintaining adequate inventories. The central values of inventory management process feature lower storage costs and enhanced revenue increase.

4. Higher revenue turnover

The application of a proper inventory planning approach helps a business to enhance higher revenue. Appropriate application of inventory management helps to increase organizational profitability. In this term, if a company focuses on its benefits, it is seen that inventory management maximizes the operational efficiency of sales and production.

Terms related to cloud based inventory management

• Bundles

It represents a group of products that are sold as a single product such as a camera, bag and lens as 1 SKU.

• Barcode scanner

It is a physical device that is mainly used for check-in as well as check-out stock items. Moreover, it is effective for third-party warehouses and in-house stock fulfillment segments.

• Deadstock

Deadstock represents items that have not been sold or used by consumers.

• Costs of goods sold (COGS)

Direct costs are mainly associated with production and goods storing costs as well.

• Decoupling inventory

It is also known as safety stock. Mainly it refers to safety net inventory management process for mitigating risks in terms of completing production halt of available components featuring segments.

• Holding costs

Holding costs or carrying costs are considered as the business cost which incurs for storing and holding stock in a warehouse until those are completely sold to consumers.

• Landed costs

It mainly represents the costs of storing, shipping, duties, taxes, import fees and other related expenses that are associated with buying as well as transporting inventory. 

• Economic order quantity (EOQ)

This term represents how much a company can reorder for taking into account demand and for maintaining inventory holding costing segments.

• Purchase order (PO)

It mainly refers to commercial documents between a buyer and a supplier that outlines quantities, agreed prices and types of service or products.

• Pipeline inventory

This term represents the "pipeline" of a company's supply chain including shipping or production; however, it is not reached its final destination.

• Reorder point

It indicates inventory quotas that determine recording schedules taking into future and current account demand along with lead times. 

• Safety stock

It is also known as buffer stock.

• Sales order

This term defines a transactional document that is sent to consumers after purchase and before completing the order fulfilled.

Purchase requisition and purchase order are simply interdepartmental forms which serve the purpose of handling the accounting and finances better. They bring in transparency along with setting of a defined process flow.

Let’s have a quick look about where these forms are placed with respect to the process flow:

Understanding The Basics Purchase Requisition and Purchase Order 

As seen in the above figure that once the purchase order is received it goes through approval process and based on the approval the purchase requisition is converted into purchase order.

Procurement management process involves purchase requisition and purchase order. Now that we know how PR and PO are important in the workflow, let’s understand few basic terms :

1. What is a purchase requisition?

In simple terms, purchase requisition is an internal document used by an employee to purchase goods or services on behalf of their firm. It is the formal intimation to let the purchase department know to start the purchasing process. It also serves as a ready reckoner to the finance department to co ordinate and verify basis this document.  

2. Who sends the purchase requisition?

It is first filled out by an employee who sees the need for that product or service.

3. What are the details in purchase requisition form?

An employee fills details like item name, description of goods, quantity, price, suggested vendor, etc

Here’s an example of a purchase requisition form:

4. Who receives the purchase requisition?

Once PR is raised, it is received either by department head or the purchase department.

5. What comes first: the PR or PO?

Purchase requisition comes first, a purchase order is issued by the buyer who makes sure they got exactly what they had ordered.

Now let’s quickly understand more about a PO:

1. What is a purchase order?

It is a document issued by a business purchasing department while placing an order with its supplier or vendor. It is a legally binding document which contains information such as price and agreed terms with the vendor or seller. If digitalized, it also provides excellent tracking function for any organization.

2. Who sends PO and what are the details contained in it?

A PO is issued by the purchase department and it contains details like purchase order date, product level, ship location, select vendor, bill location name, send mail to vendor, etc.

Here’s an example of a PO form:

3.Who receives the PO?

PO is received by the seller who then decides whether to fulfill the order or not. If he decides to fulfill the order, the purchaser sends payments at agreed price or at a later date as mentioned in the PO.

4. Who makes the payment against purchase order?

The purchaser makes the payment against the PO. Once the vendor delivers order along with an invoice, the purchasers finance department compares their invoice to the PO and makes sure that these two documents match with each other.

5. How can the process of  purchase requisition or purchase order be automated?

With TYASuite the entire process of purchase order management can be automated and these documents can be prepared in a jiffy.

With TYASuite supercharge your purchase workflows & streamline your purchase approvals from days to hours.

Procurement as an important function for small businesses

Procurement, which is the act of buying of goods or services by a company has grown into a full-fledge activity of tracking and selecting the right tools in order to be profitable.

Procurement software for small business has successfully redefined the entire P2Pprocess, right from procurement to payment to the vendors.

TYASuite is the best procurement software for small business as it enables you to make a timely, safe, and accurate purchasing decision, all of which is vital for the growth of your small business.

Point to consider before buying procurement software for small business

According to Apps Runs The World, the procurement application market is expected to reach $5.45 billion by 2025.

As large business houses realize the importance of procurement software, the small businesses too, do not want to be left behind. They too want to grab a share in the pie! 

Choosing the right procurement software for small business from hoards of software companies is surely an uphill task. In this blog TYASuite will make things simpler for you and guide you through the process of choosing the best P2Psoftware.

Is procurement software built for my industry? Which procurement software is best for my business?

Retail, manufacturing, transportation, logistics and Healthcare are few examples of industries which use procurement software.

TYASuite has served both small and large companies across various domains for best procure to pay solutions. Our procure to pay (P2P) solution is flexible enough to suit across all the industry types. 

Below are few features to consider before buying the best procure to pay (P2P) solution for your small business

1. Vendor management and buying efficiency.
2. Multi-layer approval process based on cost centers.
3. Provide transparency to suppliers.
4. Enable accurate purchase decisions based on past patterns.
5. Inbuilt billing and invoicing.
6. Cash management with audit trail.
7. Budgeting and forecasting to make informed business decisions.
8.  Easy alerts and notifications.
9. Highly customized and flexible.
10.  Removes the need for manual processing as it automates the entire function in one platform.

TYASuite procurement software for small business solving the issues of small businesses

Here are the few challenges which small businesses face today and how TYA Suite procurement software for small business solves them:

Challenge#1: Payment to vendors eats too much of our accounting time, each vendor has to be properly paid since there can be duplication too.

Solution: With our procurement software, small firms can make payments simultaneously to small vendors without the risk of duplication. Small businesses can also automate intimations to vendors for payments through procure to pay solutions.

Challenge#2:TDS deductions are always there to stay, with GST for few of our vendors things are complex and there is no room for error

Solution: Procure to pay solution automates the TDS deductions at an item level. There are other features like automatic GST calculation, adding pre-paid invoices, automatic debit note raising and built in approvals.

Challenge#3:Though we keep a track of the cash flow I want to get all relevant information in a single click.

Solution: At TYASuite we very well know that unless any business keeps a track of their income and expenses intact, things might go out of control. With procurement software for small business it becomes easy to manage the cash flow. Small businesses can get this information at a single click.  Great user interface (UI) and flexibility in the software makes it a cake walk and arrive at profitable business decisions.

Challenge#4:What about my legacy system? What will be the downtime for implementation?

Solution: It is rightly said that: It is not the strongest or the most intelligent who will survive, but those who can best manage change…. 

TYASuite being the best Procurement software for small business, instantly connects with your legacy systems. In fact this is one of our core feature of Procure to Pay (P2P) solution. The easy integration will save your time and resources too.

Challenge#5:Since our suppliers and vendors are our lifeline, how does TYASuite help manage them?

Solution: At TYASuite we very well know that vendors are an integral part of your business, our procure to pay software include features which will onboard every vendor seamlessly, manage vendor pricing, automate debit and credit notes as well as map vendors to their respective cost centers. TYASuite is the best procurement software for small business.

Challenge#6:I usually do micro management and rely heavily on the reports. What are the reports I can pull up using TYASuite (P2P) solution?

Solution: Our customized in-depth report will give you meaningful insights into the businesses in order to make timely decisions. At the click of mouse you can generate accurate reports in various formats, giving you enough insights to make intelligent, data-backed decisions.

Conclusion: TYASuite cloud-based software has been instrumental for many start up as well as small businesses. Our main USP lies in the fact that small businesses need to manage vendor relations as well as save money, both of these are offered in our cloud solution which makes us the number one choice for procurement software for small business.

Our clients adore us for the value for money we bring to mid-size organizations too. With user-friendly interface, cost reduction and 24*7 support TYASuite plug and play procurement software is one of the best procure to pay solutions in the market.  

Procurement as an important function for small businesses

Procurement, which is the act of buying of goods or services by a company has grown into a full-fledge activity of tracking and selecting the right tools in order to be profitable.

Procurement software for small business has successfully redefined the entire P2Pprocess, right from procurement to payment to the vendors.

TYASuite is the best procurement software for small business as it enables you to make a timely, safe, and accurate purchasing decision, all of which is vital for the growth of your small business.

Point to consider before buying procurement software for small business

According to Apps Runs The World, the procurement application market is expected to reach $5.45 billion by 2025.

As large business houses realize the importance of procurement software, the small businesses too, do not want to be left behind. They too want to grab a share in the pie! 

Choosing the right procurement software for small business from hoards of software companies is surely an uphill task. In this blog TYASuite will make things simpler for you and guide you through the process of choosing the best P2Psoftware.

Is procurement software built for my industry? Which procurement software is best for my business?

Retail, manufacturing, transportation, logistics and Healthcare are few examples of industries which use procurement software.

TYASuite has served both small and large companies across various domains for best procure to pay solutions. Our procure to pay (P2P) solution is flexible enough to suit across all the industry types. 

Below are few features to consider before buying the best procure to pay (P2P) solution for your small business

1. Vendor management and buying efficiency.
2. Multi-layer approval process based on cost centers.
3. Provide transparency to suppliers.
4. Enable accurate purchase decisions based on past patterns.
5. Inbuilt billing and invoicing.
6. Cash management with audit trail.
7. Budgeting and forecasting to make informed business decisions.
8.  Easy alerts and notifications.
9. Highly customized and flexible.
10.  Removes the need for manual processing as it automates the entire function in one platform.

TYASuite procurement software for small business solving the issues of small businesses

Here are the few challenges which small businesses face today and how TYA Suite procurement software for small business solves them:

Challenge#1: Payment to vendors eats too much of our accounting time, each vendor has to be properly paid since there can be duplication too.

Solution: With our procurement software, small firms can make payments simultaneously to small vendors without the risk of duplication. Small businesses can also automate intimations to vendors for payments through procure to pay solutions.

Challenge#2:TDS deductions are always there to stay, with GST for few of our vendors things are complex and there is no room for error

Solution: Procure to pay solution automates the TDS deductions at an item level. There are other features like automatic GST calculation, adding pre-paid invoices, automatic debit note raising and built in approvals.

Challenge#3:Though we keep a track of the cash flow I want to get all relevant information in a single click.

Solution: At TYASuite we very well know that unless any business keeps a track of their income and expenses intact, things might go out of control. With procurement software for small business it becomes easy to manage the cash flow. Small businesses can get this information at a single click.  Great user interface (UI) and flexibility in the software makes it a cake walk and arrive at profitable business decisions.

Challenge#4:What about my legacy system? What will be the downtime for implementation?

Solution: It is rightly said that: It is not the strongest or the most intelligent who will survive, but those who can best manage change…. 

TYASuite being the best Procurement software for small business, instantly connects with your legacy systems. In fact this is one of our core feature of Procure to Pay (P2P) solution. The easy integration will save your time and resources too.

Challenge#5:Since our suppliers and vendors are our lifeline, how does TYASuite help manage them?

Solution: At TYASuite we very well know that vendors are an integral part of your business, our procure to pay software include features which will onboard every vendor seamlessly, manage vendor pricing, automate debit and credit notes as well as map vendors to their respective cost centers. TYASuite is the best procurement software for small business.

Challenge#6:I usually do micro management and rely heavily on the reports. What are the reports I can pull up using TYASuite (P2P) solution?

Solution: Our customized in-depth report will give you meaningful insights into the businesses in order to make timely decisions. At the click of mouse you can generate accurate reports in various formats, giving you enough insights to make intelligent, data-backed decisions.

Conclusion: TYASuite cloud-based software has been instrumental for many start up as well as small businesses. Our main USP lies in the fact that small businesses need to manage vendor relations as well as save money, both of these are offered in our cloud solution which makes us the number one choice for procurement software for small business.

Our clients adore us for the value for money we bring to mid-size organizations too. With user-friendly interface, cost reduction and 24*7 support TYASuite plug and play procurement software is one of the best procure to pay solutions in the market.  

Procurement as an important function for small businesses

Procurement, which is the act of buying of goods or services by a company has grown into a full-fledge activity of tracking and selecting the right tools in order to be profitable.

Procurement software for small business has successfully redefined the entire P2Pprocess, right from procurement to payment to the vendors.

TYASuite is the best procurement software for small business as it enables you to make a timely, safe, and accurate purchasing decision, all of which is vital for the growth of your small business.

Point to consider before buying procurement software for small business

According to Apps Runs The World, the procurement application market is expected to reach $5.45 billion by 2025.

As large business houses realize the importance of procurement software, the small businesses too, do not want to be left behind. They too want to grab a share in the pie! 

Choosing the right procurement software for small business from hoards of software companies is surely an uphill task. In this blog TYASuite will make things simpler for you and guide you through the process of choosing the best P2Psoftware.

Is procurement software built for my industry? Which procurement software is best for my business?

Retail, manufacturing, transportation, logistics and Healthcare are few examples of industries which use procurement software.

TYASuite has served both small and large companies across various domains for best procure to pay solutions. Our procure to pay (P2P) solution is flexible enough to suit across all the industry types. 

Below are few features to consider before buying the best procure to pay (P2P) solution for your small business

1. Vendor management and buying efficiency.
2. Multi-layer approval process based on cost centers.
3. Provide transparency to suppliers.
4. Enable accurate purchase decisions based on past patterns.
5. Inbuilt billing and invoicing.
6. Cash management with audit trail.
7. Budgeting and forecasting to make informed business decisions.
8.  Easy alerts and notifications.
9. Highly customized and flexible.
10.  Removes the need for manual processing as it automates the entire function in one platform.

TYASuite procurement software for small business solving the issues of small businesses

Here are the few challenges which small businesses face today and how TYA Suite procurement software for small business solves them:

Challenge#1: Payment to vendors eats too much of our accounting time, each vendor has to be properly paid since there can be duplication too.

Solution: With our procurement software, small firms can make payments simultaneously to small vendors without the risk of duplication. Small businesses can also automate intimations to vendors for payments through procure to pay solutions.

Challenge#2:TDS deductions are always there to stay, with GST for few of our vendors things are complex and there is no room for error

Solution: Procure to pay solution automates the TDS deductions at an item level. There are other features like automatic GST calculation, adding pre-paid invoices, automatic debit note raising and built in approvals.

Challenge#3:Though we keep a track of the cash flow I want to get all relevant information in a single click.

Solution: At TYASuite we very well know that unless any business keeps a track of their income and expenses intact, things might go out of control. With procurement software for small business it becomes easy to manage the cash flow. Small businesses can get this information at a single click.  Great user interface (UI) and flexibility in the software makes it a cake walk and arrive at profitable business decisions.

Challenge#4:What about my legacy system? What will be the downtime for implementation?

Solution: It is rightly said that: It is not the strongest or the most intelligent who will survive, but those who can best manage change…. 

TYASuite being the best Procurement software for small business, instantly connects with your legacy systems. In fact this is one of our core feature of Procure to Pay (P2P) solution. The easy integration will save your time and resources too.

Challenge#5:Since our suppliers and vendors are our lifeline, how does TYASuite help manage them?

Solution: At TYASuite we very well know that vendors are an integral part of your business, our procure to pay software include features which will onboard every vendor seamlessly, manage vendor pricing, automate debit and credit notes as well as map vendors to their respective cost centers. TYASuite is the best procurement software for small business.

Challenge#6:I usually do micro management and rely heavily on the reports. What are the reports I can pull up using TYASuite (P2P) solution?

Solution: Our customized in-depth report will give you meaningful insights into the businesses in order to make timely decisions. At the click of mouse you can generate accurate reports in various formats, giving you enough insights to make intelligent, data-backed decisions.

Conclusion: TYASuite cloud-based software has been instrumental for many start up as well as small businesses. Our main USP lies in the fact that small businesses need to manage vendor relations as well as save money, both of these are offered in our cloud solution which makes us the number one choice for procurement software for small business.

Our clients adore us for the value for money we bring to mid-size organizations too. With user-friendly interface, cost reduction and 24*7 support TYASuite plug and play procurement software is one of the best procure to pay solutions in the market.  

In today’s era where construction is going digital, ERP for construction helps in technology and streamlines the operations. Modern technologies have been developed to address industry challenges and issues like project management, health, and safety. Construction companies can now see their financial statements, assets, timelines, and workforce. An ERP solution enables rapid change adaptation and provides access across the entire business. It allows for more precise and meaningful decisions.

ERP for Construction focuses on providing technology solutions that improve industrial, commercial construction, engineering, and field service industry efficiency and effectiveness. Contracting firms must rely on cutting-edge business solutions that can streamline complicated construction processes to compete in today's global market, where administrative burdens are mounting and innovation is a top priority. Use the Best ERP system in construction to lower costs, improve productivity, and meet projects deadlines.

How does ERP help in construction?

We have mentioned some points how ERP for construction industry and infrastructure helps in growth of the organization: 

1. Payroll for construction workers
2. To-do lists and time management
3. Smart budgeting and planning based on predictive capability
4. Analyses of financial data
5. Management of subcontractors and contractors
6. Designed to be simple to use by people of all technological backgrounds
7. CRM and prospecting
8. Experimental procedure recognizing and billing income

What is the advantage of construction ERP software?

Below are the key advantages for evaluating the best ERP for construction industry: 

#1. Optimum Planning
Mismanagement of a construction company's resources can result in project delays and even leads to the company's downfall.
ERP Software can help you optimize resource allocation, raw materials, labor, architectural design, and schedules. It can also help control costs and budget allocations. As a result, wastage and contractual troubles with clients are kept to a minimum.

#2. Simplifying Project Management
Project management across multiple worksites has always been difficult in construction. Construction managers can easily track various activities using an ERP system. It can track employees' time spent on each task using real-time data projects, and assign tasks to the right people.

#3. Estimating Costs and Revenues
Clients have varying priorities. The best bid is selected depending on the design, the company's public image, and, most importantly, the estimated costs. ERP for the construction industry can accurately estimate raw materials, designs, labor, and project duration. The construction ERP software helps determine each project's revenue and loss. So they can better manage future projects' time and costs.

#4. Boosting ROI
Contractors do occasionally want to improve their ROI. Return on investment can be measured in terms of money, but it can also be measured in terms of other benefits, and ERP software can help boost ROI.

#5. Enhancing Decision-Making
The ability to see the big picture before making decisions is a big benefit of centralization. The ERP software helps personnel extract data from various sources, and it can also identify criteria that need to be adjusted before granting a request.

#6. Health and Safety Management
ERP system in construction industry helps in the well-being and safety of your employees is the top priority. The ERP software tracks, investigate, and analyze all types of incidents, people, equipment, inspections, etc. Depending on your ERP software, you can photograph every incident and upload it to the device.

#7. Reporting
Reporting is critical to making good business decisions. A reporting system provides easy access to all business information, and real-time operational reporting enables you to make data-driven business decisions. The ERP system must be implemented in any construction company in building projects that require effective operational, management, and accounting tools.

Best ERP for Construction Company in India

We have mentioned the list of Best ERP for construction companies in India. Along with the criteria on how to evaluate Which software is best for construction?

#1. TYASuite
TYASuite is a cloud-based ERP software that is curated by keeping in minds the need of construction industry. TYASuite ERP software is suitable for small and medium-sized businesses (SMEs) as well as large corporations and it had more than 4000+ Plug & Play features allowing the user to enable or disable them via admin panel as per the business requirements streamlining every process

#2. Construction Edition of Acumatica's Cloud ERP
Acumatica helps the team on board with the newest project findings, contracts, budgets, plans, specific requirements, change orders, invoices, purchase orders, and job costs.
You can access reports, reporting tools, and data analytics from your phone, tablet, or PC anywhere with this safe SaaS solution.

#3. Microsoft Dynamics SL
Microsoft Dynamics SL is designed for project-based businesses and has long been a favorite of contractors. However, Microsoft has redesigned this product to give construction firms more flexibility in deployment and integration.

Conclusion 

Overall, there are a number of options available when it comes to Construction ERP Software. However, in this blog we were able to highlight how ERP software can help in the construction industry. If you’re looking for cloud ERP software for your construction business then TYASuite is the most affordable option available in the market. TYASuite is a prominent ERP system provider for a wide range of industries, including construction. It helps in increasing project efficiency by real-time integration of project modules. Residential and commercial building projects alike can benefit from their ERP software. There are project reports, budgets, plans, and specifications as well as change orders and invoices, purchase orders available in the system at all times. Get a free demo today and check for yourself!

As a key participant in the supply chain, vendors are one of the most important stakeholders in the procurement process. Successful companies focus a lot on their vendor management process and get benefited from it in the market and are always one step ahead of any risks they could encounter. This blog will help you understand the importance of the vendor management lifecycle including tips and tricks for effective vendor management.

What Is Vendor Management Process? 

The vendor management process refers to the strategic approach that enables organizations to keep valuable vendor relationships under their control and hence improve resilience and drive success. It includes selecting the right vendors as well as negotiating their terms of service and monitoring their performance to reduce risks and costs.

What Is The Role Of Vendor Management? 

In addition to choosing the correct vendors for your business, vendor management is about forming strategic partnerships that will benefit both parties. By managing vendors effectively, companies can control costs, minimize risks, provide outstanding service to customers, and generate maximum profits from the relationship.

The Vendor Management Process Workflow

If you think of a step-by-step formula for your vendor management process it would definitely look like the points discussed below.

1. Finding vendors

This step involves finding qualified vendors that have the skills or capability to meet your needs. You need to develop profiles for the goods or services provided by these vendors along with the prices they charge.

2. Selecting the right vendors for your business

Once you’ve found potential vendors, it’s time to select one that best meets your needs and for the best prices. You may wish to request that they submit a contract proposal in order to be considered for your business.

3. Negotiating price and terms

This is where the service conditions and terms are negotiated as per the business needs and preferences that both can agree upon. For instance, the quality standards, delivery instructions, and prices are negotiated in order to create a mutually beneficial agreement.

 
4. Monitoring vendor performance

Here starts the more strategic approach to the vendor management lifecycle. Keeping up with your vendor’s performance ensures you are aware of any changes that may affect your company’s cash flow or reputation (e.g., late shipments, defective products).

5. Controlling expense

Ultimately your business shall move on with the extent you have decided for costs. By effective vendor management, you can ensure the expenses are monitored closely and controlled whenever required.

Why is Vendor Performance Management important? 

When you spend so much time and effort on-boarding the right vendors and look forward to doing business with them, you should constantly monitor their value. Vendor performance management entails having the right KPIs (Key Performance Indicators) and regular reporting so you are aware of the value your vendors are providing. 

How To Measure Vendor Performance?

In order to track the vendor performance of your business, you need clear strategies and smart vendor management systems. Systems like these help you segment vendors according to your priorities, track and monitor their performance according to KPIs, and report the results in the way the department desires.

5 Reasons why you need a Vendor Management Software 

It's 2022 and it becomes paramount for businesses to have more productive strategies. Thank god, we are equipped head-to-toe with technology for everything we do. Vendor management systems can truly change the way a company does business and is of immense value when it comes to Vendor Performance Management. Such a system can align with your strategies and provide a fail-safe mechanism to vendor risk management as well. 

Here are 5 reasons, Vendor Management System is a primary need to your business

1. To simplify the invoicing process
One of the challenges facing any company is getting paid on time by its vendors. This can be especially difficult if your vendors are located worldwide, or if you are buying goods from multiple countries. The problem is compounded when you factor in language barriers, currency exchange rates, and cultural differences. Vendor management software simplifies this process by allowing you to automate invoice processing.
 
2. To manage risk
Vendor performance management software allows you to develop a comprehensive risk management system. The system allows you to monitor and evaluate the performance of suppliers at any time. This gives you better insights into the risks your business faces with regard to the quality of products and services provided by your suppliers.
 
3. To improve visibility
A vendor management system provides visibility into the performance of vendors by giving managers access to real-time supplier data in one single place. This allows for informed decision-making about suppliers, ensuring that you are always working with the best ones for your business needs.
 
4. To streamline internal processes
Vendor management systems help streamline communication between internal teams and external vendors. Such systems make it easier for companies to collaborate with their supplier community because they have easy access to relevant information on the system.

5. To improve communication
With the help of a vendor management system, it is easy to communicate with vendors. There is no need to send emails or write letters. You can simply start communicating with your vendors directly from the system. They can also communicate with you directly through their own accounts. This makes communication very easy and fast.

The Bottom line 

One of the biggest advantages of vendor management software is that it gives you an insight into data related to all aspects of your business relationships with vendors. A good Vendor Management Software can help you better manage your cash flow and save you both time and money! Moreover, it can be a game-changer for your business as it can help automate any of the tedious and time-consuming portions of the vendor management process.

With the new technology trends and advancements, it's almost impossible to say no to something that can make things easier for you in the business process. Procurement Automation software is one of the most vital software requirements that you shall be checking out soon if you are a growing small or medium enterprise business. 

The Procurement Process and Complexities involved 

The terms Purchasing and Procurement are often used close to each other, while they hold a slightly different series of processes.
In any business, there are requirements of goods and services, either for external purposes (mostly with firms involving manufacturing or remanufacturing) and for internal purposes (goods/services used with daily operations within a business environment). 

The process of obtaining these goods with a series of events can be addressed as the purchasing process, wherein the processes like requisition to purchase order generation, receiving the goods, and invoice approval and payments for the same can be referred to as Procurement.

Every organization can have its own set of contexts for this process based on its business operations. The procurement process cycle is important to be followed in a pattern that itself makes it complex. 

The first step is the identification of requirements which is followed by the generation of PR (Purchase request or purchase requisition), which once approved by the Procurement department takes the form of a PO (Purchase Order). Once the PO is ready, there is an RFQ (Request for Quotation) that is sent to various Vendors to get their quotes and offerings and then begins the comparison phase for the department where they need to compare all the quotes to get the best deal in hand.
Once a supplier is selected, there is a negotiation of a deal which finally leads to an agreement between both the parties if things are falling towards the positive. This agreement is known as the Contract which in general contains all required information about the supplier and the deal, including the price, description of goods/services, the quantity and time of delivery, and other terms and conditions. Once this is all in place and the order is received, the invoice generation, approval, and payment come up in the line. 

With the above sequence of procedures, there is complex accounting and paperwork involved which needs to be taken care of on both ends for a smooth business operation. And here comes the need for robust procurement automation software to capture all the information and documents in this complex business process right from the beginning to the final payment.

What is Procurement Automation? 

Procurement automation refers to automating all the manual processes that are repetitive and time-consuming. Procurement automation speeds up the process by using automated request generation and letting them flow smoothly between departments for approvals which saves a lot of time and effort for your team and makes the whole complex process streamlined with a seamless experience. 

Procurement automation software is a digitally accessible hub that includes all your procurement to pay needs and saves data at every point of the process. A procurement automation software brings the whole procurement process online with multiple access i.e. to the team as well as vendors respectively on their part. Such software helps the team to get more time to focus on the strategic part of the business operations planning and management and also helps reduce cost and increase savings.

The Need For Best Procurement Software In 2022

The procurement process has been through multiple phases of evolution when it comes to the strategic management or the technological advancement part. 

In the beginning, paperwork was used to record data, then spreadsheets were used to store the data, then on-premise management systems, and eventually SaaS-based hassle-free systems with high scalability, efficiency, and flexibility were utilized. 

Now it's 2022, and we see procurement more as strategic procurement, considering every redundant and time-consuming task to be taken care of by automated systems. 

The ultimate question to ask is whether your business needs procurement automation software. Before adopting top procurement software, it is necessary to analyze your automation requirements, but in addition to this, several factors can affect this decision for you.

If you see the smaller picture, you will have certain points to notice like, your team is having a lot to do manually, and there are transparency issues, information gathering from various vendors, and storing the same for the management making things worse for them, so and so.

Well, you can have a view of why to care for the department if it's their job. But, coming back to the organization's goal you had the answer that yes, you care! 

Statistics speak out that procurement professionals spend more than 30% of their time doing routine tasks which usually involve creating, approving PRs, POs, reviewing quotes, and all. In this highly competitive market, everyone wants to get the best in their hands and you will never want your department to struggle with things that don't let them focus more on the brighter side of cost-cutting and savings with a process like Procurement.

So when it is the right time to automate your process if not now!

Benefits of procurement automation software 

When you incorporate procurement automation software into your business processes actively, you receive various benefits. Let's mark the core benefits that any business start to witness with procurement automation projects on run-

1. 360-degree Visibility and Spend Control

Procurement automation allows you to gather all the necessary information at every step involved in your function from sourcing to final pay, and this information is easily accessible from any touch point within seconds. 

You have your supplier data and costs, and complete insight into your overall process along with order tracking, which gives a sense of control and security over all your spending. 

2. Better Resource Management and Increased Efficiency 

Automating the procurement function helps the process to become swift and seamless and the leaders can have better utilization of their human resources, leading to higher efficiency. 

Enhanced order process helps the team to set priorities on tasks of higher importance than struggling with various works that usually require less involvement of human brilliance. All reports and easily accessible and data can be fetched from any department when required, as per the given controls which makes a fine-tune sync between departments like procurement and finance which is important for business operations to run smoothly.

3. Higher Cost Savings 

Procurement functions that yet don't work on automated systems have a catalog of their previously trusted vendors which they often consider to go with for their purchase. Such organizations could not try out more in the market and explore to get the best deals for their goods/services requirements as it's complex to gather the right information which they can trust on.

With Procurement automation software, we get better-calculated supply needs and can reach several suppliers to get the best possible business deals landing in a higher amount of savings for the contracts. 

The seamless operations with procurement automation allow you to reduce any mistakes and hence decrease the add-on costs with contracts and bring up your whole procurement into confidence with deals they make. 

4. Better Decision Making 

With all the vendors' data and costs in hand and a greater number of quotes, there come more chances of negotiations and getting the deals with lower purchase costs without hampering the quality.

The vendor data allows making better decisions in favor of the business finance and the organization's savings goals.

5. Risk Mitigation 

Procurement experts have always claimed the best way to avoid risks is to find out the potential risks and every stage and be better prepared for the worst in each case. With procurement automation software you get the best visibility across your whole procurement cycle thus helping you identify the risks and prepare robust strategies to tackle them.

How do you automate a procurement process? 

Frankly, you have two ways to go here if you haven't automated your procurement process yet. The first is quite a lengthy procedure and would cost you more than your obvious budget for this, which is going for an on-premise system. This involves hiring a team of experts to be a part of your organization forever to build systems that require constant monitoring and maintenance. The other way is to move with the world and opt for SaaS.

Statistics from Better IT research shows that 38% of companies are running completely on SaaS-based systems, and around 80% of business are planning to adopt SaaS by 2025 for all their software needs. 

There are various Cloud-based Procurement Automation tools that are fast to implement, affordable, and highly scalable which can help make your process break records of cost-cutting and savings. A cloud-native procurement automation software can prove to be a great asset to your business in facilitating the development, assigning, and managing of tasks that will eventually standardize your business process operations. 

The TYASuite Procurement software can be the end to your search for the best procurement software that you can get for an affordable price with an easy and quick implementation cycle in 2022.

Well, with ERPs it's not just about selecting and going live with a software service as others. This is highly crucial as your ERP implementation phase decides what benefits you are going to derive from it.

When it comes to ERP, the implementation cycle is a long process and it can take ample time and participation of you and your service provider. The ERP implementation process begins from gathering your business’ requirements for ERP, choosing the right software, customization and system deploying cycle, data migration, pieces of training, going live, and managing the ERP support.

In This Article:

1. ERP implementation process overview
2. ERP implementation phases
3. When should ERP be implemented?
4. Why do you need an ERP implementation?
5. Various trends in ERP deployment
6. How long does it take to implement ERP system?

ERP implementations can be complex and challenging undertakings, even under the best of circumstances. The process includes a number of steps that must be performed in a specific order and can take anywhere from 6 to 18+ months to complete. Full ERP implementations will require organizational change and user adoption, detailed planning, accurate requirements gathering and preparation, proper planning for system customization, data migration, data integration across disparate systems, end-user training for new processes, and effective project management.

Implementing a new ERP system successfully is complex and time-consuming.

Let’s explore the steps in the implementation process and examine what you need to know about managing change.

Importance of a well-planned ERP Implementation Process

According to Global consultancy McKinsey, more than 70% of all digital transformations fail. A recent study over several ERP implementations in the past 10 years reveals that around 60% of ERP implementations took longer than expected and around 75% of ERP projects exceeded the allocated budget.

The main reasons behind these failures were found to be revolving around the business's interest during the implementation process of ERP. Unclear project requirements with core team members not caring to give enough time for the project and the core team consisting of the wrong people are some major issues in this regard.

Well, all such causes can be nullified if we take our ERP implementation process as a priority during the project tenure. The leadership participation to help set up the correct requirements and get the right system deployed becomes important when it comes to the Enterprise Resource Planning implementation process.

If we have thought of ERP implementation for our business, we are close to achieving the benefits of streamlining our business process with automation. But to get the best out of our investment, the ERP implementation process should be as efficient as possible at all stages. An error-proof ERP implementation life cycle with effective participation and a clear approach can do wonders. 

Let's see what these phases are?

1. The Discovery Phase

Discovering the needs of ERP implementation is the first and foremost step towards your process automation planning. Before going through the multiple phases of ERP implementation, the two most common yet important aspects are 'When' and 'Why' ERP? 

There may be a global buzz towards business process automation, tougher competition, and some process optimization requirements that might bring up the thought of ERP implementation but how we'll come to know when is the best time for us to automate our business processes?
Well, multiple signs can help us decide this. There may be multiple software on which different departments are running, there may be less transparency and sync between processes and require a manual tally mechanism to match up with data from different departments, data becoming unmanageable, scaling up of business, etc. and all of these shouts for the requirement of a centralized ERP software needs.

Keeping track of your business processes manually is time-consuming and prone to errors. With a cloud ERP implementation, you can eliminate repetitive tasks and make better decisions based on the real-time analysis of the most recent data. A cloud-based system offers the enhanced ability to streamline business processes while keeping in tab with production demands. A digital transformation is necessary to change your business processes, keep up with the latest technology, and get ahead of the competition.

2. The Project Planning Phase

A well-planned project is a must for ERP implementation. From the appointment of an efficient project team to examine all the current workflows and define goals for ERP service, to budget allocation at first place, all becomes mandatory in the project planning phase for ERP.

The project team shall be appointed with the necessary leadership to carry on with the ERP implementation process journey. Such a team generally includes an executive for budget allocation, project managers, business process experts, or the concerned department representatives along with IT leaders. From preparing the project plan, important timelines, resource allocation, and daily management, the project team shall be responsible.

The business process experts (can be leaders from concerned departments) in the project teams are mostly into defining requirements for ERPs along with possible improvements in the current workflow with all possibilities of growth and scalability in the future.

The executives may help decide the budget allocation based on the requirements set by the process leadership. The team shall collaboratively document all the specifications and KPIs based on which they can monitor the ERP service's benefits and add-ons for the business.

3. The Service Selection & Evaluation Phase

The requirement analysis will provide you with answers for why an ERP system is required and for what goals. Along with this, the requirement analysis will also speak up for the type of service that is required in your case. Based on the goals and timelines, there can be two categories in 2022 that you can choose from, i.e. having an on-premise system or subscribing to a Cloud-based ERP service.

If you are preferring to go for the robust Cloud-based ERP services, the process will deviate accordingly and the next step would possibly be the package selection.

The twenty-twenties is a decade of a high trend for cloud-based ERP solutions that are easily customizable, fastest to implement with high flexibility and scalability as the super-strengths. There are multiple service providers across the globe with all needs brought on a single centralized system for complete resource planning across all departments. But, choosing the best ERP software for your business is highly dependent on your business process. 

Once you are done with the service selection, the next thing is the package selection that is desired. Service providers have ERP solutions for all departments, but your requirements may be more or less. The selection of the right packages may help you to get the SaaS as required along with the best subscription prices.

GAP Analysis

It's a crucial evaluation phase in the ERP implementation life cycle. In this phase, the Gap analysis is done which speaks up for the missing sync between the requirements and the ERP offerings. This gap analysis shall be taken into account with the leadership to ensure you get the ERP to meet all the functional requirements for your business.

Service agreements with ERP vendors can be the final point to discuss here. Your package selection with the number of users may give you a clear idea regarding the subscription price regularly and can help build your contract with the service provider.

4. The Customization and Testing Phase

After the software selection and evaluation phase, here starts the job of your cloud ERP solutions provider. This phase involves work mainly on the service vendor's end yet it may involve multiple meetings and discussions for process improvements and re-designing of customized modules. Complete configuration with safe Data Migration is the critical process involved here. 

Testing can go parallel with the development phase, as the team can monitor and test-verify specific modules that are ready. Various re-testing and amendments can be suggested where required. The better you collaborate with your ERP vendor in this phase; the best results can be brought up with the project. 

Meanwhile, the team is supposed to work on necessary documentation and training materials for their end-users. The project team is not just responsible for carefully listening to the end user's issues and concerns, but needs to also help them understand the reason, goals, and benefits of ERP implementation. ERP implementation is a complex process and hence, you will have to look for well-organized ways of training users, which is only possible with two-way communication with them.

5. The Deployment Phase (Go-Live)

With the final testing of the ERP modules and training of end-users, the ‘day’ has arrived, when you are finally ready for the actual implementation process. Still, we need to keep all the rush aside and be ready for the downtime and other issues on our way. We shall be more patient at this phase and be highly resistant to the changes. 

Organizations adopt different approaches when it comes to going live with a new set of software. 3 key common approaches that can be chosen for ERP implementation include: 

1. The big bang approach: A highly popular approach among various big businesses. With the big-bang approach, the software is installed in one-go on a go-live date for entire teams of the organization including sales, finance, operations, marketing, etc. Thus, requires a lot of planning, as a single mistake has the potential of affecting all business functions. 

2. The phased approach: As the name suggests, in this approach organizations plan phased implementation as per the department, location, manufacturing unit, etc. The risk is lower as it will not have a huge impact on the entire business at a time and things can be quickly tackled in case of faults.

3. The parallel approach: In this approach, teams integrate a new parallel system, while the older one is already in function. This again minimizes risks involved in implementation, as you already have the old system running parallel to back switch to. However, running two systems at a time comes with its own set of technical glitches including issues like data synchronization as well as issues with the end-users.

ERP implementations take six months? No way!

A lot of companies in the late-90’s, 2000’s and early-2010’s thought they would get a company off the ground just by picking up an ERP system from their local reseller and be running smoothly three months after the installation.

Those companies were wrong. Agile, ever-changing business models require agile, ever-changing business software.

With today’s modern Cloud ERP Software technology companies can expect quicker implementations with better integration between their current systems and their new business software.

The Essence

ERP implementation process is a major project that can be an exciting and great learning experience for the whole project team. The inside-out process journey and optimization cycles can boost up the process knowledge along with the real value i.e. automation. The implementation process experiences shared by various industry leaders show how they have gone through the unnoticed finer points of their business process became added a great experience to their profiles.

Remember, it's always teamwork when it comes to optimization and automation. Your ERP implementation cycle if went well, can thrive the business process and help the business touch skies with its real-time cost-cutting and saving mechanism.
 

The literal definition of procurement is the action of obtaining or procuring an entity or a commodity. Here, the term procurement is used in the realm of business. On the surface level, procurement might seem like it is all about acquiring supplies of an organization that needs to function daily. These include vendor management, fraud prevention, payment processing, invoice processing, quality control, etc.
However, there is more than which meets the eye.

Procurement can be divided into two niches - direct and indirect procurement. While both direct and indirect procurement are essential to the smooth functioning of any business, it is very important to understand their place in the business so that you can prioritize and emphasize where and how they are required.

What is direct procurement?

Direct procurement is the acquisition of raw materials and goods required for production. Such purchases are made in bulk amounts and are acquired from a supplier based on the best possible price, quality, abundance and reliability. This is necessary for the everyday functioning of a business. For example, rice is a direct procurement commodity for someone who works as a chef. Cement is a direct procurement commodity for a builder, metal is for the iron and steel industry and so on. Direct procurement is so essential that if it stops functioning or encounters any kind of blockage, companies will no longer be able to manufacture their product and generate revenue. Hence, it can be said this niche of the procurement software stems from the manufacturing sector.

What is indirect procurement? 

Indirect procurement is the purchase of services that are required to keep the business running. They do not directly influence the functioning of the business, but they do affect the outcome. It is defined as the activity directed at ordering goods and services that support your primary business, but do not deliver directly to end customers. For example, in the mobile phone industry, silicon chips are a direct procurement commodity, because without them, a phone will not function, but a proper service center is an example of indirect procurement. Would the manufacture of mobile phones get halted because of a lack of service centers? Of course not. However, would the outcome of the company as a whole be affected? Absolutely.

So, we pretty much understand the difference between the two in the basic form.

How to manage direct procurement?

Direct procurement process is one of the most overlooked yet important aspects of business operations. It is directly related to the processes involved in purchasing of the raw materials required to make a product. Managing it isn’t very easy, especially when it's across an organization with thousands of products and services.

Direct vs. Indirect Procurement

Direct procurement software involves the performance of two main functions. First, it is concerned with purchasing the core component of your products. Second, it is concerned with enabling you to meet your customers’ needs more effectively by granting you access to capital that will enable you to increase your inventory levels. Furthermore, this function is concerned with ensuring that the organization’s stock of raw materials has an appropriate turnover rate, so as to enable not only efficient meeting of customer demands but also effective exploitation of assets. On the other hand, indirect procurement software functions are aimed at securing goods whose consumption does not have a direct effect on customers or production cycles. 

Here are three core areas of procurement where the distinctions between direct and indirect procurement are laid-out:

1. Managing Supplier Relationships - Direct procurement requires  suppliers need to be on good terms with the company to ensure long term procurement of goods. However in terms of indirect procurement, companies focus mainly on expenditure. Hence their focus is mostly on managing and reducing the same. This is especially true in terms of companies that have little to no direct procurement requirements such as software companies, digital marketing companies etc.

2. Managing Inventory - Having the right amount of inventory on hand is essential for smooth production. It can be highly inefficient to hold large amounts of inventory if the expected demand level isn't known. Direct procurement is beneficial when you expect a constant stock level, when the purchasing process is rather traditional, when it takes time to place orders, when you deal with many suppliers and in some cases when dealing with very expensive and perishable goods. Indirect procurement is more appropriate when the inventory levels fluctuate dramatically in accordance with production cycles, in environments in which customization is possible and when time-to-market is required

3. Organizational Structure - In most companies, direct costs are managed by centralized procurement and supply chain teams, with category managers focusing on specific areas of spend whereas indirect procurement in most large organizations tends to be decentralized in nature. Organizations have multiple stakeholders with independent budgets and spend protocols, resulting in inefficiency in the indirect procurement process. Lack of centralized structure for indirect spending leads to operational inefficiencies. A significant proportion of global Fortune 500 companies are moving to managed indirect outsourcing, saving 10-18% of their overall operating costs each year.

In a Nutshell

Inefficient procurement management directly impacts the bottom line. Without well-defined and streamlined procurement practices, businesses experience high overhead costs. The objective of procurement is to make the best purchase at the right price for the right item, at the right time and in the right quantity and quality within the organization. Businesses need to invest resources towards understanding about what differentiates direct from indirect procuring. It must be noted that it is imperative that direct and indirect procurement goes hand in hand in industries that require it. One is not more important than the other. By focusing on both, organizations can cohesively grow by honing in on the holistic view of the procurement field.

In today’s competitive business environment, it is very difficult to survive and grow without a good grasp on the core principles of procurement management. Survival and growth compliment each other and cannot exist without one another.

Guide to Procurement Management 

1. What is procurement?
2. Types of procurement
3. Procurement vs. purchasing – what’s the difference?
4. What is meant by procurement management?
5. What are the steps involved in procurement management process?
6. Why you should automate procurement management?

Procurement is the process of buying goods and services from vendors, typically for business purposes. Most companies have a designated buyer responsible for purchases, typically a senior manager with a staff of procurement specialists. The buyer's job is to find the best products and services for the firm at the lowest price, and to find new sources for purchasing a particular item or service when needed.

To understand how procurement can play a vital role in your company’s success, you first need to know the different types of procurement:

1. Direct Procurement - Direct procurement is the process of purchasing goods and services that are utilized in the core operations of a business. The goods and services procured through the process of direct procurement eventually find their way to the end customer or client of the business. These purchases are generally made in large quantities. Examples would include raw materials, components and parts, machinery.
2. Indirect Procurement - Indirect procurement is the process of procuring assets and services for a business that aren't directly tied to the operations or manufacturing wings of a company. Examples would include purchasing equipment repair, office supplies and myriad service sector products and services.
3. Services Procurement - Services procurement consists of an integrated set of proven and economical business processes and practices used to efficiently procure professional services. From law firms to on-site security services, through outsourced HR processes or on-equipment training, service procurement is about procuring the people-based services your company requires.

Procurement is an overarching term that describes the process of identifying the market for a product or service, building relationships with suppliers, evaluating cost savings and constructing contracts. Purchasing is a sub-process of procurement. Purchasing relates to the buying of goods or services, purchase orders, invoicing, shipping notifications, goods receipt and payment. The two terms are closely related but mean very different things in practice.

Procurement management involves sourcing (identifying and selecting suppliers), negotiating (establishing terms and conditions for supply), purchasing (acquiring goods and services at the best prices by following the approved process), monitoring (identifying and managing risks), and reporting.
While procurement management is about strategic sourcing, it also includes a lot more. It has been said that procurement management is organizational body, soul and spirit. It is an organizational body, because it is about enabling an organization to make optimal use of its resources through cost effectiveness and efficient procurement of goods and services. It is soul because the procurement process involves identifying the core competencies of an organization and aligning them with the desired outcome of procurement activities. It is spirit because it empowers organizations to achieve their goals through a holistic approach to sourcing goods and services.

Even when you buy simple items like pencils or clothes, they're often supplied to meet strict specifications. That's why there is a process for purchasing called procurement management. Proper procurement procedure consists of seven main stages:

1. Identifying the requirement for goods or services
2. Identifying and evaluating vendors/suppliers
3. Negotiation of contracts with the selected supplier
4. Raise purchase requisition (PR)
5. Generate purchase order (PO)
6. Quality checking of requested goods
7. Invoicing and payment

Step 1: Identifying the requirement for goods or services

The first step is to define your requirements. This entails listing all of the goods and services your organization needs to purchase, thinking about which of those high priority are and which are not. It’s also important to consider your company’s strategic goals and mission, because procurement decisions are often geared toward supporting those priorities.

Step 2: Identifying and evaluating vendors/suppliers

Once you know what your needs are, it’s time to determine who will supply them. You first need to identify potential suppliers, which usually require you to do some market research.

Step 3: Negotiation of contracts with the selected supplier

The next step is to establish the terms of the agreement. This generally includes pricing, delivery, payment terms and so on. 

Step 4: Raise purchase requisition (PR)

After you’ve identified the vendor and agreed on the details, the next step is to raise a purchase requisition (PR) which is basically an approval from the department responsible for approving purchases that includes a description of the good/service, pricing, quantity and supplier information.

Step 5: Generate purchase order (PO)

Once the PR is approved, it’s time to issue a purchase order to the vendor. This includes assigning a PO number, which makes it easier for your supplier to process your order and for accounting to track it.

Step 6: Quality checking of requested goods

Companies should audit the requested goods to ensure the suppliers have met quality expectations.

Step 7: Invoicing and payment

The final step is to process the payment once the invoice is delivered to your company. This generally involves reviewing and accepting the invoice, then passing it along to your accounts payable department for payment.

The procure-to-pay process management is manual, repetitive and often inefficient, lacking in transparency and quality. Employees spend a lot of time with this activity as they have to review numerous sources, create an extensive spreadsheet or manually collect information from various vendors. Poor spending decisions are made, leading to the unnecessary purchase of products, services or materials at higher costs. On average, procurement professionals spend 30% of their time fulfilling routine procurement processes such as creating, approving and distributing purchase orders.
It doesn’t have to be this way!
The right procurement automation software for small business can shave days off your procurement cycle by streamlining the process of sourcing the right products, simplifying approval workflows and automating tasks throughout the whole purchase journey. It leads to faster delivery times for the business, consistent results and increased visibility over expenditure. This can deliver more value to the supply base, remove inefficiencies within your business, identify savings that can be reinvested, and ultimately help you succeed faster in your marketplace.

Vendor management and supplier relationship are essential for any successful business. It is complex in the case of remotely managed digital operations such as e-commerce or international trade.

There is a reason only in 47% of the cases vendor collaboration makes it up to the mark. Any supplier dealing with multiple vendors usually requires a centralized vendor management solution capable of maintaining the system without a glitch.

The purpose of vendor management software is to minimize complications. It is essential for every business so that they can focus on their core operation and productivity.

However, there are many sub-processes for supply chain management, delivery tracking, and returns management. The Automated Vendor Management Software makes the experience seamless and helps improve the relationship with vendors by streamlining the business.

Let's understand the different ways to redefine vendor relationships with efficient Vendor Management Software.

Expert recommended strategies to maintain a healthy vendor relationship with cloud-based Vendor Management System

1. Flexible Communication Channels

Communication is vital for every business relationship. The vendors have a dependency on suppliers in every stage of the business, be it handling damaged consignments or managing late deliveries. The Vendor Management Software empowers both of them to understand basic delivery requirements and maintain them as per their business standards. An effective feedback mechanism provided by the software solution helps in a better understanding of the operation.

2. They are strategic partners, not vendors

Dedicated vendors are the foundation of any successful business in the long term. A stable and good relationship with the vendors can always help turn your business into a role model. An automated vendor management software would enable business owners to build and maintain a healthy relationship with all the strategic partners and add value to the business ecosystem. An efficient mechanism for responding to their quarries and concerns will help you earn their trust and confidence in your business.

3. Reducing uncertainty and risk

A healthy and long-term business relationship always depends on both vendors and business owners. Hence it is essential to consider all risks associated with the supply chain, like demand fluctuations, and draft a transparent contract accordingly. Vendor Software helps in minimizing such risks and maintains an ideal balance.

How does the vendor management tool exactly help to implement these strategies?

Vendor management software is not limited to mundane database management for the vendors and their respective order status. It can also help you to get their honest feedback from time to time. Apart from this, the tool helps with risk analysis and effective operation management.

Let's talk about the features of a robust Vendor Management System.

1. Efficient management of the vendor life cycle

Since Vendor management itself is a combination of multiple processes, it is essential to manage the entire lifecycle effectively. So there are certain ?must-have? features in any Vendor management software.

1. Vendor's classification: Every vendor is unique, so are their requirements and associated risks. Hence the Vendor management tool must help with the vendor classification so that all the agreements and contracts; are drafted accordingly, keeping the interest of both parties in mind.

2. Assess Risks: We have already discussed the significance of risk assessment and management earlier. Vendor management software helps the same process with a quantitative measurement approach. It enables you to evaluate all factors before making an informed decision.

3. Aid in auditing: Accuracy in report generation and task auditing are the basic features of any vendor management software. Hence a proficient one must generate reports with the list of critical vendors, selection process, and minute of the meeting that can help key stakeholders in decision making.

2. Strengthen collaboration

A vendor management process often involves multiple or all departments of any organization. Hence, the vendor software tool needs to be flexible enough to provide a secure and centralized digital environment for all departments. Such a process always translates into reduced redundancy, transparency among departments, and increased efficiency.

3. Verification at each level of management

It is always possible to have errors or out-of-scope needs in any Vendor Management process. Missing contracts or the requirement of updated reports are some examples. Your vendor management software helps you out there and allows you to monitor those constantly.

4. Access to the entire vendor management arena

Your tool should be able to handle and access the entire vendor management environment dynamically whenever required. For example, if you want to monitor the risk and create a report of critical vendors. Then you should be able to fetch all the vendor details and the labeled categories.

Executive Summary

Make a checklist of these features and any further custom requirements of your business. You will know if your tool is good enough to help you with your vendor management needs. TYASuite, World's 1^st Plug-and-Play Vendor Management System, allows companies to simplify the vendor onboarding process and establish an effective communication channel among buyers, suppliers, and companies.

Technology, and in particular ERP solutions is fundamentally changing various phases of the organizations. Right from how the organization functions to successful implementation; the technology has made it quite easier to compete in the global market.

As warehouses are becoming advanced, and factories are becoming productive, the process of implementing procurement software has gone to a whole new level. The technocrats are constantly developing innovative products to make the ends meet and make life easier by simplifying the complications of business. With implementation of procurement software, certain challenges arise in the same proportion. Before procuring, the professionals need to bridge the gaps and eliminate all the problems associated with procurement.

What are the common problems in the Procurement process?

(1) Poor selection of vendors

Within the organization, it is very important to maintain a smooth running of the business operations that is reliable and has an uninterrupted supply of goods and services. Without dependable vendors and robust e-procurement software, it will be quite difficult for the team to implement the software and understand the basic requirements of the business.

The best solution to the problem is to go for vendors with a proven track record and years of experience in handling clients globally.

(2) Violation of purchasing protocol

It is often a common problem within an organization that employees do not abide by the purchasing protocol. An organization with a centralized purchasing model allows a certain number of people to purchase on behalf of the company.

In many cases, the companies decentralize the purchasing model thinking that their employees will not follow the purchasing protocol. As a result, they make a purchase that is excess than the required amount. It affects finance and increases unnecessary expenditure.

To solve this, companies need to ensure about their requirement and apply a strict protocol, by implementing purchasing software that gives access to the selected employee?s in-case if they purchase on behalf of the company. The implementation of this software will help you to ease the process as well as track every purchase done by employees. In addition to this, the company will be able to track unnecessary expenses.

(3) A gap in user-communication

Due to a lack of user communication, the requirements of the users are often misinterpreted which leads to the selection of wrong products. As procurement software is implemented it will emphasize more on the functional requirements of the users.

Procure-to-pay software will help you to set up communication between users and vendors. Apart from this, it will create practical and realistic timelines that will be taken into account for future reference.

(4) Bad relation with suppliers

There are instances when organizations do not maintain good and cordial relations with suppliers. As a result, it affects the procurement process and increases the complications within the organizations. For efficient management of business, it is quite important to set-up good coordination with suppliers by implementing procurement software. Sharing a good relation with suppliers will help you set up a good communication and ensure good business productivity.

(5) Delays in implementation leads to complexity

The process of procurement involves managing multiple purchase requisitions, setting up approvals for respective departments, quality checking of products, payments, invoices and much more. If procurement software is not well implemented, it will be quite difficult to regulate the above process and a large fraction of time will get wasted due to flaws in procuring process. Hence, it is very important in today?s digital era that organizations adapt to procurement software which comes with lots of customization options that can be easily mould as per the needs of the business ensuring smooth business operations.

Final Take Away

As the world is heading towards digitalization, organizations should be well prepared to face challenges while planning to implement TYASuite Procurement Software which comes with a handful of 3500 plug and play features to ease and streamline business operations irrespective of any industry. Keeping in mind the above-listed problems, our robust software can help you deal with upcoming hardships and solve them within a limited time frame by automating procurement to pay process in a correct way.

Ease Every Complication with Plug and Play ERP implementation

The time is changing at a fast pace and so is the business requirements. To emerge as a winner, it is quite important to implement Plug and Play ERP software developed by TYASuite to get productive results within a limited time frame.

Technology has transformed over the last couple of decades and so is the business. With transformation, the business owners are looking forward to accelerating their business in the same proportion. To match the speed of transforming technology the companies around the globe are using tools and techniques to take their business to the next level.

The style of managing inventory within the organization has changed drastically. With passing years the inventory management software came into existence making it easy for organizations to manage their inventories. Inventory management is a tedious task that slows down the business process. Choosing the right inventory management software with the right features will help you maintain the pace of the business.

Balance your Business with Inventory Management Software

There?s no doubt about the fact that the value of inventory software cannot be understated especially for businesses dealing with a huge amount of goods. In other words, inventory management is a crucial step in a supply chain where the movement of stocks is tracked in and out of the warehouse.

The main objective of implementing inventory management software is to track the movement of stocks at a particular time as well as track the volume present in the warehouse.

Benefits of an Effective Inventory Management System

(1) Help to increase overall efficiency

The selection of the right Inventory Management System helps to increase the overall health of the business. It will help to save the time of your employees which they spend on record keeping as well as in tracking the movement of stocks. It will promote efficient time management as well as give enough time to employees to contribute to the company.

(2) Stay updated with inventory location

If you have multiple branches for your warehouse then it becomes important to track the exact location of inventories. To confirm the presence of inventories it is important to have Inventory tracking software to stay updated with the status of inventories.

(3) Keep your warehouse well organized

The implementation of Inventory management software keeps your warehouse organized. It will help you save money and improve the fulfillment of business using the warehouse for inventory management.

(4) Improve the efficiency and productivity

Inventory control software helps to manage time and promote optimum use of company resources. The implementation of inventory management software helps to speed up the process and ensure inventory records are intact and up to date.

(5) Build customer confidence with reasonable price

As inventory management software is implemented with better strategies, the organizations can use inventory planning to improve the cash flow by providing quality customer service at consistent and amazing pricing. This step will help to adjust the product line and help the companies to make intelligent business decisions.

The Final Statement

Inventory management is an asset for the company, so it is very important to nurture and protect your assets to emerge as a global winner. As inventory management software is implemented it can contribute a lot in cost control as well as predict the sales and prepare your business to face global competition. The Plug and Play Cloud ERP Software has made everything possible that the decision-makers can think to expand their business. There is a better chance for profitability as well as survival for the business to grow in a competitive market with a good scope.

Take Control of your Inventory with TYASuite

As soon as the inventory management software is implemented within the organization it will open the doors of endless possibilities for your company. To leave the footprint of success inventory management software is one of the best options to compete with global rivals.

Contact our team for a free trial today!

On March 24^th, 2021, MCA has introduced a new rule related to accounting software by introducing sub-rule (1) to rule 3 the companies (Accounts) rules, 2014.

The new rule mandates every company which uses ?Accounting Software? for maintaining books of account to ensure the below features in new accounting software with audit trail:

1. Must have a feature of recording audit trail for each and every transactions
2. Edit log for each change in books of account along with date stamp
3. The audit trail must not be capable of disabling

In addition to the above, MCA has also changed the content of the audit report, where the auditor must need to comment as below:

?Whether the company has used accounting software with audit trail for maintaining its books of accounts which has below features?:

1. Recording audit trail
2. The feature has operated throughout the year
3. The audit trail feature has not been tampered with
4. The audit trail has been preserved as per the record retention rule

As we know most of the small and mid-size companies in India use traditional accounting software.

Considering the timeline given by regulator, it?s challenging for businesses to find alternative accounting software or approach their existing accounting software companies to develop this feature. Development of this magnitude may not be quick and easy from accounting software company?s side.

If you are looking for a ready-to-use accounting software with an audit trail, do check out TYASuite?s Cloud ERP Software. With Plug and Play Cloud ERP, you can go live within weeks.

The change in the taxation system of the country has proved to be a boon for the ever-growing economy. Being the largest democracy in the world, the reform in the taxation system has not only boosted-up the Indian economy but has also made the taxation system transparent than ever before.

After the introduction of the game changer GST Law, E-invoicing has now also been implemented for B2B (Business to Business), and Business to Government. In the world?s largest economy like India, e-invoicing is being rolled out in B2B transactions initially to curb tax evasion in the country.

Following the footprints of India, the European nations are planning to implement the same for their business. Implementing an E-invoicing system will help them to digitalize their economy and open new doors of possibilities for their business in terms of generating revenue and create more employment opportunities.

What is E-Invoicing?

Electronic invoicing or E-invoicing refers to a method of processing and generating invoices in an electronic format with the help of a common platform between the buyers and suppliers. With the implementation of the GST e-invoicing system, all B2B invoices will get electronically verified by GSTN subject to certain limits. All businesses around the country can generate e-invoices with the help of available Plug and Play ERP software which has an e-invoicing module.

Importance of E-invoicing for Business

It can help your business to grow as well as maintain transparency in every financial transaction. The importance of E-invoicing is mentioned below:-

(1) Saves Time

Before the implementation of e-invoicing, the financial records were not so organized. Many times, it was manually or through the use of multiple software. As the records were scattered, it increased the probability of errors. To eliminate the chances of errors and save time e-invoicing, is implemented to reduce the steps that were followed traditionally. As a result, it helps to save a considerable amount of time both for suppliers and buyers. It also automates GSTR 1 fillings thus saving a significant amount of time.

(2) Helps in Cost Control

As the country is heading towards a digital economy it emphasizes more on the paperless mode of working. As E-invoicing is generated and authenticated by government to be a genuine invoice it can electronically be shared online with buyers and sellers with confidence.

(3) Reduce the Chances of Error

With the manual generation of invoices, there are higher chances of errors. As a result, it can create a lot of discrepancies in business transactions. To avoid these types of problems it is the best option to look for E-invoicing software. With help of software, it will be easy for buyers and sellers to maintain the highest level of transparency during the entire business operations.

(4) Improve Customer Satisfaction

The satisfaction of customers is very important for any business. The implementation of E-invoicing helps to save 90% of the processing costs. As it is paperless the customer can get complete advantage of early payment as well as they can get best deals on every purchase.

(5) Reduce the Chances of Fraud

With real-time tracking of E-invoices, there are less or no chances of fraud. The implementation of e-invoicing has given a strong hand to tax authorities to take stern action against fraudsters.

Final Take Away

For a developing nation like India where tax evasion is quite a common problem, the implementation of E-invoicing will solve the problem up to a great extent. Apart from this, it will also help to maintain transparency in the long run for all organizations. In the coming time, it will boost up the Indian economy and take the country on the path of progress and prosperity.

Launching of E-invoicing by TYASuite

As an emerging Cloud ERP service provider, TYASuite has taken a step ahead to launch E-invoicing solutions for its esteemed clients helping them to ease the complications. It is one of the leading cloud ERP service providers helping organizations to streamline their business.

The innovation of technology has transformed the scenario of business around the globe. With the revolutionary change, the business leaders are looking forward to cope up with the change and implement them to increase their productivity as well as minimize the complications of day to day business operations.

Since ERP came into existence it has proved to be one of the biggest game-changer for the corporate world. As cloud ERP has entered the global market, the hassle-free ERP implementation remains a challenge for the ERP department.

The Layout for ERP Implementation

The tips mentioned below will help companies with hassle-free ERP implementation:-

(1) Know well about your challenges that you are planning to solve

Before starting ERP implementation within the organization, it is very important to know about the unique strengths of the ERP you are implementing. For the successful implementation of cloud ERP, there should be detailed documentation of business problems the ERP is expected to handle and make it easy for the organization to carry out the business operations smoothly.

(2) Get the business process document ready

Before you take a step ahead to implement the cloud ERP, have clarity about digital transformation within the organization. Make a clear map about all the business process along with the details of all stakeholders. By doing so it will help you understand the challenges that can come after the implementation of cloud ERP.

(3) Identify the customization points

It is reasonable to assume that you will need some customizations to the proposed Cloud ERP you are planning to implement. It is advisable to have a complete list of customizations outlined and agree with the implementation partner upfront to avoid derailing the cost as well as the timelines for the implementation.

(4) Choosing the right service provider

Many service providers offer ERP services at amazing prices. But before choosing the service provider you need to decide their credibility and success rate on ERP implementation. The right strategic partner will provide you the exact solution at the time of ERP enforcement as well as train employees to use various modules of ERP. Get an understanding of the hourly rates from the implementation partner in case the budgeted time gets exhausted later.

(5) Be prepared with a realistic plan

Planning is the key to the successful accomplishment of ERP. Be informed about the timelines and milestones of the projects. Keeping that in mind conduct trial runs to test their performance once they are live for execution. By doing so it will help to anticipate the delays and tune-up the configuration.

(6) Conduct User Acceptance Test (UAT) after implementation

Once ERP software is implemented, start the process for adequate testing. Ensure the business process document is met with the final ERP system. Process a few test transactions covering multiple scenarios.

(7) Fix UAT Issues

Once the UAT is done and if changes are foreseen on UAT, get the same incorporated and bifurcate them before going live. Choosing the right cloud ERP system will help you to stay aligned with the pre-defined standards of the organization.

(8) Having an ERP Champion

Depending on the no. of users in your company, you must opt either for a full-time ERP Consultant or a virtual ERP Consultant. In general human beings have been average to any change. ERP Implementation is a big change in the style of their working habits and process. They tend to have a pushback nature on this implementation. The role of an ERP Consultant is critical in addressing the user queries and ensuring that the user?s acceptability is increased.

Final Take Away

Following the above-mentioned tips can help to ensure the successful implementation of cloud ERP. The most important thing is to make sure that the final execution of ERP matches organizational goals and objectives. As cloud ERP comes into effect it will simplify your business operations as well as ensure optimum utilization of resources.

Emerge as a winner with Hassle-free ERP Implementation

TYASuite is committed to your organizational success. Plug and Play ERP Software will help you to gain remote access to cloud-based applications. Get live in just 7 days with enriched features and wide accessibility options.

Navigating through numerous ranges of software is quite a baffling problem and selecting the right procurement software as per the requirement makes it even more challenging. Right from medium enterprise to a company with a turnover of billions, there has been a huge demand for procurement software that can help the companies to cater to the needs of the organization.

Businesses across all industries are completely dependent on ERP software. The selection of the right software not only makes your business operations easy and hassle-free but also helps you stay ahead in the competition. The decision-makers of the organization are ready to invest in Plug and Play ERP for smooth execution of all business operations.

Guidelines for Choosing Right Procurement Software

The below-mentioned must have features will help you choose the right procurement software for your business:-

(1) Easy Operation for your Team

Easy and efficient handling of the software is one of the most critical factors before you purchase any procurement software. A user-friendly interface is one of the most crucial factors that need to be taken into consideration. For the best results, it is highly advisable to take a free demo of the software so that the users will get a walkthrough of the complete functioning of your proposed procurement software.

The free demo will help you access and understand the degree of flexibility that procures to pay software is offering for end users.

(2) Fast and Hassle-Free Implementation

Once after purchasing the software the implementation is yet another challenge for the team. No one is willing to abide by a complex implementation process. It is a better decision to know your software well before taking the final call for purchasing the software. You can search for Plug and Play Procurement software which can go live within days and thus saving substantial time and cost of implementation.

(3) Prompt Customer Support

There can be a technical glitch while your team is using purchase order software. For handling technical glitch, it is important to make sure that service providers are providing you with the best customer support in case of need. For best results, the organization can choose for best ERP cloud providers who can extend their services in terms of support. You must take feedbacks from at least 2 existing users of the procurement software you are planning to buy.

(4) Your Business Process Fitment

Every procurement software does not fit all companies process requirement. It is must to have your business process document drafted before you start hunting for right procurement software for your business. This gives you broader picture of how well your company process fits into the procurement software being evaluated.

(5) Identify the Customization Features

Once you take a demo , you must start taking a note of all features which is there in your company existing process but not in the procurement software being evaluated. After this, segregate the same between must have (MH) and good to have (GH) features. Once this is done, have a discussion with the vendor to understand what MH features can be added and the related cost. Based on this, you shall take a decision.

The Bottom Line

Nowadays there are numerous software that are easily available with instant access as per the needs of the organization. Before purchasing the procurement software understand the kind of business your organization is conducting. By doing so it will help you to decide and choose the right software that fit well with the nature of your business.

Get in touch with our team to start your free demo today!

TYASuite is one of the best cloud ERP service providers helping organizations to create a difference in the global market. With multiple options and highly customizable services, TYASuite is providing the best ERP platform to fulfill the organizational goals for all types of industry.

Introduction

For successful implementation and running of the business, ERP is known as the stepping stones behind the running of every successful enterprise. Right from startup to a company with a turnover of billions the ERP’s have to revitalize the systems to provide hassle-free and seamless business operations.

The ERP software integrates and automates financial and operational business functions and provides a single source of data which includes inventory, Customer orders, supply chain management and many more. This will help in the procurement, production, and fulfillment of the sources efficiently. AsERP solutions have come into existence it has reduced the business complexity by a higher margin as well as save the company’s resources to streamline business operations within the company.

The Contribution of Cloud ERP in the Organization

Using Cloud ERP is quite easy as it gives you the flexibility to Plug and Play ERP as per the demand of the business operations.

The points mentioned below explain the contribution of ERP within the organization.

(1) Helps in decreasing the operational costs

Switching to cloud ERP has emerged as one of the best options for organizations to get maximum output from the limited resources. The Customized Cloud ERP helps to reduce the cost of inventory and other types of resources being used by the company.

(2) Helps to Enhance the Business Reporting

The implementation of ERP helps to enhance the business reporting with real-time stats to a main consistent flow of the business operations within the company. Cloud ERP has got an integrated database to address all types of business processes.

(3) Provides a high competitive advantage

As a majority of company tries switch to ERP, this software has given good competitive advantages to a vast number of organizations to compete with their rivals in the global market.

(4) Highly Scalable

Cloud services can easily be scaled up as per the requirements of the business. As the enterprises opt for Cloud ERP they can easily scale up and scale down the cloud services as per the requirements of the organization.

(5) Increases productivity

The implementation of ERP helps you to increase productivity by a higher margin. In the case of tedious tasks often there is a delay in production which can affect your business and even the clients can face trouble. ERP helps to give a break to the business from long and complicated tasks allowing the business owners to shift their focus to some other tasks.

The Final Thoughts

As organizations are growing at a faster pace, the Cloud ERP has proved themselves as a boon for companies. The cost control and transparency in the hassle-free implementation is the main highlight of the ERP. It is the best option to get ahead of your competitors globally as well as make your presence felt in the global market.

Still confused! Get in touch with TYASuite to book free demo for Plug and Play ERP software to boost up your business efficiency and explore the endless world of opportunities.

Feel free to speak to us on +91 80 4133 0620, +91 80 4153 0620 or write to us on info@tyasuite.com.

There is worldwide shift in organizations progressing from traditional solutions to cloud-based automation. Covid-19 Pandemic has accelerated the adoption where even SMEs are looking for Cloud ERPs.

India has emerged as SaaS Hub and able to compete with Silicon Valley in SaaS innovation.

The one organization helping numerous SMEs extend their impression is TYASuite Software Solutions Private Limited.

The company was established by Vikas Mandawewala and Praveen Dokania in 2018. TYASuite Plug & Play ERP Software is equipped with modest technology to the real-time business problems across industries.

Vikas Mandawewala is a veteran finance expert. TYA Group had an unassuming start ? beginning as a financial and accounting firm in 2013, alongside one representative. With time TYA Group has developed consistently, diversifying its extent of services and wandering into the IT domain, arriving at more than 150 staffs and operations over many big cities and communities.

Introducing the Co-Founder - Vikas Mandawewala

Vikas holds more than 20 years of experience in the finance and accounting domain. He had a staggering corporate profession in India and the United States with KPMG for more than seven years. Vikas has been the fastest promoted individual and the youngest Senior Manager at the most significant worldwide auditing and advisory association - KPMG. After his journey with KPMG, he established a little financial consulting business with only two individuals and scaled it to more than 100 staff with a pan India presence. Vikas is presently managing the finance department of numerous SMEs as their Virtual CFO. Being the exemplification of commitment and polished skill, Vikas imagines the improvement of finance and accounting using modern technologies.

In 2018, Praveen Dokania, a tech-virtuoso, joined Vikas, and they established TYASuite ? a venture seeking to lead the change in modern-day cloud ERP innovation.

A Duo-Journey with Praveen Dokania

Praveen is holding 10+ years of expertise in software and technology. Praveen is skilled in project management and software development equipped with the modern technology of back-end and front-end processes. He has widespread skills in database administration, app development, server management, and IT development consulting. He is specialized in building applications and software. He also has excellent knowledge of SEO and SMO operations for huge online portals. Praveen is the foundation of tech-operation at TYASuite.

As per Vikas, TYASuite is "the consequence of the desire and enthusiasm of a finance veteran to change how organizations run their business and enhance the lives of business experts across the world. Most individuals are tormented by redundancy and duplicity of data, repetitive and exhausting tasks that hamper their efficiency and productivity."

In light of that objective, TYASuite has developed to turn into an on a single solution for businesses, as a No. 1 plug and play cloud ERP software to digitalize and automate their business processes.

TYASuite?s Plug & Play ERP at a Glance

The TYASuite Cloud ERP is a coordinated and unified platform that helps you monitor, manage, and execute all your business capacities from one place with one single data source, interactive dashboards, and vigorous reporting tools. Our cloud ERP software solution incorporates separate integrated modules to deal with consistently ?

1. Procurement Software

The Procurement Software is the key to enabling and sustaining broader procurement value thereby eliminating many manual blunders. This plug and play ERP Software is intended to streamline your organization's procurement cycle through integration and automation of each progression into one simple, controlled, and tracked stream.

2. Asset Management Software

The Asset Management Software permits your organization to improve your spending on assets and expand your return-on-investment out of the current and future investments. By guaranteeing the best possible usage and maintenance of your assets, you can benefit from them regarding profitability and productivity.

3. Inventory Management Software

The Inventory Management Software helps you plan, screen, and deal with your inventory with full oversight and real-time visibility. With full integration with the P2P module, tracking tools and digital archival, streamlined warehousing, and progressed integration abilities with external platforms, the TYASuite Inventory Management Software helps you build and keep up a simplified inventory solution.

4. Finance and Accounting Software

Enable your accounting experts with the TYASuite Finance and Accounting software to augment their capability and help them understand their maximum capacity. Finance and accounting include numerous dull and humble tasks that must be done accurately. With the TYASuite Finance and Accounting module, streamline your transactions and financial data management to guarantee no-error.

5. Sales Order Management Software

TYASuite Sales Order Management Software helps you in establishing your organization's sales processing by incorporating and simplifying each progression of the sales cycle. TYASuite plug and play cloud ERP software can give you a competitive edge by increasing up the speed of all your traditional process by instantly capturing all incoming order documents and extracting order information, by allocating stock for customer orders thereby managing drop shipments from vendors.

6. Vendor Management Software

TYASuite Vendor Management Software is an excellent solution for all your vendor management prerequisites. Incorporated with our P2P and Inventory Management modules, the TYASuite Vendor Management suite will permit multi-level processes for vendor evaluation, acquisition, on boarding, negotiation, evaluation, and performance tracking with automated tools.

7. Production Management Software

TYASuite Production Management Software is an advanced production management platform. Combined with advanced inventory management, the TYASuite Production Management suite will permit multiple BOMs, manage multiple operations, process. Managing the production cost has never been so easy.

8. Project Management Software

TYASuite Project Management Software helps you consistently plan, manage, monitor, and execute projects and tasks from one integrated and unified platform. Handle tasks easily with multi-level admittance from a smartphone application, and guarantee full feature with minimal human reliance and full automation.

9. Compliance Management Software

The cloud based plug and play Compliance Management Software is full governance, risk, and compliance tool to guarantee efficiency and diligence in following the horde statutes, guidelines, and compliance prerequisites vital for a business to survive in the cutting edge market.

10. CRM

The TYASuite Customer Relationship Management module is intended to enhance your communication with your past, present, and future clients. Coordinated with our other modules, it empowers you to keep up a unified client directory, simplify your client communication, and automates your client acquisition, maintenance, and relationship management.

TYASuite is a multi-featured Cloud ERP Software where customers can work efficiently with the business to provide the flexibility of auto-scaling as the business expands.

Who can be benefitted?

1. Enterprises that expect scalability in their business operation
2. Enterprises that expect to have a big pool of workforce
3. Enterprises that expects a very effortless solution at a minimal cost
4. Enterprises that expect simplified automation for non-value added procedures

The key focus areas of TYASuite depend on the most reasonable cloud-ERP software in the world. This can be integrated into the customer?s business with more than 2000 plug and play feature.

Growing Through Positivity

Vikas belongs to a middle-class family from Bihar. He has faced a lot of tough times in his journey. But, he had a positive standpoint and accepted that challenges and difficulties make one stronger and more proficient. Discussing his career, Vikas was in the United States for around 5 years where he was working 35 hours a week. But, after he came back to India, he had adjusted his working time from 60 to 70 hours a week. This change has really made him capable of handling anything and everything in a professional manner.

Vikas began scaling a consulting firm from 1 individual to 120 employees in a limited ability to focus. This was for sure a big challenge while simultaneously it made him adept enough to handle all the issues all alone.

Today, he imagines himself and his organization to turn into the World's first Plug and Play Cloud ERP platform. He is moving in the direction of getting perceived as one of the most demanded Cloud ERP solutions in the world which are overwhelmed by Oracle, NetSuite, Microsoft Dynamics 365, and SAP.

Being a start-up, TYASuite is searching for alternatives to raise capital through external investments to grow its marketing and technical abilities. Vikas believes this will drive the financial specialists who can see the capability of the market with a scalable and gainful business model.

As businesses have now shifted to remote work, the requirement for centralized vendor data turned out to be an important factor. Data living in somebody's mind, a file folder, on an email or even excel spreadsheet, was tough to access and share. In an emergency, certain bits of data become essential and most of it was lost during the retrieval process. To manage the data properly, vendor management software is essential for businesses.

In the previous decade, the attention on vendor risk has expanded colossally. Most big businesses have broad projects to survey the sorts of data managed by or accessed by vendors because of GDPR and other data security rules, and makes sure to have this data readily at hand. A few businesses include operational and administrative compliance requirements, and most associations are effectively dealing with their vendor contracts.

What vendor data do you want?

You ought to effectively have the option to put your hands on these components for the entirety of your vital and frequently-utilized vendors:

1. Valid company name
2. Website
3. Business address
4. Primary phone number
5. Name of Account Manager, his phone number, and email ID
6. Billing contact name, email ID, and mobile number

Businesses should have a clear notion of which vendor is during what and whether the vendors they are working with possess any threat to the company. They should list out the vendors who have more critical information about the company and who have less sensitive information about the company. The ones which have more information should be handled properly and precisely as they tend to pose a greater threat to the working of the company than the ones which have less data.

Why it is tough to get vendor data?

Endless departments interact with vendors. Business lines understand their salesmen, but frequently don't approach or incentive to refresh procurement or AP frameworks. Security keeps their contacts but does reviews yearly or less regularly, and may depend on the business line or procurement to give contacts. Accounts payable take into consideration that they can get invoices and send payments, so they normally have organization data but not the person’s personal data.

It is also a common practice that vendors work with a number of business houses and vice versa. To work them all the businesses, many vendors provide different or incomplete information to the companies and therefore it becomes one of the main reasons as to why it is tough to gather vendor data. Also the data procured by these companies tend to be processes on an annual basis which leads to such a problem. Occasionally, a centralized repository doesn't exist to monitor the changes in contact details.

Reasons why the vendor data management is being ignored?

Each significant business battle to keep up a basic address book of essential contacts at their significant vendors. The worst part of it is that it can't create a list of telephone numbers and email IDs to connect in case of a crisis. Every business house deals with a number of vendors simultaneously and this creates a havoc. Companies tent to change their business vendors according to their requirement and therefore they find it unnecessary to store the vendor data and mainly decide to ignore it. They believe it to be a tedious task and a time wasting part of the job. Hence, they decide to ignore or halt the vendor data management to the maximum time limit they can. To overcome these problem businesses should invest in powerful vendor management software so they do not ignore or miscalculate the vendor data.

Wrapping Up

TYASuite is an award-winning and India’s No. 1 plug & play ERP that can help you boost your business performance and maximize your overall productivity. We have an efficient vendor management software module to help you automate and streamline your business process and give you real-time visibility of your sales and vendors. We also provide other modules to increase the overall execution of your enterprise. Our modules include Sales & Distribution Management Software, Inventory Management Software, Compliance Management Software, Procurement Software, Project Management Software and CRM. What are you still waiting for? Let’s digitize your business with TYASuite – the one and only plug and play Cloud ERP Software to help you grow.

Inventory management is a decent practice for any organization. If you are not watching out for your inventory or checking stock consistently, you are setting yourself up for significant inventory errors and difficulties. Proper inventory management truly can make or break your business!

Let’s take a look at the top 10 reasons to digitize your inventory management system:

1. More Precise Ordering

This may appear glaringly evident but its significance couldn't be overstated. The items you purchase and put on the rack is probably the greatest investment that you make in your business. How might you know what to order and keep on your racks if you don't have the foggiest idea what you hold? Regardless of whether you are physically making orders, utilizing our recommended ordering, or a blend of the two, you have to recognize what you have so you will know what you want.

2. Customer Service

Ever approach a store agent for your preferred item and watch them bungle around, running from the rack to the warehouse while you persistently hang tight for them to make sense of it? Having an exact inventory in your retail management framework disposes of this issue. Your staff can rapidly and effectively tell your consumers whether you have an item available right from the point of sale. The correct system can even reveal to them where to discover it.

3. Vendor Management

Best case scenario, our providers can be genuine partners, helping us to expand our sales and deal with our inventory all the more successfully so we evolve together. Even from a pessimistic standpoint, they short ship, add on additional things, and send us expired or damaged items. Utilizing our purchasing and receiving software as part of your inventory management cycle will guarantee that you are getting precisely what you requested and can undoubtedly track and react to those times that you don't.

4. Employee Efficiency

Your employees have better things they can be doing than looking for an item and physically receiving. Enable your staff to give the extraordinary customer support you presumably recruited them for by giving them the tools they have to precisely handle inventory as proficiently as possible. Investing the time to follow your inventory adequately will make ordering, accepting, and that dreaded year-end inventory tallies a breeze. Working with the correct partner will make this process accurate, efficient, and productive.

5. Avoid Expired Product

There's nothing more terrible than a discount item since it's drawing near to its expiry date. Powerful inventory management will help you to identify old dated and expiring items. Effortlessly run a report to recognize what might be moving toward its expiry date and ensure that you're promoting adequately to get it out the entryway before you are compelled to stamp it down or write it off.

6. Avoid Damaged Product

The more extended an item sits on the rack the more probable it is to get a knock, dropped, and harmed. Cloud ERP Inventory management cycle checking helps to identify sluggish things so that you can blow them out to make space for items that will be helpful in selling. Having a cycle for following your expired or returned item is a significant part of inventory management. This will permit you to identify trends and patterns that are costing you money.

7. Cost & Margin Control

We understand that inventory is perhaps the greatest investment that we make in our business. You wouldn't invest in the financial exchange without knowing what amount your stocks are worth and what your return is, would you? Appropriately utilizing an inventory management framework will give you the control you have to amplify benefit while identifying trouble spots. More developed frameworks permit you to all the more precisely track inventory an incentive on a FIFO (First In, First Out) premise while accounting for limited time expenses and vendor discounts. Precise inventory cost can likewise be figured into recommended ordering. Least stock levels can be set dependent on inventory cost to guarantee that your frameworks are recommending you re-order low turnover products as long as their cost falls inside an adequate limit.

8. Loss Prevention

Nobody needs to consider this but as indicated by the National Retail Security Survey inventory loss is around 2% of sales. In case your store does $1M in sales every year that is approx. $20,000 vanishing from your bottom line. Inventory recoil occurs in various manners that Inventory Management will lower. Shoplifting, employee theft, paperwork blunders, and vendor fraud are the main sources of shrink. These problems are completely addressed with powerful Inventory Management frameworks. The number will not be zero but innovation can help you get your inventory loss as near it as could be expected under the circumstances.

9. Cash Flow

We love working with independent companies and SMEs. One of the most significant issues for SMEs to oversee is cash flow and this might be the most significant advantage of a viable Inventory Management framework. Our software will legitimately influence your cash flow by helping you to evaluate your inventory investment and boost inventory turnover to enhanced cash flow, increment margins, improve sales, decline shrink, enhance client support and improve staff proficiency.

10. Knowledge is Power

Our clients are experts in what they do. Regardless of whether they are prompting a patient on drug interactions, recommending the best cut of meat, choosing the ideal tomato, or finding the correct solution for a health problem, they are pioneers in their industry. Our reporting and investigation solutions are only here to fortify their experience, insight, expertise, and gut intuition to help them settle on choices to enhance their business. Online dashboard detailing and investigation are incredible but just if there is exact data to cover. Having the correct tools for inventory management will guarantee that you can settle on choices dependent on the most ideal information.

EndNote

A robust inventory management tool can help an organization to swiftly take benefit of the changing market needs at low prices. We at TYASuite always thrive our best to cater to the ideal experience you can have in the business with affordable Inventory Management Software.

Try TYASuite plug and play Inventory Management software which offers you the right services at reasonable prices. Grab our FREE DEMO version now!

[Payment of certain amounts by an e-commerce operator to an e-commerce participant].

Finance Act 2020 introduced a new section in the form of Section 194O to the Income Tax Act 1961 related to collection of tax by E-Commerce Operator. The below changes have taken effect from October 01, 2020.

We have summarized the provisions of section 194O in an easy to understand language as below:

1) An e-commerce operator (i.e. E-Marketplace) must deduct TCS @ 1% (0.75% for FY 20-21) at the time of credit of amount of sale of goods or services or both to the account of an e-commerce participant (i.e. Seller on e-Commerce Platform) or at the time of payment thereof to such e-commerce participant.

2) TCS shall be calculated on gross payment amount. This means if any charges are deducted by E-Commerce operator, that shall not be reduced for TCS calculation.

3) TCS is also applicable and shall be deducted even if the Seller has directly delivered the goods/services and/ or received the payment directly from the purchaser if the transaction was facilitated by an e-commerce operator.

4) TCS shall not be deducted from Individuals and HUFs if the gross amount on the platform doesn’t exceed/doesn’t likely to exceed Rs. 5 lakhs for that year. However, to get this exemption, the e-commerce operator must collect Permanent Account Number or Aadhaar Number of the seller.

5) No other TDS shall be applicable to transactions where TCS has been deducted by E-Commerce Operator or it is exempted based on the above amount limit for Individual or HUF Sellers.

6) In case the Seller does not furnish PAN or Aadhar Number to the e-commerce operator, TDS shall be deducted at the rate of 5% under section 206AA of the Act

7) The Limit of Rs. 5 lakhs shall be calculated by E-commerce operators for themselves for each seller.

Explanation of Certain Key terms:

a) "Electronic commerce" it implies that the supply of items or services or both, including digital items, over a digital or electronic network.

b) “E-commerce operator" it implies that an individual who own, operate and control digital or electronic platform or facility for electronic commerce.

c) "E-commerce participant" it implies that an individual who is a resident in India selling items or offering services or both, incorporating digital items, through a digital or electronic platform or facility for electronic commerce.

d) "Services" involve "technical service fees" and "professional service fees", as described in the Explanation to section 194J.

TCS i.e. Tax Collection at Source has been there in Income Tax Acts for Decades. However, the government is trying to increase the scope of TCS gradually to plug the revenue leakage.

Through Finance Act 2020, Section 206C was amended to include certain items on which TCS becomes applicable effective October 01, 2020. In this analysis, we are not discussing the TCS provisions which existed before the current amendment. We will be only focussing on New TCS Provisions effective October 01, 2020.

Sub-sections (1G), (1H), (1-I) and (1J) were inserted in Section 206C of the Income Tax Act w.e.f. 1-10-2020.

We have summarized all changes and its clarifications at one place as below:

The above person is expected to Collect TCS as per above New TCS provisions and remit to the account of government as per applicable rules. If the buyer/remitter of money doesn’t furnish the PAN Number, then the Rate shall be as per section 206CC of the Act.

Clarifications on FAQ on New TCS Provision

1) TCS Shall be collected only if the Collection from sales to individual Buyer exceeds Rs. 50 lakhs in respective financial Year.

2) For the current financial year 2020-21, the TCS shall be collected only on amount collected on or after October 01, 2020. However, the amount of collection shall be calculated from April 01, 2020.

3) Even If the collection amount exceeds Rs. 50 lakhs, the TCS shall be collected only on the amount above Rs. 50 lakhs unlike TDS where TDS to be deducted from all amount once the limit is crossed. This is a welcome move from compliance angle of the sellers.

4) TCS shall be collected on collection amount. This amount is net of all discounts, schemes etc and inclusive of GST and other charges.

5) TCS shall be Collected based on collection amount and not billed amount. The Seller will face practical difficulty here as he will not know if the collection will happen in current financial year or next financial year. As a normal practice, the seller would like to add this amount in the Sales invoice itself (similar to GST) so that buyer can make the payment accordingly. If the buyer pays in the next financial year where the amount is not expected to exceed Rs. 50 lakhs, he may want seller to revise the invoice raised last year. This may raise practical challenges on seller side.

6) No TCS to be collected if Goods are being exported. However, the export turnover to be included in calculation of Rs. 10 crore turnover limit.

7) TCS to be collected by Seller only if there previous year turnover exceeds Rs. 10 crores

8) TCS is not applicable on Sale of Services

9) The Buyer will get TCS credit as advance tax in their account. If the Buyer doesn’t have taxable income, they can file for the refund.

10) TCS is not required to be collected if Buyer is required to deduct TDS on the sale of subject goods and buyer deducts TDS.

You can reach out to author at vm@tya.co.in if you shall have any specific queries on New TCS Provision.

Searching for the correct manufacturing software for your SME is essential to productivity and success for a lot of reasons. It can help you boost your supply chain by providing automation, visibility, digital transformation and control and, helping you effectively scale your business and advance your existing systems without a huge spend. Undoubtedly, your business could profit from an enterprise resource planning or ERP software. Top ERPs for SME list can help you evaluate the right software for you. It can help you simplifies numerous features of your organization in a single platform. Below are the software’s or modules which can streamline your process:

1. Manufacturing ERP Software
2. Inventory Management Software
3. Procurement Software
4. Supplier Management Software
5. Accounting Software
6. Sales Management software
7. Asset Management Software

We understand that ERPs are wonder-workers. But if yours resembles numerous SMEs, you most likely dread exploring and executing innovation. With numerous unpredictable, manufacturing-based platforms, which one is right for you? In this blog, we'll help you comprehend a couple of core considerations of picking a brand new manufacturing tool, with advice custom-made specifically to private companies over various businesses.

Top Consideration While Choosing an ERP

Consideration No. 1: Your Current Process

Did you understand that 16% of associations trying to execute another ERP software are doing as such to replace their local frameworks? If you're searching for a further developed, tailorable system that goes beyond Excel, Tally, QuickBooks, and other tools that you've become out of, at that point, it's time to change to an ERP.

Fortunately, the vast majority of these products are set up to help you from a basic and restricted system to full-fledged ERPs, so your present framework will help you choose which software is ideal.

For instance, if you're changing from QuickBooks to ERP, you'll need to choose software that is viable with QuickBooks so you don't need to invest a huge amount of energy modifying databases without any preparation.

Note that there are likewise an assortment of projects that cause changing from Excel To ERP a breeze, so if you need to keep up any current databases, ensure that you pick a choice that is intended to make the progress as straightforward as conceivable specifically for Excel users.

Consideration No. 2: Your Specific Production Process and other business process

To limit your determination much further, it helps if you select your software by manufacturing measure.

There are ERP software’s that are built specifically for exact manufacturing works, for example, discrete, measure, blended mode manufacturing, light assembly (kitting), engineering to order (ETO), make to order (MTO), job shop (shop floor) professional services, wholesale or industrial distribution.

While picking a tool that isn't mode-centric may work fine and dandy, contingent upon your specific business, it helps if you have exceptional tools that help your manufacturing mode.

For example, if your organization practices process manufacturing, your ERP will have extra management works that enable you to plan, sort, and produce prepared merchandise, with extra solutions for simplifying measure specific capacities, similar to security laws and guidelines.

Consideration No. 3: Your Industry 

Besides the manufacturing mode, ERP frameworks are likewise classified by the business in which they serve.

Once more, this can help simplify certain organization-specific contemplations — for some organizations, the essential contemplations here are industry guidelines, security needs, and security laws — to help guarantee that each industry challenge is considered with your software choice.

For example, if you are a maker of food and refreshment products, you'll need to consider numerous things that may not influence organizations in other businesses, for example, FDA compliance and inventory storage.

While pretty much every industry ought to consider choosing a software that has been grown specifically for their realm, it's more significant for some rather than others.

Those in agriculture, aerospace and defense, automotive, food and beverage, chemicals, consumer packaged goods, health, and medical devices, energy, petroleum and coal, transportation, industrial machinery, biotech, and pharmaceuticals must take extraordinary consideration in picking industry-specific ERPs to guarantee compliance and security on all processes.

Consideration No. 4: Costs 

At last, you have to decide on a budget for your ERP. This sounds sufficiently straightforward, but costs can be fairly misleading in any significant software integration.

What you really ought to consider is the ROI of your ERP. The approximate cost of manufacturing software execution changes generally, from $4,000 to over $1 million, but this isn't the cost you ought to be worried about.

Rather, you should consider the direct front spend less your potential returns to decide the ROI (Return on Investment) of the transition.

One of the large things SMEs need to consider cost-wise is licensing.

There are two essential sorts of license costs with regards to ERPs — on-premise ERP (commonly paid with an enormous, one-time licensing fee) or cloud-based/SaaS ERPs (ordinarily paid for on a for every client, per-month premise).

Since they're paid per client, cloud-based ERPs are regularly a smarter, more practical solution for organizations that have fewer employees or who just need to give out licenses to a little group of employees.

The two alternatives ought to oblige for scale, should your business need space to grow.

Top 5 ERP Software for Small and Medium Businesses

As should be obvious, choosing the privilege ERP is a business-by-business choice, and there is nobody size fits all way to deal with manufacturing software. So, the accompanying six ERPs are a portion of our generally mainstream and adaptable choices for SMEs, and they are for the most part worth your decision. Note that these ERPs can be authorized either on-premise or on the cloud, but we are displaying them as cloud-based (SaaS) frameworks, as this is normally the most ideal alternative for SMEs.

1. TYASuite — The TYASuite ERP is the most prominent cloud-based ERP Software, which helps in growing your business ERP in India and other parts of the world. It involves financial management, supply chain, inventory, production management, compliance, asset management, project, CRM, and warehouse management solutions. When it’s licensed as a cloud-based ERP software, it’s always up to date and offers reliable, subscription-based financing.

2. E2 Shop System — Shoptech ERP is also a cloud-based and provides flexible financing and leasing alternatives for up to 300 clients. It offers solutions for all facets of including shipping, manufacturing, data collection, scheduling, estimating, purchasing, and accounting, but it’s also best-known for its Shop Floor Control. 

3. Cetec — This ERP provides a manufacturing management solution at an amazing rate tag (just $40 per user/month when licensed as a SaaS). Few features of the cloud-based Cetec ERP are manufacturing quoting, CRM and sales management, inventory management, quality assurance, mobile warehousing, and more.

4. Sage 100 and 300 — Sage provides cloud-based enterprise management service with integrated solutions for finances, sales, customer service, inventory, manufacturing, and distribution, among other functions. The 100 - 300 products are both outstanding and cheap for SMEs.

5. Epicor — Epicor has been in the business for more than 40 years, and has built a flexible and affordable ERP that suits a wide assortment of manufacturing, including MTO, discrete, ETO, mixed-mode, and a lot more. It’s an outstanding choice for businesses in highly specialized domains, such as defense, aerospace, and medical tools.

Wrapping Up

If you are unable to decide which one is the best and most tailored to your business objectives and processes, you can get in touch with us at TYASuite. We are a one-stop-solution to all your manufacturing needs. 

Have a glance at TYASuite plug and play ERP software, which lets you customize the software according to your business needs for a seamless experience.

Get your FREE DEMO version of TYASuite’s plug and play affordable ERP software now and open a new world of great prospects that will ultimately bring prosperity to your business.

Do you have any idea why is Project Management frequently time taking and wasteful? Is it accurate to say that you are always consistently updating spread sheets, and participate in weekly meetings? I believe it is a waste of time as well as effort. You may have a full overview of your project, with a small help from the correct software. There is a lot of project management software solutions out there, helping you keep steady over every project.

What is Project Management Software?

Project Management Software is utilized by a broad scope of businesses for project planning, scheduling, and resource allocation. It empowers project managers and whole teams to manage their quality management, budget, and all documentation exchanged all through a project. This software additionally fills in as a platform for encouraging collaboration among project partners.

What Makes Excellent Project Management Software (PMS)?

From finding deliverables to handling assets and from spending management to collaboration with team individuals, there is a ton to be viewed as when running and overseeing projects. This remains constant while picking the correct project management software too. Here's top-notch of the leading 6 critical aspects of a project management tool to direct you in your choice.

1. Task lists - Having the option to allocate and update the status of projects with the goal that everybody in your team is on a similar page is essential.

2. Timetables - Numerous tools offer schedules, milestone or Gantt chart tools that enable you to comprehend where a task can be easily fitted into the project in general and how much time to finished it.

3. File sharing - Having the option to share and compose critical project archives takes out time squandered looking for files.

4. Communication - This is basic in project management as a simple stream of communication means fast and straightforward critical thinking.

5. Reporting - This is significant for all teammates with regards to updating themselves on the project all in all. This is likewise colossal for project managers who need to guarantee that the project is advancing and tasks are being done in a timely way.

6. Automated Alerts- Automated reminders ensures that no deadline is missed and the tasks are finished on time within the budget.

By considering these aspects, let's take a look at the 12 best project management software to increase your productivity.

12 Best Project Management Software Of 2020

1. TYASuite Project Management Software

TYASuite's Project Management (PM) tool helps businesses effectively manage their tasks and projects based on dependencies and milestones. Team leaders can handle the overall project cost on a real-time basis. Team leaders can assign tasks to teammates and handle priorities and due dates. The platform streamlines billings based on intimates team members, milestones, and managers on the possible overruns and a lot more. TYASuite's Project Management Software is an outstanding cloud project planning tool that helps organizations to turn into competitive and sets them apart from the rest of the world.

Functionalities Involve:

1. Thorough budget management
2. Integrated customer portal
3. Simplified collaboration tools
4. Group-level management of tasks and projects
5. Cost-to-completion monitoring
6. Customizable layouts to choose from
7. Gantt Charts for instant evaluation
8. Kanban board to track projects and tasks
9. Time-sheet management and tracking
10. Project billing module
11. Data import/export
12. Android App
13. Integration with multiple Platforms through APIs

Pricing:

1. Paid options beginning from INR 299/user/month.

2. Project.co

Project.co is a customer-facing project management tool that interfaces your team with your customers' in a single place. Each bit of work you do can be configured as its project, with its conversation feed, notes, team, tasks, and payments. You can likewise record time spending on every project.

A wide range of project and task is accessible, including scheduler, calendar, and Kanban board - to give you the ideal diagram of the work that is occurring inside your team.

Functionalities Involve:

1. Capability to instantly add/invite both external and internal users
2. Conversation feed for every project - along with the email notifications (and the capacity to answer by email without logging in)
3. An assortment of the task - That can be sifted - giving your entire team, each department and individual users their day by day and week by week task lists
4. Outstanding reporting tools measure your profitable and productive projects
5. Capability to incorporate payment solutions and effectively take card payments throughout the system

Pricing:

1. Free for up to 5 users and five projects, with paid options beginning from $7/user/month.

3. Toggl Plan

Toggl Plan is a powerful project management software to simplify your task designation cycle and visualize which tasks have been finished. If your team regularly works together with different departments, this may be a helpful solution for you.

Functionalities Involve:

1. Gantt-chart visualization to monitor essential projects and deadlines
2. Deployments with Evernote, Github, Slack, and others
3. Team collaboration through shared task notes and calendars

Pricing:

1. Free for unlimited projects for up to five users

4. nTask

Another free tool that accompanies an assortment of highlights for task and project managers is nTask. This tool has several free-extend functionalities for anybody looking to function as an individual or a senior project manager.

nTask underpins numerous projects or tasks creation simultaneously. Users can likewise characterize team leader jobs, financial plan, achievement and time tracking measures that are specific to essential projects. Understanding the necessities of cutting edge project directors, nTask likewise offers an interactive Gantt Chart highlight. It very well may be personalized by a straightforward and simplified system to adjust the project to progressing changes.

Functionalities Involve:

1. A robust in-app collaboration feature
2. Deployment with Slack and various other 3rd party applications
3. Invite partners and stakeholders to see ongoing projects
4. Resource management
5. Team management through admin-controlled process
6. Numerous workspaces devoted to multiple tasks and projects

Pricing:

1. Free version for Basic users only. Paid plans start from $2.99/user/month and go up to $7.99/user/month for SMEs, etc.

5. Teamwork

Teamwork is a project management module and collaboration tool that helps remote and in-house teams remain productive and gainful. Each project lets you effectively transfer files, chat with teammates, assign tasks and deadlines. By centralizing your project data, you can help dispose of more mistaken assumptions and missed deadlines.

Functionalities Involve:

1. Can be easily integrated with HubSpot.
2. Teamwork Chat helps you remain productive and supports in your work processes.
3. Time monitoring to know the capability and where a team invests their time.
4. Subtasks, Dashboards, and Milestones help to monitor project progress.

Pricing:

1. Free version incorporates two projects with up to 5 teammates. Paid options starts from $9/user/month.

6. Ramco Project Management

Ramco Project management is the most efficient and robust solution accessible to address the needs related to thorough project management and increase operational significance. The application provides the skills, knowledge, abilities, tools, and method required to handle and account projects to meet or increase stakeholder expectations.

With Ramco Project management you will be able to assure planning and managing the project management tasks and resources. You can track goals and milestones and measure them against real-time performance.

Functionalities Involve:

1. Asset Management
2. Billing
3. Business Intelligence/Analytics
4. CRM
5. Costing
6. Customer Service
7. Financials & Accounting
8. HR
9. Inventory Management
10. Order Management
11. Planning & Scheduling
12. Product Design
13. Project Management
14. Purchasing
15. Quality Control
16. Sales
17. Shipping & Distribution
18. Supply Chain Management
19. Warehouse Management

Pricing:

1. Not available

7. Freedcamp

Freedcamp is a reliable and feature-packed project management software that is intended for personal and business use. Each project has its milestones, tasks, files, time, conversations, issue monitor and calendar. The dashboard provides you with a useful, compact diagram of what's happening in your team, including projects, activity, and tasks.

Functionalities Involve:

1. Message board style feed, with the capability to build and organize discussions
2. Incredible schedule view spreading out every single forthcoming event
3. 3rd party deployments including Google Calendar, Google Drive, Dropbox and more

Pricing:

1. Free plan available. Paid plans with additional functionalities, beginning from $7.49/user/month for business users.

8. Asana

Asana is one of the most famous project management software utilized by a vast number of individuals across 192 nations, has a straightforward and easy to use interface. The across the board tool lets you make sheets to visualize which stage your task is in and use tracking to monitor completed tasks that need your consideration.

Functionalities Involve:

1. The capability to build templates to streamline mundane tasks
2. The ability to collaborate and share data across the team, securely and privately
3. The alternative to set up security protocols and assign admins
4. Over 100+ deployments for a more effective and start-to-end process
5. Custom field of project, sharing documents, and filter tasks

Pricing:

1. Free for an unlimited number of projects for up to 15 individual. Paid plans are available from $10.99/user/month.

9. Teamwork

Teamwork is also a project management software that has some expertise in uniting telecommuters. Also, it allows you to make teammates status updates, so your distant team know their associates' timetables. It additionally gives client support features, including the choice to dole out tickets or view client emails in a single place.

Functionalities Involve:

1. Adaptable navigation to organize your team's requirements
2. Gantt chart to visualize project timelines and due dates
3. Private messaging feature, and choose to make project subtleties private
4. Teammates status updates for remote team members

Pricing:

1. Free for up to 5 users. Paid plans will be started at $9/user/month with at least 5 users.

10. Wrike

Wrike stands apart as a special project management software for teams who need the choice to modify work processes and alter and update projects from the platform. The tool offers the capacity to layer calendars and colour code, and its mobile structure permits associates to update project data in a hurry. You can add remarks to segments, documents, or videos, and make custom fields to send out data generally applicable to your organization.

Functionalities Involve:

1. Safety efforts to guarantee only approved staff can access the data
2. Activity flow to permit project managers to micromanage little tasks, see exercises in sequential order, and label teammates
3. The feature to unfollow exercises to clean up your Stream
4. Email and calendar sync
5. Built-in altering and approval functions

Pricing:

1. Free for up to five teammates. Paid plans are available from $9.80/user/month with at least 5 users.

11. Paymo

Paymo's free variant permits accessibility for one user. Yet if you you're a freelancer or you have a little team, this could be a productive alternative for monitoring billable hours and invoicing customers. Alongside monitoring accounts, Paymo additionally permits you to compose project deadlines, create to-do lists, and keep steady over your spending plans for different projects at once.

Functionalities Involve:

1. Time Tracking
2. Kanban Boards
3. File Sharing and Adobe CC Extension
4. Three Invoices
5. Reporting

Pricing:

1. Free version available for one user. Paid plans are beginning from $11.95/user/month.

12. ClickUp

ClickUp gives a couple of notable highlights to modify the across the board project management tool to suit your teammates, including the alternative for every user to pick one of three distinct approaches to see their tasks and projects relying upon particular inclination. If your marketing team covers sales, plan, or advancement, this is a compelling solution, as it gives highlights to those four teams.

Functionalities Involve:

1. The capability to form your projects on priority and align tasks to teams
2. The alternative to set objectives to remind teams what they are expecting to achieve
3. Google Schedular two-way synchronization
4. A simple way to search, filter, sorting, and customizing options for handling particular tasks
5. Activity flow with mentions ability

Pricing:

1. Available for Free, with an unlimited number of users in limited functions. Paid plans will be started at $5/user/month.

Choosing Your Project Management Software

If you want to pick the right plug & play project management tool, it's essential to think about factors, for example, the size of your team and business, the number of highlights you need and which of those functions you most worth. In any case, I think you'll rapidly understand that having such a tool in place will make your daily work a lot simpler.

TYASuite Project Management Software can be used for organizations across industries like Real Estate Development firms, Software development companies, Real estate project Management organizations, Contract-based manufacturing businesses, EPC Companies, and a lot more. Then, what are you waiting for? Choose TYASuite, which is the only plug & play ERP to manage all your product effectively and successfully.

START YOUR FREE DEMO TODAY!

Are you planning to establish a business in this competitive market? Then, you must know that It is painstaking, stressful, and time-consuming to manage the business. Managing inventory and satisfying the customer's desires is an additional obligation that can deplete the management to extraordinary. Businesses anticipate helps from modern software that is precise and accurate in dealing with inventory, overbooking, wiping out overproduction, and wastage and cost decrease. Proper inventory control is vital for significant business achievement. There are lots of inventory management software out there but choosing the right one is challenging.

Numerous factors consolidate to aid you in choosing the best inventory management software in 2020. This guide will help you compute business needs and pick the right plug & play ERP software for your business.

What Is Inventory Management Software?

Inventory Management Software is a robust and advanced solution, a platform, and a friend in need of a business that endeavours to manage and control of the organization and fabricates sells, purchases, and stocks. Inventory management software helps the management monitor all data, automate pricing for items, and keep up the best stock levels. Smart Inventory management software fundamentally controls the business in encouraging strategic management of items and streamline a process that incorporates ordering, trading, transportation, costing, storing, delivering, assembling, and shipping.

Why Does An Organization Need Inventory Management Software?

Inventory management software functions as an 'Inventory Tracking' system for business that manages production, warehousing, delivering, trading, assembling, ordering, or storing. A business never needs to oversell an item or wind up experiencing backorders. Inventory control software is an ideal solution for the organization to ensure that it is full or restocked. Fundamentally a business decides to execute Inventory Management software because of the accompanying advantages;

1. A Better comprehension of stock developments that empowers diminished stock level necessity and lower warehousing costs.

2. Higher customer fulfilment through stock level visibility and the right delivery.

3. Elimination of theft or loss because of proper stock visibility.

4. Robust inventory tracking solution that reduces costs related to packing, picking, or shipping.

What Are The Primary Features of Perfect Inventory Management Software?

1. Inventory Costing

Inventory management software establishes the inventory cost value and controls profitability through cost accounting strategies that incorporate FIFO, LIFO, Average costing system, and more.

2. Location Tracking

Helps in increasing inventory loss counteraction by monitoring inventory packing, picking, and delivery.

3. Stock Counting And Tracking

Inventory tracking software empowers in marinating stocks and monitoring the merchandise. It gives an investigated report of the hands-on units in the warehouse.

4. Product Categorization

Flawless Inventory management software empowers the x categorization of products for advanced monitoring. The classifications might be modified by size, item type, shapes, value classification, height, weight, group code, serial number, and assembly date.

5. Search And Filter

Inventory system software should be useful in looking for products based on specific filter options, such as serial number, location, batch code, and type of product.

6. Advanced Features

A portion of the highlights that make immaculate inventory management ERP may incorporate billing of materials, price management, inventory review management, color, size specification, kitting, cost tracking, discovery weight tracking, unit of measure conversion, and backorder tracking, and quality measurements.

7. Multi-Location and Multi GST Feature

In today’s scenario you must look for an inventory management software which provides flexibility of managing multi location inventory management and is equipped with Multi GST feature.

8. Cloud Deployment

Gone are days for desktop software. Modern software must be a cloud software which removes all your worries of uptime, 24/7 access and many more.

The 6 Best Inventory Management Software of 2020

1) NetSuite:

NetSuite offers extraordinary capabilities for organizations that depend entirely on highly progressed inventory management software. The framework implements detailed tracking of inventory by serial number and full traceability functionalities. This software consequently creates product catalogs based on classifications, types, and volumes. It, therefore, prompts counting of products and standardizes inventory exactness to wipe out stock tallying errors. The software is upheld by profoundly professional client support that guides you through each element and legitimizes legitimate integration.

NetSuite Features:

1. Alerts/Notifications
2. Inventory Optimization
3. Multichannel Management
4. Reorder Management
5. Warehouse Management
6. Forecasting
7. Kitting
8. Product Identification
9. Reporting/Analytics
10. Supplier Management

2) Zoho Inventory:

Incorporating Zoho Inventory furthermore helps in tracking sales over advanced marketing platforms like eBay, Amazon, Etsy, or Shopify. The sales team can now proficiently control online and offline orders with this efficient integrated order management software. Zoho Inventory is outfitted with a robust tracking framework that monitors every product's movement from salespoint to the warehouse. Giving real-time delivery rates and in-transit subtleties is another significant component provided by Zoho Inventory to its customers. This independent company inventory software offers free demo to new customers and helps you assess the most significant functionalities. Zoho Inventory spares time by making invoices and permitting the team to deal with the organization effectively.

Starting Price:

$49.00/month/user (Basic-$49, Standard-$99, Pro-$249)

Zoho Inventory Features:

1. Alerts/Notifications
2. Inventory Optimization
3. Multichannel Management
4. Reorder Management
5. Retail Inventory Management
6. Warehouse Management
7. Kitting
8. Mobile Access
9. Product Identification
10. Reporting/Analytics
11. Supplier Management

3) TradeGecko:

TradeGecko inventory management tool automatically updates inventories and monitors stock levels, overseeing inventory over various warehouses. The inventory optimization function automates the internal activity and aides the business with the correct stocking strategy. TradeGecko lets you move stock between warehouses, deal with various currencies, receive and fulfil orders, sync orders, and access sales reports. Furthermore, TradeGecko software act as a hub to oversee inventory and keep up a balance between B2C, B2B, and marketplace. This inventory software generates sales email, creates sales orders, sets transporting rates, and numerous other functions to make your business run proficiently.

Starting Price:

$39.00/month (Monthly and yearly subscriptions available)

TradeGecko Features:

1. Alerts/Notifications
2. Inventory Optimization
3. Multichannel Management
4. Reorder Management
5. Retail Inventory Management
6. Warehouse Management
7. Forecasting
8. Kitting
9. Mobile Access
10. Product Identification
11. Reporting/Analytics
12. Supplier Management

4) Stitch Labs

Stitch Labs is a cloud-based inventory management software that points out retail reporting to see historical stock, money related location, and sales speed, which helps in future evaluation. Furthermore, this multichannel system transfers inventory, updates sales channels, tracks units on the way, and inbound locations. Stitch Labs provides purchase order (PO) management, low stock alerts, cost allocation, packaging, and stocktakes. By venturing into this software, a business shows signs of improving its inventory and precise information to win forecasting and settle on smart business choices.

Starting Price:

$799.00/month

Stitch Labs Features:

1. Alerts/Notifications
2. Inventory Optimization
3. Multichannel Management
4. Reorder Management
5. Retail Inventory Management
6. Warehouse Management
7. Forecasting
8. Kitting
9. Mobile Access
10. Reporting/Analytics
11. Supplier Management

5) Sellbrite

Sellbrite is one of the best inventory management software that gives easy to use features to spare you from overstocking. Its multichannel inventory control function helps the business track inventory, automate orders steering between numerous warehouses, and give full warehouse control. This inventory and order management software is an excellent platform with incredible client support, and 14 days trial empowering the clients to know the significance of incorporating Sellbrite.

Starting Price:

$49.00/month

Sellbrite Features:

1. Inventory Optimization
2. Multichannel Management
3. Warehouse Management
4. Reporting/Analytics

6) TYASuite

TYASuite is a cloud-based inventory management software created for businesses of all size, including wholesale, retail, manufacturing organizations, franchises, and non-profit firms. It helps you to manage purchase orders and sales, backorders, sales quotes, dropshipping, partials, consignment, returns, inventory with barcodes and serial numbers – all with functionalities for multiple customers! TYASuite's inventory management function focuses on offering inventory at various locations, keeping a record of the stock level, tracking supplier accessibility, and assuring an on-time return of inventory.

Price:

Yearly/month

TYASuite Features:

1. Procurement management
2. Alerts/Notifications
3. Invoicing
4. Inventory Optimization
5. Kitting
6. Mobile Access
7. Multichannel Management
8. Reorder Management
9. Retail Inventory Management
10. Warehouse Management
11. Production Tracking
12. Product Identification
13. Reporting/Analytics
14. Supplier Management

Conclusion

The best Inventory Software Solution will streamline organizations' work processes, setup order quantities, and trigger sales force. Inventory data is equally essential as financial data to make business decisions. A business should select a comprehensive inventory management software that helps understand customer needs, eliminate the overstocking, areas that need attention, reduce resource waste, and increase the business profit through advanced sales strategies.

Look at TYASuite Inventory Management Software, which will help you complete your inventory-related tasks in less time frame. Its unique functionalities like multi-location GST Software options, grant-specific controls, filter feature, and RFID function help you efficiently fulfil your business needs. Therefore, when you decide to switch to plug and play Cloud ERP based modules, TYASuite can transform your business drastically.

Are you looking for the best supplier management software? If yes, then you are in the right place. Looking for business software can be overpowering. Google search results can be like to stroll down on a market road bazaar. Search results work as market vendors showing their new products and yelling at you to purchase here. Hence, it can get exceptionally generic and overpowering rapidly.

Supplier management tools must provide an exceptional set of functionalities that help you enhance the right way you speak with vendors. Also, the ultimate objective of making this cycle more beneficial than whatever you're doing now. So what are these novel functions? Here, you'll discover a detailed guide for picking the best supplier management software that is right for you.

What is a Supplier management System (Software)?

Generally, supplier management software serves as a project, communication, and payroll management solution for organizations utilizing freelancers and contractors.

Best Supplier management software serves three main features:

1. Vendor Engagement

Accessible and efficient communications modes that enable quick and simple interaction amid contractors and the managers they work with.

2. Project Management

An advantageous tool for process tracking, task assignment, work coordination, and different features of agile project management and collaboration platform.

3. Payroll Management

Straightforward and effective processes to sort out vendor and contractual worker payments, agreements, and costs.

How To Choose the Best Supplier Management Software For Small Business

There are many vendor management software to look over. Regardless of whether you try and narrow it down to those appropriate for small businesses. So before you can pick a supplier management tool, consider this. To begin with, you have to characterize what needs this framework will serve. At that point, think about what features it can play to make your business run smoother and spare costs.

When you deliberately deal with your vendors, you can rapidly identify zones for compliance gaps, consolidation, and performance management. At the point when you know all that, you can ensure that you're getting the extreme value from your suppliers. You should have the option to lessen risks and make smart choices. That all starts with the correct supplier management software.

Every business has its prerequisites, and nobody knows your business as you do. But, there are more than a couple of demands that are valid for each business:

1. Ease of Use

Having a brilliant tool that nobody utilizes is more terrible than no tool at all. While choosing a solution to deal with your managers, ensure it's one administrator and team leaders will work with.

2. Ease of Deployment

Ensure the tool you pick is financially savvy when you think about all the factors. Among them is the deployment speed, particularly if you have a quickly developing business that requires a supplier management tool yesterday.

3. Compatibility & Integration

Your Supplier Management Software will not work in a vacuum. If you want to integrate other systems, consider what frameworks your supplier Management software needs to connect with, and plan this process well before picking the correct solution for your business.

4. Vendor Characteristics

It's essential to pick a framework you'll be happy with utilizing, and your work contractors like. But if your freelancers and contractors are not ready to utilize it - you'll have an issue. Consider your vendors' propensities, uniqueness, and their behaviors, both as people and as a team.

5. Payroll & Work Hours Logging

If you already have payroll software, you may need your vendor management tool to incorporate with it, to keep everything in a single place. You may likewise need to utilize an inherent time clock to monitor your contractual worker's billable hours, so you're never astonished toward the week's end or month. If these are functions you need, search for them while picking a VMS.

6. Compliance & Regulations

A few businesses require specific cycles to comply with native legislation and guidelines. Banks, development projects, and clinical fields are only a couple of them that require supplier management ERP with help for specific features, workflows, and training methods. Ensure your supplier management software can answer these queries.

7. Qualification, Training & Onboarding

By what means will your supplier management software work with your hiring, training, and onboarding cycles for vendors? By what means will it make them more powerful (and practical) to execute? If you need to utilize your supplier management cloud ERP to onboard vendors, train them appropriately before assigning them tasks, think about these functions to incorporate in your list of demands.

8. Project Management

If your vendors can be appointed to different undertakings as per their aptitudes and skills, you should utilize a supplier management tool that lets you manage work processes, ideally with pre-made layouts to enable fast deployment and customization.

9. Communication, Collaboration & Engagement

You need your vendors to invest time doing what you pay for, and doing whatever it takes not to get undertakings or wasting their time accomplishing something that isn't exactly what their director meant when they relegated a task to a contractor. To make things clear, enable efficient collaboration and interaction among vendors and their managers.

10. Security & Reliability

Peace of mind is one of the most ignored models while choosing a software of any sort. Which is a disgrace! A lot more contractors would have thicker normal hair if this was a thought. Envision exactly what amount of hair you would lose if your vendor records disappeared, got hacked, or modified by unapproved users of the framework? Try not to disregard these horrible situations, and pick the supplier management software to keep your line with a solution that provides security and strength.

4 Best Supplier Management Software of 2020

1. TYASuite VMS

TYASuite Vendor Management Software or Supplier management Software is the world's 1st plug and plays cloud software that is hosted on a cloud server, which makes it secure and safe to use. With its outstanding functionalities like RFI/RFQ, vendor rate card mapping, vendor audit score, real-time screening, multi-location handling, onboarding of vendors, reverse biddings, and a lot more. It is surely an effective and efficient VMS tool to manage your business vendor-related issues.

Who it's for: Businesses working in exceptionally directed and high-risk industries like, aviation, construction, services, transport, and healthcare provision as well as business with high volume of vendors as well as business which requires a timely payments to their vendors.

Pricing: monthly/yearly.

2. Ivalua Supplier Management

This strong SaaS software provides 22 modules for various business processes: e-sourcing, spend analysis, procure-to-pay; and supplier management. Its supplier management platform incorporates functionalities for document validation, vendor data management, risk assessment, and a lot more.

Who it's for: Businesses searching for central profile management for their vendors. For associations in exceptionally managed businesses (like healthcare and manufacturing) Ivalua provides industry-specific solution bundles.

Pricing: $2,000.00/month/user

3. Tipalti

This worldwide payment automation software is your complete payroll and supplier management software. It can help you manage the authoritative side of representative, supplier, and vendor payments, from onboarding to tax compliance, everything in an online cloud-based solution.

Who it's for: Organizations looking to handle their payroll and automate other payment procedures.

Pricing: $850/month plus a flat transaction fee based on the payment method.

4. ProcureWare

ProcureWare is a supplier management, bidding, sourcing, and contract management ERP solution. Supplier management functions uphold the making of a redid supplier self-registration process, permitting centralized admittance to a searchable, and updated supplier database.

Who it's for: Businesses looking to streamline vendor diversity and enable for vendor project bidding.

Pricing: By quote

Supplier Management and Beyond

Big numbers of the supplier management software solutions out there offer much more than what you may have set out as your needs in choosing the supplier management software for your business. Odds are that a large number of these frameworks incorporate functions that can replace existing software and solutions in your business. Consequently, expanding efficiency and reducing costs.

Generally, the solutions we've listed above oblige all the necessities that today businesses have in handling vendors. Indeed, these requirements change quickly. So our last tip to you is to think about the necessities and objectives your businesses and your vendors will have tomorrow, as opposed to today.

TYASuite is one of the best supplier management software solutions in 2020. It is designed to manage vendors of any business efficiently. It enables businesses to go paperless and outsource vendors using the best Supplier Management Software. You should try it for yourself and perceive how it can help with your supplier management by taking a free demo.

TYASuite Cloud ERP is a World 1st Plug and Play ERP Solutions. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

While ERP software may give an impression of being costly from the outset, their firmly integrated cycles would generally compensate for the underlying steep investment. This is the reason numerous businesses treat them as investments instead of costs. Besides, these solutions boost productivity and, in expansion, esteem. In this way, they are ideal considered as assets rather than liabilities.

But, if you are searching for the best cloud ERP software in 2020, at that point you've come to the ideal place. In this post, we present the 11 best cloud ERP software you can discover on the market now. We positioned them as far as how they coordinate assets well from numerous departments, their convenience, adaptability, and analytics. Ideally, you can discover something that accommodates your business preferences and requirements.

What Are the Top cloud ERP software?

1. TYASuite ERP Software
2. Scoro
3. Odoo
4. Sage Intacct
5. Syspro
6. Oracle ERP Cloud
7. SAP ERP
8. Epicor ERP
9. Brightpearl
10. FinancialForce ERP
11. Microsoft Business Central

Getting an ERP platform is certifiably not a quick pass to the magic fortune of 500 lists. An instant reality check on a few very much advertised ERP failures should deal with bringing you sensible quick. If there's one thing to be found out about these, it's that while ERP guarantees luxurious returns, achievement doesn't come for the time being using a one-time purchase and simply watching it overpower staff and CEOs.

Quit worrying about that ERP solutions for SMEs are currently extremely common, motioning to businesses that ERP software has never been more available. But the underlying elation can simply wear off once you discover that implementation can likewise mean a lot of interruption and, hence, longer implementation. The greatest challenge of ERP integration is hierarchical change. Even though 95% of businesses report upgrades in the wake of utilizing ERP tools, around 74% experience delays in the project, and approx. 64% go over budget.

The Biggest Problem in ERP Projects: Organizational Change

It isn't going great from that point. An individual sets aside a decent measure of effort to figure out how to utilize advanced tools well, significantly more the entire association. The accomplishment of the ERP platform relies on a very much idea of a change management plan, to persuade users why change is vital and why they should be prepared for it if they are to be included at all. Consequently, before you invest in a top ERP software, you ought to likewise plan how to turn it out.

The solution is clear as the issue: establishing an appropriate authoritative change management plan can get the ball on the road in the correct way, on time, and in all probability without hopping over the financial plan.

11 Best Cloud ERP Solutions

1. TYASuite ERP

With broad tools from procurement to financial management, production, billing and order management, and supply chain management to fulfillment and warehouse, cloud-based TYASuite ERP covers all the business processes that you have to incorporate to cause your business to work at an ideal stream. The wide scope of services has profited businesses of any size, making it the most broadly integrated ERP platform in the market today. Business proprietors and their workers hail the app for how it makes their work more clear in the context of the general business objective. TYASuite Cloud ERP is world 1^st plug and play cloud ERP where you can go live in weeks.

2. Scoro

A project management ERP that is essentially vague from standard ERP contributions, Scoro helps organizations tie up numerous work processes and groups through definite work management tools. It accompanies invoicing tools, numerous currency support, and other financial modules. It likewise offers a CRM that paves the way for expanded sales, and insightful reporting and analytics functions to help business proprietors start acting responsibly and develop their businesses.

3. Odoo

It is an open-source, cloud-based platform with every computing module you will need or consider, Odoo is your portal to propping up your business for progress with applications that you can incorporate and downsize as you see fit. It is one of the best tools for your accounting and financial management, CRM and sales modules, purchase, invoicing, costs and payment, HR and recruitment, eCommerce, timesheet, and project management needs, among others.

4. Sage Intacct

AICPA-certified Sage Intacct gives all the basic financial business requirements. The cloud-based platform has accuracy accounting at its core, with expansions for inventory management, bank reconciliation, numerous sales tax calculations, and various currency support. Your financial information is protected by big business security conventions, while amazing analytics gives you helpful reports to guide your organization to develop.

5. SYSPRO

Accessible as a cloud or on-premise integration, 40-year nonconformist SYSPRO deploys numerous outstanding computing innovations to help businesses with top-rated accounting services, billing, quote and payment management, supply chain control and inventory management, auditing and fraud detection, order and invoice processing, and forecasting. It outfits bots to deal with dull and unremarkable tasks, so human operators can focus on what they excel at.

6. Oracle ERP Cloud

Among those in this accumulation of the best cloud ERP software platforms with a worldwide impression, Oracle ERP Cloud sets out a strong business establishment. An adaptable way to deal with pricing lets you run the application whenever and pay just for those functions that you use, sans any agreement term. If commitment is more as you would prefer, Oracle provides an agreement term from 1 to 7 years, the cost contingent again upon the modules that you choose.

7. SAP ERP

From Germany and a brand that is inseparable from reliability and longevity, SAP ERP gives completely consistent financial and accounting solutions alongside sales and CRM features, HR and supply chain management, procurement and billing modules to deal with different aspects of your business from one intuitive dashboard.

8. Epicor ERP

Consolidating the most recent advancements with what is already a strong ERP, Epicor ERP conveys coordinated, consistent business activities that benefit as much as possible from the digital technology in the field of artificial knowledge, big data, and mobile computing. It manages the most unpredictable numbers for effective, big data, accounting, and financial management, responsive client communications, human capital, supply chain, and inventory management, alongside project management, among others.

9. Brightpearl

Cloud-based Brightpearl packages together the most fundamental computing solutions to help your business explore the advanced demands of worldwide trade. The solutions extend from inventory and order management, sales order, purchasing, accounting, and vendor management, to delivery and fulfillment.

10. FinancialForce ERP

One of the best cloud-based ERP software is FinancialForce ERP, which is a salesforce's software of professional services automation tools acclaimed by best industry practices and insightful analytics to get your business rapidly going for progress as only Salesforce knows how. The tools are worked around a strong financial management framework that highlights smart billing processes, alongside a great general ledger.

11. Microsoft Business Central

Microsoft Business Central is the most recent manifestation of business management solution Dynamics Nav, presently providing a cloud-based membership choice and robust integration with other programs of Microsoft. The new iteration includes a remarkable business analytics tool on head of the jobs and financial management, human resource and payroll, project management, inventory management, sales, and marketing tools that Dynamics Nav was prestigious for.

Are You Ready for Your ERP Integration?

Well, those are the first-class ERP software accessible on the market. But once more, simply having the right software doesn't get you the advantages that top organization users do. There is a "delicate" part with regards to implementation, and that is the individuals. It involves some persuading and training them to utilize these top cloud ERP software to their most elevated potential. Accordingly, there is truly more work to be done when you receive a solution from the outset.

Adoption needs planning

Authoritative change requires planning. What's more, probably the most ideal approach to start your ERP integration planning is to evaluate some software first. Indeed, we suggest you start from our highest level platform, TYASuite Cloud ERP. It is a full-fledged ERP solution with simple to-utilize, amazing features from collaboration software to analytics. If you need to examine the highlights intently, you can undoubtedly do so when you sign up for a TYASuite Cloud ERP free demo.

If you take this way, you'd have hands-on expertise with the platform and see whether it will work for you first. Thusly, you would have a thought of how the transition pretty much would work for your association. Additionally, power users pair their ERP platforms with different systems, for example, inventory and purchasing solutions, among others. Likewise, ensure that your picked ERP software will likewise accommodate your present architecture, design, culture, and use.

We at TYASuite always thrive our best to cater to the best industry experience with inexpensive ERP Cloud software. Getting a free demo of TYASuite ERP is one of the initial steps to take.

Let's get in touch and start your journey with TYASuite Plug & Play Cloud ERP today.

Are you looking to improve your business productivity? Is managing your business inventory getting out of hand?

An effective inventory management tool can enable companies to swiftly take advantage of the changing market demands at substantially low prices. This will also assist in the proper functioning of the supply chain system which might change their potential customers into actual customers.

The following strategies can help in improving business productivity through inventory management software to deliver better results:

Categorize the Products

The categorization of the inventory stocks is important. There are many products which a company tends to sell and holding them at one warehouse is a tedious task. Therefore, a user-friendly system of categorization is helpful as it classifies the items based on value and documentation. One of the most famous methods to do it is “ABC classification”. This system also keeps the inventory tracking system up to date. TYASuite catalog management feature can also help you to create catalogs for all your products which provides a point of differentiation amongst them.

Integrate Mobile Technology

By integrating your inventory with mobile technology, it will improve your business productivity effectively. This can also help in warehousing management by controlling and tracking the stocks and shipping them at the right time and location. It can also drive towards a better supply chain thus, in turn, improving customer satisfaction.

Use of Efficacious Data Analysis Feature

From time to time every company needs to analyze its inventory and requires forecasts for the future. A built-in analysis tool will speed up the process which will be fruitful for the profit margins of the organization. Also, the company can keep an update about the stocks to its increasing demand in the market through an inventory tracking tool, which will tell exactly when to reorder the products.

Invest In Training

Training your staff to work with the modern Cloud ERP software in a constructive way is essential. This will dramatically enhance the workflow and the results which you were hoping would be achieved in less time. This is one of the main strategies for improving business productivity as, without prior knowledge about warehouse management software, these staff members won’t be able to function properly; for only you to realize months down the line that you haven’t accomplished the result you were hoping for.

Upgradation of Shipping Structure

Proper and successful inventory management largely depends on the warehousing and shipping system of the company. If the packages are not handled carefully and delivered at the correct time, then this could harm the reputation of your company. This problem can be tackled by a flexibleinventory management software, which will lead to overall efficiency in the warehousing facility of the organization. This can be accomplished through TYASuite’s supplier management and barcoding/RFID feature which enhances your shipping structure altogether.

We at TYASuite family always thrive our best to cater to the best experience you can have in the industry with inexpensive ERP Cloud software.

Try TYASuite plug and play ERP software which provides you with the best services at affordable prices. Grab our FREE DEMO version now before the offer vanishes with a blink of an eye!

By bringing suppliers online and streamlining the entire process with the help of a procurement software is making the way of a business easier than ever. For organizations using the best e-procurement software, business processes have become transparent and easy to manage.

E-procurement implies that procuring products from suppliers/vendors and interacting with vendors online. Businesses create e-procurement portals where vendors can register. Once they’re registered, vendors see which products are required and quote prices at which they will supply them. This streamlines the whole process and makes everything simplified and transparent. As every transaction is done online; corruption, which plagued procurement in the past, has been eliminated.

Earlier what vendors could do only by visiting buyers' premises, is now done online. This has lowered the overall costs for stakeholders and creates a win-win situation for the companies and the vendors. There is no to and from between purchasers and sellers because communication is simple and easy. Also, all vendors who have registered on e-procurement portals or vendor management portal, they enjoy equal access to data and information. This builds faith in the processes, and between vendors as well as businesses.

Why Do Business Need Procurement Software?

Because Procurement software or procurement to payment software as it called many times can make the purchasing process streamlined, automated, organized, and efficient. The primary task of procurement tools is to make the life of business owners easier and their business more productive. Automating the processes of purchasing materials and goods as well as maintaining an inventory of products usually is performed through automation and simplification of such functions as:

1. Sending Quotation request online through quotation management software
2. Receiving and comparing quotations without any manual effort
3. Ordering a product or service
4. Generating, receiving, and fulfilling purchase orders
5. Sending and processing invoices
6. Maintaining an inventory
7. Matching invoices to the materials received
8. Paying all the bills online
9. Tracking, controlling, approving the entire procurement process

Benefits of E-procurement Software in Business

1. Advantages of procure to pay Businesses with e-procurement portals can create Request for Proposals (RFPs) for vendors. Once RFPs are created, vendors quote prices at which they will fulfil them. Quotes submitted by vendors help businesses shortlist suppliers.
2. E-procurement cloud portals also enable businesses to create auctions. Businesses hold reverse bidding by stating any vendor willing to supply a product at a less than quoted price will win a contract. Hence unlike traditional procurement channels, e-procurement quickly allows businesses to receive quotes from many vendors. This software can also play role of reverse bidding software.
3. Another advantage of procurement management system is they store all information online thus eliminating the need to manually keep track of it. But the advantages of e-procurement portals don’t end here. Technology is reshaping what is possible with e-procurement portals.
4. Artificial Intelligence (AI) has an important role to play in e-procurement. Like search engines, e-procurement portals use AI to produce relevant results. When users input keywords in portals, AI produces relevant results. This makes finding buyers' needs easy for vendors.

Key Features of Procurement Software

If you’re still unconvinced by this evaluation, here are a few of the less obvious, but equally rewarding features of using Procurement software:

1. Flexibility: Sourcing and procurement software applications like TYASuite are native to cloud, mobile, and touch innovations. This means that customers can access it anyplace, anytime, and on any of the computing devices – tablet, laptop, or mobile phone.
2. Everything Under One Roof: As a single, unified platform that incorporates all relevant features at its core, such a tool allows more constant data, processes, and workflows. And unlike modular items, integration is seamless, so you don’t need to think about the integration costs, delays, or glitches.
3. Speed: It is designed to speed up and strengthen the way procurement pros work, such software helps you to switch fluidly between similar tasks.
4. Boost Adoption & Happiness: Intuitive, user-friendly tools smooth the learning curve, boosting adoption, and supporting use over the long duration, thereby needing no comprehensive or expensive re-training.
5. Proven Best Practices: Standardize on documented, best practice processes field-tested across a wide range of industries, requirements, and uses that help your procurement team achieve tangible savings faster.
6. Boost Savings: The overall functionality of procurement platforms helps the realization of significantly more leading savings, usually in the 25 to 40 percent range.
7. Save Time: Save time and effort spent on vendor discovery and on-boarding a new world of suppliers already combined into your core sourcing and procurement platform, completely integrated with your native workflow.

So in the end, if you aren’t already using procurement cloud software, you’re efficiently losing out on the opportunity to streamline and hence automate significant parts of a very complex system that could very easily be costing you millions with every passing day. This then just begs the query – what are you waiting for?

TYASuite is the best e-procurement software suite that can take your business to the next level and increase productivity 10 times higher.

At TYASuite, we offer end to end procurement software that can enable any business to boost its profit. TYASuite Cloud procurement Software is a World 1^st Plug and Play software. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

Don’t miss our free demo in a time of crisis.

In this fast-paced world, businesses around the globe are working tirelessly to make ends meet. While doing so they work and handle several suppliers at once. The business environment becomes complex for a person to handle all the processes manually, to overcome this problem a vendor management software is the best solution available in the market.

As the business grows, these vendors are not merely people who provide goods, services, or platforms to companies but also become a partner, in the long run, to achieve success simultaneously. A cloud ERP Vendor Management Tool helps in easy onboarding of suppliers, performance tracking through vendor tracking tool feature, timely payments through accounts payable automation software, contract management, risk management, and strong relationship bonds.

There are many features and benefits of Vendor management software which can help you to enhance your business processes with higher productivity to yield fruitful results.

Features of Vendor Management Software

1. Easy Onboarding

A supplier management software helps in easy and faster onboarding of suppliers. This reduces time wastage by screening the vendors on a real-time basis. It also provides information about the vendors and uses diversified catalogs to ease the whole process.

2. Endorses Collaborations

A cloud-based vendor management tool enhances and promotes the process of collaborations with other processes and vendors. Due to easy collaborations with other departments, it becomes easy to monitor and analyze the performance of vendors. It also avoids redundancy in business operations.

3. Efficient Tracking

It also keeps a tab on the performance of the vendors to draw useful insights from the derived data. It helps in keeping into consideration the vendors who do not adhere to the rules and regulations of the company and need to be blacklisted.

4. Self-service to Vendors

This is a feature where it gives the vendor the liberty to update their information, and get regular alerts on new orders and payments. Vendor Portal Software or vendor Login software feature allows this facility.

5. Reviewing of Critical Information

A vendor software also helps in précising reviewing all the critical information relating to any third-party vendor risk. This is done by using proper rules and regulations. It also helps in gathering and storing all the essential contracts in one place for future reference.

Benefits of Vendor Management Software

1. Centralized Management

From vendor onboarding, billing information, and contracts, everything is managed in one place. It eases the process of data retrieval and helps in analyzing that information at a faster rate.

2. Stronger Supplier Relationships

With in-built features, vendors can create customized criteria for everything. There is a transparency in reviewing the performance of the vendors which boosts the morale of the vendors. It thus creates good bonds between suppliers and management.

3. Helps in Mitigating Risks

A supplier portal software also helps in mitigating risks involving vendors and the way they perform. There are times when a company needs to fulfill certain conditions to onboard a vendor. Thus, all the compliances relating to suppliers are taken care of due to cloud ERP vendor software.

4. Provides Better Value

The main objective of a vendor management tool is to provide better value to the company regarding the money they are investing in that supplier. Thus, it leads to a huge amount of savings in the long run if implemented perfectly. Reverse Bidding software function helps organization to always have the lowest possible cost of the procurement.

5. Enhances Productivity

It also assists in enhancing the overall productivity of the business. From finding the right vendors to the products which are needed by the business to the timely re-stocking, everything is planned smoothly.

Why Choose TYASuite Vendor Management Software

TYASuite Vendor Management Software is India’s 1st plug and play software that is hosted on a cloud server, which makes it safe and secure to use. With its unique features like RFI/RFQ, vendor audit score, vendor rate card mapping, real-time screening and onboarding of vendors, multi-location handling, and much more, it surely is an effective tool to use to manage your business vendor-related problems. The software is affordable and reliable as well as customizable.

While stepping up the success ladder in the corporate world, one of the biggest challenge which any business face is related to inventory. With a surge in the demand for goods, there has been a tough competition among organizations to sell more and more types of items. Every company tends to increase the number of products they sell which at times creates hodgepodge due to mishandling of operations at such a large scale. Due to mis-management Inventory gets slow-moving, spoiled, overstocked etc. To cater to these problems an inventory management software is the best solution. It has many features and benefits which prove to yield fruitful results for a company. Some of them are-

Features of Inventory Management

1. Catalogue Creation

Often a company deals within a range of products and services and managing them all at once is a tedious task. To overcome this, an inventory management system provides the feature of creating catalogues. This eases the process of searching for a specific item from the wide list of available options.

2. Barcoding System

Each product is given a unique barcode to identify and track the whereabouts of that item. This helps in providing transparency in operations while exactly knowing when the product will reach its end consumer.

3. Pricing Management

This feature of inventory management software helps in controlling the prices of each product regarding the market price. If there is a change in the prices, the system would automatically update the price for an efficient working system.

4. Return Management

Most of the time, a customer wants to return a certain product due to size or quality issues. Managing the return process efficiently becomes a hassled task while optimally managing the task of fulfilling the new orders on time. But with inventory management, this can become an easy task. 

Benefits of Inventory Management

1. Visibility of Inventory On Real-Time Basis

One of the main benefits of an inventory management software is to provide up-to-date reports about inventory to the management for the smooth functioning of business operations.

2. Automate Re-Order Process

Businesses often run out of stock due to untimely replenishment of the inventory. This leads to a bad image of the company in the market among its customers. To save you from this situation an inventory control system would keep a track of the stock in the inventory and would automatically place an order to replenish the stock. 

3. Highlighting Slow-moving items

A good inventory management software can highlight to management slow moving items in your company. Based on this, management can take a timely decisions to liquidate the inventory at a discount before it is too late.

4. Digital Tracking of Goods

From the time when a customer places an order, he/she wants to know when they would receive it. With the help of inventory tracking software, it keeps a digital track of the goods until they reach the customers in good shape and form. 

5. Robust Reporting

This system also provides detailed analysis reports which are useful in managing the inventory of the company. Thus with these reports, the process of decision making is eased with faster outputs.

6. Integration with Other Processes

An inventory management software is integrated with other business processes like procurement to pay, sales, and more to increase productivity with utmost efficiency. 

Have a glance at TYASuite Inventory Management Software which lets you undergo your inventory-related tasks hassle-free in less time frame. Through its unique features like grant-specific controls, multi-location GST option, filter functions, RFID feature, it assists you in seamlessly fulfilling your business operations. Therefore when a company decides to switch to plug and play Cloud ERP based modules, it can transform its business drastically.

Do you have an integrated software to deal with your procurement to pay process? Is your supply chain as proficient and accurate as you'd like? If not, you might be missing a chance to ensure quick delivery times, better productivity, economies of scale, and lower overall costs. Procurement software can help you to ensure the most gainful decisions in your procurement processes. 

Table of Contents

- What Is Procurement Software?

- Types of Procurement Software

- Features of Procurement Software

- Benefits of Procurement Software

- Best Procurement Software in the Market

1. Procurify Software
2. TYASuite Procurement to Pay Software
3. Precoro Software
4. Promena e-Sourcing
5. Kissflow Procurement Cloud
6. Fraxion Spend Management

- Conclusion

What Is Procurement Software?

Procurement to pay software helps you to issue Purchase orders for services and products and monitor all key order information in real-time including purchase quantities, vendor, delivery timeframes, product or service purchased, payment terms, and costs. Many Procurement software also helps you management the requirements from the user department and helps you automate the Purhcase Order process as well.

Types of Procurement Software

There are multiple variety of Procurement software exists in the market. Although the functionality of each of them software differs widely, most of them call it a Procurement software.

Procurement software is also known as purchase order software, you can assure that every order is authorized, legitimate, and trackable. By connecting your procurement process to inventory control, you can get accurate stock quantities, seasonal trends, movement history, and supplier lead times.

Another sort of procurement software is procure to pay software, which links your purchasing department to your accounts payable department. This will help simplify your purchasing supply chain through your organization.

Third kind of procurement software links your entire procurement to vendor and manages your vendors as well. SAP Ariba, TYASuite Supplier Management Software are the few software which exists in the world which helps manages end to end procurement and supplier management.

Key Features of Procurement Software

Benefits of Procurement Software

1. You can share and collaborate internally
2. Share and collaborate with suppliers/vendors on a single platform
3. You can regulate procurement processes within your company
4. Track events and receive alerts
5. Investigate the business intelligence data to gain information into the procurement process so that you can estimate and plan accordingly
6. Minimize operational and logistics costs
7. Eliminate Manual process and manual errors

Top Rated Procurement Software in the Market

Procurify Software

Procurify is one of the cloud-based procurement to pay solutions that help businesses manage, track, and control spend. Businesses can centralize all purchasing data while allowing teammates to do their purchasing.

This real-time solution helps users build, track, and report on all requisitions, POs (purchase orders) and expenses. The purchaseorder processing system is structured to provide a user experience similar to online shopping and offers integrations i.e. Amazon Punch-out. 

TYASuite Procurement to Pay Software

TYASuite is a cloud-based e-procurement software created to help businesses manage and simplify the whole supply chain lifecycle, from raw material procurement to sales order distribution. Experts can leverage artificial intelligence technology to estimate project profitability, build and assign tasks to particular users, and receive automated reminders of project updates. 

Features of TYASuite include end to end procurement lifecycle from Purchase Requisition to Payments to vendors including expense tracking, access control, inbuilt work flows and approval flows, returns management, data import/export, collaboration, and more. IT also helps end to end vendor management form vendor onboarding, request for proposal (RFP), request for information (RFI), request for quotation (RFQ), and e-auction solutions, reverse bidding and many more. TYASuite is India?s 1^st Supplier Management Platform which is interested into its Procurement software to give a complete end to end package to your company. What best is you can go live within 7 days in your company with their plug and play features.

Precoro Software

Precoro is a cloud-based purchasing tool that simplifies procurement processes for small and medium-sized organizations. Key features include the creation of purchase order and delivery, billing, visual analytics on spends by departments, receiving, real-time budgeting, three-way matching, and catalog management long with product links.

Precoro enables users to design purchase requests, receive purchase orders, and set automated approval routing. Precoro?s vendor management tool stores supplier data including contact information, addresses, and payment terms that help users in creating purchase orders.

Promena e-Sourcing

Promena e-Sourcing is an organized cloud-based procurement, sourcing, and auction management software. It enables strategic solutions, such as a request for proposal (RFP), request for information (RFI), request for quotation (RFQ), and e-auction solutions.

Promena e-Sourcing help users to push purchasing exercises to the cloud. Its e-Tender and e-Auction modules create a transparent and simplified purchasing environment for users as well as prospective customers.

Kissflow Procurement

Kissflow Procurement software is ideal for businesses that are either transitioning from manual procurement management modules, implementing a solution for the first time, or replacing disparate point solutions. With Kissflow, organizations can reduce guesswork and make better, quicker, and smarter purchasing decisions. Kissflow is less of a procurement software but more of approval work flow platform.

Fraxion Spend Management

Fraxion gives complete procurement solutions for purchase requisitioning, spend management, expense management, and spend analysis.

The solution helps mobile purchase requisition-to-purchase order features with advanced approval routing, invoice approval, quoting, and 3-way matching abilities.

Conclusion

The ideal way to start your search is by checking out the features and benefits of top procurement platforms. You can do this by signing up for the free demo offered by leading procurement to pay software providers like TYASuite. 

At TYASuite, we offer end to end procure to pay software that can enable any business to boost its profit. TYASuite Cloud procurement module is a World 1st Plug and Play procurement software. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

When the market is flooded with a lot of solutions for businesses of all shapes and sizes, it becomes challenging for CIOs to zero in on the best ERP Software for consistent and robust management of its resources and operations.

The decision to choose the best ERP software for your business is a task no less difficult than finding the right partner for marriage. Whether you are the CIO of a big enterprise or the managing director of a growing small or mid-sized business (SMB), there is no scope to err in zeroing in on the best ERP software for your business.

The stakes are high and the implications of any wrong move are hazardous to the overall health of the business. We have seen many businesses have lost years of time and money before they could realize that they have selected the wrong ERP. Hence, it is best to be prudent while making ERP selection.

Here are a few suggestions that can help you to navigate your way towards selecting the best ERP software from the multitude of options available in the market, many of which may not understand the language that your business processes talk in.

1. Know Your Requirements

Before venturing out on the search of an ERP solution, it is important that you first ascertain the areas of your business that are ailing and need a cure. In simple words, identify the pain points that are pulling your business down, and also list down areas of your business that you would want to be streamlined via process integration and automation. Defining requirements helps in mapping the expectations with features and functionalities that the different ERP software is offering. Selecting the best ERP solution for your business thereafter becomes an easier proposition.

2. Understand Your Business Ambitions and Growth Plan

The 2^ndstep shall be to understand the business ambitions and growth plans. ERP is always a long-term decision. You don’t change ERP software every now and then. ERP must be able to fulfil your current pain points as well as your future growth ambitions.

3. Zero in On On-Premise or Cloud ERP

Ascertain if you should opt for an on-premise ERP solution, where the ERP software and the necessary hardware to deploy the software resides inside your organization premises, or a SaaS (software as a service) based solution, which is delivered via the Internet as a service.

While on-premise ERP software may serve well for organizations that can afford the hardware cost and continuous monitoring cost for the software and where the number of ERP users is likely to be very high (1000 plus users). Cloud ERP is a boon for small businesses and mid-sized businesses, who otherwise are wary of deploying ERP software for the sheer upfront cost that it entails. Since cloud ERP solutions are provided as a service over the cloud/Internet, the ERP vendor is responsible for related responsibilities such as product upgrades, data backup, and security, on an ongoing basis. For companies with limited IT budgets, a cloud ERP works the best as the upfront investment required to deploy the cloud ERP is negligible and the users are required to only pay for what they use. Apart from this, a cloud ERP software frees organizations from the hassle of having a brigade of expensive IT staff to manage the ERP system as the cloud vendor provides for this support too.

4. Compare flexibility to Move to On-premise in Future

As discussed above, once you grow, you may want to move to the ERP from cloud to on-premise. It is important to understand the Database Structure of the cloud ERP. ERP Provider may have the option of a Consolidated Database for all clients and in those cases, they will not be able to give you options to shift on-premise in the future. If the ERP Vendor has a multi-tenancy single company database structure, they will be able to give the same to you in the future.

5. Database Back-up Options

This is very critical to know if your ERP Vendors can give you the periodical back of your database. The database may be SQL or Oracle Database or other database structures. This can save you in the future when you decide to part ways with the ERP Vendors. If the database back is not with you, you will be significantly stuck with them for a lifetime even after terminating as you will be depending on them on access to your historical data.

6. Compare ERP Solutions

It is important to explore solutions that match your budget and requirements and then compare them at length on parameters such as cost and product fitment with business processes. It helps to patiently see the product demos carefully and ask the correct questions from the vendor to ascertain the product fitment. Based on this process, shortlist a few solutions that seem closest to meeting your expectations and then evaluate them on other critical parameters as discussed ahead. If you lack individuals with the skill to do this task, effectively, it works well to even hire an ERP consultant to help you in this best ERP software selection process.

7. Consult Existing Customers of the Shortlisted ERP Vendors

It always helps to check the worthiness of the shortlisted ERP solutions by referring to existing customers, preferably from your line of business, who are using these solutions. Their feedback on the ERP software and the vendor services and support can provide you with extremely useful insights about the solution, which you may never be able to get from the vendor or the product demo. This experience may change the course of your exploration and save you from making the wrong choice.

8. Ensure That the ERP Solution is Flexible

The ERP software under consideration must provide you with the flexibility to pick and choose modules and pay per use, instead of charging you for a pre-bundled ERP suite. In the latter case, you may end up spending on modules that you may never put to any use. Further, ERP Software must be flexible and customizable to your requirements. You don’t want to get stuck with ERPs which can not be customized to your future requirements.

9. Look for a Solution That's Elastic and Scalable

It always pays to deploy a solution that allows organizations to scale up and down the ERP usage as per their cash flows and business requirements. Cloud-based ERP systems are an ideal choice in case you have limited budgets for process automation, and where you want to keep the control to decide on the IT expenditure in your hands. A cloud-based ERP solution allows you to pay in an elastic mode as the solution is offered via a pay-as-you-use model.

10. Select an Industry-specific Solution

Every trade has its nuances. If these niche elements of the business come as part of the ERP features, it saves time and effort in going live with the system as minimal customization is required in the case of industry-specific solutions. Hence, look for vendors who ship a solution, meant especially for your industry than picking a generic solution, off-the-shelf.

11. Choose a Solution That Includes Best Industry Practices

Don't look for a solution that matches your legacy way of functioning; instead try and adopt a solution that offers the best practices of some of the best businesses in your trade, globally. It is always good to incorporate the best practices of the trade you are in if you have aspirations to diversify, expand, and collaborate with overseas organizations.

12. Deploy a Solution That Allows Integration With Other Software:

The best ERP solution is the one that allows integration with other software and platform such as business analytic software, CRM, mobile gateways, and so on. Furthermore, it is good to choose a vendor that provides a plethora of other such tools so that you discover all business services under one roof.

13. Implementation Time

Many ERP vendors have taken months and quarters to implement your software. In this dynamic world, you don’t want to wait for 6- 9 months before going live and then find yourself not suitable. Plug and Play ERP is the future. Try for vendors that can go live in weeks and not in quarters.

14. Ensure the ERP Software Has A Simple User-Interface

Last but not the least, it is important to ensure that the ERP software doesn't come across as a complicated piece of technology that your employees hate to use. For enjoying the benefits of process automation, It is important to ensure that the solution has a simple user interface and the process to accomplish a single task through the software is not long-winding. If the user interface is complex, the effort required to train users becomes strenuous, which may in turn lead to resistance for the newly deployed system and in some cases, even in the failure of the ERP implementation.

At TYASuite, we offer end to end ERP software that can enable any business to boost its profit. TYASuite Cloud ERP is a World 1st Plug and Play ERP Solutions. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

Automation has become a key buzz world these days. Cloud is new normal in digital world.

A lot of businesses are getting more involved in automating their process through business process standardization and implementing cloud ERP.

Here, we have described a list of frequently asked questions / FAQs in implementing ERP software.

1. What is ERP Software?

ERP or Enterprise Resources Planning software originated from the term Material Resource Planning (MRP) and later on became Manufacturing Resource Planning (MRP II) during the 80s. In the starting, the intrigue generally is from the manufacturing and distribution parts. During the 90s, different sellers have stretched out MRP to bookkeeping, Human Resources (HR), and different capacities that advanced to the term ERP which is an enterprise-based solution in automating a business.

The sample list of modules provided in ERP is procurement software, warehousing, inventory management ERP, general ledger, accounts payable, accounts receivable, cash management, manufacturing ERP, job order, production planning, payroll, HRIS, and financial statements.

Some ERP clients get confused on these modules that on occasion they search for front-end software inside the ERP bundle. This front-end software like Hotel Management, CRM, and POS are autonomous modules but a few sellers package it as a solution to a vertical industry.

2. How Can I Improve My Business Using ERP?

A focused cloud ERP software has numerous points of interest for its clients. From reducing expenses to a surge in the efficiency in a powerful way, everything can be taken care of appropriately through an ERP system. Thus, by smoothing out the cycle it can help organizations to get a competitive edge over to their competitions.

3. What Are the Modules of ERP?

An ERP software has a lot of modules through which it helps companies in providing a real-time update and monitor of all the processes of their business. The numerous modules are an asset management software, inventory management software, procurement to pay management software, compliance management software, vendor management software, sales order management software, CRM software, finance & accounting management software.

4. What Does Our Business Need to Prepare When We Implement ERP?

The absolute initial phase in getting ready in implementing an ERP system is a preparation of solid business procedure document. The authoritative chart ought to be all around characterized, the different tasks of each feature, and the cycle documentation/responsibility.

When the above is set up, the subsequent stage is to Identify a SPOC who will deal with the ERP Implementation project in your company. The SPOC can emerge internally or through a third-party service provider. Their job will be the interface between the management, end-users, and the ERP Software Provider.

They will likewise be responsible for closing down important charts of records, vendor listing, client posting, SKUs, reports or yield expected by the partners, the accountability form design, and the arrangement all in all dependent on the association's cycle. This team will likewise deal with the UAT and test-to-creation milestone.

5. What Is the Required Timeframe Implementing an ERP?

The time of implementation fluctuates relying upon the modules being actualized. Further, the timelines depend on the ERP Software, ERP Vendor, ERP Implementation partner and your own readiness. It can take anywhere from months to quarters. If you have selected a Plug and Play ERP like TYASuite, their team can implement as early as one Week if your process and masters are ready.

Some implementations take a year or all the more particularly if the association has developing necessities, fragmented or erroneous data provided, or potentially management changes.

But this can be abbreviated by having a solid connection between the internal controlling council and the service provider. Both ought to have a powerful foundation and involvement with implementing ERP.

6. What Is the Difference Between On-Premise ERP and Cloud-based ERP?

On-premise is the conventional licensing model where the client gains the license per user or organization installed in the client's office website or premises. After a specific period relying upon the course of action with the service provider, the customer goes through a support system that guarantees upgrades and backing for questions or issues that will emerge when the client is utilizing it live. Both customer servers and online platforms offer the on-premise model.

Cloud-based ERP is a subscription-based software where the user pays for the service yearly, monthly, or quarterly per user. The recurring payment must include the maintenance or support agreement. Only Cloud ERP products can provide SAAS based model.

Both models have their pros and cons. This will all rely on the adaptability and flexibility that the user needs from the software. However, the world is going towards cloud ERP.

7. Can I Migrate Our Old or Historical Data?

Data migration and transfer of historical data are normally settled upon with the service provider amid the pre-selling stage. At TYASuite, we can focus on migrating the master data list for example users, inventory items, chart of accounts, and starting balances not the transactions. But actually, it's feasible.

8. Are There Any Hidden Costs?

Hidden costs all rely upon how the tool that the ERP Vendor showcase their product and service. But regularly, highlight requests that are not analyzed during the requirements gathering stage will be dependent upon customization expenses. Consequently, it is significant the user and the ERP Vendor have a thorough list of the prerequisite during the signing of the contract.

9. Can We Simply Integrate With Our Front-End or Any Third-Party Software?

Solutions accessible in the market typically have their APIs accessible in incorporating with other software or database. The integration success all relies upon the responsibility kind of ERP Software and the ERP Vendor and the participation of the third-party tool in giving important data or documentation throughout the integration development.

10. How Do We Choose An ERP Framework That Best Suits Us?

Since the association's function requirements are less or more in the wake of setting up the business cycle and documentation, the organization must already be prepared in setting up the prerequisites in detail. Some call this as Business Requirement Document (BRD). These are given to the ERP Vendor where they provide input if the Process is accessible in their ERP Software and if not accessible, then is their ERP software is a customizable ERP.

When all the offers are gathered, the organization currently ought to have an end to end correlation dependent on the administration's criteria, for example, supplier's maturity, client base, and dependability.

At TYASuite, we provide end to end ERP solution that can help any business to maximize its profit and productivity. If you are a startup, small- or large-scale business expecting a boost in your business, TYASuite can be the one-stop solution for you.

TYASuite Cloud ERP is a World 1^st Plug and Play ERP Solutions. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

The compliance management software has paved the way for an integrated approach to the numerous compliance issues faced by any organization. Previously, the compliance management processes were done at department levels. With the industries going worldwide and user groups spread globally, these compliance initiatives have become complicated with regulatory and organizational needs. This system brings down the productivity of the business and poses a broad risk to its existence.

Let us look at the various advantage of a Compliance Management Software

Compliance officials waste their time browsing for data to ensure organizational compliance. Compliance management software can automate the tedious processes of data collection, transmission, communication, knowledge sharing, decision-making, and monitoring changes in compliance regulations and integrating it into the entire system. Here’s a list of why businesses require to invest in and utilize compliance management software:

1. Decreased Legal Issues

This is one of the benefits of compliance management software. Every business needs to follow certain financial, legal, environmental, corporate, institutional, social, and government regulations and frameworks to be able to operate and prevent lawsuits, penalties, and fines. There also should be a stabilized platform to enforce these compliance regulations, as policies only earn power if they are implemented and enforced to the fullest extent. An integrated compliance management software guarantees that these compliance regulations are completely integrated across all locations and applicable laws and that no gaps are left open for crises or risks to slip through.

2. Stimulate Educated and Compliant Decision-making

With compliance management software, it will be simpler to make decisions where the organization’s financial and legal integrity are at stake. A compliance management software enables escalate these strategies to the system and authorize it to the officials involved so they can be resolved instantly.

3. Compliance Reporting

Compliance management software should be competent in generating an array of data extracts and compliance reports and guarantee that these are packaged adequately to be actionable by upper management. The reports should also be handily customizable and filtered to assure reliability.

4. Document Controlling

Some compliance management software features the ability to promote better document controlling, which encompasses the responsible management of forms, records, and documents that business releases or receive.

5. Compliance Process Management

Any business needs to strive for lasting improvement. Some compliance platforms have functionality for managing, owning, remapping, and analysing compliance processes while making the management activity integrated, seamless, and collaborative.

6. Compliance Work Flow

A good compliance management software helps in setting up an automated compliance workflow system in the organization. Individual compliances can be assigned to team members and team leaders. A central system will help the information flow from the bottom to the top of the organization.

7. Better Risk Management

Compliance management software helps organizations to manage their risk properly. Integrated Software across all locations and multiple laws will ensure that no compliances slip through the cracks and organizations are able to manage their risk on a real-time basis.

8. Complete Control on Due Dates

The business world is very dynamic. There are 1000s of compliance companies are required to do. Each compliance will have different compliance due date. Compliance due dates keep changing due to government regulations. It is critical for an organization to be on top of the latest compliance due dates. For example, In India, there is a different Due date for TDS Return fillings, GST Return fillings, PF Return fillings, etc. Good compliance management software will ensure that you are always in control of your latest due date.

Have a glance at TYASuite Compliance Management Software that is specially designed for organizations across size and jurisdiction. TYASuite Compliance Management Software lets you sit back and get all your compliance-related work done from one integrated platform.

Give your compliance management a new way; help your business optimize its efficiency and get a free demo with TYASuite Cloud Compliance Management Software! TYASuite is a Plug and Play ERP through which you can go live within 7 days.

Due to ever changing due dates of GSTR 3B return fillings and relaxations given by the government from payments of GST liability and interest there upon, there is always a confusion on how to calculate the interest on GST Liability.

Interest on GST on Net Tax liability

The key question to answer is “whether the interest should be charged on the Gross Liability or the Net Tax Liability if the GSTR 3B is not filed on time”.

The provision of interest on late payment of GST liability is enumerated in section 50(1) of CGST Act, 2017. The provision is reproduced hereunder for convenient reading.

As per Section 50(1) of the Act:

“Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall, for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent, as may be notified by the Government, on the recommendation of the Council.”

The above provision of the Act was not clear to tax authorities whether the Interest shall be levied on Gross Liability or net liability. Based on this, there was unrest among business communities as tax authorities started demanding interest on Gross GST Liability.

Considering the pain points of the taxpayers on Interest on Gross Liability or Net Liability, the Finance (No. 2) Act, (23 of 2019) vide clause 100 proposed to amend section 50 by inserting following proviso to section 50(1) of CGST Act, 2017.

“Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.”

The above proviso was in the best interest of the taxpayers as it made it clear that the interest shall be calculated only on Net GST Liability i.e. only that portion which was paid through cash ledger. However, it was released late and in the notification No. 63/2020 dated August 25^th 2020, it was made applicable only prospectively effective August 25^th 2020.

Which again made the taxpayers worried on the past months implications as there were lot of demand notices from department for charging interest base don gross liability.

Fortunately, the CBIC provided further clarification to the above notification No. 63/2020 via Press release dated 26.08.2020 that this notification issued with prospective effect due to certain technical limitation and given an assurance that no recovery of interest shall be made on gross output tax liability for the period prior to 01-09-2020 by the State and Central Tax administration.

The above press release clears all doubts in the Act and now it is a settled rule that taxpayer shall not pay the interest on gross liability of GST but only on Net Liability of GST after setting of the Input credit.

Indian Business has to comply with gratuity regulations. On the top of payment of Gratuity Act, 1972, there are specific regulations enforced at state level in India. Example, certain states mandates creation of gratuity trust or subscribing to recognized gratuity trust fund plan.

Now let us look at various accounting and compliances aspects of the gratuity trust in India.

A. Formation of Gratuity Trust

1. Gratuity trust must be set up as an irrevocable trust
2. Gratuity trust must be set up for providing gratuity benefits to the employees trust to act as a separate legal entity.
3. Employer can appoint trustees for monitoring and administration of the fund
4. The trust must get an approval from under the Income Tax Act, 1961 to be recognized as approved gratuity trust.
5. Trustees can chose to manage the fund as per by laws of the trust. Common practice is to enter into a master policy with the insurance company to provide death-cum-retirement benefits to the employees.
6. All the monies contributed to the fund by the employer or received or accruing by way of interest or otherwise to the fund may be deposited in such separate bank account or utilized for making contribution to the group gratuity scheme under master policy entered into with the insurance company.
7. The amount not so deposited or unutilized money shall be invested in the manners prescribed in rules 67(2) and 101 of the income tax rules, 1962.
8. The gratuity trust shall provide for payment of gratuity on termination of service/employment, on death or retirement of the employee.

B. Ind AS Accounting for Gratuity Trust

Accounting of gratuity trust under Ind AS needs to be analyzed from standalone books of trust and the consolidation aspects along with employer. Let us first look at the Ind AS complexity related to gratuity trust. First questions come to mind is ?if the consolidation of gratuity trust requires to be done along with the employer financials?.

Analysis for Control Assessment and Consolidation

Ind AS 110 lays down the principles for presentation and preparation of consolidated financial statements when an entity controls another entity. It also defines the principles of control and establishes control as the basis for consolidation.

In order to determine control, we have to refer para 5, 6 and 7 of Ind AS 110, which are reproduced as under ?

Para 5 states that ? ?An investor, regardless of the nature of its involvement with an entity (the investee), shall determine whether it is a parent by assessing whether it controls the investee.?

Para 6 states that ??An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.?

Para 7 states that ? ?Thus, an investor controls an investee if and only if the investor has all the following:

1. Power over the investee (see paragraphs 10?14);
2. Exposure, or rights, to variable returns from its involvement with the investee (see paragraphs 15 and 16); and
3. The ability to use its power over the investee to affect the amount of the investor?s returns (see paragraphs 17 and 18)

Normally, the employer meets the conditions of para 7 (a) and (c). Further, the trust may not fit into criteria of para (b).

However, Ind AS has given a specific exemption for certain kind of trust for consolidation.

Paragraph 4(b) of Ind AS 110 states that ?This standard does not applies to post-employment benefit plans and other long-term employment benefit plans to which Ind AS 19 applies.

Since, the trust has been specifically formed to manage the gratuity compliance related to Employer and accordingly, the exemption granted under Ind AS 19 will apply.

Based on above it can be concluded that that there is no requirement to consolidate the trust in the financial statement of the employer.

C. Accounting of Gratuity Trust

In the Books of Employer

Employer will be making the annual contributions to the gratuity trust. At every reporting period, the employer needs to get an actuarial valuation done. Trust doesn?t require a separate gratuity valuation.

For accounting purposes, employer have to pass the below mentioned entries in their books of accounts:

Your actuary will give various information required in the above table for accounting entries.

Accounting In the Books of Gratuity Trust

In the books of trust, the main source of fund is the contributions received from employer. The fund will be applied towards contribution to insurance plan or some other approved investment. At the time of separation or retirement of an eligible employee, the gratuity amount is paid out of the trust fund to the employee.

Accounting entries in the books of the trust will be ?

D. Analysis for Income Tax Treatment

An approved gratuity trust will be treated as a separate legal entity under Income Tax Act. The trust would be assessable as an AOP as per clause (iv) to first proviso to section 164 (1). The trust must fulfills below conditions:

A. Trust must have a separate PAN card.

B. Trust must have a separate bank account with a scheduled bank (Rule 101) or deposit to group gratuity scheme with LIC or invested as per rule 67(2).

C. Separate books of accounts to be maintained ? rule 109(1)(c)

D. The trust must fulfill of conditions of part C of the fourth schedule of Income Tax Act, 1961.

1. It must be an irrevocable trust in connection with a business undertaking of employer in India, and not less than 90% of its employees are employed in India.
2. Employer must establish the trust exclusively for meeting the gratuity liability of its employees.
3. Employer must be a contributor to the fund.
4. All the benefits granted by the fund shall be payable only in India.

Further, as per section 10 (25)(iv) of the Income Tax Act, 1961, income received by the trust shall not be chargeable in the hands of trustee if the trust is an approved gratuity trust.

Tax Treatment in the Hands of the Trust - The contribution received from employer, normally will be treated as capital receipt and hence not liable to tax. If someone has to argue, that it is not a capital receipt but a revenue receipt, in that case the same will also be exempted u/s 10(25)(iv), as discussed above.

Further, any income received by the trust will also be exempt from tax u/s 10(25)(iv).

In the Hands of Employer ? The contribution to the approved gratuity trust will be treated as contribution by an employer to an approved gratuity trust for exclusive benefit of its employees and is an allowable deduction u/s 36(1)(v) of Income Tax Act, 1961.

There is a rising need for businesses to implement compliance management solutions and many are struggling with the task of migrating from paper, memory, and excel- based techniques that are now outdated. Compliance Management Software becomes the need of the hour if you have multi-locations or multiple legal entities to manage.

For organizations to demonstrate compliance in a creative, efficient, and cost-effective way, compliance management software can be a true difference-maker. Today, we'll be taking a glimpse at what a compliance management software is and 6 ways it helps businesses efficiently manage and execute regulations.

What Is Compliance Management Solution?

As the name suggests, a compliance management solution is an all-encompassing program that assists managers and administrators reduce risks and plans, track, monitor, and manage activities that ensure compliance along with binding regulatory norms as well as legal requirements related to the environment, health, and safety. It relates to every functional department of a business, with how they handle their customers and employees. Further, the compliances differ from industry to industry and also differ from location to location. Good Compliance Management software shall ensure that it is agile and give complete control across locations and multiple laws in one place.

7 Ways to Make Life Easy with Compliance Management Software

1. Get Your All Compliance Related Requirements In A Single Place

Compliance management software brings together all your regulatory and business necessities under one integrated framework. This helps you to monitor all details associated with all your compliance tasks activities with ease and stimulates adherence to these regulations by ensuring that nothing falls through the cracks.

Furthermore, since all you expect is one centralized solution across your business, interdepartmental harmony is encouraged, and the growth of silos is impeded when it comes to compliance-based tasks.

2. Build A Simple Collaboration

Assigning and reassigning compliance tasks among teammates is extensively simplified. Additionally, users can provide status updates, share documents, exchange comments from the right inside the compliance management framework. Critical compliance data is no longer dispersed across your company, and teammates don't have numerous versions or multiple copies of the same document.

This helps ensure everybody knows what they want to know about their compliance-related tasks, cutting down on the time needed to collect and distribute crucial data.

3. Gives Visibility Into Compliance Performance

Previously, non-compliance requires be manually inspecting by quality technicians and reporting to administrators or managers which used to take days and months. Hence, any gaps in compliance had significant consequences.

A compliance management platform provides administrators and managers a real-view of compliance levels and performance to the whole company through custom drill-downable reports as well as personalized real-time dashboards. These functionalities give them remarkable visibility into the status and performance of their compliance endeavours.

4. Automates Compliance Processes

Let's deal with it, guaranteeing compliance encompasses a lot of repetitive, menial tasks that can be time-consuming, tedious, and prone to human error. Compliance management software automates some processes, entailing compliance monitoring, task scheduling, etc. and enables a business drive efficiency, agility, and accuracy.

5. Streamlines Tracking Regulatory Changes

With regulatory bodies repeatedly updating rules, regulations, and standards, staying on top of these and encompassing them into your compliance procedure can be tricky. You'd not only have to read up on these new rules and regulations but also have to infer the changes, if any, have to be enforced.

Compliance management software keeps a close eye on these improvements and efficiently tracks internal and external regulatory changes. More than that, it specifies non-compliant techniques and operations as well as helps you effectively map new laws and standards onto them.

6. Reduces Operational Costs

Compliance doesn't often have to come alongside a cost. But, with the right solution in place, you can also save a lot of money. Not only does it automate compliance tracking, monitoring, and eliminate the necessity for investing in more staff and resources, but it also rigorously tracks regulatory changes and reduce risks before they harm you financially. Also, automation will reduce the possibilities of human error and oversight which may lead to penalties and fines down the road.

7. Control Over Documentation

The Compliance Management software expedites document control that incorporates dedicated management of records, forms, structures, and documents related to compliances in one place. Good Compliance Management Software can become a Document Management Software for the company.

Get Professional Help with Your Compliance Management Software

TYASuite drives business growth. We offer flexible, industry-specific Compliance Management software that is designed for the requirements of our manufacturing, retail, distribution, and service industry clients across geographies. With a deep understanding of your business, TYASuite Compliance Management software spur growth while managing complexity. The result is powerful that free your resources so you can increase your business.

TYASuite Cloud ERP is a World 1^st Plug and Play ERP Solutions. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

Cloud ERP software has been progressively picking up traction among organizations, inferable from its concentrated way to deal with business processes. With the help of a Good Cloud ERP, you can gather, store, manage, and decipher information from numerous business units on a real-time basis. Moreover, ERP solutions are utilized to automate back-office activities and smooth out cross-departmental work processes. Here in this post, we will be discussing the essential benefits, features, and workflows of Cloud ERP software.

List of Contents

- Why Use Cloud ERP Software?

- Business Software in ERP

1. Sales Software (CRM)
2. Marketing Software
3. ERP Distribution Software
4. Business intelligence Software

- Finance related Software in ERP

1. Procurement Software
2. Costing in ERP
3. ERP payroll Software
4. Finance and accounts Software

- Human Resource Software

1. Recruitment Software
2. Workforce Management Software
3. Payroll processing Software
4. Performance Management Software

- Supply –Chain Management Software

1. Ordering Software
2. Logistics Software
3. Warehousing Software

- Manufacturing ERP Software

1. Inventory management Software
2. Quality control Software
3. Materials sourcing Software

- In conclusion

Why Use ERP Software?

The reason behind the utilization of ERP software is to expand the effectiveness, streamline processes, and advance a culture of collaboration in an association. This results in limited costs and expanded efficiency, which eventually leads to a superior bottom line.

Benefits of ERP software

1. It Increases Efficiency
2. It Promotes Collaboration
3. It Increases Data Security
4. It Helps You Comply with Industry Regulations
5. It Allows You to Make Accurate Forecasts
6. It Increases Operational Flexibility
7. It Reduces Operational Costs

Unification and automation are the primary concepts behind ERP evolution. Without a doubt, every single one of the ERP software can work independently. In any case, the cooperative energy of the considerable number of parts is something that makes the general framework’s worth grow exponentially.

ERP Software has introduced remarkable features for managing different business forms in one system. Enhanced collaboration, efficiency, customization, and adaptability are the advantages that organizations all around the globe go with. Characterizing the work process of each element will help to settle on the correct decision on the required Customized Cloud ERP suite for your business.

Let’s focus on the most well-known sorts and depict their features, functionality, and work processes

BUSINESS Suite IN ERP

Searching for one exceptional ERP for SME to deal with your sales and enhance the marketing system? Business Suite in ERP will be the ideal way to streamlining sales, up-to-date marketing, and real-time data on each procedure.

A) Sales Software (CRM)

The automated procedure encourages the sales team workload. It saves structured data like contact info, names, order history, clients’ inclinations, and so forth. The colleagues use it to manufacture correspondence channels and create sales. TYASuite CRM will give you exceptional support to maximize your business profit.

B) Marketing Software

The marketing system is the ideal approach to play out all the referenced tasks. Besides, the information on sales is coordinated with it to concoct potential methods of expanding sales and attracting new clients. TYASuite CRM can easily fit into your business process and help you to expand your business.

C) ERP distribution Software

ERP distribution software suite is solidly associated with the sales one. The information is being processed by combined performance to deal with the inquiry, check the accessibility, transfer requirements from one department then onto the next, make the vital documentation, plan the delivery, and so forth. TYA Sales Order Management Software will be right fit for you.

D) Business intelligence Software

ERP framework is a shrewd tool that produces a huge measure of well-structured information. Gathering the reports from other secluded frameworks BI component is fit for estimating. It touches the business fields like revenues, cash flows, sales forecasts, and so forth.

FINANCE IN ERP SOFTWARE

All organizations deal with their financial transactions, incomes, payments, incomes, cash flows, and profits. The functionalities of ERP financial software cover billing management, expenditure, balance sheets, depreciation, financial analytics, and so forth.

A) Procurement Software

ERP purchasing Software feature tasks that are fundamental for sensible costs and relate to actual demand. It covers the estimate of orders, supplies, required documentation, goods receiving, billing processes, and data integration with General Ledger. TYASuite Procurement Software is best Procurement Software in India. It has all the functionality a business may think of for their process automation.

B) Costing Feature in ERP

Internal cost control is an inescapable business procedure since you have to monitor material and activities. It requires excellent management of documents on each transaction and its costs.

C) ERP payroll Software

Accepting the information from Job costing, the payroll suite can provide reports on reimbursements, salaries, travel costs, benefits, and so on. The most recent ought to be sent to General Ledger for the following work process.

HUMAN RESOURCE SOFTWARES

The software focuses on regulating, automating, and incorporating the information on every employee. It covers the period from application to retirement remembering subtleties for positions, recruitment, advancements, assigned tasks, and so forth. 

A) Recruitment Software

The software feature focuses on the productivity and simplicity of enlisting processes. HRs acquire the likelihood to post promotions, enable required documentation, track the pool of talent including social platforms, automate the evaluation procedure, dissect applicants' profiles, plan interviews, set up the onboarding procedure, and so on.

B) Workforce management Software

It is an extraordinary method to smooth out the human resources management in your organization. Those significant ERP Software store such as employees' information, attendance, working hours, holiday, sick leave, and so forth. But, it isn't just about the capacity but the general document management identified with staff performance.

SUPPLY CHAIN MANAGEMENT SOFTWARE

Great supply chain management can have different kind of effect in an association. It expands the proficiency and collaboration rates, brings down delays in procedures, and finds new cost-saving systems.

A) Ordering Software

If the organization is keen on satisfying requests absent a lot of delay and returns, it will cause extraordinary attention to appropriate management of the order. It requires exact and direct control of every ordering step.

B) Logistics Software

This includes procedure smoothing out for storage, supply, delivery, goods redistribution, and so on. The segment arranges the logical grouping of customers to build up the most advantageous supply line and producing the waybills.

C) Warehousing Software

The everyday activities of warehouses incorporate order planning, inventory preparation, and usage. This part monitors real-time data about the status of the order including order details, stock items, registration, delay alerts, and so forth.

MANUFACTURING ERP SOFTWARE

The Software directs the control and manages the improvement of the manufacturing performance. It covers all the phases from material procurement to production. 

Let’s explore the functionalities –

A) Inventory management Software

Since ERP is usually enforced in the manufacturing business that manages heaps of product and crude materials, they will deal with their storage and overseeing details. The inventory component advances the creation and distribution planning forms.

B) Quality control Software

Any management assumes responsibility for the quality and its steady upgrades. Following manufacturing exercises guarantees the greatest efficiency, sensible costs, and helps to assess the timelines appropriately.

C) Materials sourcing Software

This territory may appear to be a difficult task, but it very well may be simplified by the ERP material sourcing Software. The present market is constrained by the expanded guidelines while the organizations will undoubtedly discover effective approaches to diminish cost and time.

IN CONCLUSION

There are numerous approaches to automate the process of business. But the question may come how to integrate them appropriately. The secluded framework has gotten one of the sensible solutions to streamline various tasks and provide a robust processor for huge data.

Our ERP software lets you experiment with the innovations in the market to solve your business problems with more precision and at a rapid rate. 

Have a glance at TYASuite affordable ERP Software and a robust plug and Play software which lets you customize the software according to your business needs for a seamless experience. We also provide other software like procurement to pay software, Vendor Management Software, Accounting Software, Inventory Management Software, and much more. If you are the one who is looking for a robust solution to your business, avail our affordable cloud ERP software suite today.

Ever since the idea of e-invoicing was authorized by the GST council, the rumor around e-invoicing has gained dignity among businesses all over the world.

Invoice is a key document and e-invoice is basically a reform associated with it. It is very essential for businesses to comprehend it fully and therefore prepare for it.

In this blog post, let’s understand everything about GST e-invoice in detail.

What is GST e-invoicing?

E-Invoice also called ‘Electronic invoice’ that is a method in which all B2B invoices are electronically uploaded and validated by the established portal.

Post successful validation, a unique Invoice Reference Number (IRN) is induced for every invoice by IRP. With IRN, every invoice is digitally approved, signed, and added along with QR code. This procedure is collectively known as e-invoicing in GST.

What are the advantages of e-Invoice Digitalization?

1. Standard reporting and no Duplication
2. Auto-Generation of GST Return
3. E-way Bill
4. No Reconciliation
5. Real-Time
6. Curb tax evasion (For Department)
7. Verifying genuineness of Refund (For Department)
8. Reduce the carbon footprint

What are the problem statements of GST E-Invoicing?

As the timeline to execute e-invoicing is coming closer, organizations working under different industries face assorted difficulties in embracing the system.

Traction of IRN generation e-way bills needs devoted resources. Isolation of invoices as B2B and taxable from B2C and excluded supplies individually need automation in place.

Reconciliation of invoice data between Invoice Reference Number, e-way bill and GSTR-1 will be one of the main difficulties. [VM1]

Let’s have a look into more business-specific issues:

Pharma, FMCG & Retail

1. Change of quantity subsequent to creating an e-invoice
2. Single e-invoice in terms of e-way bill creation for multi-modal transport
3. Real-time creation of IRN for B2B supplies on e-commerce platforms

E-commerce

1. Real-time e-invoice generation on behalf of suppliers for B2B supplies
2. Handling numerous cancellations, either within or after 24 hours and its modification in GST returns
3. Modifying the kind of invoice as B2C rather than B2B

Airline

1. Effect of various e-invoice cancellations on the GST Portal
2. Creation of IRN on invoices raised for cancellation charges

Hospitality Industry Hospitality

1. Real-time IRN generation for any B2B checkouts
2. Handling the generation of IRN for various cancellations

TYASuite Offers Promising GST Network Services for the Challenges Specified Above:

1. Scheduled invoices uploading for the generation of IRN, individually or in bulk. Also, it involves e-invoice for multi-modal transportation
2. ERP integration for E-Invoice and real-time IRN generation
3. Numerous validations for precise e-invoices
4. Reminders for an instant e-way bill generation
5. All ERPS like SAP, Oracle etc can be easily integrated with TYASuite E-Invoice Module

Various reconciliation and reports for example:

1. E-way bill vs GSTR-1
2. IRN vs Invoice
3. IRN vs E-way bill
4. IRN vs GSTR-1
5. IRN vs GSTR-2A (inbound invoices)

This novel e-invoicing system will transform the way of accounting among industries and also enhances their accountability for fellow taxpayers.

TYASuite e-Invoicing software helps suppliers to transmit electronic invoices, automates receiving and invoice-matching processes for both Purchase Order and non-Purchase Order based invoices. If you are looking for the best E-Invoicing Software, you can contact us right now. We are available 24/7 to help you.

We provide the best-in-class Invoice Digitalization Services to produce e-invoices and guarantee compliance with the recent mandates and guidelines released by the GSTN. TYASuite’s integrated cloud ERP service will help you to simplify the e-invoicing system for your organization in a better way.

When talking about the Procurement software, it can be categorized as one of three sections.

There are ERP (enterprise resource planning) systems, which are perplexing systems intended to help organizations manage everything in the supply chain. Next, there is accounting software that individuals use to monitor POs, giving up a robust procurement suite for all-in-one convenience. Third, there is purchase order-specific software.

Procurement software varies about functionality, pricing, and technology. The right solution helps businesses to manage budgets, diminish costs, and increase transparency in the spending process and approvals.

The main goal of procurement solutions is to handle and ease all communication between the stakeholders, such as buyer, originator, category manager, vendor, approver, supplier, and receiver, at each transactional stage.

Basic Features of Procurement Software