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The Finance Act 2020 has quietly introduced a New Equalization levy which comes into effect from 01^st April 2020. Interestingly, this amendment never featured in the Finance Bill 2020. Ever since Equalization levy was introduced in 2016, it was always a burden on the Indian Companies. Indian Companies were supposed to deduct 6% from the payments made to non-resident companies providing online advertisement Services. The Act further provided that if any company fails to deduct the above amount, it shall pay from their pocket. It added 6% to the overall advertisement cost of the Indian companies as most of the start-up companies use online advertisement from non-resident vendors like Google, Facebook, LinkedIn etc. and they were not able to deduct 6% from the payments made to these non-resident service providers. 

What was the need for New Equalization Levy? 

Of late, many foreign companies started providing services, software’s and even products to Indian companies from outside India. Indian Revenue was not able to collect any taxes from them. Through the introduction of “Equalization levy for E-Commerce Operator,” Indian Government is trying to tap the opportunity for taxing these non-resident companies who were selling goods/services to Indian companies. Through New Equalization Levy under section 165A in the Finance Act 2020, the government has brought in all Non-resident e-commerce operators under the net of Equalization levy.

Who shall be worried?

All Companies who are non-resident and owns, operates or manages digital or electronic facility or platform for the online sale of goods or online provision of services or both must need to comply with the new Equalization Levy effective 01^st April 2020. The government has considered the pain point of Indian Companies and has put the onus of compliances in the hands of these non-resident companies for the New Equalization levy. There is no change in the erstwhile equalization levy on online advertisement services where the service recipient needs to deduct or pay the same. 

What kind of product or services gets covered?

All kind of supply and services which meets the below criteria will get covered under the scope:

1. online sale of goods owned by the non-resident companies as defined above or
2. online provision of services provided by the non-resident companies as defined above; or
3. online sale of goods or provision of services or both, facilitated by the non-resident companies as defined above, or
4. any combination of activities listed in clause (i), (ii) or clause (iii)

The trigger point for New Equalization Levy

The E-commerce operator (Non-resident companies as explained above) must discharge the New Equalization Levy on e-commerce supply or services made or provided or facilitated by it to any of the below person/situations:

1. to a person resident in India, or
2. to any non-resident provided the advertisements which target the Indian Customers or customers accessing the advertisement using Indian IP address or sale of data, collected from a person who is resident in India or from a person who uses IP address located in India
3. to any person who buys such goods or services or both using IP address located in India 

The supplies which attract the Equalization levy under the existing rule is exempted from the new provision and Indian receiving companies will continue to discharge equalization levy @ 6% on those services.

Action must be taken by impacted companies?

1. Impacted companies must need to obtain the PAN number in India unless some exemption is notified later
2. Update their internal process to track the customers based on the above parameters
3. Discharge equalization levy @ 2% on all sales made to above customers
4. Deposit the equalization levy tax quarterly within the due date of 7^th July, 7^th October, 7^th January and 31^st March for the quarter ending 30^th June, 30^th September, 31^st December and 31^st March respectively

Indirect relief to Indian Companies/Start-up companies

TDS deduction on payments to Non-resident companies is always a debatable issue. Most of the companies take advantage of Section 9 and obtain no PE certificate form these non-residents and do not deduct TDS u/s 195. However, the income tax department has always been against such tax positions by the companies and they tend to disallow these expenses on the preset that TDS must have been deducted. However, after the introduction of New Equalization levy, it will be an established rule that TDS shall not be applicable on these Non-resident payments. Similar view change has happened within the Income Tax Department for online advertisement services from non-resident after the introduction of Equalization levy on the same in 2016.

What else should businesses know about Equalization Levy?

Author can be reached at vm@tya.co.in if you have any specific queries on this topic.

Procurement Software provides your procurement function with technological innovation that is both convenient and affordable. Companies and organizations are getting more interested to streamline their business through automation and looking for an implementation of better cloud ERP platforms. The field of procurement has commonly faced difficulties of getting up to time with technology and organizational issues. The frequently asked questions in gaining knowledge of acquiring right cloud Procurement Software. 

What is Procurement? Why it’s So Important in Business

In general the process of agreeing to terms, acquiring goods via competitive bid or tendering process. It includes identifying requirements, authorizing and approving purchase request, supplier identification, make inquiries and require quotations by negotiating terms, vendor selection, creating PO, creating good receipt, purchase order generation, shipping, invoicing and finally making payments.

For better understanding, the process is very vital to get visibility and control over the complete company procurement process. Because an organization may spend up well more than revenue on goods and services. While lack of strategy may sink organizations financially. If organizations can’t control the process, can’t see the visibility on money spending and how to reduce the cost. 

What is Procurement Software or e-procurement Software?

E-procurement or procurement software is also identified as a platform or service for B2B, B2C, and B2G by ERP providers focusing on vendors. In simple words the process of obtaining goods and services through the internet. 

Traditional procurement involves physical paper-based tracking on daily operations. 

An E-Procurement platform that helps streamline the business process by eliminating the manual paperwork, saving time and resources and better control over spending.

What is the major difference between manual Bookkeeping accounting vs. E-Procurement?

The manual Bookkeeping accounting process will be done by filling out requisitions to payments collections manually, the time frame to deliver roughly 5 to 7 working days.

The E-Procurement solutions come with the streamlined process and reducing the transaction time. Automation helps in real-time communication to buyers the availability of quantities and makes an instant decision for an activity. Wide range of solutions can be used with ease to manage the finance, taxes, shipping regulations and global operations. 

E-Procurement software can give the first steps towards productiveness and allow greater scalability to grow for sellers and buyers act a single unified system. Hence business grows exponentially as per today market. 

What are the benefits of moving from traditional accounting to cloud procurement software?

The latest trend in accounting is Cloud Technology; however, the transition isn’t easy to move from traditional accounting (On-premise) software to Procurement Cloud. But organizations should take big opportunity to step up to move and it involves a change in culture and attitude. Traditional accounting software comes with infrastructure costs as well as maintenance costs. On the other hand, license fees or upfront costs needed at large.

The SaaS software model (Cloud) offers the flexibility and collaboration synonymous with the cloud. To access financial data from anywhere at any time and make an invoice, payment approvals or important approvals can be done by simply login to your account from desktop, smartphone or a laptop.

Cloud technologies are expected to make accounting applications easily accessible, less expensive and time-saving. Organizations can leverage the cloud to enable a new segment of business insight to understand the change need their business’ performance.

Moreover, cloud technology gives the benefit of the administrative process and human dependency which gives them the edge over the new level of a highly satisfactory level of service.

According to the Microsoft survey, some of the main benefits of deploying cloud computing in the organization were discovered to be improved productivity and cost-efficiency.

Difference between Traditional vs. Cloud, Which you should choose?

Traditional Procurement Software comes with initial infrastructure costs as well as maintenance costs of on-site software and hardware. 

Today’s world, Cloud has become an essential business technology services. There is no similarity with on-premise software. Cloud Procurement software is hosted and maintained on secured servers accessed via the internet from a web browser anytime anywhere.

Traditional software, users are limited by a big upfront fee. Another hand, Cloud software is free of upfront costs, big cloud companies offer pay as you use model.

Cloud Procurement software seamlessly integrated with accounting core features such as project budgeting, complete automation of manual functions, Important Real-Time updates, financial forecasting, Reports and financial insights, Management of Cash flow, Accounts payment & receivable and business intelligence.

Cloud solutions come with flexibility. Financial teams can use cloud procurement to retrieve real-time data to ensure efficient organizational tool for your company

Cloud solutions are typically cost-effective models and boast security advantages as every solution provides its security solutions such as authentication and encryption.

What to look out in Best Cloud ERP Software?

As we all know by now “The cloud is the future”. 

Choosing a one right cloud ERP software provider for your business there are some key elements to assess:

• Software Reliability: Make sure, your data is backing up time to time and able to access from any location and any device.
• Simplicity: Able to analyze the effect of the accounting numbers, to make business financial decisions that benefit your organization. 
• Security: The financial information requires extreme protections and it is exclusively private. 

Above all, the seamlessness and productivity of the cloud compared to traditional software which impossible to deny.

How Plug and Play Cloud ERP Transformed Procurement system?

Companies utilise the procurement platform to both sell and buy the goods around the world are changing from Large Complex ERP solutions to in favor of User-ready platforms such as Plug and Play ERP solutions and far efficient that the Complex ERP solutions.

As business advance continue to evolve, The Plug and Play Cloud ERP solutions play an essential role in advanced automation, cost-effective solutions, a business will spend less on complex systems, access to more options to improve communication in the supply chain.

Let’s take a closer look at key benefits of Plug and Play Cloud ERP Solutions  

• The latest trend of new developments is app-driven with simple interfaces
• Business owners need not worry about the budget and it requires little to no maintenance 
• The end to end implementation will be done in days not months 
• Seamlessly integrated between different systems 
• The Plug and Play built-in features are a worry-free nowadays to manage the Spend Analysis. RFQ. Reverse Auction, PO, Invoice Automation. Contract Management with a single unified system 

Hence, Different types of procurement systems to communicate more efficiently using Plug and Play cloud connectivity and increase, sharing, data visibility and compliance.

What are the future insights of cloud computing and their advancements?

According to finding and insights from  Logic Monitors Survey, 83% of enterprise workloads in the cloud by the end of 2020. 

The survey also highlights the breakdown by end of 2020,  

• 41% of enterprises run on public cloud platforms (Google Cloud, Amazon AWS, IBM clod, Microsft Azure and others)
• 20% are forecast to be in the private cloud
• 22% running on hybrid cloud platforms 
• On-premised forecast to shrink 10% by end of 2020 

With the increase in demand for superior cloud solutions, the need to shift from the traditional to modern business approach is the pivot of the digital business world. Digital transformation is a pioneering way to meet the needs of current customers and to bring in a digital revolution in the company. More technologies are being developed to advance and make cloud solutions cheaper.

The journey is necessary, there’s no disagreeing that technology has brought ground-breaking changes in this era but who would have thought about moving to the clouds.

"Streamlining advance Innovation through the Cloud"

Be it an e-commerce industry or the health sector; The cloud computing innovation is providing better ways to deliver better services to the customers, The cutting-edge technology and advanced solutions in the public cloud market is rapidly growing and shifting the way of quicker interconnect and low-cost software.

We have also written a blog on Procurement to Pay Software for Today's Business Leaders, which you will find it useful.

Free Work From Home Software: An Initiative to give back to Society

Coronavirus Epidemic: The Current Situation

Novel Coronavirus or COVID-19 outbreak is a human catastrophe and has continued to disrupt financial markets and global supply chains, the overall impact on global businesses and economic growth. Its blowout has left many businesses around the world with counting costs. 

Looking at the trends in many countries over the last 2 months, India is on the verge of touching Stage 3 of this Epidemic. In this time of urgency, it is the joint responsibility of all 130 Crore plus citizens of India to fight this together and come out of it as a winner. This Epidemic is at such scale that individually, we cannot do any justice in this fight but if we are together, we can fight this easily. 

As requested by Honorable Prime Minister of India, Shri Narendra D Modi Ji on March 19, 2020, in an address to the Nation, we all need to give few weeks of our time to fight this Coronavirus situation. 

Few suggestions on how we can jointly fight against this Coronavirus Epidemic:

1) Choose to Stay Home and Work From Home for the next few weeks 

2) If you are a business owner, please allow your team to work from home

3) If you are a manager, please talk to your leaders and enforce work from home 

4) Talk to at least 10 or more people every day and motivate them to Work From Home 

5) Ensure your family members including kids and elderly Stay at Home

6) Maintain social distancing at least 1 meter (3 feet) between yourself and anyone in case you have to step out for urgencies 

If we all jointly take a Pledge to “Work from Home”, we can break the chain of Coronavirus Epidemic. 

You can get real-time updates on Corona Situation in India by clicking https://www.mohfw.gov.in/

Free Tools available for Work from Home

To ensure the business can run with minimal disruption and Maximize Your Productivity and Your team’s Productivity you can use some of the free tools and software available in the market. 

Below is the list of free tools available which can help work from home:

1) Zoom Meetings: Provide unlimited free one to one video calls and team collaboration. Also, provide 40 minutes team collaboration for up to 100 team members for free. You can disconnect after 40 minutes and connect again to take the continued benefit

2) TYASuite is offering its Project Management Tool (PMT) to all Indian Companies Free of cost for the next 3 months. This offer can be extended further is required. The free tool will include all Enterprise version features including but not limited to below features. 

a. Task Creation and allocation

b. Document sharing among team members

c. Android Mobile app to create, manage and assign task

d. Define Timelines and costs etc.

e. Timesheet sheet Management of teams working from home at Task level 

f. Expense management and reimbursement of the team 

The access is extended for Unlimited Projects, Unlimited Tasks, Unlimited employees - All free of cost. This also includes not only the software cost but also up to 10 Hours of Set-up and training assistance to ensure you can get the maximum benefit out of it. 

3) TYASuite is offering its Invoice Approval platform to all Indian Companies Free of cost for the next 3 months. This offer can be extended further is required. The free tool will include all Enterprise version features including but not limited to below features. 

a. Upload Invoice through Mobile application/Cloud-based Web Application

b. Approve Invoices through Mobile/Email/Web application

c. Multi-Layer approvals

d. Make payments of only approved Invoices

e. Unlimited attachments upload 

The free offer is extended for Unlimited Invoices, Unlimited employees- All free of cost 

4) TYASuite is offering its E-Procurement Platform to all Indian Companies Free of cost for the next 3 months. This offer can be extended further is required. The free tool will include all Enterprise version features including but not limited to below features. 

a. The planning team can raise product requirements from their home

b. All product requirements can be consolidated with a click from Managers Home

c. Procurement Team can raise PO to vendors

d. Managers can approve POs through email/web applications

e. Vendors can receive the Approved POs on emails

f. A team can receive the goods and record GRN in the system (this may require the physical presence of employees at receiving locations)

g. Vendor invoices can be uploaded into System from remote locations

h. All approvers can approve the invoices from their home i. Finance can upload bank payment files for payments

TYASuite Platform can support the business to easily manage employees “Work from Home”. 

The free offer is extended for Unlimited Users- All free of cost 

5) Google Hangouts: Google has announced the free version of the Enterprise version of their tool

6) Cisco is offering the free version of its WebEx service with no time restrictions.

There are much more software which can be used Free of Cost to enable “Work from Home”

Join the “Work From Home Movement” and Share with your colleagues and friends and ask them to join the movement and break the Corona Epidemic Chain. Save Yourself, Save the Country, Save the world.

Understanding the term “Procurement to Pay Process” 

Procurement to Pay (P2P) also called “Procure to Pay process” is a term used to define a business process and not a software or a technology in itself. P2P summarizes various steps involved in the Procurement process of any business. 

Steps included in Procurement to Pay Process across industry

1. Requirement Generation 

2. Requirement consolidation 

3. Vendor Evaluation 

4. Purchase Order Generation 

5. Receiving Goods or services 

6. Recording of Invoicing  

7. Payment

The above steps can be executed manually or through a well-designed software. The use of software in the procurement process started as early as in the 1990s. Over the last 30 years, technology has traveled from being a luxury to a necessity and from becoming unaffordable to affordable. 

However, today also business owners are not comfortable with implementing ERP software due to their implementation complexity. If one has to compare the adaptability of software, plug and play software will always give very high-level comfort as compared to complex software’s which takes months to implement and go live. The push back on ERP implementation comes primarily due to 4 factors:

• Lack of awareness of the cost savings post successful implementation 
• Price of ERP Software
• Implementation time 
• Fear of failure of ERP in your company after implementation 

About TYASuite Procurement to Pay Software

TYASuite Procurement to Pay software that will fit all businesses and Fully customized cloud ERP designed with a customer-centric approach, easy to manage with Play and play features. 

TYASuite is a robust ERP platform that automates the Procurement to Pay Process very effectively and offers reports and insights to gain more control, visibility on account payment.

TYASuite Procurement to Pay (P2P) is a next-generation cloud-based suite that manages all when it comes to your procurement process, from purchasing to vendor payments. The platform helps Businesses (B2B or B2C) streamline to give more control, visibility ensures consistency and accuracy from start to finish. It improves the complete lifecycle. 

Top Benefits of switching to TYASuite Procurement to Pay Software

TYASuite has launched a cloud-based platform to handle many of the industry burning issues. The platform is backed by decades of the business process expertise of its founders and professional team members working across company sizes and industry types. Key problems solved by 

TYASuite P2P Platform is summarized below: 

1) Automating entire Procurement to Pay Function: 

Entire procurement to payment process of an organization can be automated through this platform. Whether you are an Indian Company worried about complex GST and TDS compliances or outside India Company, the TYASuite platform automates your entire business process and brings huge savings in your operation cost. Unlike existing ERP players in the market, TYASuite modern user-interface is highly user-friendly and doesn’t require any special training. The management can download various reports in a click enhance their decision-making time and get the benefit of real-time business data. 

2) Plug and Play Platform

TYASuite is the pioneer of Plug and Play ERP. Companies can go live with TYASuite Procurement to Pay Platform within a few days. With more than 2000 plug and play features added to the workflow, the business can get started within days. 

3) Free Trial period

Free Trial Period in ERP Industry is unheard of. Businesses can take advantage of the free trial period without any investment and ensure that the software will fit their company.  

4) Price 

TYASuite has ensured that the price of its platform is affordable. Even smaller companies can take advantage of technology within their budget. Industries can save up to 75% as compared to other market players in the ERP Industry.

Companies can take advantage of the TYASuite Unified platform and extend the benefit to other departments /processes like Inventory management, Asset, and warranty management, Project Management, Compliance Management, Finance Modules and many more. 

Streamline your Procurement by automating the entire process

Eliminates manual intervention in performing tasks and business inefficiencies with proactively managing each stage. When the process is automated, it is easier to evaluate the right product from the right supplier at the right price. Improve Operations excellence by Saving the time also its ability to cut down on boring tasks through automation.

Below are the top reasons, which make fall in love with TYASuite P2P Cloud ERP platform

• Centralized Cloud ERP 
• Top-notch Data security
• Manage more efficiently and save money 
• Integrate & Automate Functions 
• Easy to use, fast, guided experience 
• Easy access to records
• Bulk Import/Export
• Catalog management 
• Proactive reporting
• Optimize Your Daily Operations.
• Improve Cash Flow
• Automates Manual Tasks
• Business spend control
• User controls at every level
• Financial Controls through reports
• Data Insights

Bottom Line 

Cumbersome processes (on-premises or manual bookkeeping) prevent procurement businesses from growth and unable to add more strategic value. Choosing the right cloud ERP based procurement to pay software needs time and planning that gives you peace of mind and use with confidence. There are multiple procurements to pay software solutions available in the market. But, if you are especially looking to save 50% of existing operation cost within a week and achieve 10X Return of investment (ROI). Then you are in the right place.

Drive into TYASuite Procurement Software and discover what value we can add to your business.

Request for Free Demo Today or Contact here to find out if TYASuite P2P Solution is right for you.

CARO 2020 was introduced on February 25, 2020, and made effective for all the reports to be issued for the financial years commencing on or after April 1st, 2019. 

This publication highlights key takeaways for Auditors, CFO, and other senior management. 

Considering a very short time given for companies to comply with this Order, the implementation of this order is going to be an uphill battle for companies. When the companies have to look back certain policies that never existed in the last 11 months and comply the same in the next 1 month, it is likely that the application for this order may be deferred for few quarters.

The regulators have definitely given a thought for Small business and have exempted CARO 2020 for below private companies including certain specific categories of the company like banking, insurance, section 8 companies, and one person company:  

• Private companies excluding holding/subsidiary companies with paid-up capital of less than or equal to Fifty Lakhs Rupees and turnover less than Rupees two crores during previous Financial Year (Both conditions must be satisfied)
• Private companies having a paid-up capital and reserves and surplus not more than one crore rupees as on the balance sheet date and which does not have total borrowings exceeding one crore rupees from any bank or financial institution at any point of time during the financial year and which does not have a total revenue as disclosed in Scheduled III to the Companies Act (including revenue from discontinuing operations) higher than ten crore rupees during the financial year as per the financial statements (all three conditions must be satisfied). 
• Consolidated Financial statement has also been exempted except certain reporting related to Fraud reporting which must be included by the auditor for consolidated financial statements as well.

Below are in-depth analysis of our expert team related to certain key matters of CARO 2020:

• Intangible Assets: Similar to erstwhile reporting on Fixed Assets, the CARO 2020 requires management to maintain complete details about intangible assets. Although the order is currently silent on the details to be maintained, however, it will be expected to maintain details such as Name, in which process /business of the company it is being used, their useful life, cost involved in developing of acquiring and most importantly if the intangible assets are internally generated then how the accounting standard requirements related to capitalization of intangibles are adhered to. This may pose certain challenges to various start-up companies who have been capitalizing on certain intangible assets in their business. Management and auditor both have to be vigilant to ensure that the proper record of capitalization is maintained. Companies may consider adopting certain Project Management Software including an integrated Time Sheet and expense management tool to establish the authenticity of the amount capitalized.
• Immovable properties other than leased property: Auditors are required to report if the title deeds of all the immovable properties disclosed in the financial statements are held in the name of the company. This reporting may pose a significant business risk to real estate companies who have been reporting a significant amount of immoveable properties without the title deed in their name or otherwise. The auditors are also required to report whether any proceedings have been initiated or are pending against the company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988). 
• Reporting related to working capital loan: If the company has been sanctioned working capital loan in excess of rupee five crores on the basis of security of current assets, auditors will be required to report if various statements submitted by the companies to Bankers agree to their books of account or not. This may increase the work of the auditor who has been focussing on auditing numbers on an annual basis. They need to start focusing on quarterly numbers as well to ensure reporting for this clause. 
• Reporting related to loans, advances, and investments:  The auditors are required to report the aggregate amount of transactions during the year related to loans, advances, and investments, etc with group companies and other than group companies. Further, an auditor needs to report in respect of loans and advances in the nature of loans, whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular. In addition to above, certain other critical reporting related to loans and advances are required such as amount overdue, overdue more than 90 days, renewal of loans, granting of fresh loans to repay previous loans, any loan repayable on demand which may ultimately lead to identify potential risk on the balance sheet of the company. This reporting was primarily being asked from Bank Auditors till now and which seems to have extended to the company auditor under CARO 2020. 
• Reporting related to a loan taken: The auditors are required to disclose default in repayment of such loans and interest thereon or if the amount of loan was diverted for the purpose other than the purpose for which the loan was taken if the loan was taken for the use of group companies etc.  
• Share issue related compliances: CARO 2020 requires an auditor to report on whether the company has made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year and if so, whether the requirements of section 42 and section 62 of the Companies Act, 2013 have been complied with and the funds raised have been used for the purposes for which the funds were raised, if not, provide details in respect of amount involved and nature of non-compliance. It is critical to understand various compliances required under section 42 and 62  of the Companies Act, 2013. The Auditor must train themselves properly to be able to report under this clause. 

CARO 2020 reporting is going to be tougher for the auditor as well as companies. On the other hand, it will bring more transparency in the dealings of the companies. 

What else should businesses know about CARO 2020?

Author can be reached at vm@tya.co.in if any specific queries on this topic.

Mandatory Implementation of GST E-invoicing in B2B transactions from April 1, 2020, initiated by the Government of India. Learn more from Frequently Asked Questions (FAQ) about new GST E-invoicing in India and how TYASuite E-invoicing software automates your transactions with the GSTN system on a common portal.

1. Can E-Invoice be generated directly at GST Portal?

No, The companies will continue to raise invoices in their existing billing platform. After raising the invoice in their platform, the E-invoice process can start. However, companies can use the TYASuite E-Invoicing platform and manage E-invoicing including normal invoice generation end to end in a single click.

2. Can E-Invoice be cancelled?

Yes, the E-invoice once generated can be cancelled.

3. Can E-Invoice be Partially Changed?

The E-Invoice cannot be changed partially. It has to be fully cancelled and a new invoice to be raised.

4. Can E-Invoice be Amended?

Yes, E-Invoice can be amended. However, this facility is currently not given through the E-Invoice system. Any amendments have to be done directly through GST Portal.

5. Is it mandatory to sign E-Invoice?

No, E-Invoice is not required to be signed by the Company. E-Invoice is already digitally signed by the IRP.

6. Can the company Logo be placed on E-Invoice?

Yes, Company can place its logo on the PDF version of E-Invoice. It is to be noted that E-Invoice which comes from IRP will not have Company Logo. TYASuite E-Invoice Portal can generate E-Invoice with Company Logo and other non-standard terms and help you to directly email the invoices to the Company’s customer.

7. Can we check the status of invoices on a real-time basis?

Yes, Company will be provided will secured login credentials to access to TYASuite’s E-Invoicing Portal and Company can access the portal 24/7.

8. Does Company require to change anything in their current ERP/invoicing system?

E-Invoice system required certain mandatory fields. If those mandatory fields are not there, the same shall be enabled or given in excel manually against each invoice.

9. How can Company generate E-Invoice if my existing system doesn’t support APIs?

The same can be done through excel invoice details.

10. How can I generate QR code on my E-Invoice?

TYASuite platform has inbuilt functionality to print the QR Code on the invoice.

11. Is QR printing on invoices mandatory?

Yes, All E-Invoice must have QR Code.

12. Will E-Invoices be emailed to my customers directly by IRP?

No, the TYASuite platform can perform the same.

13. Are B2B invoices with unregistered customer required to do E-Invoicing?

Currently, the B2B invoice with only valid Customer GST numbers can be generated through E-Invoice. For all other invoices, the existing system can play the role.

14. Can TYASuite platform also help in Automating GST Return Filling?

Yes, if other details are provided to TYASuite, the GST Return can be filled through the platform in one click.

15. Will E-way Bill Auto generated from E-Invoice?

TYASuite's E-Invoice platform has the option to generate E-Way. The info required for the E-Way bill has to be sent along with E-Invoice to generate the E-Way Bill.

16. Will My GST Return be filed automatically after E-Invoice implementation?

No, However, All the data required to file GST return will be auto-populated from the Vendors/Customers who are using the E-Invoice facility. For others, the existing system of uploading the date manually has to be continued.

17. Can Company Sales Team/Finance team receive a copy of the invoice sent to Customers?

Yes, Company central finance/sales email ID can receive a copy of invoices from TYASuite E-Invoicing platform.

18. If the TYASuite E-Invoicing portal is used for sending invoices to customers, whose email Id will be used to send the invoices?

Company’s provided email ID will be used to send invoices to customers.

19. Is E-invoice is mandatory for B2C Invoices?

Currently, there is no option to raise B2C invoices through E-Invoice. However, the turnover of B2C along with all other types of turnover across all GST numbers of the same PAN must be considered to check the E-Invoicing applicability.

I hope that this article will help you to understand the GST E-invoicing and if you have any questions, leave your comments below. For TYASuite E-invoicing software inquiries contact us here.

Many businesses today experience tests across areas, counting efficiency and productivity, delivering on client and employee prospects, or handling rising financial or human resource costs. Maybe your business scuffles in one of these areas or all of them…but it doesn’t have to. Enterprise resource planning (ERP) is a suite of integrated applications which bring together data about the business functions associated to technology, services, and human resources.

An ERP solution can benefit from solving all of these problems and more—and it can totally transform your business. ERP Solution act as a concierge to all of your business resources, data, and information, by continually retrieving and updating information across manifold departments and functions of your businesses in real-time and in one central place.

 Here are a few key ERP business transformation areas you’ll see when you implement an ERP solution:

1. Enhanced Productivity

With the suitable Cloud ERP Software in place, your business can take benefit of flexibility and scalability as it grows and changes with financial ebbs and flows. A Cloud ERP Software gives you the aptitude to add or eliminate applications, functionality, and features with ease and affluence. You can integrate new technology and import and export data when, how, and as you need to. Most prominently, you can do all this without noteworthy lag-time and without time-consuming and error-prone system overhauls.

2. Plug & Play Cloud ERP 

Plug & Play Cloud ERP frees up your teams to use their time, talents, and skills to take on work and produce results that they otherwise couldn’t. ERP systems also disregard shared operational issues like manual-entry errors, unintentionally skipping a step in a process, or missing a deadline– all of which create inefficient and significant challenges for your business to overcome. 

3. Driving Better Business Decisions 

Your business is imminent decision-making without complete reports or analytics, you’re probably not able to trail hard data, financials, or other numerical support that demonstrate successes or failures. An ERP system gives you all of the info you need upfront. It’s not only about decision-making. Your ERP decision drivers will let you dig deep into the details, showing you how a particular product is acting, perhaps, or how an exact department or even an exact employee is impacting business costs and income.

Transform Your Enterprise with Best ERP Software

Different enterprises will have dissimilar needs and structure and thus, not a one-size-fits-all system can outfit diverse purposes. Being a customizable firm, you must focus on choosing a gainful solution like a plug and play ERP software that meets your wants and is easily controllable as well. Ideally, some of the ERP decision drivers are easy-to-use, customized, extremely scalable, secure, cloud and adaptive ERP feature

Conclusion

A considerable number of businesses experience extraordinary enhancements in their competence and inclusive productivity with investments on ERP solutions. An ERP system can help eradicate repetition in business processes and monotonous manual tasks, in addition to improving efforts following the execution of an ERP software – which saves employees valued time. This, plus so much more, permits them to focus better on other areas of business operations or processes that need enhancement.

E-invoice is a system where taxpayers can generate invoices.

‘E-invoicing’ or ‘electronic invoicing’ is a system wherein B2B invoices are electronically verified by GSTN for further usage on the common GST portal. 

In this process, an identification number will be issued for every invoice generated, by the Invoice Registration Portal (IRP) that is managed by GST Network (GSTN). This information will be passed directly to the GST portal from the IRP portal.

The new Indian e-invoicing model mandatorily requires businesses to generate e-invoices on their internal systems instead of generating from the central portal of the tax authority.

When Will E-invoice Be Implemented?

1. The taxpayers with annual aggregate turnover of Rs 500 crores or more can voluntarily generate e-invoices starting from 7th January 2020 through APIs

2. The taxpayers with the turnover of more than Rs 100 crores but less than Rs 500 crores can also join them starting from 1st February 2020

3. The electronic invoicing will be mandatory from 1st April 2020 for all taxpayers with turnover over Rs 100 crores

4. The aggregate turnover will include the turnover of all GSTINs under a single PAN, across India

What is the Process of Getting an E-invoice?

1. Normal Invoice

 Normal invoice is generated by the seller from his billing system and it should adhere to e-invoice schema. It should be generated in JSON format as it is the only acceptable format in the IRP 

2. Submit the E-invoice Request to IRP

  Next step is to upload the JSON schema to IRP. It can be uploaded through APIs or direct upload as IRP has the facility to accept both ways

3. IRP Validate Invoice and Generate IRN Number

  After the invoice is generated in JSON format it is then sent to the IRP. The IRP validates the invoice after receiving it and then generates a particular IRN number

4. IRP to Send Digitally Signed Invoice to GST

  Next, it is sent to GST portal after embedding the registrar’s digital signature on the invoice

5. GST to Generate QR code and Send Hashtag to IRP

  GST System will generate the QR code specific to the invoice, checks with the hashtag stored in invoice registry, checks for duplicate data and then sends it to IRP

6. IRP Send Invoice Details to QR Code (JSON Format) 

 IRP will return the digitally signed JSON to seller with the embedded QR code and can be shared as a PDF over email

TYASuite E-invoice Benefits

These are the benefits of using e-invoice as initiated by GSTN

1. E-invoice resolves and fixes huge gaps in data reconciliation under GST to reduce mismatch errors

2. E-invoices created on our software can be read by another, allowing interoperability and reducing data entry errors

3. Real-time tracking of invoices prepared by the supplier is enabled by e-invoice

4. Backward integration and automation of the tax return filing process – the relevant details of invoices would be auto-populated in the various returns, especially for generating the part-A of e-way bills

5. Faster availability of genuine input tax credit

6. Lower probability of audits/surveys by the tax authorities since all the information is available at a transaction level

Continuing the focus to enhance the ease of doing business in India, the Finance Minister has announced various schemes to promote Start-ups. The budget is expected to enhance the disposable cash in the hands of the middle-class and thus accelerating the spending and growth. 

Below are 20 key highlights of 2020 Budget:

1)  Introduction of Single window clearance for start-ups through an online platform 

2)  Introduction of Digital platform for Intellectual Property Right (IPR) 

3)  Introduction of Seed Funding Programme for Start-ups

4)  Allocation of Rs. 8,000 crores to promote Quantum Technology related activities 

5)  Deferment of TDS/Income Tax on ESOP Exercise by 5 years subject to other terms 

6)  Tax Audit limit increased from Rs. 1 crore to Rs. 5 crores with conditions 

7)  Change in rules related to loss carryforwards in case of mergers 

8)  Income tax exemption to start-ups extended up to 3 years out of 10 years 

9)  Turnover limit for tax exemption for start-ups raised form Rs. 25 crores to Rs. 100 crore to include large start-ups as well

10)  Reduced Income Tax Rate of 15% to extend to Power companies as well 

11)  A single window clearance under National Logistic Policy for e-logistics players

12)  Creation of a Tax Payer Charter to stop harassment of taxpayers 

13)  To decriminalize some norm violations under Companies Act/ Income Tax Act 

14)  Introduction of subordinate debt for MSMEs

15)  Introduction of Faceless Appeals under Income Tax (earlier only Faceless scrutiny was applicable)

16)  Abolition of Dividend Distribution Tax

17)  Tax Exemption to investments by Sovereign funds into Infrastructure segment 

18)  Waiving interest and penalties on Income tax disputes if the amount is paid by March 31, 2020, June 2020

19)  Enhancing the footprint of the Warehousing facilities across the country including PPP model 

20)  Introduction of NIRVIK Insurance scheme to boost export

A survey conducted by IBM in collaboration with Oxford Economics showed that 90% of Indian startups fail within the first 5 years of their inception. The major reason for their failure is the absence of a long-term plan. Most founders of SMEs make the same mistake: Thinking of generating more revenue in a shorter time rather than looking at the bigger picture.

Founders juggle a lot of responsibilities which only increase in due course of time. They also need to keep an eye on the slowing economy which can topple any organization in just a few days.

 Read: How ERP can save your company in recessions

Is ERP A Luxury?

Every founder wants to expand their company’s growth as each day passes. They work 24/7 to take their company to new heights. Founders can’t make intelligent decisions when they are provided inaccurate data. One slight error in judgement could bring down any company like a house of cards. ERP ensures complete data access at any point in time by centralizing the data and integrating the different business departments of an organization. ERP is highly beneficial for every organization that plans on rapid expansion. It is difficult to stay ahead of the competition when you are still struggling with spreadsheets and they are using ERP.

 Despite these significant factors advocating for the adoption of ERP, there is a slight hesitation among founders to implement ERP due to these 4 reasons:

1.  ERP requires a lot of investment

Let us debunk this myth right away, ERP during its initial years was expensive and was considered as an option rather than a necessity. Due to its high cost, it was only implemented in bigger companies which had financial prowess. Fortunately, now there are umpteen ERP solutions which don’t cost much and are easily scalable.

2.  ERP implementation is a time-consuming process

This is the second most popular myth among SMEs. ERP implementation time is completely dependent on the type of ERP solution chosen by you. There are various customized cloud ERP solutions that can be implemented within just a few days in your organization.

3.  It’s difficult to Customize

Software is pretty much useless when it costs an arm and leg to just customize it according to an organization’s requirement. Fortunately, TYASuite is a customized cloud-based ERP solution that is preloaded with innate features which meet most of the business requirements. They can also be customized according to your preferences. Many ERPs offer APIs that allows users to easily build custom apps and implementations.

4.  It Will Impact My Current Systems

The primary concern of founders while incorporating new technology is that it will impact their day to day operations, disrupt customer orders, service delivery and ongoing business activities. ERP vendors understand the dilemma; therefore, they create an optimal plan which minimizes risks and allows a smooth transition to a new ERP solution.

Cloud ERP: The Hakuna Matata solution!

Hakuna Matata is a popular phrase from the Swahili language which means no worries for the rest of your days. Cloud ERP is the embodiment of Hakuna Matata. It can be installed within a few weeks in any company and is a lot cheaper than its counterparts. Cloud ERP can be accessed from anywhere around the world and at any point in time. It doesn't require maintenance and continuous updates are provided by vendors and saves up a lot of time.

It is very difficult for a bird to spread its wings when it is in a cage. Similarly, it is difficult for a developing organization to spread its wings when the ERP doesn't offer scalability. Cloud ERP scales easily by adjusting the entire infrastructure to the necessary size for each stage in your development as a company.

 As cloud ERP is a subscription-based model you get customer support access 24/7 which is available to you even after implementation, unlike its counterparts where the support ends at implementation.

A lot of organizations are rapidly transitioning towards implementing cloud ERP in their organization. The platform streamlines your process and automates redundant and boring tasks

A founder would have complete knowledge about the leftover budget from the previous financial year. Spending the remaining funds efficiently is a challenging task for many organizations. Usually, they invest it in ridiculous things that promise short term benefits rather than focusing on the big picture. Implementing the cloud ERP in your organization will help you recognize the shortcomings before it becomes a deal-breaker.

But is your organization ready for it?

Implementing ERP in your organization is a serious affair because there are umpteen issues that need to be handled before doing it. You need to make some changes if you plan on going ahead with it.

Let us discuss 3 must-know things required for a successful implementation of cloud ERP:

1.     Organize Your ERP Implementation Process

You would go through hundreds of reviews, check the number of downloads and many things just to install an app on your phone. Therefore, you need to do some groundwork before implementing cloud ERP in your organization. Understand the business requirements, research the potential vendors, and list out internal, as well as external resources required to successfully implement it in your organization.

The quintessential factor in ERP implementation is migrating your data from legacy/old systems to ERP. Data is the heart of every business, so the transfer of data must be a completely secure process. Once the data is accurately transferred, the next steps are a walk in the park.

An ideal cloud ERP software will help you and your employees to interact with data as you desire.

2.     Mapping and Analysis of The Process

As we said earlier, you need to have a precise idea about business requirements. Therefore, you need to map out various business processes involved, workflows involved, identify the common points across various business units and find the weak zones of your organization. This will help you to comprehend the solutions offered by the ERP solution to address the flaws. Likewise, you can also identify the primary factor for its implementation in your organization.

Everyone wishes to provide the best service for their customers by efficiently adhering to all their demands. Although wishful thinking can help you to get control over the way your company functions, the reality is far more different. The service you provide is only as good as the technology stack available in your organization. Don't let limitations of ERP software come in your way of providing the best service to your customers. Implement such software that can automate most of the tasks and help you gain an edge over the competitors.

Although we love customization, we are cursed with the extraordinary ability to abuse it. Being over-dependent on a wide range of customization offered by an ERP solution will end up being a headache for your development team. Moreover, it will further complicate things for them during the downtime of the ERP software. Therefore, it is necessary to identify how it can be incorporated into your organization without overusing the customization ability and adjust to your processes without much fuss.

3.     Change Management Strategy for ERP Implementation

According to Wikipedia, Change Management is a collective term for all approaches to prepare, support, and help individuals, teams, and organizations in making organizational change. The transition from old technology to new is difficult and it might take a toll on your employees, hence you need to support them in every way you can.

Change Management strategy will help you answer these questions for your employees and ensure them that the ERP implementation is necessary for the progress of the organization.

• Can ERP incorporate your existing software?
• Does it change the way of handling financial regulatory compliance?
• Can you perform internal audits with ERP, if yes how to do it?
• Can all the tasks be completely automated?
• Does it take care of currency conversions, tax regulations and calculations or it needs a manual approach?

Conclusion

It is a good thing that you are thinking of switching from legacy or old systems to ERP software but the transition is not easy for all your employees. Before switching, you must ensure that it is a perfect fit for your organization’s needs and the employees and shareholders are on the board for this change. The best cloud ERP software is the one where all your organizational requirements are met and it does not put a dent in your wallet.

As a company starts earning big bucks, they hire more and more people in various departments such as sales, operations, customer care etc. However, most companies conveniently ignore their accounting department. The accounting is the lifeline of every company and it impacts all the departments. More often than not founders find themselves in a tough spot because of disregarding the accounting department. 

The accounting department is a crucial factor in deciding the success story. According to Indian business magnate Mukesh Ambani: Data is the new oil, more and more people are investing in data to enhance their business growth. Founders and investors will have problems while investing if their accounting and finance team is incapable of providing them with accurate data. The accounting department can’t be expected to provide high-quality data on time if they are understaffed. Inaccurate data will steer away big-ticket investors from investing in your company. Additionally, it can hamper the decision to launch an IPO. 

Imagine you invest in a company based on their financial data but re-evaluation of it by your accounting department reveals that there is an array of misrepresentation in it. You would immediately sue them, correct? The investors for your company might exhibit a similar behaviour or worse if there is an error in your data. Suing a company makes it a public record and jeopardizes the chance of potential future investments for the company. 

Business decisions should always be made after analyzing the financial data so that it gives you answers to questions such as: 

• How much money (liquid cash) is available?
• What is the cash burn rate?
• Where is the burn rate more?
• Source of cash flow, etc.  

Some companies are forced to hire experienced professionals during a crisis to get the company back on its legs. That is a brilliant move but even an experienced professional can’t take real-time decisions if systems and processes are not in place and misrepresentation of data will make the matters even worse. It can only lead to digging a bigger hole which will devour your company. Experienced professionals must be supported by right and scalable technology to ensure that they become a helping hand in the desired growth of your company. 

Conclusion

There is an old proverb: Prevention is better than cure. Why should you wait until the situation becomes worse? The best thing to do is to hire more people in the accounting and finance department. The accounting team is very important for your company’s growth. Although increasing the headcount is a part of the solution, it is incomplete without integrating the proper technology for a hassle-free process. It is imperative to upgrade to Cloud ERP as the business grows and to clear the future growth path.

Many companies chose Cloud ERP to overcome recession rather than living in a delusional world where terms like recession cease to exist. Let us bring you back to reality, according to BBC, recession in India is right around the corner. Maybe it’s true, maybe it’s not (It is hard to trust news outlets these days) but it doesn’t hurt to be prepared for the doomsday rather than scratching your head for a solution when it happens.The Indian government is taking various measures to revive the slowing economy. It has announced the biggest ever income tax reduction for corporates in India and more reforms are on the way.

Similarly, accepting that recession is a possibility will help you to start searching for timely solutions. One of the best solutions to make your organization recession-proof is through the implementation of ERP software.

Why do companies crumble during a recession? 

There are many reasons for companies to crumble during the recession but we will focus on 3 major reasons.

Failure to Plan 

Planning plays a crucial part in the organization’s future and wasting time by being a couch potato or sitting around doing nothing will do more harm than good. The key is to have multiple plans which can pull you out when you are stuck in quicksand. Implementation of ERP software in your organization will help you gain insight and it will help you to plan in advance.

Failure to Adapt 

Nokia, the organization which was synonymous with mobile phones during 2000-2010, lost most of its revenue and shares, later Microsoft acquired it. The primary reason for its debacle was the unwillingness to accept change and thus provided ammunition for newbies like Apple to obliterate the mobile titan, Nokia. Upgrading to newer technology is difficult but the only way to survive in the present era is by embracing the latest trends in the market. After a very late realization, Nokia is back with a bang by incorporating the latest technology in their devices.

Ignoring Weakness

There is a very popular idiom: A chain is only strong as its weakest link. It means that your organization is only as strong as its weakest performing member/process. Identifying that employee/process and taking steps to improve them will help your organization to grow strong. It is difficult to recognize the weakness in your organization. Fortunately, you can easily detect that through ERP software.

How can Cloud ERP help you?

During the recession, most companies had let go of their experienced employees and saved money. That acted as an interim solution which helped them to cut losses but strapping a band-aid on your body and expecting it to heal a fracture is preposterous. You can’t sacrifice talent to save money.

Companies can instead focus on enhancing profit by improving their processes and taking faster business decisions. Cloud ERP can be an aid to the management by providing real-time operating data like customer-level profitability, ageing of the receivables, slow-moving /fast-moving inventory analysis, product-level profitability and many more. 

Ever had a eureka moment while sleeping but didn't have the data to take critical business decisions? Cloud ERP gives you access to accurate information and reports 24/7. Thus, enabling you to think freely, act on time and increase your profitability by 

• Improving inventory to sales ratio

• Decreasing working capital requirements

• Reducing the loss from inventory obsolescence and many more. 

Cloud ERP software can help you stay profitable during the recession.

Although all these factors are beneficial to companies, entrepreneurs may feel that ERP implementation is time-consuming and is expensive. Check out TYASuite, a cloud-based ERP software which is affordable and can be implemented in any organization within days.

At Eleventh hour, we realise that it is impossible to close the audit and file the ITR. The finance, audit and tax teams start praying that the CBDT extends the deadline. The tension is more when you have a substantial amount of losses to carry forward. After few sleepless nights and countless rumours, the CBDT decides to extend the due date.  

We start celebrating and file the ITR in the next few days and completely forget about it. Year after year the same thing repeats and we start blaming the accounting and finance department and auditors for their failures. 

But are they the only ones to be blamed? 

The life of professionals in the accounting and finance department is always filled with deadlines and even more deadlines. To make matters worse these departments are always understaffed. Getting the audit completed and filing the ITR is a mammoth task. The situation may be worse in start-ups and fast growing companies having complexities in their business. The job becomes more difficult when there are very few members in the team. The huge workload prompts them to postpone the ITR filing till the last date. Fortunately, our government has not left them out to dry and has extended the deadlines most of the times. 

Can this problem be easily solved by increasing the workforce? 

Unfortunately, it is not that easy. Human beings have a natural tendency to get bored while performing redundant and boring tasks. A bored professional is a beacon for committing mistakes and that can be a disaster for any company. 

ERP software is your knight in shining armour which will rescue from all these situations. ERP puts a lots of control in the process, helps avoid mistakes and streamlines all your data in one place. 

Cloud ERP can be accessed from anywhere and at any point in time. The accessibility of data helps to create reports without losing much time. The accounting and finance departments will be more motivated to do their work efficiently. ERP will also help CFOs and controllers with automated reminders to complete compliance activities well in advance. 

Do justice with your team and switch to Cloud ERP!

Let’s be honest; every business almost entirely depends on their employees for success and prosperity, which makes them an inevitably crucial part of the business cycle.

In retrospect what this would mean is an employee that is content with his job can be able to contribute to the success better due to a sense of commitment they’d feel. A satisfied employee is much more productive than an unsatisfied one; which is why it is vital for a business to make sure their employees.

While productivity isn’t the sole factor for driving success within an organization, It’s undoubtedly an important one which is why business should focus on latest technological advents that help them keep their organizational productivity high.

Bringing an agent of productivity within an organization can help the everyone from ground staff to higher ups in the management to help create a more organized and streamlined business; the agent in talk here is none other than Cloud ERP software.

Productive workforce is the key to employee satisfaction

The productivity and satisfaction equation work hand in hand together, one simply cannot exist without the another one while the end result of all this is generally business growth.

However, the same is possible in reverse as well, lack of employee satisfaction can lead to a spiral downfall of the business in the larger picture. Enabling employees with tools that allow them to be productive is also just as crucial for the full cycle to be complete. Legacy technology, multiple software’s for different departments can all hinder their productivity and hold them back. Here are a few measures that can act in your favor allowing for a boost in productivity.

-         Creating a centralized system, where all information is accessed and inputted into.

-         Future proof options such as Cloud ERP for streamlining of business functions

-         Display of reliability, allowing employees to work mobile. 

Agile working conditions:

The measure of today’s “committed” and “ambitious” employee is generally amount of hours they put into work, the one that stays back more after working hours is generally considered the “dedicated” one. However, today’s workforce is changing rapidly along with the mediums they adopt to work.

While the dedication to stay back is really commendable, it simply should not be a measure of “productivity” rather the quality of work should be the factor considered when trying to measure someone’s productivity.

Businesses are rather quickly turning to Cloud ERP software’s due to its ability to create a productive workforce while also equipping their staff to be mobile, without the need to work directly from office; what this means in the long run is that employees can still be optimally functional even when they are not within the office premise and also stay inter-connected with department, track business processes and deliver on their part; all of this while having the flexibility to travel, attend meetings and much more.

Simplifying work, eliminating stress

Cloud ERP softwares are fully capable of automation that was once thought of as impossible, with that being said they can ace redundant and repetitive tasks, get over them rapidly allowing staff to focus more one the core areas and saving them time.

One unspoken added advantage that comes with it is since most time consuming tasks are automated a lot of workload is off the staff which relieves them of all the stress related to it. Labor intensive and time consuming redundant tasks such as data entry, filing taxes and much more can all be taken care of.

In the long time Cloud ERP and ERP automation can actually help improve productivity of employees by allowing them to work to their full potential.

With most businesses that are product-based comes the responsibility of manufacturing.

This also comes with challenges as it turns the manufacturing industry scenario into a ruthlessly competitive one. To keep up with challenges the manufacturers need to adapt quickly. In their search for advents that can help them stay ahead of the competition and keep expenses at a minimum most of them turn to ERP, specifically cloud ERP software.

Why are manufacturer turning to ERP?

The answer, given the functionalities that most ERP softwares are packed with is obvious.

Agility, unification of data, mobility.

ERP allows them to integrate solutions that can help them reduce costs through automation, improve productivity and reduce redundancy, measure discrepancies in advance to divert any possible mishaps through predictive analysis and equip them with a range of robust functionalities for a seamless business processing experience.

Here are a few benefits that ERP can allow in providing a smooth business operation for manufacturers:-

-         Streamlines your business processes: Your business has a plethora of processes going on at any point, which in case of manufacturing is magnified since they are varied processes right from purchase of raw material to finished goods. All of this information needs to be unified and presented on one platform allowing everyone company wide access to the data to ensure mutual understanding between all working staff.

-         Get a 360-degree view of the whole process; With information from across all departments unified and presented in a simplified manner so every employee and individual involved in the process can get a clear view of everything happening within the chain of process.

-         Improve decision making capabilities; while some may argue about an AI’s capability to make business decisions it is important to take note of how businesses across multiple diverse domains have grown into giants with data-driven strategies and most of this data was a result of pattern detections, analytics and other insight monitoring tools, all of which are packed into one tool; ERP.

-         Cost-effectiveness: Through automation, predictive analysis and tools that drive growth, an ERP can help your business drop your expenses. Repetitive tasks such as data entry, tax filings and more that rack up tons of man hours which are ultimately billed and turned into an expense for your business can be eliminated with these an effective ERP system in place.