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Uncovering Procurement Excellence

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Ravi Kant

Re-Assessment Of Risk Post Covid- Must For CFOs And Auditors

The COVID-19 outbreak incident surfaced in Dec 2019 and the condition has continued to evolve throughout after April 30th, 2020. The lockdown has eased in certain parts of the country based on the zone ratings. However, the overall risk remains high.

Finance & accounting along with internal auditing will have to undergo a sea of changes to keep up with this pandemic. This publication covers key areas to be considered during and after the pandemic by CFOs and Internal Audit professionals.

1. Pandemic risk not covered as part of Enterprise Risk Assessment

Your Company is not the only one who has not covered the pandemic as part of the Enterprise Risk Assessment. However, you must need to response faster now. Below are the key actionable strategies for such a scenario:

  • Customer engagement should be the priority. Clear and factual communication should be established with customers on a regular basis. Inputs/queries from the customers should be responded to in time with clear facts.
  • Workforce protection will ensure that employees are taken care of. Clear and precise communication should be maintained with all employees on dos and don'ts during this time while explaining what the company is doing to take good care of them. Further, every employee's needs, health and safety, and fears should be addressed in a consistent manner.
  • Supply chain should be stabilized by connecting with the existing suppliers while identifying alternate sources/suppliers and minimizing the lead time for supplies.
  • Stress testing of financials will be important to understand how long the company can survive and what can be done to improve the situation. Different scenarios with a mix of revenue, receivables-collections, Govt. rules/ guidelines, credit period, fixed cost, variable cost and commitments need to be considered.
  • A single source of truth from the company is going to be a major binding factor. The employees, the customers, the suppliers, and other parties are going to rely on it and assess the company's situation during these trying times.

2. SOX/ IFC/ ICFR program adjustments

  • Reassess scoping based on the Q4 2019-20 no. and consider the impact of COVID-19 on estimates.
  • Business Continuity coverage of financials and relevant data should be assessed.
  • Delegation of authority (DOA) should be re-assessed and steps should be taken to flatten it.
  • Reduced staff availability should be factored into the planning.
  • Outsourced service provider (OSP) SOC reports are to be reviewed thoroughly. Pass on key concerns on COVID-19 with OSPs.
  • Reassess controls as to whether they can be performed from different geographies.
  • Remove single-person dependency.
  • Recording control activities (like covering meetings, and reviews) with the right individuals as audit evidence. This should be done after considering the company?s policies and the law of the land.
  • Move from paper-based entry to digital entry and digital approval (date, name of the reviewer and time). If required implement some automation tools for your business process with Procurement to Pay software, Project Management Tools, Compliance Management Tools, Vendor Management Software and others.
  • SOD conflicts may arise due to business needs but audit trail should be present. Good cloud ERP will be handy in these conditions.
  • Management override checks should be monitored frequently.

3. Contract compliance, modification and termination

  • Review whether a tracking mechanism for contract compliance is in place and operating effectively. There are many compliance management software in the market and you can take the advance of the same to manage your contract compliance.
  • Reassess contract clauses for relief during this time (like termination rights, disaster recovery and business continuity, notice, force majeure, insurance).
  • Analyze contracts which can be modified to meet:
  • Revised business plan,
  • Govt. guidelines (like delay in rent collection, salary deductions and employee termination).

4. Business continuity and disaster recovery

  • Tone at the top covering communication with customers, employees, supply chain vendors, local communities and law enforcement authorities.
  • Business plan will need revision considering reduced staff, business trends and flattening of DOA.
  • Reassess customer/business trends cutting down on production; re-forecast your capacity and resource requirements.
  • Manuals/SOP to be updated with relevant BCPDR steps and the same should be easily accessible. Many Cloud ERP software has inbuilt function of managing SOPs at user role level.
  • Use space on the local drives/shared drive/cloud to store daily work of all employees. Project Management software can be very useful in these moments.

5. IT security and automation opportunities

  • User access control - request and use of such controls to be monitored. Your ERP must have option to monitor and approval process to change any user role and track those changes.
  • Constant communication for cyber awareness, threat detection, practical examples and responses to promote proactive identification of malicious activity.
  • Security of Company data while using hand-held devices should be assessed.
  • Data security and integrity during transit.
  • Adequacy of licenses and third party applications should be done periodically.
  • Assessment and action on automation opportunities.
  • Financial transformation processes should be activated and tested now.

6. HR management

  • Remote working will require clear guidelines and reliable technology. Cloud Software has become an item is necessity now.
  • Flexible working hours should be incorporated in day-to-day work.
  • Absenteeism/productivity will need a new definition and new set of rules.
  • Contract employees are going to be a new norm among companies who need a specific skill set only for a particular period during the year.
  • Employee goals, manpower-budget and hiring policies will need revision. Candidates with an aptitude to work remotely will be preferred.
  • Communicate effectively and often with employees.

7. Adjustment to internal audit plan

  • Internal audit plan to be revised wherein new items which are now relevant w.r.t. COVID 19 will be scoped in and items not relevant now will be scoped out/ frequency will be adjusted.
  • Plan the audit calendar with fewer employees.
  • Use of technology, data analytics and electronic work paper has to be incorporated.
  • Develop steps which reduce interactions/inputs from Business personnel.
  • Consider adopting an agile internal audit plan wherein a short term plan is developed for key risk areas with tight schedules. This will help the company match their pace with the fast changing risk environment.

8. Compliance management

  • Tracking of changes to Finance Act 2020 and other relevant acts (like indirect tax, local laws, relief provided by Govt., SEC) should be done on a real time basis.
  • Tracking compliance with all laws and regulations and non-compliance should be highlighted.
  • Tracking correspondence with Govt./regulatory officials and fixing responsibility.
  • Ensuring timely action.
  • Compliance Management Tools will be a savior in this time.

9. Supply chain management

  • Identifying alternate source/suppliers with lead time for supplies.
  • Arrange for requisite Govt./local admin permissions for supplies/resources.
  • Review the current stock/capacity and lead time to assess the ability to meet the revised business plan.
  • Identify potential disruptions in the supply chain and ways to address it.
  • Ensure compliance with relevant laws of the land (like OFAC, Govt. guidelines) when dealing with overseas/new vendors.

10. Treasury management

  • Revisit working capital requirements considering revised cash flow projections and new set of assumptions.
  • Constant co-ordination will be required with all departments to identify priority and non-priority payments.
  • Identifying, assessing and acting on the Govt. stimulus/credit support and its long term implications.
  • Reassess all short term investments in light of the current economic scenario.
  • Evaluate various financial positions taken (like hedge, put option).

11. Effective and timely book closure

  • Book closure checklist should be detailed with names of doer, reviewer and timelines. The same should be updated on a real time basis to capture all changes.
  • The doer and the reviewershould have access to data and systems/applications.
  • A Platform should be developedwhich provides access to the reviewer of the data prepared by the doer, proposed entries, reconciliation and supporting documentation. The entry be pushed to the ERP/accounting software once the same is approved.
  • Approval documentation should be saved for control testing.

12. Post lockdown suggestions

  • Develop a business plan with a conservative approach towards customer's expectations and future economic scenario. At the same time, explore new markets and products.
  • Take a hard look at all the contracts which made the company bleed during the pandemic and devise ways to safeguard company's interest in the future.
  • Revising the operating model to adjust to new safety expectations from the client, employees and vendors.
  • Revisit the supply chain and move operations from offshore locations.

a. To near the production site, or

b. At the production site.

  • Invest in technology which can ensure.

a. Reduction in human-to-human interaction,

b. Remote working,

c. Data security, and

d. Data encryption facility during transit.

  • Re-assess long term capital commitments.
  • Revise resource management with a fresh look at contract work force across all levels.
  • Reduce manual work to the maximum extent possible and move from a person/individual driven to a process driven working environment.

If you are not sure how to proceed in the current circumstances, you can reach out to the author Mr. Ravi at Ravi.k@tya.co.in for free guidance and consultations.

TYASuite is giving various performance improvement and remote management software for FREE. You can avail any of the software and improve efficiency and manage risks while fighting the COVID-19. Procurement to Pay Software, Compliance Management Software and Project Management Software has been in high demand since Covid-19 outbreak. What best is that you can go live in 7 days with our Plug and Pay ERP.

May 08, 2020| 9 min read| views 8339 Read More

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A Simple Guide to eProcurement Software 2020

EProcurement software solving many burning issues and best in class procurement functions are fast evolving with business demands. More efficiently to improve your entire end to end buying and payment cycle with Cloud-based ERP Solutions. With the ?The power of eProcurement software? streamline your business needs with the help of innovative technologies that can promote Excellence and Sustainability by shifting focus to value creation and strategic development. 

Start-ups and SME?s at Glance: eProcurement 

EProcurement software also adds significant value for Starts-up?s and small businesses to cut down the operational cost involved and improve the efficiency of the purchase process. Many studies indicate that an organization can enjoy returns in just three years that measure up to 300% of the initial investment. Everything is Digital with Procurement software, identifying vendors or supplies for placing the order and goods arrival is extremely easy. 

The 3 ?S? Factors: Simplicity, Saving Money and Short time business growth

Switching of eProcurement communicate would not simply cut the operation cost of your business. 

The process lets you communicate your businesses through sophisticated technology for simplification of the better purchasing process and your business organized with optimized plans to the suppliers, rapidly and smoothly.

Despite various advantages of eProcurement software, at its best of efficient control of inventories, reducing the overheads and significant improvement of the purchasing cycle and helps to your business growth in a short time.

Easy Integrate with any Accounting Software?s

Organizations are in a state of confusion because they are numerous offerings of both ERP and accounting software, many of the features look-alike kind of overlap. So, if you streamline entire business by well connecting every department (also include fianc?s and accounting), should start looking out for better cloud ERP that can easily integrate with accounting software. 

But if you are simply looking for to manage the accounting needs, should go any cloud-based accounting software by the well manageable recurring process. As a start-up or a small business, well, to plan to look out for an affordable ERP solution available in the market.

For any organisation, Accounting Software becomes compulsory. Best in Class ERP software?s easy to integrate with any accounting software?s that handles the revenue framework by avoiding human errors and makes flow for transparent financial audit and makes processes easier for business in tax compliance (GST and TDS).

ERP Software handles accounting and financial transactions by reducing the repeating and useless processes and automates the employee?s life-cycle of an organization process plan.

Demand and Benefits of eProcurement Solutions across industries

Consumer demand is increasing, and the possibility of instant real-time inventory, pricing, and populating data has rapidly become a burden for patrons who?ve conventionally relied on manual processes to cultivate and close business deals.

Rewards are priceless for any industry deal with purchasing transactions such as health, insurance, e-Commerce, industrial, manufacturing and many other industries. But implementation may initially be intimidating. Switching to right eProcurement software will revolutionize and optimize workflows can offer extensive benefits, as well as lower costs, fewer errors, and better-quality productivity and supply chain management.

Top Benefits you may not miss:

  1. Increased Productivity with better efficiency such as ordering, invoicing, approvals and payments by reducing the time through automation. 
  2. Reduced Costs by removing paperwork and the costs associated with paper processes.
  3. Shortened Business Cycles with real-time as a part of the automation process and increase capacity of completion of transactions with ease.
  4. Standardization of business Workflows, approvals for purchase orders, request of quotes and proposals. 
  5. Transparency and Control of Tracking improves better visibility, providing end-to-end transparency of all transactions in the procurement cycle

Top reasons should buy eProcurement software

A User-Friendly Interface: Take little time to fill forms, generate invoices and sending them to involved parties should easy manageable with a click.

Real-Time Conversation: With Seamless integrations in real-time, prevents useless spending and efficiently manage within the budget.

Speed and Flexibility: With the innovation of new technologies and cloud computing helps the implementation time from months to days and every organisation is unique in its setup process.

Automated Approval Workflow: Without the need for human intervention, the workflow parameters are set by procurement depart or at management level, the approval should be automated at user and company level control

Mobile Access: In any natural disasters or pandemics like COVID-19 the organisation must be prepared of remote work, with the flexibility of eProcurement software manage approvals through mobile anytime anywhere. It?s all about saving costs.

Automating procurement helps to transform your business growth at Scale

The impact of cost savings comes by significantly procuring the things at the right time and right price from the vendor. Hence, Procurement automation is the answer to simplifying your day to day tasks and today technology will add great value. 

  1. Expedites approval process by fully automating purchase order and enable the quick placing of orders at times.
  2. Provides visibility into your past spend refers to fetching an accurate report of past purchases, order history, supplier quotes, contracts and many others by automation remains in producing the right quality data for better visibility on spending.
  3. Through automation, Promotes see-through communication with suppliers and it is easier for both consumers and suppliers to have real-time communication and tracking of order status.
  4. All contract Maintained in a central repository and accessible through a single click. 
  5. With One-click accessible to all functions, the required information is easily accessible without navigating through multiple systems and it increases Overall Productivity. 

Bottom Line

As it is in the name ?Pro? ? ?Cure?, the software that cures all troubles like a pro to effectively manage all procurement functions such requirement generation, Requirement Generation, Requirement consolidation, Vendor Evaluation, Purchase Order Generation, Receiving Goods or services, Recording of Invoicing and payments.

According to Statista the size of Procurement software applications market will bring in an estimated 5.59 billion U.S. dollars in total revenue in 2020. However, All procurement software providers not able to solve every problem. But it is important to choose the parameters required for business while choosing the procurement software.

Hence look out for eProcurement software that fit your business as all in one solution that helps to automate the procurement process and minimize the bigger problems with your buyer and supplier for a smooth transition.

We have also written a blog on frequently asked questions (FAQ) about Cloud Procurement Software, which you will find it useful.

Apr 10, 2020 | 6 min read | views 1048 Read More
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Vikas Mandawewala

Equalization Levy: Essential For All Companies In India

The Finance Act 2020 has quietly introduced a New Equalization levy which comes into effect from 01st 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 01st 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 7th July, 7th October, 7th January and 31st March for the quarter ending 30th June, 30th September, 31st December and 31st 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.

Apr 03, 2020 | 4 min read | views 1396 Read More
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Frequently asked questions (FAQ) about Cloud Procurement Software

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:

  1. Software Reliability: Make sure, your data is backing up time to time and able to access from any location and any device.
  2. Simplicity: Ableto analyze the effect of the accounting numbers, to make business financial decisions that benefit your organization. 
  3. 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  

  1. The latest trend of new developments is app-driven with simple interfaces
  2. Business owners need not worry about the budget and it requires little to no maintenance 
  3. The end to end implementation will be done in days not months 
  4. Seamlessly integrated between different systems 
  5. 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,  

  1. 41% of enterprises run on public cloud platforms (Google Cloud, Amazon AWS, IBM clod, Microsft Azure and others)
  2. 20% are forecast to be in the private cloud
  3. 22% running on hybrid cloud platforms 
  4. 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.

Mar 27, 2020 | 7 min read | views 862 Read More
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Join the Work From Home Movement and Save The Country

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 elderlyStay 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.

Mar 20, 2020 | 5 min read | views 728 Read More
TYASuite

TYASuite

Procurement to Pay Software for Today's Business Leaders

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:

  1. Lack of awareness of the cost savings post successful implementation 
  2. Price of ERP Software
  3. Implementation time 
  4. 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) 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

  1. Centralized Cloud ERP 
  2. Top-notch Data security
  3. Manage more efficiently and save money 
  4. Integrate & Automate Functions 
  5. Easy to use, fast, guided experience 
  6. Easy access to records
  7. Bulk Import/Export
  8. Catalog management 
  9. Proactive reporting
  10. Optimize Your Daily Operations.
  11. Improve Cash Flow
  12. Automates Manual Tasks
  13. Business spend control
  14. User controls at every level
  15. Financial Controls through reports
  16. 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.

Mar 17, 2020 | 5 min read | views 1134 Read More
TYASuite

Vikas Mandawewala

CARO 2020: Top insights into the changing role of CFO and Auditor

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:  

  1. 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)
  2. 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). 
  3. 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:

  1. 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.
  2. 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). 
  3. 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. 
  4. 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. 
  5. Reporting related to a loan taken: The auditors are required to disclosedefault 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.
  6. Share issue related compliances: CARO 2020 requires an auditor to report onwhether 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.

Mar 14, 2020 | 6 min read | views 950 Read More