India had initially declared a nationwide 21-day lockdown to counter the spread of the CoVid-19 pandemic. To curtail it further, India brought Lockdown 2.0! Many people around the world are commending this as a great step against the spread of the virus. While this may be true, it is also true that the implementation of the lockdown has left much to be wanted, and one of the biggest victims has been the Indian economy. All businesses, from MSMEs to industry giants, are now at a loss as to how to survive the business downturn. Business owners must now take drastic steps, or they simply will not make it through this.

Many analysts are convinced that the overall global losses are in danger of surpassing the combined losses during WWI and WWII! The National Statistical Office (NSO) calculated that the current job-market was at its worst, and unemployment had peaked to the max in 45 years.Barclays has theorized that the lockdown could bring the country’s growth down to 2.5% from the earlier estimate of 4.5%.

Here’s a more detailed look at the situation, sector-wise, of India’s industrial health –

1. Manufacturing Sector – Most of India’s major manufacturing companies have entirely shut down their operations or significantly reduced them – including Tata Motors, Aditya Birla Group, Larsen and Toubro, UltraTech Cement, Thermax, Grasim Industries and Bharat Forge.

Manufacturers such as Dabur India, ITC and Hindustan Unilever have also closed all factories not directly related to essential products.

2. Essential Goods and Services – The essential service industry, including food, healthcare, power and communications, though least affected, have also recorded all-time lows due to the massive disruption in the supply chain.

3. Services Industry – The services industry is also among the worst victims of the lockdown, with the logistics sector taking the brunt. Even the e-commerce sector, expected to be the least affected, has been brought down to its knees by the lack of logistics and transport facilities. E-commerce giants like Amazon and Flipkart have all closed their operations barring only essential consumables. Industries like Travel and tourism, Hospitality and Restaurant etc are the worst hit and may take years to bounce back.

There is a global reaction of maintaining normalcy, as much as is possible, through the implementation of work-from-home options, automation and cloud -based technology to deal with the situation.

To figure out how to survive the corona aftermath, the most easily estimated steps that the Indian industries will probably follow once the lockdown has ended are –

1. Generalized Cost-reduction – most sectors of industry have already begun to experience the general tendency of cost-reduction during the lockdown. Global downsizing will increase and motivate Indian business-owners to lay off all employees that aren’t critically essential to the survival of their businesses.

2. Increases in automation – while dealing with a reduced staff, most companies are going try increasing the amount of automation in their business processes. All functions that can possibly be automated without high investment will be done so with great haste. Cloud ERP and other Cloud business Software like E-Procurement software (cloud procurement to pay software), Project Management Software, Inventory Management Software, cloud Compliance Management Software etc. will be in great demand. It will become essential for survival. Till the time there is a cure for Covid-19, business will never want to take risks again and will plan to move for cloud platforms.

3. Prioritize their products and clients – companies are going to have to focus on their strengths, and may remove products from the market, prioritizing their most demanded and profitable products and clientele with only the more revenue creating ones kept in the books. It is very critical to monitor your projects, clients and products profitability and remove non-profitable products/clients and projects at the earliest. Project Management software can help you seamlessly track the profitability of your customers and projects.

4. Reform business strategy – According to a recent set of recommendations by KPMG^[1], companies will have to assess their short term liquidity to meet operational payments, make necessary adjustments to their capital structures, defer non-essential capex and explore potential disposal of non-core assets to make balance sheets lean.

This is when the industry must find the key solutions towards their survival post the lockdown. Since downsizing will mostly become the easiest way to cut back on company expenditure, affordable automation of business processes must be ensured. Fortunately, the modern market is full of opportunities for small businesses to automate their process.

We at TYASuite have a product range that has been automating business process and helping companies reduce their costs while increasing their profitability for many years now, and we believe that we can be a big part of the solution that MSMEs will need to survive the post-lockdown crisis.With the TYASuite Plug and Play Business Software product, you can:

1. Streamline and automate your procurement function: Our Procurement to Pay Software is designed to automate your procurement process seamlessly. With guaranteed reduction in operation time and cost of your procurement function and accounting function by more than 80%. TYASuite E-Procurement software can be your savior in this difficult time.

2. Optimize your Finance function – Make your finance function efficient with our Plug and play finance automation tools, such as Automated Accounting Software, Automated FAR Software (Fixed Assets Register) , Expense and Time management software, and reporting tools. Once you automate your finance function, you can rest easy and let the software do the work while you supervise and analyze the data we provide. Our automated TDS and GST tools are the best in the industry to ensure that your managers can spend more time on non-routine analysis work.

3. GST Related Compliances - With our Multi-location-GST function, your finance team can automate all GST related filings with a click. If you are a multi-location company and still using traditional accounting software with single GST location, it is high time for you switch to our Multi-location GST Software and reduce your team hours significantly. With our Multi-location GST Software, your team can seamlessly raise multi-location Sales Invoices and file multi-state GST returns with a click, and enjoy many more time saving functionalities.

4. Customer and Project Profitability - Our Project Management Software will make it easy for you to manage your projects digitally, and help your employees fulfill their functions remotely. Set tasks, manage priorities, track project progress, meet deadlines and collaborate with the entire workforce in real-time from the comfort of your computer or smartphones. Further, the Project Management software will help you to monitor client profitability and project profitability with a click helping you to take timely decisions and plug your cash burn.

5. Inventory Management - Our Inventory management software will ensure streamlined inventory holding costs, helping you identify your slow-moving inventory and re-use or liquidate the slow-moving items quickly. Further, with real time inventory and sales report at your fingertips, you can reduce your overall inventory cost and improve your profitability.

6. Compliance Management - When the world is looking for cost savings and survival, it would be dangerous to lose money due to non-compliances. As a CFO or founder, our Compliance Management Software will make it easy for you to make sure that your company does not violate any of the applicable regulations and you can monitor and manage all compliances with a single click. It is a must have tool for working in a multi-location environment.

In the times to come, it is imperative to ensure that the MSMEs of India stay afloat, as they are the ones at the greatest risk of insolvency and imminent bankruptcy. While the government is making many promises to help them in as many ways as they can, the onus is on the companies themselves to adapt and transform in the required ways to handle the onslaught of post CoVid problems they have never prepared for. The only way to have a fighting chance is to turn to digital technology, and make sure that the companies, and the people who are in it, stay safe, healthy and protected.

To help MSMEs, TYASuite is helping companies to adopt these must have technologies for MSMEs at an affordable price. Avail a Special extended No-obligation Free Demo for all of our product ranges during this global economic crisis.

As an Indian Company, TYASuite is committed to help Indian MSMEs in surviving the CoVid Epidemic and consequent financial crisis.

[1] - https://home.kpmg/in/en/home/insights/2020/04/navigating-the-covid-19-crisis.html

The whole world is coming out with their advisories for dealing with the implications of the Covid-19 Fallout. The sole accounting body in India has not left its footprint for the same.

Although SEBI has given more time to file earnings reports, corporates are still trying to meet their internal deadline amidst this fight against the Coronavirus. This puts a very high pressure on CFOs and Auditors to close the numbers and sign off while working from home.

The ICAI has released its guidelines for CFOs and Auditors on how to handle certain specific accounting issues due to Covid-19.

We have summarized possible accounting implications under Ind AS reporting related to Covid -19.

1. Inventory:

Reconsider Inventory Valuations to the “Net Realizable Value” considering the following:

1. Reduced movement in inventory
2. Decline in selling price
3. Inventory obsolescence due to lower expected sales
4. Amount of fixed overhead allocated to each unit of production shall not be increased as a consequence of low production or idle plant.

2. Leases

1. Changes in the terms of lease arrangements or lessor may give some concession to the lessee with respect to lease payments, rent free holidays etc. All this may lead to the application of “Accounting relating to the Modification of leases”
2. Anticipated revisions should not be considered
3. Discount rate used to determine the present value of new lease liabilities may need to incorporate any risk associated with COVID-19
4. Compensation given by Government to the lessor for providing benefits to lessee can be accounted either as lease modification as per Ind AS 116 or government grants as per Ind AS 20.

3. Revenue

1. Due to COVID-19, there could be likely increase in sales returns, decrease in volume discounts, higher price discounts etc. Under Ind AS 115, these factors need to be considered in estimating the amount of revenue to recognized, i.e., measurement of variable consideration
2. Ind AS 115 also requires disclosure of information that allows users to understand the nature, amount, timing and uncertainty of cash flows arising from revenue. Therefore, entities may have to consider disclosure about the impact of COVID-19 on entities revenue

4. Going Concern Assessment

1. Management of the entity should assess the impact of COVID-19 and the measures taken on its ability to continue as a going concern
2. The impact of COVID-19 after the reporting date should also be considered and if, management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so, the financial statements should not be prepared on going concern basis
3. Necessary disclosures as per Ind AS 1 shall also be made, such as material uncertainties that might cast significant doubt upon an entity's ability to continue as a going concern

5. Property Plant and Equipment

1. PPE can remain under-utilized or not utilized for a period of time. It may be noted that the standards require depreciation charge even if the PPE remains idle
2. The management may review the residual value and the useful life of an asset due to COVID-19 and, if expectations differ from previous estimates, it is appropriate to account for the change(s) as an accounting estimate

6. Impairment of non-financial assets

Preparer to consider the following factors for impairment testing

1. Contraction in economic activity due to COVID-19
2. Changes required in the recoverable amounts before the outbreak of COVID-19
3. Adjustment required in the discount rate to measure the recoverable amount
4. Update required in management’s forecasts/ budgets for future cash flows
5. Whether assumptions are reasonable for estimating the value-in-use and fair value less costs of disposal and ensure that the impairment loss

7. Borrowing cost

The capitalization of interest is suspended when development of an asset is suspended. The management may consider this aspect while evaluating the impact of COVID-19

8. Provisions, Contingent Liabilities and Contingent Assets

1. Some contracts may become Onerous due to increase in cost of material/labour, etc. Management should consider whether any of its contracts have become onerous and account the same.
2. Ind AS 37 also requires assets dedicated to a contract to be tested for impairment before a liability for an onerous contract is recognized.
3. Management should disclose that it has assessed whether executory contracts are onerous due to the adverse impact of COVID -19
4. If the management is unable to assess whether some of the executory contracts have become onerous due to inadequacy of information, the same should be disclosed
5. A provision for Restructuring costs is recognized only when the general recognition criteria for provisions are met and when there is a detailed formal plan for the restructuring and there is evidence that the entity has started to implement a restructuring plan (for example, by dismantling plant or selling assets or by the public announcement of the main features of the plan)
6. Entities may have insurance policies that cover loss of profits due to business disruptions due to events like COVID-19. Entities claims on insurance companies can be recognized in accordance with Ind AS 37 only if the recovery is virtually certain (i.e. the insurance entities have accepted the claims and the insurance entity will meet its obligations)
7. Ind AS 37 does not permit provisions for future operating costs or future business recovery costs. However, disclosure of nature and timing of outflow is allowed

9. Income Tax

1. Entities with deferred tax assets should reassess forecasted profits and the recoverability of deferred tax assets, considering the additional uncertainty arising from the COVID-19 and the steps being taken by the management to control it
2. Management might also consider whether COVID-19 affects its plans to distribute profits from subsidiaries and whether it needs to reconsider the recognition of deferred tax liability in connection with undistributed profits
3. Management should disclose any significant judgments and estimates made in assessing the recoverability of deferred tax assets, in accordance with Ind AS 1.

10. Fair Value Assessment

In determining the Fair value measurement or disclosure requirements, adequate management consideration and professional judgment is required in determining whether the quoted prices are based on transactions in an orderly market. The following factors should be considered:

1. Significant volatility or indications of the significant decline in market prices of financial instruments like equity, bonds and derivatives.
2. Significant decrease in volume or level of activity.
3. Preparers should be guided by the application guidance in Ind AS 113 that indicates circumstances in which the transaction is not considered an orderly transaction (i.e. not a forced liquidation or distressed sale)
4. Preparers using valuation techniques may have to consider the impact of COVID-19 on various assumptions including discount rates, credit-spread/counter-party credit risk etc.

11. Derivative Accounting

Critical factors to be considered for Hedge accounting:

1. If entities have adopted cash-flow hedge accounting for certain forecasted transactions, they should assess whether the transaction still qualifies as a highly probable forecast transaction considering their business environment.
2. Assess any hedge ineffectiveness and record the impact of that in profit and loss
3. Estimate the fair value of derivatives, including paying special attention to underlying assumption of derivatives, e.g., forward curve of interest rate, foreign currency, commodity etc.

In case you need to ascertain implications on your business, please reach out to our experts for a Free Consultation. You can email your queries to Mr. Ravi at ravi.k@tya.co.in

In case you wish to automate your Accounting and Inventory valuation, you can subscribe to TYASuite’s Advanced Cloud ERP.

In support of MSMEs in this difficult time, TYASuite is offering 6 months free subscription to their E-Procurement Software.

TDS compliances are the most common yet most important compliance for the business world. Every year during the finance budget government announces the TDS rates which shall be applicable for the coming Financial Year. Due to the changing economic scenario and other factors, the government introduces a few new sections or amends certain existing sections.

The Finance Act 2020 has introduced below new TDS sections/key amendments in TDS Sections which the business enterprise must be aware of:

For the benefit of our readers, we have summarized complete TDS Rates applicable for FY 2020-21 (AY 2021-22).

TDS Rate For Assessment year 2020-21 and Assessment year 2021-22:

Refer our separate discussion on TDS on Non-residents or write an email to our expert at Info@tya.co.in for a free analysis of your TDS on non-resident queries.

In case you wish to automate your TDS compliances, you can subscribe to automated procurement software.

As support to MSMEs in this difficult time, TYASuite is offering a 6-month free subscription to their E-Procurement Software.

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.

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:

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.