With the increasingly fierce competition, it is imperative that businesses keep up with the ever-changing technological trends. Automation of the various processes in your company is key to its advancement in the current times. This is where the role of a good ERP comes in.

WHAT IS AN ERP?

Enterprise Resource Planning (ERP) is a software that is capable of managing and integrating the day-to-day activities of your business. It streamlines and automates the various processes and facilitating effective operation across functions like procurement, inventory management, asset management, sales management etc. In short, it will help you to have a 360 degree view of your business. In current times, it has become a much-needed solution to ensure better productivity and business growth.

Here are the top eight reasons why Cloud ERP is important for your business:

1. Streamlining of processes:

ERP guarantees greater efficiency by bringing the multiple processes required to run a business under a single umbrella. The information is no longer scattered across multiple platforms and becomes easily accessible in one platform.

2. Reduction of operating costs:

The automation of various time-taking and tedious tasks become possible with ERP. This reduces the chances of manual errors, redundancy etc and ensures the smooth running of the once painstaking tasks. For example, consider the task of tracking inventory. Here, the integration with Procurement function automates the inventory management and eliminating all the manual task of managing the inventory. It helps the business cut down the cost of labour but while ensuring greater accuracy.

3. Increased productivity:

Integration among various functions results in better productivity. An ERP facilitates better communication and ensures collaboration among various functions. All the data and information from various departments will be on the same platform, allowing better collaboration amidst the employees, promoting teamwork.

4. Data security and confidentiality:

Cloud ERP?s provide top-notch security features to ensure there are no data breaches. Role-based access ensures that only the authorised few will be able to see sensitive information. It is also easy for the department heads to give access to various employees depending on their role in the organization.

5. Reports and analysis:

ERP provides detailed reports that enable the users to make calculated forecasts. Complete and consistent real-time reports generated by ERP using their advanced filters eliminates inconsistencies in data. It allows the stakeholders to make more informed decisions.

6. Flexibility:

The robust, easily configurable nature is perhaps the most attractive of an ERP. It can be easily tailored to suit the unique needs of your company. It is not a one-size-fit for all solution, but rather it is capable of evolving to accommodate the needs of your business as it grows. In todays world customizable ERP is very critical to fit into your busines needs.

7. Customer satisfaction:

ERP?s help the company maintain up-to-date information about the clients which can be easily accessed and updated. This allows the team to get a better picture of your clients needs and help them accordingly. Running your business on outdated tools will only hinder your growth.

8. 24/7 Access:

Cloud ERP can be accessed from anywhere, anytime and on any device. This ensure the business never stops. In todays uncertain environment, it is critical to ensure that you are seamlessly connected to cloud and all your data can be accessed without being dependent on the physical locations. Cloud ERP Software comes very handy in tougher times.

Using advanced tools such as ERP will guarantee to ensure greater productivity and profitability for the business. But it is also important to choose the right ERP to suit your needs as well. With the flexibility of auto-scaling as your business grows and affordable prices, TYASuite Plug and Play cloud ERP is one of the most reasonable solutions now available in the market. The multi-industry software can easily fit into your business process and can be implemented to go live in your enterprise within just a few days.

Curious to know more about TYA Suite Plug and Play cloud ERP software? Click here

There has been a lot of buzz around ERP or cloud ERP in recent times. ERP Vendors in India and across the globe are reaching out to companies to convince them to buy ERP.

Tougher competition within the marketplace is generating the necessity to higher optimization of resources, improve profit and keep customers happy. Enterprise Resource designing (ERP) is a system that, once enforced, ties along and automates variety of processes among a given enterprise. ERPs are typically integration of smaller modules. Every module is to credit for finishing a specific task among the organization, like managing finances, tax records, hour work, consumer relationships, offer chains, and more.

Once implemented properly, an honest ERP can:

1. Reduce the time spent for finishing routine tasks.
2. Improve the general progress across departments.
3. Present a more robust summary of all company data
4. Improve the data availability significantly
5. Reduce the data turnaround time
6. Improve turnover and profitability

Does your organization need a Cloud ERP?

Just because an ERP is efficient enough to work for any company, that definitely doesn’t necessarily can be associated with every company. Let’s now validate if your company needs cloud ERP:

1. Company mechanism runs using several software

If your company mechanism works on various other software and to make them work together cohesively can be an ultimatum, specifically if your company is unskilled with technicalities and lack of proper integrations. You may be using difference software for your business like, Procurement to pay Software, accounting software or a cloud accounting software, CRM etc. By having an ERP, you ensure that every company is mechanized in a single space which, if managed properly, can greatly revamp your company’s potencies.

2. Data management is getting increasingly difficult

A common dilemma for both growing and established enterprises is the endless creation of data. As a company grows further, more data gets generated and this data needs to be handled very efficiently. Cloud ERP software can help enhance the overall flow of the internal documentation process by automating the entire associated data management processes.

3. Interdepartmental collaboration needs improvement

If your company has multiple departments, facilitating smooth communication and the effective exchange of information are the keys to overall success then having an effective ERP solution will help your firm to streamline tedious task thereby making your employees more productive and efficient in their roles.

4. Employee Costs are significant

Good ERP system helps you organize relevant piece of information about a team member at one place and is easily accessible by both Accounting and Human Resources departments with appropriate access controls. When a new employee begins working, all the paperwork that they require to sign up can be found out through the ERP software very easily, thereby saving a lot of time and removing a great deal of the effort associated with onboarding a new employee in the firm.

5. Multi-location

The problem of data availability and processing becomes much difficult if you are a multi-location company. Employees are spread across cities and offices. GST Compliances, TDS compliances etc. become a tough task for these kinds of companies. Bringing a good cloud ERP will be a savior for you.

In a Nutshell, the modern business landscape has increasingly become fast-paced, making it difficult for companies to keep up. By using cloud ERP system, you can not only accelerate your operations but also become more efficient in achieving your business goals.

The Perfect Cloud ERP Solution - TYASuite Cloud ERP

TYASuite Cloud ERP is World’s 1^st Plug and Play Cloud ERP. With integrated modules for Procurement to Pay, Inventory Management, Asset Management, Sales Order Management, Finance and Accounting, Compliance Management, Project Management, Customer Relationship Management (CRM) and Vendor Management, TYA Suite Cloud ERP can give you a unified user-friendly platform to manage your entire business from a single screen.

With robust reporting tools, constant alerts and notifications, interactive dashboards and 2500+ inbuilt plug-and-play features, managing your business has never been this easy – just sign up for the TYASuite Cloud ERP and streamline your business processes. TYASuite Cloud ERP is best Cloud ERP for SMEs and mid-sized companies.

Save more than 50% of the cost by switching to TYASuite Cloud ERP. Talk to our process expert to get perfect cost savings for your coming. With TYASuite Plug and Play cloud ERP you can go live just in 7 days - the fastest ERP Implementation in the world.

For a scalable, flexible and an affordable cloud ERP solution, look no further! Visit our website for more details, and get a FREE DEMO of our product to test out the features.

Gone are the days when the business used to run on manual book-keeping. Going concern was key criteria for evaluating the success of the business than profitability. Business houses used to calculate profitability probably once a year. Many of them even did once in many years.

Competition has increased significantly over years. We have seen many large business houses that were doing well in the past has to close the shop. Knowing your business profitability in real time basis becomes extremely critical in today's business environment.

Let's look at how Cloud ERP can help modern business leaders and help them succeed.

1. Increased Productivity

Gone are the days when departments within an enterprise had to function on their own separate software applications that refused to interface with other existing systems. The advent of cloud ERP effectively eliminated mishaps like loss of data, misallocation of functions, and faulty decision-making that usually rose from lack of inter-departmental synchronisation. By combining the various systems across departments into a single, compact unit, ERP has since improved productivity and facilitated smooth exchange between the organization, departments, and its clients.

2. Standardizing Management Processes

Cloud ERP helps implement -best practices- within the company by ensuring that business operations such as handling orders, managing resources, updating procurement to pay processes, keeping inventory, etc. are all carried out in a standardized, homogeneous manner. As a result, errors are eliminated and costs reduced. Since ERP systems usually come with in-built ?best practices? that can also be personalized as per company requirements, the management can tailor operations as it deems fit to increase sales.

3. Better Operational Control

The common objective of most organizations is one of absolute control over its multifarious operations. A good ERP can help achieve this by keeping regular tabs on production, quality, finance, supply chains, order processing and deliveries and client responses. Keeping an eye from close quarters allows managers to take timely decisions, work towards improving existing protocols, and fix problems at the earliest, thereby curtailing expenses.

4. Greater Customer Satisfaction

A good ERP system promises a seamless, compact, transparent, and simplified supply chain. This enables customers to easily track their products, while allowing firms to deliver better-quality services and products on time. When used in conjunction with CRM (Customer Relationship Management) systems, good ERP software can enhance client-management relationships by keeping updated records of customer information, their purchase patterns, grievance histories, and payment archives. Securing long-term customers and attracting new ones improves profitability for start-ups and established businesses alike.

5. Improve Inventory Management

Good ERP assists manufacturers with keeping their inventory updated and controls excesses for minimizing wastage. By monitoring inventory usage, surplus management and restocking practices, while tracking turnover and demand, cloud ERP can predict the requisite amount of inventory necessary for production at any given time. With data accumulated on a real-time basis, good ERP optimizes output by customizing shop floor processes and reducing extra expenditure on raw materials, thereby improving profitability.

6. Reducing Manual Labour

An exceptional feature of good ERP is its ability to automatize a number of manual tasks within the company. Data collection, warehouse maintenance, inventory procurement, profit calculation, and multiple web-based operational processes now fall under the purview of the company's ERP system. This means lesser manpower and more time for employees to invest on the projects at hand. Good ERP system can thus reduce labour costs while increasing productivity.

7. Enhanced Project Management and Team Management

Cloud ERP with project management capabilities can ensure that teams are always aware on what are they supposed to do. Project Management Software can act as a good team leader in ensuring the team members are given proper and timely guidance to finish the work on time and track and improve their efficiencies. Time management software and Expense Management software can ensure that teams are not wasting time in tracking hours and expenses in inefficient way.

8. Optimal use of the Company Assets

Asset Management Tools helps companies plan their assets in optimal manner. Through scheduled maintenance to early warning systems in maintaining assets, assets maintenance cost can be reduced significantly. Good Asset management software also helps in eliminating the fraud risk factor in repairs and maintenance. In asset heavy organization, asset management software becomes a must to have tool.

Since cloud ERP affects almost all aspects of the management's operations, it can provide a real-time account of departmental exchanges, thereby speeding error-addressal procedures, all while accelerating operational activities. Real time data improves the decision making and make the business cycle spin faster. It reduces the capital blockage on inventory and debtors; helps optimize the asset lifecycle cost to the company. Faster turnover gives competitive advantage to companies to recover fixed costs much faster and be price competitive in the market. Overall Cloud ERP helps companies to improve profitability, which is must in the current scenario.

The Perfect Cloud ERP Solution - TYASuite Cloud ERP

TYASuite Cloud ERP is World's 1^st Plug and Play Cloud ERP. With integrated modules for Procurement to Pay, Inventory Management, Asset Management, Sales Order Management, Finance and Accounting, Compliance Management, Project Management, Customer Relationship Management (CRM) and Vendor Management, TYA Suite Cloud ERP can give you a unified user-friendly platform to manage your entire business from a single screen.

With robust reporting tools, constant alerts and notifications, interactive dashboards and 2500+ inbuilt plug-and-play features, managing your business has never been this easy - just sign up for the TYASuite Cloud ERP and automate and streamline your business processes. TYASuite Cloud ERP is best Cloud ERP for SMEs and mid-sized companies.

Save more than 50% of the cost by switching to TYASuite Cloud ERP. Talk to our process expert to get exact cost savings for your coming. With TYASuite Plug and Play cloud ERP you can go live just in 7 days- the fastest ERP Implementation in the world.

For an affordable, scalable, and flexible cloud ERP solution, look no further! Visit our website for more details, and get a FREE DEMO  of our product to test out the features.

TDS on non-resident payment has always been a complex area of Income Tax Compliances. Detailed analysis is required to be performed to each transaction to understand TDS on foreign payment before you can initiate a payment. Wrong TDS on foreign party may put your company at greater risk in later years when the assessment is done.

TDS on non-resident payments needs to be analyzed under section 195 of the Income Tax Act 1961.

Under section 195 of the Income-Tax Act, when a person makes a payment by way of interest or any other sum other than salary to a foreign company or NRI, tax should be deducted at source at the rate applicable at force.

To identify the TDS rate on payment to non-resident, one has to follow the below sequence:

The above steps for non-resident TDS deduction must be adhered by companies. Chartered Accountants must follow above steps to issue 15CB certifications.

Specified category of Non-resident Income Tax:

Other key considerations in non-resident TDS deduction:

1. If full payment is not income, you can apply to AO with income calculation and AO can approve the amount of income on which TDS on foreign parties to be deducted.
2. To Apply benefit of DTAA, a valid tax residency certificate must be obtained from the party
3. To conclude no business connection in India, You must obtain ?No PE Certificate? from the foreign party on the date of payment /accrual
4. There is always an over-lap between ?Fee for technical services? and Business income of foreign party. TDS on fee for Technical Services or ?FTS? must be analyzed with utmost care to avoid litigations in future assessments. Please analyze the definition of fee for Technical Services as given in the section and evaluate if the payment will quality for FTS or not. If payment doesn?t qualify for FTS, it can be treated as business income of Non-resident and may not be chargeable in India.

You can reach out to author at vm@tya.co.in if you shall have any specific queries on non-resident taxation.

Refer our separate discussion on TDS on residents.

In case you wish to automate your compliances, you can subscribe to Compliance Management Software. As a support to MSMEs in this difficult time, TYASuite is offering 3 months free subscription to their entire range of cloud software?s including Procurement Software, Inventory Management Software, Cloud ERP, Asset Management Software, Cloud Accounting Software and Project Management Tool.

Avail the Free Subscription today.

Accounting was one of the first business processes to undergo mass-scale digitalization around the world, with accounting software slowly replacing manual accounting and bookkeeping across the globe as the digital revolution began and the results of IT became felt at all levels of industry. Accounting software giants such as Tally or QuickBooks became synonymous with businesses across industries, sizes and locations, as more and more functionalities and features kept being invented and added to the digital accounting process.

ERP (Enterprise Resource Planning) software on the other hand, is a relatively newer development in the IT world, and it encompasses a much broader scope of action than accounting software. Though it is a newer model of digital business processing, it is also a much faster growing one, projected to reach a global worth of USD 47 Billion by 2022. This growth is very simple to justify, due to the immense number of advantages ERP software has as compared to an exclusive accounting software.

Accounting Software vs. ERP Software

First, let's get a quick look at the definitions of accounting and ERP, and a basic understanding of what the respective software are built to handle ?

Accounting

Accounting is the simple process of managing the financial activity of a business - mainly General Ledger, Accounts payable, Accounts receivable, Revenue, Sales & Invoicing and Financial reporting are the different major areas that fall under the purview of accounting, and subsequently, of accounting software or a cloud accounting software.

ERP

ERP or Enterprise Resource Planning software is an integrated digital platform that contains multiple modules for handling all the different business processes and not just accounting process. ERP software will normally include Procurement to Pay, Project Management, Vendor Management, CRM, Inventory Management, Compliance Management, Asset Management, Finance and Accounting, Sales modules and others depending on the software providers.

With such integration and unification of the different processes in a business, ERPs provide a much more comprehensive solution as compared to software that is only designed for accounting.

Benefits of choosing Cloud ERP Software over Accounting Software

It is obvious at first glance that ERP software will provide a much larger range of functions and tools to manage your business, as compared to accounting software, but the benefits of choosing a Cloud ERP software go beyond that. There are multiple advantages to Cloud ERP software that just accounting software cannot provide, such as -

Single Solution

Many accounting software will provide integration capabilities with other software to handle your other business processing needs, but Cloud ERP will give you all the tools and functions in one single package. Without the need for external integrations and the related hassles, the ERP software can streamline the automation and digitalization of your business processes with a single solution

Data Integration

Accounting software can maintain a database of a company's financial data, and provide reports etc. based on that, but they lack a solid integrated central database structure that Cloud ERP software can provide. With data being collected from all modules across the different sectors of business management in the company, an ERP can provide you a single source of information, eliminate all duplicity in data, and give you a comprehensive master database that contains your entire company's information for instant access, analysis and reporting.

Industry Specificity

Accounting software will give you generalized functionalities and tools for managing your accounts, that aren't specifically designed for different industry-types. Cloud ERP software can be customized according to the specific needs and requirements of different sectors of Industry. For example, manufacturing industries can make special use of Inventory Management, Procurement to Pay and Asset Management ERP modules - something simple accounting software cannot help provide.

Ultimate Visibility

While accounting software can provide you with reports and data on your company's finances and accounts, Cloud ERP can integrate that information with all the other departments and provide a comprehensive bird's-eye view of your entire business at a glance. With inbuilt data analysis and reporting tools, ERP software can help you get the visibility you need to smoothly manage your business from one single platform

Remote Accessibility

Cloud-based ERP software is hosted online, and require no company infrastructure or servers to install any software. Simply log into your software online from a web-browser and immediately get access to the entire Cloud ERP platform at any time, from any place, using smartphones, tablets, laptops or PCs, whatever you choose.

Strong Data Security

Cloud ERPs are hosted on secure cloud networks such as AWS, that have inbuilt data security that you don't have to worry about. This eliminates extra cost and hassle of having to set up your own data security systems, as you get to piggyback on the ERP software provider's security measures simply by subscribing to their SaaS products.

The Perfect Cloud ERP Solution - TYASuite Cloud ERP

TYASuite Cloud ERP is World's 1^st Plug and Play ERP. With integrated modules for Procurement to Pay, Inventory Management, Asset Management, Sales and Distribution, Finance and Accounting, Compliance Management, Project Management, Customer Relationship Management (CRM) and Vendor Management, TYA Suite Cloud ERP can give you a unified user-friendly platform to manage your entire business from a single screen.

With robust reporting tools, constant alerts and notifications, interactive dashboards and 2500+ inbuilt plug-and-play features, managing your business has never been this easy! just sign up for the TYASuite Cloud ERP and automate and streamline your business processes. TYASuite Cloud ERP is best Cloud ERP for SMEs and mid-sized companies.

Save more than 50% of the cost by switching to TYASuite Cloud ERP. Talk to our process expert to get exact cost savings for your coming. With TYASuite Plug and Play cloud ERP you can go live just in 7 days- the fastest ERP Implementation in the world.

For an affordable, scalable, and flexible cloud ERP solution, look no further! Visit our website for more details, and get a FREE DEMO of our product to test out the features.

Compliances are critical part of the Indian Businesses. In India Compliances are complex, vast and never ending. From monthly to quarterly to annual, there are countless number of compliances a business entity has to take care in India.

As the Covid-19 has hit the entire business world, government has given relaxations in various due dates.

For the benefit of business world, we have summarized key due dates and their revised due dates.

VARIOUS COMPLIANCES DUE DATES & OTHER IMPLICATIONS AFTER COVID-19 PANDEMIC

In case you wish to automate your compliances, you can subscribe to Compliance Management Software. As a support to MSMEs in this difficult time, TYASuite is offering 3 months free subscription to their entire range of cloud software’s including Procurement Software, Inventory Management Software, Cloud ERP, Asset Management Software, Cloud Accounting Software and Project Management Tool.

Avail the Free Subscription today.