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

Below are 20 key highlights of 2020 Budget:

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

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

3)  Introduction of Seed Funding Programme for Start-ups

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

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

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

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

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

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

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

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

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

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

14)  Introduction of subordinate debt for MSMEs

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

16)  Abolition of Dividend Distribution Tax

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

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

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

20)  Introduction of NIRVIK Insurance scheme to boost export

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

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

Read: How ERP can save your company in recessions

Is ERP A Luxury?

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

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

1.  ERP requires a lot of investment

Let us debunk this myth right away, ERP during its initial years was expensive and was considered as an option rather than a necessity. Due to its high cost, it was only implemented in bigger companies which had financial prowess. Fortunately, now there are umpteen ERP solutions which don?t cost much and are easily scalable.

2.  ERP implementation is a time-consuming process

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

3.  It's difficult to Customize

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

4.  It Will Impact My Current Systems

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

Cloud ERP: The Hakuna Matata solution!

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

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

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

Rapid global corporate change has made digital transformation essential to survival and expansion rather than a luxury. One critical component of this transformation is the adoption of cloud ERP (Enterprise Resource Planning) systems, which allow businesses to centralize their operations, gain real-time visibility, and make data-driven decisions from anywhere.

Unlike traditional on-premise ERP systems that require heavy upfront infrastructure investments and constant IT maintenance, cloud ERP offers flexibility, scalability, and cost savings, making it especially beneficial for SMEs seeking to remain agile in competitive markets.

At Tyasuite, we have seen firsthand how cloud ERP systems can transform businesses by streamlining finance, procurement, inventory, and vendor management operations while ensuring compliance and security. However, the journey toward successful cloud ERP implementation requires a clear understanding, careful planning, and alignment with your business goals.

In this comprehensive guide, we will explore what cloud ERP implementation entails, the benefits it brings, key things to know before starting, the step-by-step process for successful deployment, challenges to anticipate, common mistakes to avoid, and how Tyasuite can support your cloud ERP journey effectively. By the end, you will be well-equipped to make an informed decision, ensuring a seamless transition into a more agile and efficient future for your business.

What is cloud ERP implementation?

Cloud ERP implementation refers to the deployment of an enterprise resource planning system on a cloud infrastructure rather than on in-house servers. Traditional on-premise ERP requires businesses to invest heavily in physical hardware, in-house IT teams for maintenance, and frequent manual upgrades. Cloud ERP, on the other hand, leverages a vendor-managed cloud environment, providing automatic updates, data backups, and scalability while reducing your IT overhead.

There are typically three deployment models:

1. Public cloud: A multi-tenant environment managed by the vendor where resources are shared while maintaining data security and privacy.

2. Private cloud: Dedicated infrastructure for your organization, offering enhanced customization and security.

3. Hybrid cloud: A combination of cloud and on-premise solutions for businesses transitioning gradually.

For example, a mid-sized retail business using spreadsheets for inventory and finance might face delays in tracking stock and reconciling accounts. By implementing Tyasuite’s cloud ERP, they can automate these processes, view real-time inventory levels across multiple warehouses, generate financial reports instantly, and manage vendor payments seamlessly from a centralized dashboard accessible remotely.

Cloud ERP implementation involves careful migration of data, mapping business processes into the system, user training, and continuous monitoring to ensure smooth operations post-deployment. With its lower upfront costs and flexible subscription models, cloud ERP enables growing businesses to adopt advanced technology without financial strain while aligning with modern workflow needs.

Benefits of cloud ERP implementation

1. Scalability:

Cloud ERP solutions are highly scalable, allowing businesses to add or remove users, modules, and features based on evolving business needs without requiring additional hardware or lengthy upgrades. For instance, if your business expands into new markets, you can seamlessly add new locations to your Tyasuite ERP environment.

2. Cost-effectiveness:

Cloud ERP reduces the need for large capital expenditure on servers and IT infrastructure. Instead, businesses pay for what they use, often through a predictable subscription model, minimizing financial risk while accessing enterprise-grade tools.

3. Flexibility:

Employees may utilize cloud ERP to access vital business data on any device with an internet connection, at any time, from any location. This flexibility empowers remote workforces and enables executives to monitor performance and approve transactions even while traveling.

4. Real-time analytics:

Cloud ERP systems give firms access to robust data analytics, dashboards, and reporting tools that enable them to make well-informed decisions fast. Real-time financial, inventory, and procurement insights can help identify inefficiencies and capitalize on opportunities.

5. Security features:

Reputable cloud ERP vendors like Tyasuite offer enterprise-grade security measures, including data encryption, access controls, and regular security audits, ensuring your business data is protected against cyber threats.

6. Compliance and updates:

Staying compliant with evolving tax laws, accounting standards, and data protection regulations is easier with cloud ERP, as the vendor manages updates automatically, reducing your compliance burden.

Case example:

An SME in the manufacturing sector faced challenges in tracking raw material stocks, leading to frequent stockouts and delayed production schedules. By implementing Tyasuite’s cloud ERP, they achieved real-time visibility of inventory, automated reorder points, and integrated procurement processes, resulting in a 30% reduction in stockouts within six months.

By embracing cloud ERP, your business gains operational efficiency, data-driven insights, and the agility needed to thrive in competitive environments while ensuring cost optimization and scalability.

Key things to know before implementing cloud ERP

Before moving forward with cloud ERP implementation, businesses should prepare strategically to avoid delays and inefficiencies.

1. Business process analysis:

Map out your current processes in finance, procurement, inventory, and HR to understand inefficiencies and gaps. This aids in coordinating your cloud ERP deployment with your corporate goals.

2. Vendor assessment checklist:

⇒  Are the modules you require available from the vendor?

⇒  What support and training are provided?

⇒  Is the system user-friendly?

⇒  How is data security handled?

⇒  Is the solution scalable?

A well-defined vendor assessment will help ensure you choose the right partner, such as Tyasuite, which offers modular, scalable, and user-friendly ERP solutions with strong customer support.

3. Data readiness:

Clean, organize, and back up your present data before migrating. To ensure there is as little disturbance as possible during the transition, determine which important data has to be moved.

4. Employee training needs:

Assess your team’s readiness and plan structured training sessions to ensure smooth adoption. A lack of user training can lead to low adoption rates and operational inefficiencies.

5. Change management preparation:

Communicate the purpose and benefits of cloud ERP across your organization to gain employee buy-in. Prepare change champions within departments to support others during the transition.

Proper preparation will enable you to leverage the full potential of your cloud ERP while minimizing resistance and operational disruption.

Steps to implement cloud ERP successfully

⇒  Plan and define objectives

Before implementation, define clear objectives such as improving procurement transparency, real-time financial tracking, or streamlining vendor payments. Identify KPIs to measure success, ensuring that all stakeholders align on the outcomes expected from the implementation.

⇒  Choose the right cloud ERP software

Consider features, user experience, scalability, vendor reputation, and integration possibilities while evaluating cloud ERP options. Tyasuite offers modular cloud ERP solutions covering procurement, finance, inventory, and vendor management, which can be customized to your business needs.

⇒  Data migration strategy

Develop a structured migration plan outlining which data to migrate, data cleaning processes, and backup strategies to prevent data loss. To guarantee seamless transitions, map your previous information to the fresh system's structure.

⇒  Testing and pilot runs

Conduct thorough testing and pilot runs with a small team or department to identify any workflow issues before full-scale deployment. Testing ensures that the system functions as expected and that users are comfortable using it.

⇒  Go-live and post-implementation support

Once testing is complete, plan your go-live carefully, ensuring your teams are prepared. Post-implementation support is crucial to handle user queries, troubleshoot issues, and optimize workflows in the live environment. Tyasuite’s support team ensures a smooth transition, guiding clients throughout their implementation journey.

By following these structured steps, your cloud ERP implementation will align with your business goals, reducing risks and ensuring a seamless transition.

Problems with cloud ERP implementation and solutions

1. Data migration complexities

Data migration is one of the most challenging parts of cloud ERP implementation, often due to inconsistent legacy data. Preparing data in advance and working with your ERP vendor for a staged migration plan can mitigate these issues.

2. Integration with existing systems

Integrating cloud ERP with your CRM, HR systems, or existing tools can pose challenges if not planned carefully. Tyasuite’s cloud ERP offers API integrations to ensure seamless data exchange across systems.

3. User adoption resistance

Change can be challenging for employees accustomed to old workflows. Conducting training sessions, providing resources, and involving users early in the implementation process can increase adoption rates.

4. Budget overruns

Unexpected costs may arise due to customization or data migration delays. To avoid overruns, clearly define the scope and budget, and work with your vendor for transparent cost estimates.

By anticipating and addressing these challenges proactively, you can ensure a smoother cloud ERP implementation that delivers long-term business value.

Common mistakes to avoid during cloud ERP implementation

⇒ Lack of clear goals:

Without clear objectives, businesses may end up with underutilized features or misaligned workflows. Define goals aligned with your business needs before implementation.

⇒ Inadequate vendor vetting:

Selecting the incorrect vendor may result in problems with support and scalability. Consider functionality, support, scalability, and customer evaluations while doing a complete evaluation of vendors.

⇒ Poor training plans:

Inadequate training leads to user resistance and inefficiency. Plan structured training programs to prepare your teams for the new system.

⇒ Ignoring customization limits:

Excessive customizations can lead to complications during upgrades and increase costs. Maintain the necessary adaptations while coordinating your processes with the industry best practices that your ERP has supplied.

Avoiding these common mistakes ensures your cloud ERP implementation remains smooth, efficient, and aligned with your operational needs.

How Tyasuite can help in cloud ERP implementation

Tyasuite offers a robust, modular cloud ERP platform covering procurement, inventory, finance, vendor management, and expense management, providing end-to-end operational visibility for businesses of all sizes.

⇒ Implementation support:

Tyasuite’s expert team guides clients through the entire implementation process, from process mapping and data migration to testing and go-live support, ensuring a seamless transition.

⇒ Customization and scalability:

We understand every business is unique. Tyasuite allows workflow-level customization while maintaining best practices and scalability as your business grows.

⇒ Case study:

A leading FMCG distributor partnered with Tyasuite to automate their procurement and inventory processes, reducing manual workload by 40% and improving stock visibility across their warehouses. The seamless integration of Tyasuite’s cloud ERP into their operations resulted in faster decision-making and reduced stockouts.

By partnering with Tyasuite, you can transform your business operations, gain real-time control over your processes, and drive growth efficiently with cloud ERP.

 

FAQs

 

How long does a cloud ERP implementation take?

Depending on your operations complexity, data readiness, and customization requirements, cloud ERP setup usually takes three to six months. Tyasuite’s structured implementation process ensures efficiency while aligning with your business timelines.

What is the cost of implementing cloud ERP?

The number of users, necessary modules, and customization requirements all affect the price. Because of its subscription approach, which eliminates significant upfront infrastructure requirements, cloud ERP is typically more affordable.

⇒  Is cloud ERP secure for business data?

Yes, cloud ERP solutions like Tyasuite use enterprise-grade encryption, secure access controls, and regular security audits to protect your business data, ensuring compliance with data protection regulations.

⇒  Can cloud ERP integrate with other tools?

Yes, Tyasuite’s cloud ERP supports integration with CRMs, accounting tools, and other third-party systems using APIs, ensuring seamless data flow across your business systems.

⇒  Is cloud ERP suitable for small businesses?

Absolutely. Cloud ERP’s scalability, cost-effectiveness, and flexibility make it ideal for SMEs seeking to streamline operations, improve visibility, and enable data-driven decision-making.

Conclusion 

Cloud ERP implementation is a strategic investment that empowers your business with scalability, operational efficiency, and real-time insights, enabling you to stay competitive in a rapidly evolving digital landscape. With benefits like reduced costs, flexibility, and enhanced security, cloud ERP can transform how you manage finance, procurement, inventory, and vendor relationships.

By partnering with Tyasuite, you gain access to a modular, customizable, and scalable cloud ERP platform, coupled with expert support to guide your implementation journey from start to finish.

Ready to future-proof your business operations with cloud ERP?

Schedule a free demo with Tyasuite today to experience how we can streamline your processes and drive growth effectively.

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

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

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

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

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

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

Conclusion

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

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

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

Why do companies crumble during a recession?

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

Failure to Plan

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

Failure to Adapt

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

Ignoring Weakness

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

How can Cloud ERP help you?

During the recession, most companies had let go of their experienced employees and saved money. That acted as an interim solution which helped them to cut losses but strapping a band-aid on your body and expecting it to heal a fracture is preposterous. You can?t sacrifice talent to save money.

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

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

? Improving inventory to sales ratio

? Decreasing working capital requirements

? Reducing the loss from inventory obsolescence and many more. 

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

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

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

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

But are they the only ones to be blamed?

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

Can this problem be easily solved by increasing the workforce?

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

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

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

Do justice with your team and switch to Cloud ERP!