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Top Vendor Management Software: Best Features And Benefits

In this fast-paced world, businesses around the globe are working tirelessly to make ends meet. While doing so they work and handle several suppliers at once. The business environment becomes complex for a person to handle all the processes manually, to overcome this problem a vendor management software is the best solution available in the market.

As the business grows, these vendors are not merely people who provide goods, services, or platforms to companies but also become a partner, in the long run, to achieve success simultaneously. A cloud ERP Vendor Management Tool helps in easy onboarding of suppliers, performance tracking through vendor tracking tool feature, timely payments through accounts payable automation software, contract management, risk management, and strong relationship bonds.

There are many features and benefits of Vendor management software which can help you to enhance your business processes with higher productivity to yield fruitful results.

Features of Vendor Management Software

1. Easy Onboarding

A supplier management software helps in easy and faster onboarding of suppliers. This reduces time wastage by screening the vendors on a real-time basis. It also provides information about the vendors and uses diversified catalogs to ease the whole process.

2. Endorses Collaborations

A cloud-based vendor management tool enhances and promotes the process of collaborations with other processes and vendors. Due to easy collaborations with other departments, it becomes easy to monitor and analyze the performance of vendors. It also avoids redundancy in business operations.

3. Efficient Tracking

It also keeps a tab on the performance of the vendors to draw useful insights from the derived data. It helps in keeping into consideration the vendors who do not adhere to the rules and regulations of the company and need to be blacklisted.

4. Self-service to Vendors

This is a feature where it gives the vendor the liberty to update their information, and get regular alerts on new orders and payments. Vendor Portal Software or vendor Login software feature allows this facility.

5. Reviewing of Critical Information

A vendor software also helps in précising reviewing all the critical information relating to any third-party vendor risk. This is done by using proper rules and regulations. It also helps in gathering and storing all the essential contracts in one place for future reference.

Benefits of Vendor Management Software

1. Centralized Management

From vendor onboarding, billing information, and contracts, everything is managed in one place. It eases the process of data retrieval and helps in analyzing that information at a faster rate.

2. Stronger Supplier Relationships

With in-built features, vendors can create customized criteria for everything. There is a transparency in reviewing the performance of the vendors which boosts the morale of the vendors. It thus creates good bonds between suppliers and management.

3. Helps in Mitigating Risks

A supplier portal software also helps in mitigating risks involving vendors and the way they perform. There are times when a company needs to fulfill certain conditions to onboard a vendor. Thus, all the compliances relating to suppliers are taken care of due to cloud ERP vendor software.

4. Provides Better Value

The main objective of a vendor management tool is to provide better value to the company regarding the money they are investing in that supplier. Thus, it leads to a huge amount of savings in the long run if implemented perfectly. Reverse Bidding software function helps organization to always have the lowest possible cost of the procurement.

5. Enhances Productivity

It also assists in enhancing the overall productivity of the business. From finding the right vendors to the products which are needed by the business to the timely re-stocking, everything is planned smoothly.

Why Choose TYASuite Vendor Management Software

TYASuite Vendor Management Software is India’s 1st plug and play software that is hosted on a cloud server, which makes it safe and secure to use. With its unique features like RFI/RFQ, vendor audit score, vendor rate card mapping, real-time screening and onboarding of vendors, multi-location handling, and much more, it surely is an effective tool to use to manage your business vendor-related problems. The software is affordable and reliable as well as customizable.

Sep 11, 2020| 4 min read| views 1898 Read More

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Analyze the top features of inventory management software

Sep 10, 2020 | 4 min read | views 1094 Read More

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Secure Your Business with Compliance Management Software

The compliance management software has paved the way for an integrated approach to the numerous compliance issues faced by any organization. Previously, the compliance management processes were done at department levels. With the industries going worldwide and user groups spread globally, these compliance initiatives have become complicated with regulatory and organizational needs. This system brings down the productivity of the business and poses a broad risk to its existence.

Let us look at the various advantage of a Compliance Management Software

Compliance officials waste their time browsing for data to ensure organizational compliance. Compliance management software can automate the tedious processes of data collection, transmission, communication, knowledge sharing, decision-making, and monitoring changes in compliance regulations and integrating it into the entire system. Here’s a list of why businesses require to invest in and utilize compliance management software:

1. Decreased Legal Issues

This is one of the benefits of compliance management software. Every business needs to follow certain financial, legal, environmental, corporate, institutional, social, and government regulations and frameworks to be able to operate and prevent lawsuits, penalties, and fines. There also should be a stabilized platform to enforce these compliance regulations, as policies only earn power if they are implemented and enforced to the fullest extent. An integrated compliance management software guarantees that these compliance regulations are completely integrated across all locations and applicable laws and that no gaps are left open for crises or risks to slip through.

2. Stimulate Educated and Compliant Decision-making

With compliance management software, it will be simpler to make decisions where the organization’s financial and legal integrity are at stake. A compliance management software enables escalate these strategies to the system and authorize it to the officials involved so they can be resolved instantly.

3. Compliance Reporting

Compliance management software should be competent in generating an array of data extracts and compliance reports and guarantee that these are packaged adequately to be actionable by upper management. The reports should also be handily customizable and filtered to assure reliability.

4. Document Controlling

Some compliance management software features the ability to promote better document controlling, which encompasses the responsible management of forms, records, and documents that business releases or receive.

5. Compliance Process Management

Any business needs to strive for lasting improvement. Some compliance platforms have functionality for managing, owning, remapping, and analysing compliance processes while making the management activity integrated, seamless, and collaborative.

6. Compliance Work Flow

A good compliance management software helps in setting up an automated compliance workflow system in the organization. Individual compliances can be assigned to team members and team leaders. A central system will help the information flow from the bottom to the top of the organization.

7. Better Risk Management

Compliance management software helps organizations to manage their risk properly. Integrated Software across all locations and multiple laws will ensure that no compliances slip through the cracks and organizations are able to manage their risk on a real-time basis.

8. Complete Control on Due Dates

The business world is very dynamic. There are 1000s of compliance companies are required to do. Each compliance will have different compliance due date. Compliance due dates keep changing due to government regulations. It is critical for an organization to be on top of the latest compliance due dates. For example, In India, there is a different Due date for TDS Return fillings, GST Return fillings, PF Return fillings, etc. Good compliance management software will ensure that you are always in control of your latest due date.

Have a glance at TYASuite Compliance Management Software that is specially designed for organizations across size and jurisdiction. TYASuite Compliance Management Software lets you sit back and get all your compliance-related work done from one integrated platform.

Give your compliance management a new way; help your business optimize its efficiency and get a free demo with TYASuite Cloud Compliance Management Software! TYASuite is a Plug and Play ERP through which you can go live within 7 days.

Sep 01, 2020 | 4 min read | views 508 Read More
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Vikas Mandawewala

How to Calculate Interest On GST Liability? - Instructions

Due to ever changing due dates of GSTR 3B return fillings and relaxations given by the government from payments of GST liability and interest there upon, there is always a confusion on how to calculate the interest on GST Liability.

Interest on GST on Net Tax liability

The key question to answer is “whether the interest should be charged on the Gross Liability or the Net Tax Liability if the GSTR 3B is not filed on time”.

The provision of interest on late payment of GST liability is enumerated in section 50(1) of CGST Act, 2017. The provision is reproduced hereunder for convenient reading.

As per Section 50(1) of the Act:

“Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall, for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent, as may be notified by the Government, on the recommendation of the Council.”

The above provision of the Act was not clear to tax authorities whether the Interest shall be levied on Gross Liability or net liability. Based on this, there was unrest among business communities as tax authorities started demanding interest on Gross GST Liability.

Considering the pain points of the taxpayers on Interest on Gross Liability or Net Liability, the Finance (No. 2) Act, (23 of 2019) vide clause 100 proposed to amend section 50 by inserting following proviso to section 50(1) of CGST Act, 2017.

“Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.”

The above proviso was in the best interest of the taxpayers as it made it clear that the interest shall be calculated only on Net GST Liability i.e. only that portion which was paid through cash ledger. However, it was released late and in the notification No. 63/2020 dated August 25th 2020, it was made applicable only prospectively effective August 25th 2020.

Which again made the taxpayers worried on the past months implications as there were lot of demand notices from department for charging interest base don gross liability.

Fortunately, the CBIC provided further clarification to the above notification No. 63/2020 via Press release dated 26.08.2020 that this notification issued with prospective effect due to certain technical limitation and given an assurance that no recovery of interest shall be made on gross output tax liability for the period prior to 01-09-2020 by the State and Central Tax administration.

The above press release clears all doubts in the Act and now it is a settled rule that taxpayer shall not pay the interest on gross liability of GST but only on Net Liability of GST after setting of the Input credit.

Aug 31, 2020 | 3 min read | views 4264 Read More
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Dronak Doshi

Gratuity Trust and Related Accounting and Compliances

Indian Business has to comply with gratuity regulations. On the top of payment of Gratuity Act1972, there are specific regulations enforced at state level in India. Example, certain states mandates creation of gratuity trust or subscribing to recognized gratuity trust fund plan.

Now let us look at various accounting and compliances aspects of the gratuity trust in India.

A. Formation of Gratuity Trust

  1. Gratuity trust must be set up as an irrevocable trust
  2. Gratuity trust must be set up for providing gratuity benefits to the employees trust to act as a separate legal entity.
  3. Employer can appoint trustees for monitoring and administration of the fund
  4. The trust must get an approval from under the Income Tax Act, 1961 to be recognized as approved gratuity trust.
  5. Trustees can chose to manage the fund as per by laws of the trust. Common practice is to enter into a master policy with the insurance company to provide death-cum-retirement benefits to the employees.
  6. All the monies contributed to the fund by the employer or received or accruing by way of interest or otherwise to the fund may be deposited in such separate bank account or utilized for making contribution to the group gratuity scheme under master policy entered into with the insurance company.
  7. The amount not so deposited or unutilized money shall be invested in the manners prescribed in rules 67(2) and 101 of the income tax rules, 1962.
  8. The gratuity trust shall provide for payment of gratuity on termination of service/employment, on death or retirement of the employee.

B. Ind AS Accounting for Gratuity Trust

Accounting of gratuity trust under Ind AS needs to be analyzed from standalone books of trust and the consolidation aspects along with employer. Let us first look at the Ind AS complexity related to gratuity trust. First questions come to mind is ?if the consolidation of gratuity trust requires to be done along with the employer financials?.

Analysis for Control Assessment and Consolidation

Ind AS 110 lays down the principles for presentation and preparation of consolidated financial statements when an entity controls another entity. It also defines the principles of control and establishes control as the basis for consolidation.

In order to determine control, we have to refer para 5, 6 and 7 of Ind AS 110, which are reproduced as under ?

Para 5 states that ? ?An investor, regardless of the nature of its involvement with an entity (the investee), shall determine whether it is a parent by assessing whether it controls the investee.?

Para 6 states that ??An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.?

Para 7 states that ? ?Thus, an investor controls an investee if and only if the investor has all the following:

  1. Power over the investee (see paragraphs 10?14);
  2. Exposure, or rights, to variable returns from its involvement with the investee (see paragraphs 15 and 16); and
  3. The ability to use its power over the investee to affect the amount of the investor?s returns (see paragraphs 17 and 18)

Normally, the employer meets the conditions of para 7 (a) and (c). Further, the trust may not fit into criteria of para (b).

However, Ind AS has given a specific exemption for certain kind of trust for consolidation.

Paragraph 4(b) of Ind AS 110 states that ?This standard does not applies to post-employment benefit plans and other long-term employment benefit plans to which Ind AS 19 applies.

Since, the trust has been specifically formed to manage the gratuity compliance related to Employer and accordingly, the exemption granted under Ind AS 19 will apply.

Based on above it can be concluded that that there is no requirement to consolidate the trust in the financial statement of the employer.

C. Accounting of Gratuity Trust

In the Books of Employer

Employer will be making the annual contributions to the gratuity trust. At every reporting period, the employer needs to get an actuarial valuation done. Trust doesn?t require a separate gratuity valuation.

For accounting purposes, employer have to pass the below mentioned entries in their books of accounts:

Sr. No. Transaction Accounting Entry Dr./Cr.
1. Making contribution Plan Asset A/c Dr.
    To, Bank A/c Cr.
2. Year-end entry based on actuary report Plan Asset A/c (Closing Balance ? Opening Balance ? Contribution) Dr.
    Expense A/c (Current service cost + Interest cost ? Expected return on plan asset) Dr./Cr.
    Other comprehensive income (Net of actuarial gain/(loss) on obligation and plan asset) Dr./Cr.
    To, Defined Benefit Obligation (Closing Balance ? Opening Balance) Cr.

Your actuary will give various information required in the above table for accounting entries.

Accounting In the Books of Gratuity Trust

In the books of trust, the main source of fund is the contributions received from employer. The fund will be applied towards contribution to insurance plan or some other approved investment. At the time of separation or retirement of an eligible employee, the gratuity amount is paid out of the trust fund to the employee.

Accounting entries in the books of the trust will be ?

Sr. No. Transaction Accounting Entry Dr./Cr.
1. Receiving contribution Bank A/c Dr.
    To, Gratuity Fund ? contribution received A/c Cr.
2. Investment entries Investment A/c Dr.
    To, Bank A/c Cr.
3. Income from Investment Accrued Income / Bank A/c Dr.
    To, Income from Investment A/c Cr.
4. Gratuity payment on retirement / separation Gratuity Settlement A/c Dr.
    To, Bank A/c Cr.

D. Analysis for Income Tax Treatment

An approved gratuity trust will be treated as a separate legal entity under Income Tax Act. The trust would be assessable as an AOP as per clause (iv) to first proviso to section 164 (1). The trust must fulfills below conditions:

A. Trust must have a separate PAN card.

B. Trust must have a separate bank account with a scheduled bank (Rule 101) or deposit to group gratuity scheme with LIC or invested as per rule 67(2).

C. Separate books of accounts to be maintained ? rule 109(1)(c)

D. The trust must fulfill of conditions of part C of the fourth schedule of Income Tax Act, 1961.

  1. It must be an irrevocable trust in connection with a business undertaking of employer in India, and not less than 90% of its employees are employed in India.
  2. Employer must establish the trust exclusively for meeting the gratuity liability of its employees.
  3. Employer must be a contributor to the fund.
  4. All the benefits granted by the fund shall be payable only in India.

Further, as per section 10 (25)(iv) of the Income Tax Act, 1961, income received by the trust shall not be chargeable in the hands of trustee if the trust is an approved gratuity trust.

Tax Treatment in the Hands of the Trust - The contribution received from employer, normally will be treated as capital receipt and hence not liable to tax. If someone has to argue, that it is not a capital receipt but a revenue receipt, in that case the same will also be exempted u/s 10(25)(iv), as discussed above.

Further, any income received by the trust will also be exempt from tax u/s 10(25)(iv).

In the Hands of Employer ? The contribution to the approved gratuity trust will be treated as contribution by an employer to an approved gratuity trust for exclusive benefit of its employees and is an allowable deduction u/s 36(1)(v) of Income Tax Act, 1961.

Aug 29, 2020 | 7 min read | views 36257 Read More
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7 Ways to Make Life Easy with Compliance Management Software

There is a rising need for businesses to implement compliance management solutions and many are struggling with the task of migrating from paper, memory, and excel- based techniques that are now outdated. Compliance Management Software becomes the need of the hour if you have multi-locations or multiple legal entities to manage.

For organizations to demonstrate compliance in a creative, efficient, and cost-effective way, compliance management software can be a true difference-maker. Today, we'll be taking a glimpse at what a compliance management software is and 6 ways it helps businesses efficiently manage and execute regulations.

What Is Compliance Management Solution?

As the name suggests, a compliance management solution is an all-encompassing program that assists managers and administrators reduce risks and plans, track, monitor, and manage activities that ensure compliance along with binding regulatory norms as well as legal requirements related to the environment, health, and safety. It relates to every functional department of a business, with how they handle their customers and employees. Further, the compliances differ from industry to industry and also differ from location to location. Good Compliance Management software shall ensure that it is agile and give complete control across locations and multiple laws in one place.

7 Ways to Make Life Easy with Compliance Management Software

1. Get Your All Compliance Related Requirements In A Single Place

Compliance management software brings together all your regulatory and business necessities under one integrated framework. This helps you to monitor all details associated with all your compliance tasks activities with ease and stimulates adherence to these regulations by ensuring that nothing falls through the cracks.

Furthermore, since all you expect is one centralized solution across your business, interdepartmental harmony is encouraged, and the growth of silos is impeded when it comes to compliance-based tasks.

2. Build A Simple Collaboration

Assigning and reassigning compliance tasks among teammates is extensively simplified. Additionally, users can provide status updates, share documents, exchange comments from the right inside the compliance management framework. Critical compliance data is no longer dispersed across your company, and teammates don't have numerous versions or multiple copies of the same document.

This helps ensure everybody knows what they want to know about their compliance-related tasks, cutting down on the time needed to collect and distribute crucial data.

3. Gives Visibility Into Compliance Performance

Previously, non-compliance requires be manually inspecting by quality technicians and reporting to administrators or managers which used to take days and months. Hence, any gaps in compliance had significant consequences.

A compliance management platform provides administrators and managers a real-view of compliance levels and performance to the whole company through custom drill-downable reports as well as personalized real-time dashboards. These functionalities give them remarkable visibility into the status and performance of their compliance endeavours.

4. Automates Compliance Processes

Let's deal with it, guaranteeing compliance encompasses a lot of repetitive, menial tasks that can be time-consuming, tedious, and prone to human error. Compliance management software automates some processes, entailing compliance monitoring, task scheduling, etc. and enables a business drive efficiency, agility, and accuracy.

5. Streamlines Tracking Regulatory Changes

With regulatory bodies repeatedly updating rules, regulations, and standards, staying on top of these and encompassing them into your compliance procedure can be tricky. You'd not only have to read up on these new rules and regulations but also have to infer the changes, if any, have to be enforced.

Compliance management software keeps a close eye on these improvements and efficiently tracks internal and external regulatory changes. More than that, it specifies non-compliant techniques and operations as well as helps you effectively map new laws and standards onto them.

6. Reduces Operational Costs

Compliance doesn't often have to come alongside a cost. But, with the right solution in place, you can also save a lot of money. Not only does it automate compliance tracking, monitoring, and eliminate the necessity for investing in more staff and resources, but it also rigorously tracks regulatory changes and reduce risks before they harm you financially. Also, automation will reduce the possibilities of human error and oversight which may lead to penalties and fines down the road.

7. Control Over Documentation

The Compliance Management software expedites document control that incorporates dedicated management of records, forms, structures, and documents related to compliances in one place. Good Compliance Management Software can become a Document Management Software for the company.

Get Professional Help with Your Compliance Management Software

TYASuite drives business growth. We offer flexible, industry-specific Compliance Management software that is designed for the requirements of our manufacturing, retail, distribution, and service industry clients across geographies. With a deep understanding of your business, TYASuite Compliance Management software spur growth while managing complexity. The result is powerful that free your resources so you can increase your business.

TYASuite Cloud ERP is a World 1st Plug and Play ERP Solutions. It has a lot of pre-customized features that can be modified to suit your requirement in the click of a button.

Aug 27, 2020 | 5 min read | views 643 Read More
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TYASuite Cloud ERP Software: Features, Benefits & Workflows

Cloud ERP software has been progressively picking up traction among organizations, inferable from its concentrated way to deal with business processes. With the help of a Good Cloud ERP, you can gather, store, manage, and decipher information from numerous business units on a real-time basis. Moreover, ERP solutions are utilized to automate back-office activities and smooth out cross-departmental work processes. Here in this post, we will be discussing the essential benefits, features, and workflows of Cloud ERP software.

List of Contents

- Why Use Cloud ERP Software?

- Business Software in ERP

  1. Sales Software (CRM)
  2. Marketing Software
  3. ERP Distribution Software
  4. Business intelligence Software

- Finance related Software in ERP

  1. Procurement Software
  2. Costing in ERP
  3. ERP payroll Software
  4. Finance and accounts Software

- Human Resource Software

  1. Recruitment Software
  2. Workforce Management Software
  3. Payroll processing Software
  4. Performance Management Software

- Supply –Chain Management Software

  1. Ordering Software
  2. Logistics Software
  3. Warehousing Software

- Manufacturing ERP Software

  1. Inventory management Software
  2. Quality control Software
  3. Materials sourcing Software

- In conclusion

Why Use ERP Software?

The reason behind the utilization of ERP software is to expand the effectiveness, streamline processes, and advance a culture of collaboration in an association. This results in limited costs and expanded efficiency, which eventually leads to a superior bottom line.

Benefits of ERP software

  1. It Increases Efficiency
  2. It Promotes Collaboration
  3. It Increases Data Security
  4. It Helps You Comply with Industry Regulations
  5. It Allows You to Make Accurate Forecasts
  6. It Increases Operational Flexibility
  7. It Reduces Operational Costs

Unification and automation are the primary concepts behind ERP evolution. Without a doubt, every single one of the ERP software can work independently. In any case, the cooperative energy of the considerable number of parts is something that makes the general framework’s worth grow exponentially.

ERP Software has introduced remarkable features for managing different business forms in one system. Enhanced collaboration, efficiency, customization, and adaptability are the advantages that organizations all around the globe go with. Characterizing the work process of each element will help to settle on the correct decision on the required Customized Cloud ERP suite for your business.

Let’s focus on the most well-known sorts and depict their features, functionality, and work processes

BUSINESS Suite IN ERP

Searching for one exceptional ERP for SME to deal with your sales and enhance the marketing system? Business Suite in ERP will be the ideal way to streamlining sales, up-to-date marketing, and real-time data on each procedure.

A) Sales Software (CRM)

The automated procedure encourages the sales team workload. It saves structured data like contact info, names, order history, clients’ inclinations, and so forth. The colleagues use it to manufacture correspondence channels and create sales. TYASuite CRM will give you exceptional support to maximize your business profit.

B) Marketing Software

The marketing system is the ideal approach to play out all the referenced tasks. Besides, the information on sales is coordinated with it to concoct potential methods of expanding sales and attracting new clients. TYASuite CRM can easily fit into your business process and help you to expand your business.

C) ERP distribution Software

ERP distribution software suite is solidly associated with the sales one. The information is being processed by combined performance to deal with the inquiry, check the accessibility, transfer requirements from one department then onto the next, make the vital documentation, plan the delivery, and so forth. TYA Sales Order Management Software will be right fit for you.

D) Business intelligence Software

ERP framework is a shrewd tool that produces a huge measure of well-structured information. Gathering the reports from other secluded frameworks BI component is fit for estimating. It touches the business fields like revenues, cash flows, sales forecasts, and so forth.

FINANCE IN ERP SOFTWARE

All organizations deal with their financial transactions, incomes, payments, incomes, cash flows, and profits. The functionalities of ERP financial software cover billing management, expenditure, balance sheets, depreciation, financial analytics, and so forth.

A) Procurement Software

ERP purchasing Software feature tasks that are fundamental for sensible costs and relate to actual demand. It covers the estimate of orders, supplies, required documentation, goods receiving, billing processes, and data integration with General Ledger. TYASuite Procurement Software is best Procurement Software in India. It has all the functionality a business may think of for their process automation.

B) Costing Feature in ERP

Internal cost control is an inescapable business procedure since you have to monitor material and activities. It requires excellent management of documents on each transaction and its costs.

C) ERP payroll Software

Accepting the information from Job costing, the payroll suite can provide reports on reimbursements, salaries, travel costs, benefits, and so on. The most recent ought to be sent to General Ledger for the following work process.

HUMAN RESOURCE SOFTWARES

The software focuses on regulating, automating, and incorporating the information on every employee. It covers the period from application to retirement remembering subtleties for positions, recruitment, advancements, assigned tasks, and so forth. 

A) Recruitment Software

The software feature focuses on the productivity and simplicity of enlisting processes. HRs acquire the likelihood to post promotions, enable required documentation, track the pool of talent including social platforms, automate the evaluation procedure, dissect applicants' profiles, plan interviews, set up the onboarding procedure, and so on.

B) Workforce management Software

It is an extraordinary method to smooth out the human resources management in your organization. Those significant ERP Software store such as employees' information, attendance, working hours, holiday, sick leave, and so forth. But, it isn't just about the capacity but the general document management identified with staff performance.

SUPPLY CHAIN MANAGEMENT SOFTWARE

Great supply chain management can have different kind of effect in an association. It expands the proficiency and collaboration rates, brings down delays in procedures, and finds new cost-saving systems.

A) Ordering Software

If the organization is keen on satisfying requests absent a lot of delay and returns, it will cause extraordinary attention to appropriate management of the order. It requires exact and direct control of every ordering step.

B) Logistics Software

This includes procedure smoothing out for storage, supply, delivery, goods redistribution, and so on. The segment arranges the logical grouping of customers to build up the most advantageous supply line and producing the waybills.

C) Warehousing Software

The everyday activities of warehouses incorporate order planning, inventory preparation, and usage. This part monitors real-time data about the status of the order including order details, stock items, registration, delay alerts, and so forth.

MANUFACTURING ERP SOFTWARE

The Software directs the control and manages the improvement of the manufacturing performance. It covers all the phases from material procurement to production. 

Let’s explore the functionalities –

A) Inventory management Software

Since ERP is usually enforced in the manufacturing business that manages heaps of product and crude materials, they will deal with their storage and overseeing details. The inventory component advances the creation and distribution planning forms.

B) Quality control Software

Any management assumes responsibility for the quality and its steady upgrades. Following manufacturing exercises guarantees the greatest efficiency, sensible costs, and helps to assess the timelines appropriately.

C) Materials sourcing Software

This territory may appear to be a difficult task, but it very well may be simplified by the ERP material sourcing Software. The present market is constrained by the expanded guidelines while the organizations will undoubtedly discover effective approaches to diminish cost and time.

IN CONCLUSION

There are numerous approaches to automate the process of business. But the question may come how to integrate them appropriately. The secluded framework has gotten one of the sensible solutions to streamline various tasks and provide a robust processor for huge data.

Our ERP software lets you experiment with the innovations in the market to solve your business problems with more precision and at a rapid rate. 

Have a glance at TYASuite affordable ERP Software and a robust plug and Play software which lets you customize the software according to your business needs for a seamless experience. We also provide other software like procurement to pay software, Vendor Management Software, Accounting Software, Inventory Management Software, and much more. If you are the one who is looking for a robust solution to your business, avail our affordable cloud ERP software suite today.

Aug 20, 2020 | 8 min read | views 613 Read More
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GST E-Invoicing | Know the Major Industry Challenges and Solution

Ever since the idea of e-invoicing was authorized by the GST council, the rumor around e-invoicing has gained dignity among businesses all over the world.

Invoice is a key document and e-invoice is basically a reform associated with it. It is very essential for businesses to comprehend it fully and therefore prepare for it.

In this blog post, let’s understand everything about GST e-invoice in detail.

What is GST e-invoicing?

E-Invoice also called ‘Electronic invoice’ that is a method in which all B2B invoices are electronically uploaded and validated by the established portal.

Post successful validation, a unique Invoice Reference Number (IRN) is induced for every invoice by IRP. With IRN, every invoice is digitally approved, signed, and added along with QR code. This procedure is collectively known as e-invoicing in GST.

What are the advantages of e-Invoice Digitalization?

  1. Standard reporting and no Duplication
  2. Auto-Generation of GST Return
  3. E-way Bill
  4. No Reconciliation
  5. Real-Time
  6. Curb tax evasion (For Department)
  7. Verifying genuineness of Refund (For Department)
  8. Reduce the carbon footprint

What are the problem statements of GST E-Invoicing?

As the timeline to execute e-invoicing is coming closer, organizations working under different industries face assorted difficulties in embracing the system.

Traction of IRN generation e-way bills needs devoted resources. Isolation of invoices as B2B and taxable from B2C and excluded supplies individually need automation in place.

Reconciliation of invoice data between Invoice Reference Number, e-way bill and GSTR-1 will be one of the main difficulties. [VM1]

Let’s have a look into more business-specific issues:

Pharma, FMCG & Retail

  1. Change of quantity subsequent to creating an e-invoice
  2. Single e-invoice in terms of e-way bill creation for multi-modal transport
  3. Real-time creation of IRN for B2B supplies on e-commerce platforms

E-commerce

  1. Real-time e-invoice generation on behalf of suppliers for B2B supplies
  2. Handling numerous cancellations, either within or after 24 hours and its modification in GST returns
  3. Modifying the kind of invoice as B2C rather than B2B

Airline

  1. Effect of various e-invoice cancellations on the GST Portal
  2. Creation of IRN on invoices raised for cancellation charges

Hospitality Industry Hospitality

  1. Real-time IRN generation for any B2B checkouts
  2. Handling the generation of IRN for various cancellations

TYASuite Offers Promising GST Network Services for the Challenges Specified Above:

  1. Scheduled invoices uploading for the generation of IRN, individually or in bulk. Also, it involves e-invoice for multi-modal transportation
  2. ERP integration for E-Invoice and real-time IRN generation
  3. Numerous validations for precise e-invoices
  4. Reminders for an instant e-way bill generation
  5. All ERPS like SAP, Oracle etc can be easily integrated with TYASuite E-Invoice Module

Various reconciliation and reports for example:

  1. E-way bill vs GSTR-1
  2. IRN vs Invoice
  3. IRN vs E-way bill
  4. IRN vs GSTR-1
  5. IRN vs GSTR-2A (inbound invoices)

This novel e-invoicing system will transform the way of accounting among industries and also enhances their accountability for fellow taxpayers.

TYASuite e-Invoicing software helps suppliers to transmit electronic invoices, automates receiving and invoice-matching processes for both Purchase Order and non-Purchase Order based invoices. If you are looking for the best E-Invoicing Software, you can contact us right now. We are available 24/7 to help you.

We provide the best-in-class Invoice Digitalization Services to produce e-invoices and guarantee compliance with the recent mandates and guidelines released by the GSTN. TYASuite’s integrated cloud ERP service will help you to simplify the e-invoicing system for your organization in a better way.

Aug 19, 2020 | 3 min read | views 938 Read More