Indian Business has to comply with gratuity regulations. On the top of payment of Gratuity Act, 1972, 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:

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 ?

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.

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 1^st 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.

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.

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.

When talking about the Procurement software, it can be categorized as one of three sections.

There are ERP (enterprise resource planning) systems, which are perplexing systems intended to help organizations manage everything in the supply chain. Next, there is accounting software that individuals use to monitor POs, giving up a robust procurement suite for all-in-one convenience. Third, there is purchase order software.

Procurement software varies about functionality, pricing, and technology. The right solution helps businesses to manage budgets, diminish costs, and increase transparency in the spending process and approvals.

The main goal of procurement solutions is to handle and ease all communication between the stakeholders, such as buyer, originator, category manager, vendor, approver, supplier, and receiver, at each transactional stage.

Basic Features of Procurement Software

Procurement software can transform a well-researched sourcing procedure into effective purchase orders (POs) through easy to understand processes. This enables control non-payroll expenses and therefore aid positive asset management in the long run. After opposite sales, which can happen through open offers or multi-round private offers, the demanding stage starts. Also, the supplies are purchased through the system's electronic buying capacities. Once the order has been finished, the software identifies receipts for the approval of invoices and reconciliations.

Benefits of Procurement Software

Let's understand the main benefits of using procurement software:

1. You can easily collaborate and share internally
2. Collaborate and share with vendors on a single platform
3. You can standardize the process of procurement within your association
4. Monitor events and receive alerts - this function is helpful for risk management
5. Investigate the business intelligence information to gain insight into the procurement process so that you can estimate and plan accordingly.
6. Minimize operational and logistics costs.

Top Procurement Software in 2020

1. SAP SRM

SAP SRM offers you with inventive techniques to manage your business processes alongside your key suppliers. It comes with effective features like centralized contract management, operational reporting, catalog management, and more. The SAP SRM solution handles the entire procurement cycle with ease.

2. TYASuite Supplier Management Software

TYASuite Procurement to Pay (P2P) is the best alternative to SAP and No. 1 cloud-based software suite that handles everything when it comes to your procurement process, from PR to Quotation, bidding, purchasing and supplier payments. The platform allows Businesses (B2B or B2C) streamline to provide more control, visibility ensures accuracy and consistency from start to end.

3. Tradogram

This user-friendly procurement solution with detailed features to oversees processes like purchasing, sourcing, spend control, and vendors. It guarantees you get products and services at reasonable prices without compromising quality. The platform additionally incorporates modules for inventory tracking and reporting.

4. NetSuite

NetSuite is another leading cloud ERP solution. Created to scale with your organization as it evolves and transforms, NetSuite enables you to automate operations, effectively streamline mission-critical processes, reduces IT costs and complexity, and enhance real-time control and visibility with built-in business intelligence across your business in one single platform.

5. Procurify

Procurify is a cloud-based procurement software that allows creative and dedicated team to manage their whole procurement cycle right from order to pay without any issue. This solution is also known for its easy to use features. No training is required to understand how to use this platform.

6. SAP Ariba

SAP Ariba is a cloud-based procurement software suite that helps businesses to interact with their trading partners whenever and wherever. It involves a superb contract management module, which is easy to handle procurements, internal agreements, sales, and IPs. It simplifies the whole lifecycle from inception to renewal.

7. Kissflow

Kissflow provides you the #1 Procurement cloud service that is flexible and has purchasing to vendor management, all in one single platform. It has everything including Purchase Requisition, Purchase Orders, Vendor Management, Analytics, Purchase Invoicing, and Integrations.

Get to Know Every Product with A Free Demo

The right way to choose the best one is by analyzing the features, functionalities, and benefits of these procurement platforms. You can simply do this by registering for free demo offered by these top procurement software providers. This will not only help you to understand everything but also you will know if it is a great fit for your needs.

TYASuite is a leading partner solving various burning issues of the ERP Industry that are primarily dominated by Oracle, SAP, and Microsoft Dynamics. As Plug and Play Cloud ERP, TYASuite can minimize the time of ERP Implementation from months to days.

Request for free demo now to find out if TYASuite Procurement to Pay Software is the right solution for you.

Industry 4.0, in other terms, the 4th industrial transformation has brought a lot of innovative changes in the business. Some projects dip into outside resources to accomplish their goals. It’s becoming extremely rare for one business to have all the goods and services required to finish the work they have set out for themselves. Everyone is focusing on their core competencies and outsourcing the rest.

That’s why effective vendor management becomes critical in the success of your business.

What is a Vendor Management & Quotation Management System?

In simple words, vendor management system & Quotation Management System are nothing but a set of best practices being practiced in the industry to manage your vendors from the requirement generation to selecting the right vendor till making the vendor to them.

Once these best practices are embedded into software, which is easy to handle, quick to start and are auto-scalable, are called Vendor Management Software or Supplier Management Software.

The companies can extend access to the software to their vendors to perform various routine parts, which are normally done by their internal manpower. This function of the vendor Management software is called Vendor Portal or Vendor Platform. The vendors can log in to the Vendor portal and perform their assigned tasks.

Below are the key benefits of Vendor Management Software & Quotation Management software:

1. Seamless Vendor Evaluation and Onboarding

Through vendor Portal, vendors can submit the RFI and can update the details and vendor onboarding documents. The company can review and onboard vendors in a single click saving hundreds of hours from both side.

2. Better Vendor Relationship

Through vendor Portal, vendors can submit the invoices on time, and it can directly come to the management for approval. There is no chance of invoices getting lost in transit. A happy vendor can provide better pricing and faster delivery.

3. Catalogue Management

Vendors can easily manage their products, pricing, discounts, offers, etc on the vendor portal. Companies can instantly search for the products and place the order.

4. Quotation Management

Companies can request quotations from multiple vendors in a single click. Quotations can be auto compared and presented to the management for faster decision making. Management can be rest assured that, the procurement team is following the company policy on quotations.

5. Lowest procurement cost

Through the reverse Auction Process in vendor management software, companies can obtain the best possible rates from the vendor. Vendors can check their bid ranking on a real-time basis and revise the cost in the lowest possible rates. Reverse Auction software comes inbuilt with most of the Vendor Management Tool.

6. Delivery Intimations

The vendor can intimate the start of the delivery /expected delivery date. Your respective department of the company can get auto intimation of the delivery schedule and they can do better planning.

7. Effortless Invoice Processing

Vendors can add their invoice on the vendor portal directly, saving thousands of hours and hassle at the company level and vendor level. The invoice can be approved by the approver and can be move in the chain of command automatically.

8. Automated Payments

Companies can automate their payments on the system and payment can directly get processed once approved on the portal. Thus avoiding the manual hassle of preparing bank files and eliminating fraud risk.

How To Choose the Right Vendor Management Software?

There are many Vendor or Supplier Management software to choose from. However, most of them are not right. So before you can pick a vendor management tool, read these points.

Every business has its own needs, and nobody knows your business as you do. Yet, there are a few expectations that are genuine for every business:

1. Define your Requirement

The first thing you must do is define your requirement list. As discussed, there are many vendor management software in the market. But most of them are not a complete end to end vendor management software. Defining your requirement can narrow down the list.

2. Ease of Use

Having an incredible tool nobody utilizes is practically more terrible than having no tool at all. While choosing a solution to deal with your contractors, ensure it's one manager and the team leader will work with. You would prefer not to wind up putting an excessive amount of time and money in getting your managers to utilize a framework that is expected to save money and time.

3. Ease of Deployment

Buying extra equipment, preparing your unforeseen workers on the most proficient method to utilize the framework and other steps engaged with the deployment of any business software, can wind up putting a strain on your work processes and spending plan. Ensure the tool you pick is financially savvy when you think about all the factors. Among them is the deployment speed, particularly if you have a quickly developing business that needs a vendor management software.

4. Compatibility & Integration

Your Vendor Management Software doesn't work in a vacuum. In necessities to incorporate with different frameworks in your business. Think about what systems your vendor management tool need to connect with, and plan this procedure a long time before picking the correct solution for your association.

5. Compliance & Regulations

A few businesses require explicit procedures to comply with native legislation and guidelines. Banks, medical fields, and construction projects are only a few that demand vendor management software to help for explicit capacities, work processes, and training practices. Ensure your vendor management software can answer these demands.

TYASuite Vendor Management Software is a cloud-based ERP software suite that includes a real-time dashboard for the most precise information to ensure that you're always on top of your vendor's work as they're doing it. You should try it for yourself and perceive how it can help with your vendor management by taking a free demo.

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.