Understanding the term “Procurement to Pay Process” 

Procurement to Pay (P2P) also called “Procure to Pay process” is a term used to define a business process and not a software or a technology in itself. P2P summarizes various steps involved in the Procurement process of any business. 

Steps included in Procurement to Pay Process across industry

1. Requirement Generation 

2. Requirement consolidation 

3. Vendor Evaluation 

4. Purchase Order Generation 

5. Receiving Goods or services 

6. Recording of Invoicing  

7. Payment

The above steps can be executed manually or through a well-designed software. The use of software in the procurement process started as early as in the 1990s. Over the last 30 years, technology has traveled from being a luxury to a necessity and from becoming unaffordable to affordable. 

However, today also business owners are not comfortable with implementing ERP software due to their implementation complexity. If one has to compare the adaptability of software, plug and play software will always give very high-level comfort as compared to complex software’s which takes months to implement and go live. The push back on ERP implementation comes primarily due to 4 factors:

1. Lack of awareness of the cost savings post successful implementation 
2. Price of ERP Software
3. Implementation time 
4. Fear of failure of ERP in your company after implementation 

About TYASuite Procurement to Pay Software

TYASuite Procurement to Pay software that will fit all businesses and Fully customized cloud ERP designed with a customer-centric approach, easy to manage with Play and play features. 

TYASuite is a robust ERP platform that automates the Procurement to Pay Process very effectively and offers reports and insights to gain more control, visibility on account payment.

TYASuite Procurement to Pay (P2P) is a next-generation cloud-based suite that manages all when it comes to your procurement process, from purchasing to vendor payments. The platform helps Businesses (B2B or B2C) streamline to give more control, visibility ensures consistency and accuracy from start to finish. It improves the complete lifecycle. 

Top Benefits of switching to TYASuite Procurement to Pay Software

TYASuite has launched a cloud-based platform to handle many of the industry burning issues. The platform is backed by decades of the business process expertise of its founders and professional team members working across company sizes and industry types. Key problems solved by 

TYASuite P2P Platform is summarized below: 

1) Automating entire Procurement to Pay Function: 

Entire procurement to payment process of an organization can be automated through this platform. Whether you are an Indian Company worried about complex GST and TDS compliances or outside India Company, the TYASuite platform automates your entire business process and brings huge savings in your operation cost. Unlike existing ERP players in the market, TYASuite modern user-interface is highly user-friendly and doesn’t require any special training. The management can download various reports in a click enhance their decision-making time and get the benefit of real-time business data. 

2) Plug and Play Platform

TYASuite is the pioneer of Plug and Play ERP. Companies can go live with TYASuite Procurement to Pay Platform within a few days. With more than 2000 plug and play features added to the workflow, the business can get started within days. 

3) Price 

TYASuite has ensured that the price of its platform is affordable. Even smaller companies can take advantage of technology within their budget. Industries can save up to 75% as compared to other market players in the ERP Industry.

Companies can take advantage of the TYASuite Unified platform and extend the benefit to other departments /processes like Inventory management, Asset, and warranty management, Project Management, Compliance Management, Finance Modules and many more. 

Streamline your Procurement by automating the entire process

Eliminates manual intervention in performing tasks and business inefficiencies with proactively managing each stage. When the process is automated, it is easier to evaluate the right product from the right supplier at the right price. Improve Operations excellence by Saving the time also its ability to cut down on boring tasks through automation.

Below are the top reasons, which make fall in love with TYASuite P2P Cloud ERP platform

1. Centralized Cloud ERP 
2. Top-notch Data security
3. Manage more efficiently and save money 
4. Integrate & Automate Functions 
5. Easy to use, fast, guided experience 
6. Easy access to records
7. Bulk Import/Export
8. Catalog management 
9. Proactive reporting
10. Optimize Your Daily Operations.
11. Improve Cash Flow
12. Automates Manual Tasks
13. Business spend control
14. User controls at every level
15. Financial Controls through reports
16. Data Insights

Bottom Line 

Cumbersome processes (on-premises or manual bookkeeping) prevent procurement businesses from growth and unable to add more strategic value. Choosing the right cloud ERP based procurement to pay software needs time and planning that gives you peace of mind and use with confidence. There are multiple procurements to pay software solutions available in the market. But, if you are especially looking to save 50% of existing operation cost within a week and achieve 10X Return of investment (ROI). Then you are in the right place.

Drive into TYASuite Procurement Software and discover what value we can add to your business.

CARO 2020 was introduced on February 25, 2020, and made effective for all the reports to be issued for the financial years commencing on or after April 1st, 2019. 

This publication highlights key takeaways for Auditors, CFO, and other senior management. 

Considering a very short time given for companies to comply with this Order, the implementation of this order is going to be an uphill battle for companies. When the companies have to look back certain policies that never existed in the last 11 months and comply the same in the next 1 month, it is likely that the application for this order may be deferred for few quarters.

The regulators have definitely given a thought for Small business and have exempted CARO 2020 for below private companies including certain specific categories of the company like banking, insurance, section 8 companies, and one person company:  

1. Private companies excluding holding/subsidiary companies with paid-up capital of less than or equal to Fifty Lakhs Rupees and turnover less than Rupees two crores during previous Financial Year (Both conditions must be satisfied)
2. Private companies having a paid-up capital and reserves and surplus not more than one crore rupees as on the balance sheet date and which does not have total borrowings exceeding one crore rupees from any bank or financial institution at any point of time during the financial year and which does not have a total revenue as disclosed in Scheduled III to the Companies Act (including revenue from discontinuing operations) higher than ten crore rupees during the financial year as per the financial statements (all three conditions must be satisfied). 
3. Consolidated Financial statement has also been exempted except certain reporting related to Fraud reporting which must be included by the auditor for consolidated financial statements as well.

Below are in-depth analysis of our expert team related to certain key matters of CARO 2020:

1. Intangible Assets: Similar to erstwhile reporting on Fixed Assets, the CARO 2020 requires management to maintain complete details about intangible assets. Although the order is currently silent on the details to be maintained, however, it will be expected to maintain details such as Name, in which process /business of the company it is being used, their useful life, cost involved in developing of acquiring and most importantly if the intangible assets are internally generated then how the accounting standard requirements related to capitalization of intangibles are adhered to. This may pose certain challenges to various start-up companies who have been capitalizing on certain intangible assets in their business. Management and auditor both have to be vigilant to ensure that the proper record of capitalization is maintained. Companies may consider adopting certain Project Management Software including an integrated Time Sheet and expense management tool to establish the authenticity of the amount capitalized.
2. Immovable properties other than leased property: Auditors are required to report if the title deeds of all the immovable properties disclosed in the financial statements are held in the name of the company. This reporting may pose a significant business risk to real estate companies who have been reporting a significant amount of immoveable properties without the title deed in their name or otherwise. The auditors are also required to report whether any proceedings have been initiated or are pending against the company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988). 
3. Reporting related to working capital loan: If the company has been sanctioned working capital loan in excess of rupee five crores on the basis of security of current assets, auditors will be required to report if various statements submitted by the companies to Bankers agree to their books of account or not. This may increase the work of the auditor who has been focussing on auditing numbers on an annual basis. They need to start focusing on quarterly numbers as well to ensure reporting for this clause. 
4. Reporting related to loans, advances, and investments:  The auditors are required to report the aggregate amount of transactions during the year related to loans, advances, and investments, etc with group companies and other than group companies. Further, an auditor needs to report in respect of loans and advances in the nature of loans, whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular. In addition to above, certain other critical reporting related to loans and advances are required such as amount overdue, overdue more than 90 days, renewal of loans, granting of fresh loans to repay previous loans, any loan repayable on demand which may ultimately lead to identify potential risk on the balance sheet of the company. This reporting was primarily being asked from Bank Auditors till now and which seems to have extended to the company auditor under CARO 2020. 
5. Reporting related to a loan taken: The auditors are required to disclosedefault in repayment of such loans and interest thereon or if the amount of loan was diverted for the purpose other than the purpose for which the loan was taken if the loan was taken for the use of group companies etc.
6. Share issue related compliances: CARO 2020 requires an auditor to report onwhether the company has made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year and if so, whether the requirements of section 42 and section 62 of the Companies Act, 2013 have been complied with and the funds raised have been used for the purposes for which the funds were raised, if not, provide details in respect of amount involved and nature of non-compliance. It is critical to understand various compliances required under section 42 and 62 of the Companies Act, 2013. The Auditor must train themselves properly to be able to report under this clause. 

CARO 2020 reporting is going to be tougher for the auditor as well as companies. On the other hand, it will bring more transparency in the dealings of the companies. 

What else should businesses know about CARO 2020?

Author can be reached at vm@tya.co.in if any specific queries on this topic.

Mandatory Implementation of GST E-invoicing in B2B transactions from April 1, 2020, initiated by the Government of India.

Learn more from Frequently Asked Questions (FAQ) about new GST E-invoicing in India and how TYASuite E-invoicing software automates your transactions with the GSTN system on a common portal.

1.Can E-Invoice be generated directly at GST Portal?

No, The companies will continue to raise invoices in their existing billing platform. After raising the invoice in their platform, the E-invoice process can start. However, companies can use the TYASuite E-Invoicing platform and manage E-invoicing including normal invoice generation end to end in a single click.

2. Can E-Invoice be cancelled?

Yes, the E-invoice once generated can be cancelled.

3. Can E-Invoice be Partially Changed?

The E-Invoice cannot be changed partially. It has to be fully cancelled and a new invoice to be raised.

4. Can E-Invoice be Amended?

Yes, E-Invoice can be amended. However, this facility is currently not given through the E-Invoice system. Any amendments have to be done directly through GST Portal.

5. Is it mandatory to sign E-Invoice?

No, E-Invoice is not required to be signed by the Company. E-Invoice is already digitally signed by the IRP.

6. Can the company Logo be placed on E-Invoice?

Yes, Company can place its logo on the PDF version of E-Invoice. It is to be noted that E-Invoice which comes from IRP will not have Company Logo. TYASuite E-Invoice Portal can generate E-Invoice with Company Logo and other non-standard terms and help you to directly email the invoices to the Company?s customer.

7. Can we check the status of invoices on a real-time basis?

Yes, Company will be provided will secured login credentials to access to TYASuite?s E-Invoicing Portal and Company can access the portal 24/7.

8. Does Company require to change anything in their current ERP/invoicing system?

E-Invoice system required certain mandatory fields. If those mandatory fields are not there, the same shall be enabled or given in excel manually against each invoice.

9. How can Company generate E-Invoice if my existing system doesn?t support APIs?

The same can be done through excel invoice details.

10. How can I generate QR code on my E-Invoice?

TYASuite platform has inbuilt functionality to print the QR Code on the invoice.

11. Is QR printing on invoices mandatory?

Yes, All E-Invoice must have QR Code.

12. Will E-Invoices be emailed to my customers directly by IRP?

No, the TYASuite platform can perform the same.

13. Are B2B invoices with unregistered customer required to do E-Invoicing?

Currently, the B2B invoice with only valid Customer GST numbers can be generated through E-Invoice. For all other invoices, the existing system can play the role.

14. Can TYASuite platform also help in Automating GST Return Filling?

Yes, if other details are provided to TYASuite, the GST Return can be filled through the platform in one click.

15. Will E-way Bill Auto generated from E-Invoice?

TYASuite's E-Invoice platform has the option to generate E-Way. The info required for the E-Way bill has to be sent along with E-Invoice to generate the E-Way Bill.

16. Will My GST Return be filed automatically after E-Invoice implementation?

No, However, All the data required to file GST return will be auto-populated from the Vendors/Customers who are using the E-Invoice facility. For others, the existing system of uploading the date manually has to be continued.

17. Can Company Sales Team/Finance team receive a copy of the invoice sent to Customers?

Yes, Company central finance/sales email ID can receive a copy of invoices from TYASuite E-Invoicing platform.

18. If the TYASuite E-Invoicing portal is used for sending invoices to customers, whose email Id will be used to send the invoices?

Company?s provided email ID will be used to send invoices to customers.

19. Is E-invoice is mandatory for B2C Invoices?

Currently, there is no option to raise B2C invoices through E-Invoice. However, the turnover of B2C along with all other types of turnover across all GST numbers of the same PAN must be considered to check the E-Invoicing applicability.

I hope that this article will help you to understand the GST E-invoicing and if you have any questions, leave your comments below. For TYASuite E-invoicing software inquiries contact us here.

Many businesses today experience tests across areas, counting efficiency and productivity, delivering on client and employee prospects, or handling rising financial or human resource costs. Maybe your business scuffles in one of these areas or all of them…but it doesn’t have to. Enterprise resource planning (ERP) is a suite of integrated applications which bring together data about the business functions associated to technology, services, and human resources.

An ERP solution can benefit from solving all of these problems and more—and it can totally transform your business. ERP Solution act as a concierge to all of your business resources, data, and information, by continually retrieving and updating information across manifold departments and functions of your businesses in real-time and in one central place.

 Here are a few key ERP business transformation areas you’ll see when you implement an ERP solution:

1. Enhanced Productivity

With the suitable Cloud ERP Software in place, your business can take benefit of flexibility and scalability as it grows and changes with financial ebbs and flows. A Cloud ERP Software gives you the aptitude to add or eliminate applications, functionality, and features with ease and affluence. You can integrate new technology and import and export data when, how, and as you need to. Most prominently, you can do all this without noteworthy lag-time and without time-consuming and error-prone system overhauls.

2. Plug & Play Cloud ERP

Plug & Play Cloud ERP frees up your teams to use their time, talents, and skills to take on work and produce results that they otherwise couldn’t. ERP systems also disregard shared operational issues like manual-entry errors, unintentionally skipping a step in a process, or missing a deadline– all of which create inefficient and significant challenges for your business to overcome. 

3. Driving Better Business Decisions 

Your business is imminent decision-making without complete reports or analytics, you’re probably not able to trail hard data, financials, or other numerical support that demonstrate successes or failures. An ERP system gives you all of the info you need upfront. It’s not only about decision-making. Your ERP decision drivers will let you dig deep into the details, showing you how a particular product is acting, perhaps, or how an exact department or even an exact employee is impacting business costs and income.

Transform Your Enterprise with Best ERP Software

Different enterprises will have dissimilar needs and structure and thus, not a one-size-fits-all system can outfit diverse purposes. Being a customizable firm, you must focus on choosing a gainful solution like a plug and play ERP software that meets your wants and is easily controllable as well. Ideally, some of the ERP decision drivers are easy-to-use, customized, extremely scalable, secure, cloud and adaptive ERP feature

Conclusion

A considerable number of businesses experience extraordinary enhancements in their competence and inclusive productivity with investments on ERP solutions. An ERP system can help eradicate repetition in business processes and monotonous manual tasks, in addition to improving efforts following the execution of an ERP software – which saves employees valued time. This, plus so much more, permits them to focus better on other areas of business operations or processes that need enhancement.

E-invoice is a system where taxpayers can generate invoices.

‘E-invoicing’ or ‘electronic invoicing’ is a system wherein B2B invoices are electronically verified by GSTN for further usage on the common GST portal. 

In this process, an identification number will be issued for every invoice generated, by the Invoice Registration Portal (IRP) that is managed by GST Network (GSTN). This information will be passed directly to the GST portal from the IRP portal.

The new Indian e-invoicing model mandatorily requires businesses to generate e-invoices on their internal systems instead of generating from the central portal of the tax authority.

When Will E-invoice Be Implemented?

1. The taxpayers with annual aggregate turnover of Rs 500 crores or more can voluntarily generate e-invoices starting from 7th January 2020 through APIs

2. The taxpayers with the turnover of more than Rs 100 crores but less than Rs 500 crores can also join them starting from 1st February 2020

3. The electronic invoicing will be mandatory from 1st April 2020 for all taxpayers with turnover over Rs 100 crores

4. The aggregate turnover will include the turnover of all GSTINs under a single PAN, across India

What is the Process of Getting an E-invoice?

1. Normal Invoice

 Normal invoice is generated by the seller from his billing system and it should adhere to e-invoice schema. It should be generated in JSON format as it is the only acceptable format in the IRP 

2. Submit the E-invoice Request to IRP

  Next step is to upload the JSON schema to IRP. It can be uploaded through APIs or direct upload as IRP has the facility to accept both ways

3. IRP Validate Invoice and Generate IRN Number

  After the invoice is generated in JSON format it is then sent to the IRP. The IRP validates the invoice after receiving it and then generates a particular IRN number

4. IRP to Send Digitally Signed Invoice to GST

  Next, it is sent to GST portal after embedding the registrar’s digital signature on the invoice

5. GST to Generate QR code and Send Hashtag to IRP

  GST System will generate the QR code specific to the invoice, checks with the hashtag stored in invoice registry, checks for duplicate data and then sends it to IRP

6. IRP Send Invoice Details to QR Code (JSON Format) 

 IRP will return the digitally signed JSON to seller with the embedded QR code and can be shared as a PDF over email

TYASuite E-invoice Benefits

These are the benefits of using e-invoice as initiated by GSTN

1. E-invoice resolves and fixes huge gaps in data reconciliation under GST to reduce mismatch errors

2. E-invoices created on our software can be read by another, allowing interoperability and reducing data entry errors

3. Real-time tracking of invoices prepared by the supplier is enabled by e-invoice

4. Backward integration and automation of the tax return filing process – the relevant details of invoices would be auto-populated in the various returns, especially for generating the part-A of e-way bills

5. Faster availability of genuine input tax credit

6. Lower probability of audits/surveys by the tax authorities since all the information is available at a transaction level

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