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Uncovering Procurement Excellence

A definitive to solve your procurement issues
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Identify And Resolve Business Inefficiencies With Cloud ERP

It wouldn’t be wrong to say that modern cloud applications have revolutionized the way companies’ work. In this fast-paced world where everything is about speed and efficiency, Cloud ERP assists companies in numerous ways. From meeting up with their daily business routine work to timely management of all the ongoing projects and tasks; it has eased the lives of business professionals across departments.

Here are Top 5 inefficiencies which can be tackled easily with Cloud ERP:

1. Inaccuracy of Manual Data Entry

Manual data entry is one tedious task in an organization which is not only time consuming but have the highest probability of being full of errors. Humans, unlike machines, tend to get distracted with their surroundings and the chances of human error increases in this process. To curb up with this problem, using ERP software is highly recommended. It not only saves time but also cut costs along with providing results with precision.

2. Inefficient Communication Channel

In any organization, there are many departments, and if there is no proper communication channel between cross-departmental communications then the assigned tasks can end up taking more time than required to finish. This will also have poor productivity. But with switching to affordable Cloud ERP this problem could be reduced to a significant level. This can also lead to having no or less communication gap with vendors, freelancers etc. through vendor management software.

3. Lack of Inter-connected data

Most of the companies have been working without inter-connected data from various departments. They don’t realize but it costs them a significant amount every year in terms of loss of customers, bad debts, inventory wastage and many more. For example, in a typical B2B business- the field team takes order from customers and the same is not being able to flow to production team/procurement team on real time basis. Similarly, due to lack of proper planning, the goods may be in shortage and not been able to deliver to customer or it can be an excess stock of goods which can go waste. Cloud ERP helps business to inter-connect data on real time basis and improve business efficiency and productivity.

4. Substandard Customer Service

Below standard customer service would lead to a bad reputation of the company in the market. There are times when a product’s sales are much higher than the rate at which it is replenished and the sales department doesn’t exactly know when the product will be back in stock. If a customer places an order for the same product then the first thing which he/she wants to know is the date of delivery. If they don’t get a precise date, they keep on contacting the customer service department to get answers to their queries; to which the customer service representatives have no answer to. So just to avoid this kind of awkward situation, a business should opt for ERP software. It has many functions like procurement to pay software, inventory management software, Sales Order Management software and CRM which would easily sync all the work together for the smooth functioning of the operations.

5. Lack of consolidated data

As there are many departments in an organization, the data of each is varied. If the data is not consolidated and stored in one place, it would take more time for managers to go through each spreadsheet, documents etc. But with cloud ERP software, the data is stored in one place making it easy to access. Thus it will help you get accurate results with fewer inconsistencies and less effort.

Affordable cloud ERP software comes with procurement to pay software, inventory management software, compliance management software among various others, which is a full package deal in itself. So take your business a step higher and boost them with Cloud ERP Software to ensure an increase in the productivity of your business.

The Perfect Cloud ERP Solution - TYASuite Cloud ERP- Make In India for Indian and Global Business

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

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

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

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

Jul 24, 2020| 5 min read| views 914 Read More

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Resolve complex dealings with Vendor Management Software

Jul 21, 2020 | 3 min read | views 734 Read More
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TYASuite

Purchasing Problems And How to Fix Them

Feb 06, 2025 | 19 min read | views 38 Read More
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A Guide to risk management in procurement

Jan 23, 2025 | 15 min read | views 98 Read More

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TYASuite

Driving Efficiency with Cloud ERP for Modern Business Leaders

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

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

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

1. Increased Productivity

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

2. Standardizing Management Processes

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

3. Better Operational Control

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

4. Greater Customer Satisfaction

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

5. Improve Inventory Management

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

6. Reducing Manual Labour

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

7. Enhanced Project Management and Team Management

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

8. Optimal use of the Company Assets

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

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

The Perfect Cloud ERP Solution - TYASuite Cloud ERP

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

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

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

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

Jun 24, 2020 | 6 min read | views 450 Read More
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Vikas Mandawewala

Detailed Analysis of TDS on Non-Resident Payments

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

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

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

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

S.No Question to be asked Possible Response Expert opinion
1. Does the payment relate to Import of Goods or services? 1.Goods 2.Services 1. Goods: No TDS 2. Services: Refer below
2. Is there any specific section under which TDS on foreign payments has been announced (Refer Below List of Specific Sections announced for TDS on Non-resident payments) 1.Yes 2.No 1. Yes - Deduct TDS based on rate prescribed in respective section or respective DTAA rate of the country of residence of foreign party whichever is lower 2. No - Refer below
3. Will the payment be treated as any other income not referred else in any other section for non-resident taxation? 1.Yes 2.No 1. Yes - analyze if foreign party has any business connection (PE in India) 2. No - No TDS to be deducted
4. Does the foreign Party has PE in India 1.Yes 2.No 1. Yes - analyze if foreign party the payment being made is connected to that PE in India. If Yes, refer below 2. No - No TDS to be deducted
5. Analyze if the income can be considered to be arising or accruing in India u/s 9 of the Income Tax Act 1.Yes 2.No 1. Yes - Deduct TDS as per normal Income Tax Rates or rates as per DTAA whichever is beneficial 2. No - No TDS to be deducted

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

Specified category of Non-resident Income Tax:

S.No Nature of Payment TDS Rate
1. Income by way of Salary As per Slab rate of Salary
2. Income by way of long-term capital gains referred to in Section 115E in case of a Non-resident Indian Citizen TDS rate as per Section 115E or DTAA whichever is beneficial
3. Income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-Section (1) of Section 112 TDS rate as per Section 112 (1) (c) or DTAA whichever is beneficial
4. Income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in Section 194LB or Section 194LC) TDS rate as per Section 194LB/194LC or DTAA whichever is beneficial
5. Tax on dividends, royalty and technical service fees in the case of foreign companies (Section 115A) TDS rate as per Section 115A or DTAA whichever is beneficial
6. Tax on income from units purchased in foreign currency or capital gains arising from their transfer (Section 115B) TDS rate as per Section 115B or DTAA whichever is beneficial
7. Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer (Section 115C) TDS rate as per Section 115C or DTAA whichever is beneficial
8. Tax on income from Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer (Section 115ACA) TDS rate as per Section 115ACA or DTAA whichever is beneficial
9. Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer (Section 115AD) TDS rate as per Section 115AD or DTAA whichever is beneficial
10. Tax on non-resident sportsmen or sports associations (Section 115BBA) TDS rate as per Section 115BBA or DTAA whichever is beneficial
11. Capital gains on transfer of foreign exchange assets not to be charged in certain cases (Section 115F) TDS rate as per Section 115F or DTAA whichever is beneficial
12. Specific Deductions /allowances while calculating income of non-residents (Section 115C) Consider the allowance while calculating income
13. Any other specified section which may be announced in future Please check if any section is announced to charge tax on non-resident, consider rate mentioned in that section

Other key considerations in non-resident TDS deduction:

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

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

Refer our separate discussion on TDS on residents.

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

Avail the Free Subscription today.

Jun 20, 2020 | 7 min read | views 59420 Read More
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TYASuite

How does ERP Software differ from Accounting Software?

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

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

Accounting Software vs. ERP Software

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

Accounting

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

ERP

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

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

Benefits of choosing Cloud ERP Software over Accounting Software

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

Single Solution

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

Data Integration

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

Industry Specificity

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

Ultimate Visibility

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

Remote Accessibility

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

Strong Data Security

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

The Perfect Cloud ERP Solution - TYASuite Cloud ERP

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

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

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

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

Jun 16, 2020 | 6 min read | views 690 Read More
TYASuite

Deepak Kumar Daga

Revised Compliance Due Dates and implications

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

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

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

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

Name of compliances For the period/ FY/Months Revised Due Date/ Other implications Original Due Date/ Other implications
Income Tax Return FY 2018-19 (AY 2019-20) 30th June 2020 31st March 2020
Income Tax Return – for Non-Auditable Assessee FY 2019-20 (AY 2020-21) 30th November 2020 31st July 2020
Income Tax Return – for Auditable Assessee FY 2019-20 (AY 2020-21) 30th November 2020 31st October 2020
Tax & Statutory Audit FY 2019-20 (AY 2020-21) 31st October 2020 30th September 2020
TDS & TCS Return of Qtr. IV FY 2019-20 (AY 2020-21) 30th June 2020 31st May 2020
Due date for deposit of TDS/TCS For the month of May 2020 7th June 2020 7th June 2020
Online submission of form 15G/15H FY 2020-21 30th June 2020 30th April 2020
Linking PAN with Aadhar N.A. 30th June 2020 31st Mar 2020
Issuance of Form 16/16A for the Qtr. IV FY 2019-20 (AY 2020-21) 30th June 2020 15th June 2020
Making investments & payments for claiming deduction under Section 80C/80D/80G FY 2019-20 (AY 2020-21) 30th June 2020 31st Mar 2020
Interest liability on payment) (All delayed payments of advance tax, self-assessment tax, TDS, TCS, equalization levy, STT, CTT) Due between 20th March 2020 to 30th June 2020 20th March 2020 to 30th June 2020 will be charges at reduced interest rate i.e., 9% p.a instead of 12% or 18% p.a Interest rate i.e., 12% or 18% p.a
GSTR - 3B Turnover in preceding FY < 1.5 crore February 2020, March 2020, April 2020, May 2020 30th June 2020, 3rd July 2020, 6th July 2020, 14th July 2020 20th March 2020, 20th April 2020, 20th May 2020, 20th June 2020
GSTR - 3B Turnover in preceding FY 1.5 crore to 5 crore February 2020, March 2020, April 2020, May 2020 29th June 2020, 29th June 2020, 30th June 2020, 14th July 2020 20th March 2020, 20th April 2020, 20th May 2020, 20th June 2020
GSTR - 3B Turnover in preceding FY > 5 crore February 2020, March 2020, April 2020, May 2020 24th June 2020, 24th June 2020, 24th June 2020, 27th June 2020 20th March 2020, 20th April 2020, 20th May 2020, 20th June 2020
GSTR – 1 Quarterly Turnover in preceding FY < 1.5 crore January - March 2020, April - June 2020 30th June 2020, 31st July 2020 30th April 2020, 31st July 2020
GSTR - 1Monthly Turnover in preceding FY > 1.5 crore March 2020, April 2020, May 2020 30th June 2020, 30th June 2020, 30th June 2020 11th April 2020, 11th May 2020, 11th June 2020
GSTR 9/9C Annual return FY 2018-19 30th September 2020 31st Mar. 2020
GST ITC?04 Return –Quarterly (for March 2020) FY 2019-20 30th June 2020 25th April 2020
Online filing LUT (GST RFD 11) for Exports & Supplies to SEZ without payment of tax FY 2020-21 30th June 2020 31st March 2020
ROC Compliance – Additional Fees For the period 1st April 2020 to 30th September 2020 No additional fee shall be charged for late filing during a moratorium period (01.04.2020 to 30.09.2020) in respect of any document, return, statement etc required to be filed in MCA system irrespective of its due date MCA Due dates
Input GST credit - restriction rule of 10% with reference to GSTR2A Note: The said condition shall apply in FORM GSTR-3B for the tax period of September, 2020 and shall be furnished with cumulative adjustment of input tax credit for the said months in accordance with the 10% condition) For the months of February, March, April, May, June, July and August 2020 20th September 2020 FORM GSTR-3B – 20th day of March, April, May, June, July, August and September 2020.
Submission of Annual Results to SEBI by Listed Entities FY 2019-20 30th June 2020 30th May 2020
Vivad se Vishwas Scheme (Not liable to pay additional 10%. No interest and penalty will be applicable) FY 2019-20 31st December 2020 31st March 2020
Form 61 (statement of Form 60 received), 61A (statement of financial transactions), or 61B (statement of reportable accounts) FY 2019-20 30th June 2020 31st May 2020
Companies (Auditor’s Report) Order, 2020 [CARO-New] FY 2019-20 1st April 2021 (extended applicable date) 1st April 2020 (applicable date)
Newly incorporated companies to file a declaration for commencement of business (Form INC-20A) FY 2020-21 12 months after incorporation 6 months after incorporation

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

Avail the Free Subscription today.

Jun 09, 2020 | 5 min read | views 1469 Read More
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TYASuite

As the Indian economy reopen, what should CFOs do?

The COVID-19 crisis has left the global economy in shambles, and India has fared no better. With almost 3 months of a nationwide lockdown, business have been closed for a long time. The lockdown rules have recently been relaxed, and businesses are beginning to start operations gradually.

As businesses and the Indian economy reopens, all companies must take a strong and detailed look at their finances and prepare for the unprecedented and unpredicted times ahead. Here are a few things every CFO needs to consider to ensure that his company has a plan to survive the recession -

1. Evaluate Where You Stand

The first step is obvious - conduct a detailed and accurate study and account for your company's current financial status. This includes, but is not limited to -

Your Cash-flow

Take a good account of inbound and outbound cash flows to evaluate your company's overall liquid capital. Knowing how much cash you have to use, how much cash is coming in, and how much cash is going out is essential to plan for the future.

Your Inventory

Take stock of your existing inventory in detail. Make sure every item is accounted for, quality-checked, and ready for use as required once your business reopens. Inaccurate inventory data can cause major problems in your production if demand suddenly increases in the coming times. Efficient Inventory Management becomes very critical at this point.

Your Assets

Make sure you have an up-to-date idea of all of your assets including whether it is ready to use, possible maintenance or repair requirements, warranty status, current relevance and insurance status. Effective Asset Management including warranty management and insurance management becomes very critical at this point. Ensure the assets are properly insured and extended warranty is taken if required.

2. Forecast All Possibilities

As a CFO, one of your main roles is forecasting ? difficult in normal times ? it?s even tougher to forecast what the post COVID-19 landscape will look like. Therefore, it is prudent to consider all the conditions around us now, and forecast a wide range of possibilities. That way, whatever the outcome of the pandemic, your company will have plans in place to survive it.

Ensure Sourcing

As your business reopens, make sure your sourcing is taken care of. Existing vendors may face problems with supply, making it necessary for your company to ensure that alternative sources are identified, evaluated and categorized for immediate reference in case you need their services. Good vendor management will be key in maintaining company production.

Boost Liquidity

With the Government planning to release large amounts of liquidity into the markets, CFOs must ensure that their company?s cash and liquidity is up to the mark, and bolstered by the government?s plans. Financing should be re-visited; debt and credit should be scrutinized afresh. Receivables especially need to be managed urgently as customers will tend to delay payments to meet their own challenges. Tax planning in Covid situation is also critical, and conserving cash in short-term periods must be ensured. With the GOI announcing extension Of TDS returns due dates, GST returns and various other compliances, many opportunities have arisen to make such savings. For MSMEs, government has delayed the GST payment and is also evaluating the GST payment only upon collection form Customers. You must consider all possible opportunities of boosting company?s liquidity.

Optimize Assets

Optimizing your company?s assets is just as essential. Making sure that every single asset is relevant to your recovery must take precedence over other tasks. Evaluate your current assets to identify which of them will be relevant.

Ensure Social Distancing in Office

As the offices reopens and MHA announcing the unlock guidelines on almost every day basis, it is critical for companies to follow such guidelines. Maintaining Social distancing while having meeting and calling employee to work from office is critical to avoid any mishaps in the company.

Reduce Human Dependence

CFOs must prepare for the possibility of many critical employees (including themselves) falling ill and getting taken out of commission by COVID-19. This means that they need to plan accordingly, and make sure that a framework is in place to ensure through which all financial processes can function with remote supervisory inputs from top management. Cloud ERPs can be very handy in these situations.

Streamline Communication with Stakeholders

Amidst the uncertain economic landscape, CFOs must ensure clear and constant communication with key stakeholders. Communication should be automated, and there should be a smooth flow between stakeholders, banks, investors and employees when communicating with each other.

Investor communication is going to be of utmost importance to avoid uncertainty on their part. Investors will want to be updated with your company?s activities to handle the crisis, and stay ensured that their investments are secure.

3. Plan for the Recovery

It is never too early to plan for the recovery of the economy, even though we can?t say how soon that will take place. CFOs must consider all the different methods in which the market can return, despite social distancing and COVID-19 regulations. Once the market returns, there will be heavy competition amongst companies to recover their losses, and only those with plans already in place will come out in the lead.

4. Digitize the Process

Covid has proven that Cloud ERPs are the future. Many companies who didn?t implemented cloud ERP or e-procurement software has suffered more than companies which had these in some form or other. Demand for Cloud software has surged during the lockdown. CFOs must evaluate their existing business process and look out for affordable cloud ERP to digitize their business process.

Get the benefits you deserve with TYASuite Cloud ERP

TYASuite is here to help you with affordable Cloud ERP. With our plug and play cloud ERP software, cloud procurement to pay software (P2P software), Cloud Inventory Management software, Cloud Assets Management Software, Project Management Software, bring all your business processing in one single platform, and have complete access over remote cloud-based applications.

TYASuite Cloud ERP is scalable, flexible and customizable ERP and you can go live just in 7 Days. It is enriched with best of the features and is affordable cloud ERP.

Sign up today for a FREE DEMO, and get 3 months usage of our tools for no cost!

Jun 04, 2020 | 6 min read | views 633 Read More
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Cloud ERP Software- Must For SMEs To Survive Post Covid 19

The COVID-19 outbreak has left the world reeling, and the global economy has been suffering worse and worse damage over the last couple of months. Almost every single business in the world has been affected, and desperately searching for solutions to recover. Even the essential services industry has suffered due to lower demand. The combined effects of human health and welfare, disruption of the supply chain and massive changes in consumer behaviour and buying power has left companies in need of rapid adaptation and change to survive in the present circumstances.

Many Companies across the globe has done mass lay-offs, put the employee on mandatory unpaid leaves and have reduced the salaries of remaining employees.

Governments are coming up with Covid revival package for MSEs and industries.

For businesses around the world, the first and foremost form of possible relief has come from the use of technology, especially digital technology, to adapt to these changes. From online payment services, digital communication platforms to virtual business processing, management and Cloud ERP Software, digital technology, the internet and telecommunications have been able to prevent a complete worldwide shutdown of all businesses.

To survive this pandemic and consequent economic downturn, businesses around the world, especially small businesses and startups, need to implement certain changes in their operations. For the Indian economy, the MSME sector will largely lead and decide the recovery from the possible upcoming recessions, and hence they must -

Digitalize and Automate

The Indian MSME sector is witness to an existing problem of companies, especially small and micro-enterprises, delaying or refusing the implementation of digital technology for their business processes. This can no longer persist as any organizations who do not embrace digital whole heartedly have little to no chance of survival in this current ecosystem. Tech-savvy companies have already demonstrated the ability to overcome COVID-19 restrictions through the implementation of cloud services, mobile apps, AI-ML software and social media, to counter the prevention of human contact due to social distancing and quarantine rules. Small businesses must learn from these examples and begin transferring all possible processes from manual setups to digital cloud-based platforms like Cloud ERP, Cloud Project Management Software, Inventory Management software, Procurement to pay software and many more.The Cloud Business Software will also help maintaining social distancing.

Get Ready for Work-From-Home

New strategies and processes need to be formulated and implemented immediately to facilitate a work-from-home setup. Companies worldwide have already begun to face the need to adapt to maintaining an almost entirely remote workforce, and this will continue well into the future. To gain the edge over competition, a proactive stance must be assumed by founders, CEOs and top management towards work-from-home including the deployment of company-wide awareness and training in efficiency and productivity protocols. Ensuring productivity while work from home is important to companies as well as employees.

To facilitate a rapid shift to remote working models, companies must ensure ?

  1. Negotiate with infrastructure vendor to support remote workforce demands: All the technological requirements for remote work must be available to your employees, including hardware, software and telecommunication devices. Companies should pre-negotiate high volume network and internet facilities with providers, and implement efficient collaboration technologies including video-conferencing tools, file-sharing and cloud ERP software to ensure that poor bandwidth, connectivity and lack of cloud ERP doesn?t hamper the employee productivity.
  2. Optimized infrastructure costs and management: As more employees will start working from home, companies need to re-evaluate their infrastructure maintain on-premise, and balance that with new potential costs to provide infrastructure to employees at their homes, such as laptops, advanced internet connections, security software and reimbursements for telephone and internet expenses.High level on-premise infrastructure such as servers, desktops, office-wide bandwidth, seating facilities, etc. will become useless, and all related assets should be repurposed.

Shift Everything to Cloud

Companies who had implemented cloud-computing technologies in their business process before the COVID-19 crisis hit, have already seen how much it has helped them get through the lockdown conditions. Other companies must take the hint and migrate their operations to cloud, in preparation for the times to come. There will be an increased demand for work-from-home, and that will naturally put a lot of stress on the IT infrastructure. The main advantages of using cloud technology to meet this demand are the inbuilt security and automatic scalability of cloud structures.

As the economy reopens, companies will be bound to bow down to situation and inculcate work from home culture.SMEs will not have any tech bandwidth or the budget to get required infrastructure on -premises. The only option SMEs and Start-ups will have is to look for affordable SaaS software. There will be many options in the market and choosing the right one that fits into your business requirement and is affordable will be important.

Companies who aren?t used to handling a big IT load need not hire new IT staff and procure infrastructure just to shift their operations to digital, they can leave that to dedicated cloud service providers. Cloud ERPs for example, will become a necessity in coming times. Cloud ERP can allow your business processes to transform to a digital platform, without any effort on your part. Simple subscriptions to customized plans allow you to integrate the ERP into your system.

Reduce Human Dependence

It must be obvious with the earlier given points and the current conditions that businesses cannot depend as heavily as before on human agency and interactions. With the new social distancing rules, businesses must use automation and technology to reduce human dependence drastically, and transfer as much of the processing tasks as possible, to machines and software. The easiest way to do this is again by implementing cloud ERP that can automate all menial and repetitive tasks, leaving only critical decision making to human employees. With reduced workforces and the need to cut back on expenses, such process automation will become essential to small and medium businesses.

Conclusion

Though there is no amount of preparation that can guarantee a business?s success in the trying times to come, it is quite safe to assume that only those companies that adapt with the times and make the best use of technology will have any hope for growth and survival. As the COVID-19 curve is flattened, technologically equipped companies will be able to get back into business without any extra hassle.

Get the benefits you deserve with TYASuite

Are you ready to make entry into the new era of Digitalization?

TYASuite is here to help you with affordable business software. With our plug and play cloud ERP software, cloud procurement to pay software (P2P software), Cloud Inventory Management software, Cloud Assets Management Software, Project Management Software, bring all your business processing in one single platform, and have complete access over remote cloud-based applications.

TYASuite Cloud ERP is scalable, flexible and customizable ERP and you can go live just in 7 Days. It is enriched with best of the features and is affordable cloud ERP.

Sign up today for a FREE DEMO, and get 3 months usage of our tools for no cost!

Jun 02, 2020 | 7 min read | views 584 Read More