Technology has transformed over the last couple of decades and so is the business. With transformation, the business owners are looking forward to accelerating their business in the same proportion. To match the speed of transforming technology the companies around the globe are using tools and techniques to take their business to the next level.

The style of managing inventory within the organization has changed drastically. With passing years the inventory management software came into existence making it easy for organizations to manage their inventories. Inventory management is a tedious task that slows down the business process. Choosing the right inventory management software with the right features will help you maintain the pace of the business.

Balance your Business with Inventory Management Software

There?s no doubt about the fact that the value of inventory software cannot be understated especially for businesses dealing with a huge amount of goods. In other words, inventory management is a crucial step in a supply chain where the movement of stocks is tracked in and out of the warehouse.

The main objective of implementing inventory management software is to track the movement of stocks at a particular time as well as track the volume present in the warehouse.

Benefits of an Effective Inventory Management System

(1) Help to increase overall efficiency

The selection of the right Inventory Management System helps to increase the overall health of the business. It will help to save the time of your employees which they spend on record keeping as well as in tracking the movement of stocks. It will promote efficient time management as well as give enough time to employees to contribute to the company.

(2) Stay updated with inventory location

If you have multiple branches for your warehouse then it becomes important to track the exact location of inventories. To confirm the presence of inventories it is important to have Inventory tracking software to stay updated with the status of inventories.

(3) Keep your warehouse well organized

The implementation of Inventory management software keeps your warehouse organized. It will help you save money and improve the fulfillment of business using the warehouse for inventory management.

(4) Improve the efficiency and productivity

Inventory control software helps to manage time and promote optimum use of company resources. The implementation of inventory management software helps to speed up the process and ensure inventory records are intact and up to date.

(5) Build customer confidence with reasonable price

As inventory management software is implemented with better strategies, the organizations can use inventory planning to improve the cash flow by providing quality customer service at consistent and amazing pricing. This step will help to adjust the product line and help the companies to make intelligent business decisions.

The Final Statement

Inventory management is an asset for the company, so it is very important to nurture and protect your assets to emerge as a global winner. As inventory management software is implemented it can contribute a lot in cost control as well as predict the sales and prepare your business to face global competition. The Plug and Play Cloud ERP Software has made everything possible that the decision-makers can think to expand their business. There is a better chance for profitability as well as survival for the business to grow in a competitive market with a good scope.

Take Control of your Inventory with TYASuite

As soon as the inventory management software is implemented within the organization it will open the doors of endless possibilities for your company. To leave the footprint of success inventory management software is one of the best options to compete with global rivals.

Contact our team for a free trial today!

Accounting software -

On March 24^th, 2021, MCA has introduced a new rule related to accounting software by introducing sub-rule (1) to rule 3 the companies (Accounts) rules, 2014.

The new rule mandates every company which uses ?Accounting Software? for maintaining books of account to ensure the below features in new accounting software with audit trail:

1. Must have a feature of recording audit trail for each and every transactions
2. Edit log for each change in books of account along with date stamp
3. The audit trail must not be capable of disabling

In addition to the above, MCA has also changed the content of the audit report, where the auditor must need to comment as below:

?Whether the company has used accounting software with audit trail for maintaining its books of accounts which has below features?:

1. Recording audit trail
2. The feature has operated throughout the year
3. The audit trail feature has not been tampered with
4. The audit trail has been preserved as per the record retention rule

As we know most of the small and mid-size companies in India use traditional accounting software.

Considering the timeline given by regulator, it?s challenging for businesses to find alternative accounting software or approach their existing accounting software companies to develop this feature. Development of this magnitude may not be quick and easy from accounting software company?s side.

If you are looking for a ready-to-use accounting software with an audit trail, do check out TYASuite?s Cloud ERP Software. With Plug and Play Cloud ERP, you can go live within weeks.

The change in the taxation system of the country has proved to be a boon for the ever-growing economy. Being the largest democracy in the world, the reform in the taxation system has not only boosted-up the Indian economy but has also made the taxation system more transparent than ever before.

After the introduction of the game-changing GST Law, E-invoicing has now also been implemented for B2B (business-to-business), and business-to-government. In the world's largest economy like India, e-invoicing is being rolled out in B2B transactions initially to curb tax evasion in the country.

Following the footprints of India, the European nations are planning to implement the same for their business. Implementing an E-invoicing system will help them to digitalize their economy and open new doors of possibilities for their business in terms of generating revenue and create more employment opportunities.

What is e-invoicing?

Electronic invoicing or e-invoicing, refers to a method of processing and generating invoices in an electronic format with the help of a common platform between the buyers and suppliers. With the implementation of the GST e-invoicing system, all B2B invoices will get electronically verified by GSTN subject to certain limits. All businesses around the country can generate e-invoices with the help of available Plug and Play ERP software which has an e-invoicing module.

Importance of E-invoicing for Business

It can help your business to grow as well as maintain transparency in every financial transaction. The importance of E-invoicing is mentioned below:-

(1) Saves Time

Before the implementation of e-invoicing, the financial records were not so organized. Many times, it was manually or through the use of multiple software. As the records were scattered, it increased the probability of errors. To eliminate the chances of errors and save time e-invoicing, is implemented to reduce the steps that were followed traditionally. As a result, it helps to save a considerable amount of time both for suppliers and buyers. It also automates GSTR 1 fillings thus saving a significant amount of time.

(2) Helps in Cost Control

As the country is heading towards a digital economy it emphasizes more on the paperless mode of working. As E-invoicing is generated and authenticated by government to be a genuine invoice it can electronically be shared online with buyers and sellers with confidence.

(3) Reduce the Chances of Error

With the manual generation of invoices, there are higher chances of errors. As a result, it can create a lot of discrepancies in business transactions. To avoid these types of problems it is the best option to look for E-invoicing software. With help of software, it will be easy for buyers and sellers to maintain the highest level of transparency during the entire business operations.

(4) Improve Customer Satisfaction

The satisfaction of customers is very important for any business. The implementation of E-invoicing helps to save 90% of the processing costs. As it is paperless the customer can get complete advantage of early payment as well as they can get best deals on every purchase.

(5) Reduce the Chances of Fraud

With real-time tracking of E-invoices, there are less or no chances of fraud. The implementation of e-invoicing has given a strong hand to tax authorities to take stern action against fraudsters.

Final Take Away

For a developing nation like India where tax evasion is quite a common problem, the implementation of E-invoicing will solve the problem up to a great extent. Apart from this, it will also help to maintain transparency in the long run for all organizations. In the coming time, it will boost up the Indian economy and take the country on the path of progress and prosperity.

Launching of E-invoicing by TYASuite

As an emerging Cloud ERP service provider, TYASuite has taken a step ahead to launch E-invoicing solutions for its esteemed clients helping them to ease the complications. It is one of the leading cloud ERP service providers helping organizations to streamline their business.

The innovation of technology has transformed the scenario of business around the globe. With the revolutionary change, the business leaders are looking forward to cope up with the change and implement them to increase their productivity as well as minimize the complications of day to day business operations.

Since ERP came into existence it has proved to be one of the biggest game-changer for the corporate world. As cloud ERP has entered the global market, the hassle-free ERP implementation remains a challenge for the ERP department.

The Layout for ERP Implementation

The tips mentioned below will help companies with hassle-free ERP implementation:-

(1) Know well about your challenges that you are planning to solve

Before starting ERP implementation within the organization, it is very important to know about the unique strengths of the ERP you are implementing. For the successful implementation of cloud ERP, there should be detailed documentation of business problems the ERP is expected to handle and make it easy for the organization to carry out the business operations smoothly.

(2) Get the business process document ready

Before you take a step ahead to implement the cloud ERP, have clarity about digital transformation within the organization. Make a clear map about all the business process along with the details of all stakeholders. By doing so it will help you understand the challenges that can come after the implementation of cloud ERP.

(3) Identify the customization points

It is reasonable to assume that you will need some customizations to the proposed Cloud ERP you are planning to implement. It is advisable to have a complete list of customizations outlined and agree with the implementation partner upfront to avoid derailing the cost as well as the timelines for the implementation.

(4) Choosing the right service provider

Many service providers offer ERP services at amazing prices. But before choosing the service provider you need to decide their credibility and success rate on ERP implementation. The right strategic partner will provide you the exact solution at the time of ERP enforcement as well as train employees to use various modules of ERP. Get an understanding of the hourly rates from the implementation partner in case the budgeted time gets exhausted later.

(5) Be prepared with a realistic plan

Planning is the key to the successful accomplishment of ERP. Be informed about the timelines and milestones of the projects. Keeping that in mind conduct trial runs to test their performance once they are live for execution. By doing so it will help to anticipate the delays and tune-up the configuration.

(6) Conduct User Acceptance Test (UAT) after implementation

Once ERP software is implemented, start the process for adequate testing. Ensure the business process document is met with the final ERP system. Process a few test transactions covering multiple scenarios.

(7) Fix UAT Issues

Once the UAT is done and if changes are foreseen on UAT, get the same incorporated and bifurcate them before going live. Choosing the right cloud ERP system will help you to stay aligned with the pre-defined standards of the organization.

(8) Having an ERP Champion

Depending on the no. of users in your company, you must opt either for a full-time ERP Consultant or a virtual ERP Consultant. In general human beings have been average to any change. ERP Implementation is a big change in the style of their working habits and process. They tend to have a pushback nature on this implementation. The role of an ERP Consultant is critical in addressing the user queries and ensuring that the user?s acceptability is increased.

Final Take Away

Following the above-mentioned tips can help to ensure the successful implementation of cloud ERP. The most important thing is to make sure that the final execution of ERP matches organizational goals and objectives. As cloud ERP comes into effect it will simplify your business operations as well as ensure optimum utilization of resources.

Emerge as a winner with Hassle-free ERP Implementation

TYASuite is committed to your organizational success. Plug and Play ERP Software will help you to gain remote access to cloud-based applications. Get live in just 7 days with enriched features and wide accessibility options.

 Selecting the best procurement solution for small businesses is a critical decision to ensure smoother purchasing operations, minimize costs, and build better supplier relationships. A procurement management system can optimize procurement workflows, boost transparency, and automate manual tasks that often lead to errors. In this guide, we’ll explore how to evaluate and choose the ideal procurement tools for your business’s unique needs, with a particular focus on TYASuite and how it addresses challenges faced by startups and small businesses.

Understand Your Business Needs: What to Look for in Procurement Tools

The first step in choosing the right procurement solution is identifying the unique challenges your business faces. Since every small business operates differently, a one-size-fits-all approach may not work. Before diving into Procurement platform, understanding your requirements will ensure you select a solution that matches your business growth trajectory and operational goals.

Key Procurement Challenges Small Businesses Face:

♦ Manual Procurement Processes: Many small businesses rely on outdated methods like spreadsheets, which can cause errors and inefficiencies in their procurement workflows. This is a major concern because manual tracking and approvals slow down the procurement cycle, leading to missed opportunities, delays, or incorrect orders. Implementing e-procurement for small businesses helps automate workflows, streamline processes, and reduce human error. TYASuite offers procurement automation features that simplify purchasing tasks such as purchase orders, supplier selection, and invoice approvals.

♦ Managing Multiple Suppliers: As small businesses scale, they often work with numerous suppliers. Juggling these relationships manually becomes increasingly difficult. An ideal procurement platform for small businesses includes built-in supplier management capabilities. With tools like vendor performance tracking, small businesses can easily monitor and evaluate suppliers based on timely deliveries, pricing, and product quality. TYASuite offers robust vendor management tools to help you track supplier performance and streamline communication.

♦ Lack of Purchase Order Visibility: When small businesses don't have visibility into their purchase orders, invoices, and shipments, delays and confusion are inevitable. This leads to costly miscommunications. A procurement system should provide clear, real-time tracking to ensure the process runs smoothly. TYASuite's Procurement Solution provides complete visibility into the entire order lifecycle, from initial request to final delivery, helping small businesses stay on top of their purchase orders and avoid costly delays.

♦ Compliance Requirements: Every industry has specific regulations governing procurement processes. Compliance can be complex, but a reliable procurement solution will have tools to ensure your processes are fully compliant. TYASuite includes built-in compliance features that help small businesses ensure they adhere to regulatory requirements, whether it's for tax purposes, environmental regulations, or supplier diversity.

By understanding these common challenges, you can identify which features your business specifically needs, thus enabling you to pick the right procurement solution for small business growth.

Budgeting for Your Procurement Solution: How to Choose Affordable Procurement Tools

While choosing the best procurement solution is essential, small businesses must also keep their budgets in mind. Striking the correct balance between cost-effectiveness and usefulness is essential.. The most suitable procurement tools for startups should offer essential features without stretching your financial resources.

Factors Affecting the Cost of Procurement Tools:

♦ Pricing Models: Most modern procurement systems use a subscription-based pricing model, which provides businesses with flexibility and scalability. This model enables small businesses to pay based on their usage, reducing upfront costs. TYASuite, for example, offers flexible subscription pricing that scales with your business’s growth, so you’re not paying for features you don’t need at the outset.

♦ Training and Support Costs: Some procurement Tools providers offer free training, while others may charge extra. Training costs should be factored into your budget if the software is complex. If you're a small business with a limited budget, consider systems like TYASuite that offer comprehensive training materials and customer support at no additional cost.

♦ Additional Fees: Many systems charge extra for advanced features or integrations with third-party tools like accounting software or ERPs. Ensure you inquire about any hidden fees upfront so there are no surprises later. TYASuite provides clear, transparent pricing without hidden charges, so you always know what you're paying for.

By taking into account the overall costs, including subscriptions, training, and potential add-ons, you can select a solution that fits within your budget.

Must-Have Features in Procurement Tools for Small Business Success

When selecting a procurement solution for small businesses, it’s important to focus on functionality. The best procurement tools will combine essential features that increase productivity, ensure cost efficiency, and help you manage procurement in compliance with industry standards.

Core Features to Look for in Procurement Tools: 

♦ Procurement Automation: One of the most critical features of a Procurement platform for entrepreneurs is automation. Automating tasks like purchase orders, invoice approvals, and requisitions reduces the time spent on manual processes and helps eliminate errors. Tools like TYASuite’s procurement automation features allow businesses to streamline these daily tasks, enabling you to focus more on strategy and growth.

♦ Vendor Management: An effective procurement system will include tools for managing suppliers. This includes tracking performance, ensuring quality, monitoring contract compliance, and maintaining strong relationships. TYASuite’s vendor management tools make it easy to manage these relationships efficiently, helping you assess supplier performance and negotiate better deals.

♦ Spend Analytics and Reporting: Understanding your expenses is critical for controlling procurement costs. Analytics tools within procurement systems allow you to see where your money is being spent, helping you make informed decisions and optimize budgets. TYASuite offers advanced spend analytics features that provide real-time data and insights into your procurement activities, ensuring that you stay within budget.

♦ System Integration: A good E-procurement should integrate smoothly with other business tools, like ERP systems or accounting software, ensuring seamless data flow across departments. TYASuite integrates well with various platforms, providing consistency and ensuring that your procurement, finance, and inventory systems work together seamlessly.

♦ Mobile Access: Cloud-based E-procurement systems allow your team to manage procurement processes from anywhere. If your small business has remote workers or frequently operates from different locations, mobile access is a must. TYASuite’s mobile-enabled system ensures that your team can manage procurement tasks on the go, giving them flexibility while maintaining full control over spending.

By selecting a system that includes these features, you can ensure that your business operates more efficiently and effectively.

Comparing Procurement Systems: Finding the Best Fit for Your Business

After identifying your business's needs and budgeting, the next step is to evaluate different procurement solutions. Comparing tools based on various critical factors will help you make an informed decision.

Key Comparison Factors:

♦ Ease of Use: A procurement solution should have an intuitive interface that minimizes the learning curve for your team. The easier it is to use, the faster your employees will adopt the tool. TYASuite boasts a user-friendly interface that allows businesses to quickly get up to speed without extensive training.

♦ Scalability: As your firm grows, so will your buying demands.. A system that can scale with your business is vital. We offers scalable solutions that grow with your business, allowing you to add new users, suppliers, and transactions without the need for a new system.

♦ Security Features: Since procurement systems deal with sensitive business data, security is a major consideration. Look for features like encryption, multi-factor authentication, and secure cloud storage to protect your data. TYASuite prioritizes security with its advanced encryption and robust data protection features.

♦ Cloud-based vs. On-Premise: Cloud-based solutions offer flexibility and remote access, while on-premise systems give you more control over customization and security. Small businesses with limited IT resources may prefer a cloud-based solution like TYASuite, which is easier to implement and offers remote access.

♦ Customer Support and Training: After choosing a procurement system, you will need support during implementation and troubleshooting. Ensure that the software vendor offers comprehensive training, guides, and responsive customer support. We provides 24/7 support and thorough training resources to ensure smooth implementation and operation.

By comparing different tools based on these factors, you can select the procurement platform that aligns best with your small business's needs.

Testing Procurement Software: Why You Should Try a Demo

A demo or free trial is a great way to assess whether a procurement system suits your business needs. Testing out a tool firsthand gives you the chance to experience its features, usability, and compatibility before committing to a long-term contract.

What to Test During a Procurement Software Demo:

♦ Workflow Automation: During the demo, test the system’s ability to automate key tasks like generating purchase orders and approving invoices. This will help you understand how much time automation will save and whether the system’s automation tools meet your needs.

♦ User Interface (UI): Evaluate the UI to ensure it is intuitive and easy to use. A clean and simple interface will make it easier for your team to adapt to the new system.

♦ Mobile Compatibility: If your team works remotely or frequently travels, test how the system works on mobile devices. TYASuite’s mobile application allows your team to stay connected and manage procurement tasks anytime, anywhere.

♦ Integration: Ensure that the software integrates smoothly with other business tools like accounting software, ERP systems, or CRM tools.

Testing the software through a demo allows you to make a more informed decision about whether the solution fits your business needs.

Ready to see how TYASuite can transform your procurement process? Try our free TYASuite demo today! Experience the power of streamlined procurement workflows, effortless supplier management, and seamless integration. Contact us now to schedule your personalized demo and take the first step toward optimizing your business operations.

Reading Reviews and Case Studies: What Others Are Saying About Procurement Software

Customer reviews and case studies offer valuable insights into how a procurement system performs in real-world situations. These resources help you understand the strengths and weaknesses of a solution.

Where to Find Reliable Reviews:

♦ Third-Party Review Sites: Platforms like Capterra, G2, and Trustpilot offer unbiased reviews from businesses in similar industries.

♦ Vendor Case Studies: Many providers, like TYASuite, publish success stories showcasing how businesses have improved efficiency and reduced costs using their solutions.

Support and Training: Ensuring Successful Software Implementation

Once you’ve chosen your procurement platform, training your team is essential. Make sure the provider offers comprehensive training materials and responsive customer support to help your team navigate the new system effectively.

Support Resources to Look For:

♦ Training Materials: Ensure that your vendor offers training resources such as video tutorials, webinars, and user manuals to support your team.

♦ Customer Support: Opt for vendors that provide responsive, 24/7 customer support to assist with any issues or questions that may arise during implementation.

Conclusion 

Choosing the right procurement Solution is crucial for the long-term success of your small business. By understanding your business needs, budgeting appropriately, evaluating features, and selecting the right solution, you can streamline procurement processes, improve efficiency, and foster better relationships with suppliers. With the right tool like TYASuite, your business will be well-equipped to scale and succeed. 

Introduction

For successful implementation and running of the business, ERP is known as the stepping stones behind the running of every successful enterprise. Right from startup to a company with a turnover of billions the ERP’s have to revitalize the systems to provide hassle-free and seamless business operations.

The ERP software integrates and automates financial and operational business functions and provides a single source of data which includes inventory, Customer orders, supply chain management and many more. This will help in the procurement, production, and fulfillment of the sources efficiently. AsERP solutions have come into existence it has reduced the business complexity by a higher margin as well as save the company’s resources to streamline business operations within the company.

The Contribution of Cloud ERP in the Organization

Using Cloud ERP is quite easy as it gives you the flexibility to Plug and Play ERP as per the demand of the business operations.

The points mentioned below explain the contribution of ERP within the organization.

(1) Helps in decreasing the operational costs

Switching to cloud ERP has emerged as one of the best options for organizations to get maximum output from the limited resources. The Customized Cloud ERP helps to reduce the cost of inventory and other types of resources being used by the company.

(2) Helps to Enhance the Business Reporting

The implementation of ERP helps to enhance the business reporting with real-time stats to a main consistent flow of the business operations within the company. Cloud ERP has got an integrated database to address all types of business processes.

(3) Provides a high competitive advantage

As a majority of company tries switch to ERP, this software has given good competitive advantages to a vast number of organizations to compete with their rivals in the global market.

(4) Highly Scalable

Cloud services can easily be scaled up as per the requirements of the business. As the enterprises opt for Cloud ERP they can easily scale up and scale down the cloud services as per the requirements of the organization.

(5) Increases productivity

The implementation of ERP helps you to increase productivity by a higher margin. In the case of tedious tasks often there is a delay in production which can affect your business and even the clients can face trouble. ERP helps to give a break to the business from long and complicated tasks allowing the business owners to shift their focus to some other tasks.

The Final Thoughts

As organizations are growing at a faster pace, the Cloud ERP has proved themselves as a boon for companies. The cost control and transparency in the hassle-free implementation is the main highlight of the ERP. It is the best option to get ahead of your competitors globally as well as make your presence felt in the global market.

Still confused! Get in touch with TYASuite to book free demo for Plug and Play ERP software to boost up your business efficiency and explore the endless world of opportunities.

Feel free to speak to us on +91 80 4133 0620, +91 80 4153 0620 or write to us on info@tyasuite.com.