[Payment of certain amounts by an e-commerce operator to an e-commerce participant].

Finance Act 2020 introduced a new section in the form of Section 194O to the Income Tax Act 1961 related to collection of tax by E-Commerce Operator. The below changes have taken effect from October 01, 2020.

We have summarized the provisions of section 194O in an easy to understand language as below:

1) An e-commerce operator (i.e. E-Marketplace) must deduct TCS @ 1% (0.75% for FY 20-21) at the time of credit of amount of sale of goods or services or both to the account of an e-commerce participant (i.e. Seller on e-Commerce Platform) or at the time of payment thereof to such e-commerce participant.

2) TCS shall be calculated on gross payment amount. This means if any charges are deducted by E-Commerce operator, that shall not be reduced for TCS calculation.

3) TCS is also applicable and shall be deducted even if the Seller has directly delivered the goods/services and/ or received the payment directly from the purchaser if the transaction was facilitated by an e-commerce operator.

4) TCS shall not be deducted from Individuals and HUFs if the gross amount on the platform doesn’t exceed/doesn’t likely to exceed Rs. 5 lakhs for that year. However, to get this exemption, the e-commerce operator must collect Permanent Account Number or Aadhaar Number of the seller.

5) No other TDS shall be applicable to transactions where TCS has been deducted by E-Commerce Operator or it is exempted based on the above amount limit for Individual or HUF Sellers.

6) In case the Seller does not furnish PAN or Aadhar Number to the e-commerce operator, TDS shall be deducted at the rate of 5% under section 206AA of the Act

7) The Limit of Rs. 5 lakhs shall be calculated by E-commerce operators for themselves for each seller.

Explanation of Certain Key terms:

a) "Electronic commerce" it implies that the supply of items or services or both, including digital items, over a digital or electronic network.

b) “E-commerce operator" it implies that an individual who own, operate and control digital or electronic platform or facility for electronic commerce.

c) "E-commerce participant" it implies that an individual who is a resident in India selling items or offering services or both, incorporating digital items, through a digital or electronic platform or facility for electronic commerce.

d) "Services" involve "technical service fees" and "professional service fees", as described in the Explanation to section 194J.

TCS i.e. Tax Collection at Source has been there in Income Tax Acts for Decades. However, the government is trying to increase the scope of TCS gradually to plug the revenue leakage.

Through Finance Act 2020, Section 206C was amended to include certain items on which TCS becomes applicable effective October 01, 2020. In this analysis, we are not discussing the TCS provisions which existed before the current amendment. We will be only focussing on New TCS Provisions effective October 01, 2020.

Sub-sections (1G), (1H), (1-I) and (1J) were inserted in Section 206C of the Income Tax Act w.e.f. 1-10-2020.

We have summarized all changes and its clarifications at one place as below:

S.No	Details	TCS Percentage	TCS Percentage for FY 2020-21
1	TCS on remittance out of India other than Tour Package. TCS on remittance out of India under the Liberalised Remittance Scheme of the Reserve Bank of India for other than Tour package purchase	5% on payment more than Rs. 7 lakhs	3.75%
2	TCS on remittance out of India for Tour package purchase	5%	3.75%
3	TCS on repayment of Education loan (remittance out of India)	0.5% on payment more than Rs. 7 lakhs	0.375% on payment more than Rs. 7 lakhs
4	TCS on Sale of Goods. Every Seller (having previous year turnover more than Rs. 10 crore) shall collect TCS on sale of goods other than the goods being exported out of India (Exempted). Further on below goods which are covered in sub-section (1) or sub-section (1F), TCS shall be collected as per special rate defined : 1. Alcoholic Liquor for human consumption (1%). 2. Tendu leaves (5%). 3. Timber obtained under a forest lease (2.5%). 4. Timber obtained by any mode other (2.5%). 5. Any other forest produces (2.5%). 6. Scrap (1%). 7. Minerals, being coal or lignite or iron ore (1%). 8. Motor Vehicle in excess of Rs. 10 Lakh (1%). (No TCS on Motor Vehicle less than Rs. 10 Lakh).	0.1% on collection amount more than Rs. 50 Lakh. If PAN/Aadhaar is not provided the TCS rate becomes 1%	0.075% If PAN/Aadhaar is not provided the TCS rate becomes 1%

The above person is expected to Collect TCS as per above New TCS provisions and remit to the account of government as per applicable rules. If the buyer/remitter of money doesn’t furnish the PAN Number, then the Rate shall be as per section 206CC of the Act.

Clarifications on FAQ on New TCS Provision

1) TCS Shall be collected only if the Collection from sales to individual Buyer exceeds Rs. 50 lakhs in respective financial Year.

2) For the current financial year 2020-21, the TCS shall be collected only on amount collected on or after October 01, 2020. However, the amount of collection shall be calculated from April 01, 2020.

3) Even If the collection amount exceeds Rs. 50 lakhs, the TCS shall be collected only on the amount above Rs. 50 lakhs unlike TDS where TDS to be deducted from all amount once the limit is crossed. This is a welcome move from compliance angle of the sellers.

4) TCS shall be collected on collection amount. This amount is net of all discounts, schemes etc and inclusive of GST and other charges.

5) TCS shall be Collected based on collection amount and not billed amount. The Seller will face practical difficulty here as he will not know if the collection will happen in current financial year or next financial year. As a normal practice, the seller would like to add this amount in the Sales invoice itself (similar to GST) so that buyer can make the payment accordingly. If the buyer pays in the next financial year where the amount is not expected to exceed Rs. 50 lakhs, he may want seller to revise the invoice raised last year. This may raise practical challenges on seller side.

6) No TCS to be collected if Goods are being exported. However, the export turnover to be included in calculation of Rs. 10 crore turnover limit.

7) TCS to be collected by Seller only if there previous year turnover exceeds Rs. 10 crores

8) TCS is not applicable on Sale of Services

9) The Buyer will get TCS credit as advance tax in their account. If the Buyer doesn’t have taxable income, they can file for the refund.

10) TCS is not required to be collected if Buyer is required to deduct TDS on the sale of subject goods and buyer deducts TDS.

You can reach out to author at vm@tya.co.in if you shall have any specific queries on New TCS Provision.

Searching for the correct manufacturing software for your SME is essential to productivity and success for a lot of reasons. It can help you boost your supply chain by providing automation, visibility, digital transformation and control and, helping you effectively scale your business and advance your existing systems without a huge spend. Undoubtedly, your business could profit from an enterprise resource planning or ERP software. Top ERPs for SME list can help you evaluate the right software for you. It can help you simplifies numerous features of your organization in a single platform. Below are the software’s or modules which can streamline your process:

1. Manufacturing ERP Software
2. Inventory Management Software
3. Procurement Software
4. Supplier Management Software
5. Accounting Software
6. Sales Management software
7. Asset Management Software

We understand that ERPs are wonder-workers. But if yours resembles numerous SMEs, you most likely dread exploring and executing innovation. With numerous unpredictable, manufacturing-based platforms, which one is right for you? In this blog, we'll help you comprehend a couple of core considerations of picking a brand new manufacturing tool, with advice custom-made specifically to private companies over various businesses.

Top Consideration While Choosing an ERP

Consideration No. 1: Your Current Process

Did you understand that 16% of associations trying to execute another ERP software are doing as such to replace their local frameworks? If you're searching for a further developed, tailorable system that goes beyond Excel, Tally, QuickBooks, and other tools that you've become out of, at that point, it's time to change to an ERP.

Fortunately, the vast majority of these products are set up to help you from a basic and restricted system to full-fledged ERPs, so your present framework will help you choose which software is ideal.

For instance, if you're changing from QuickBooks to ERP, you'll need to choose software that is viable with QuickBooks so you don't need to invest a huge amount of energy modifying databases without any preparation.

Note that there are likewise an assortment of projects that cause changing from Excel To ERP a breeze, so if you need to keep up any current databases, ensure that you pick a choice that is intended to make the progress as straightforward as conceivable specifically for Excel users.

Consideration No. 2: Your Specific Production Process and other business process

To limit your determination much further, it helps if you select your software by manufacturing measure.

There are ERP software’s that are built specifically for exact manufacturing works, for example, discrete, measure, blended mode manufacturing, light assembly (kitting), engineering to order (ETO), make to order (MTO), job shop (shop floor) professional services, wholesale or industrial distribution.

While picking a tool that isn't mode-centric may work fine and dandy, contingent upon your specific business, it helps if you have exceptional tools that help your manufacturing mode.

For example, if your organization practices process manufacturing, your ERP will have extra management works that enable you to plan, sort, and produce prepared merchandise, with extra solutions for simplifying measure specific capacities, similar to security laws and guidelines.

Consideration No. 3: Your Industry 

Besides the manufacturing mode, ERP frameworks are likewise classified by the business in which they serve.

Once more, this can help simplify certain organization-specific contemplations — for some organizations, the essential contemplations here are industry guidelines, security needs, and security laws — to help guarantee that each industry challenge is considered with your software choice.

For example, if you are a maker of food and refreshment products, you'll need to consider numerous things that may not influence organizations in other businesses, for example, FDA compliance and inventory storage.

While pretty much every industry ought to consider choosing a software that has been grown specifically for their realm, it's more significant for some rather than others.

Those in agriculture, aerospace and defense, automotive, food and beverage, chemicals, consumer packaged goods, health, and medical devices, energy, petroleum and coal, transportation, industrial machinery, biotech, and pharmaceuticals must take extraordinary consideration in picking industry-specific ERPs to guarantee compliance and security on all processes.

Consideration No. 4: Costs 

At last, you have to decide on a budget for your ERP. This sounds sufficiently straightforward, but costs can be fairly misleading in any significant software integration.

What you really ought to consider is the ROI of your ERP. The approximate cost of manufacturing software execution changes generally, from $4,000 to over $1 million, but this isn't the cost you ought to be worried about.

Rather, you should consider the direct front spend less your potential returns to decide the ROI (Return on Investment) of the transition.

One of the large things SMEs need to consider cost-wise is licensing.

There are two essential sorts of license costs with regards to ERPs — on-premise ERP (commonly paid with an enormous, one-time licensing fee) or cloud-based/SaaS ERPs (ordinarily paid for on a for every client, per-month premise).

Since they're paid per client, cloud-based ERPs are regularly a smarter, more practical solution for organizations that have fewer employees or who just need to give out licenses to a little group of employees.

The two alternatives ought to oblige for scale, should your business need space to grow.

Top 5 ERP Software for Small and Medium Businesses

As should be obvious, choosing the privilege ERP is a business-by-business choice, and there is nobody size fits all way to deal with manufacturing software. So, the accompanying six ERPs are a portion of our generally mainstream and adaptable choices for SMEs, and they are for the most part worth your decision. Note that these ERPs can be authorized either on-premise or on the cloud, but we are displaying them as cloud-based (SaaS) frameworks, as this is normally the most ideal alternative for SMEs.

1. TYASuite — The TYASuite ERP is the most prominent cloud-based ERP Software, which helps in growing your business ERP in India and other parts of the world. It involves financial management, supply chain, inventory, production management, compliance, asset management, project, CRM, and warehouse management solutions. When it’s licensed as a cloud-based ERP software, it’s always up to date and offers reliable, subscription-based financing.

2. E2 Shop System — Shoptech ERP is also a cloud-based and provides flexible financing and leasing alternatives for up to 300 clients. It offers solutions for all facets of including shipping, manufacturing, data collection, scheduling, estimating, purchasing, and accounting, but it’s also best-known for its Shop Floor Control. 

3. Cetec — This ERP provides a manufacturing management solution at an amazing rate tag (just $40 per user/month when licensed as a SaaS). Few features of the cloud-based Cetec ERP are manufacturing quoting, CRM and sales management, inventory management, quality assurance, mobile warehousing, and more.

4. Sage 100 and 300 — Sage provides cloud-based enterprise management service with integrated solutions for finances, sales, customer service, inventory, manufacturing, and distribution, among other functions. The 100 - 300 products are both outstanding and cheap for SMEs.

5. Epicor — Epicor has been in the business for more than 40 years, and has built a flexible and affordable ERP that suits a wide assortment of manufacturing, including MTO, discrete, ETO, mixed-mode, and a lot more. It’s an outstanding choice for businesses in highly specialized domains, such as defense, aerospace, and medical tools.

Wrapping Up

If you are unable to decide which one is the best and most tailored to your business objectives and processes, you can get in touch with us at TYASuite. We are a one-stop-solution to all your manufacturing needs. 

Have a glance at TYASuite plug and play ERP software, which lets you customize the software according to your business needs for a seamless experience.

Get your FREE DEMO version of TYASuite’s plug and play affordable ERP software now and open a new world of great prospects that will ultimately bring prosperity to your business.

Do you have any idea why is Project Management frequently time taking and wasteful? Is it accurate to say that you are always consistently updating spread sheets, and participate in weekly meetings? I believe it is a waste of time as well as effort. You may have a full overview of your project, with a small help from the correct software. There is a lot of project management software solutions out there, helping you keep steady over every project.

What is Project Management Software?

Project Management Software is utilized by a broad scope of businesses for project planning, scheduling, and resource allocation. It empowers project managers and whole teams to manage their quality management, budget, and all documentation exchanged all through a project. This software additionally fills in as a platform for encouraging collaboration among project partners.

What Makes Excellent Project Management Software (PMS)?

From finding deliverables to handling assets and from spending management to collaboration with team individuals, there is a ton to be viewed as when running and overseeing projects. This remains constant while picking the correct project management software too. Here's top-notch of the leading 6 critical aspects of a project management tool to direct you in your choice.

1. Task lists - Having the option to allocate and update the status of projects with the goal that everybody in your team is on a similar page is essential.

2. Timetables - Numerous tools offer schedules, milestone or Gantt chart tools that enable you to comprehend where a task can be easily fitted into the project in general and how much time to finished it.

3. File sharing - Having the option to share and compose critical project archives takes out time squandered looking for files.

4. Communication - This is basic in project management as a simple stream of communication means fast and straightforward critical thinking.

5. Reporting - This is significant for all teammates with regards to updating themselves on the project all in all. This is likewise colossal for project managers who need to guarantee that the project is advancing and tasks are being done in a timely way.

6. Automated Alerts- Automated reminders ensures that no deadline is missed and the tasks are finished on time within the budget.

By considering these aspects, let's take a look at the 12 best project management software to increase your productivity.

12 Best Project Management Software Of 2020

1. TYASuite Project Management Software

TYASuite's Project Management (PM) tool helps businesses effectively manage their tasks and projects based on dependencies and milestones. Team leaders can handle the overall project cost on a real-time basis. Team leaders can assign tasks to teammates and handle priorities and due dates. The platform streamlines billings based on intimates team members, milestones, and managers on the possible overruns and a lot more. TYASuite's Project Management Software is an outstanding cloud project planning tool that helps organizations to turn into competitive and sets them apart from the rest of the world.

Functionalities Involve:

1. Thorough budget management
2. Integrated customer portal
3. Simplified collaboration tools
4. Group-level management of tasks and projects
5. Cost-to-completion monitoring
6. Customizable layouts to choose from
7. Gantt Charts for instant evaluation
8. Kanban board to track projects and tasks
9. Time-sheet management and tracking
10. Project billing module
11. Data import/export
12. Android App
13. Integration with multiple Platforms through APIs

Pricing:

1. Paid options beginning from INR 299/user/month.

2. Project.co

Project.co is a customer-facing project management tool that interfaces your team with your customers' in a single place. Each bit of work you do can be configured as its project, with its conversation feed, notes, team, tasks, and payments. You can likewise record time spending on every project.

A wide range of project and task is accessible, including scheduler, calendar, and Kanban board - to give you the ideal diagram of the work that is occurring inside your team.

Functionalities Involve:

1. Capability to instantly add/invite both external and internal users
2. Conversation feed for every project - along with the email notifications (and the capacity to answer by email without logging in)
3. An assortment of the task - That can be sifted - giving your entire team, each department and individual users their day by day and week by week task lists
4. Outstanding reporting tools measure your profitable and productive projects
5. Capability to incorporate payment solutions and effectively take card payments throughout the system

Pricing:

1. Free for up to 5 users and five projects, with paid options beginning from $7/user/month.

3. Toggl Plan

Toggl Plan is a powerful project management software to simplify your task designation cycle and visualize which tasks have been finished. If your team regularly works together with different departments, this may be a helpful solution for you.

Functionalities Involve:

1. Gantt-chart visualization to monitor essential projects and deadlines
2. Deployments with Evernote, Github, Slack, and others
3. Team collaboration through shared task notes and calendars

Pricing:

1. Free for unlimited projects for up to five users

4. nTask

Another free tool that accompanies an assortment of highlights for task and project managers is nTask. This tool has several free-extend functionalities for anybody looking to function as an individual or a senior project manager.

nTask underpins numerous projects or tasks creation simultaneously. Users can likewise characterize team leader jobs, financial plan, achievement and time tracking measures that are specific to essential projects. Understanding the necessities of cutting edge project directors, nTask likewise offers an interactive Gantt Chart highlight. It very well may be personalized by a straightforward and simplified system to adjust the project to progressing changes.

Functionalities Involve:

1. A robust in-app collaboration feature
2. Deployment with Slack and various other 3rd party applications
3. Invite partners and stakeholders to see ongoing projects
4. Resource management
5. Team management through admin-controlled process
6. Numerous workspaces devoted to multiple tasks and projects

Pricing:

1. Free version for Basic users only. Paid plans start from $2.99/user/month and go up to $7.99/user/month for SMEs, etc.

5. Teamwork

Teamwork is a project management module and collaboration tool that helps remote and in-house teams remain productive and gainful. Each project lets you effectively transfer files, chat with teammates, assign tasks and deadlines. By centralizing your project data, you can help dispose of more mistaken assumptions and missed deadlines.

Functionalities Involve:

1. Can be easily integrated with HubSpot.
2. Teamwork Chat helps you remain productive and supports in your work processes.
3. Time monitoring to know the capability and where a team invests their time.
4. Subtasks, Dashboards, and Milestones help to monitor project progress.

Pricing:

1. Free version incorporates two projects with up to 5 teammates. Paid options starts from $9/user/month.

6. Ramco Project Management

Ramco Project management is the most efficient and robust solution accessible to address the needs related to thorough project management and increase operational significance. The application provides the skills, knowledge, abilities, tools, and method required to handle and account projects to meet or increase stakeholder expectations.

With Ramco Project management you will be able to assure planning and managing the project management tasks and resources. You can track goals and milestones and measure them against real-time performance.

Functionalities Involve:

1. Asset Management
2. Billing
3. Business Intelligence/Analytics
4. CRM
5. Costing
6. Customer Service
7. Financials & Accounting
8. HR
9. Inventory Management
10. Order Management
11. Planning & Scheduling
12. Product Design
13. Project Management
14. Purchasing
15. Quality Control
16. Sales
17. Shipping & Distribution
18. Supply Chain Management
19. Warehouse Management

Pricing:

1. Not available

7. Freedcamp

Freedcamp is a reliable and feature-packed project management software that is intended for personal and business use. Each project has its milestones, tasks, files, time, conversations, issue monitor and calendar. The dashboard provides you with a useful, compact diagram of what's happening in your team, including projects, activity, and tasks.

Functionalities Involve:

1. Message board style feed, with the capability to build and organize discussions
2. Incredible schedule view spreading out every single forthcoming event
3. 3rd party deployments including Google Calendar, Google Drive, Dropbox and more

Pricing:

1. Free plan available. Paid plans with additional functionalities, beginning from $7.49/user/month for business users.

8. Asana

Asana is one of the most famous project management software utilized by a vast number of individuals across 192 nations, has a straightforward and easy to use interface. The across the board tool lets you make sheets to visualize which stage your task is in and use tracking to monitor completed tasks that need your consideration.

Functionalities Involve:

1. The capability to build templates to streamline mundane tasks
2. The ability to collaborate and share data across the team, securely and privately
3. The alternative to set up security protocols and assign admins
4. Over 100+ deployments for a more effective and start-to-end process
5. Custom field of project, sharing documents, and filter tasks

Pricing:

1. Free for an unlimited number of projects for up to 15 individual. Paid plans are available from $10.99/user/month.

9. Teamwork

Teamwork is also a project management software that has some expertise in uniting telecommuters. Also, it allows you to make teammates status updates, so your distant team know their associates' timetables. It additionally gives client support features, including the choice to dole out tickets or view client emails in a single place.

Functionalities Involve:

1. Adaptable navigation to organize your team's requirements
2. Gantt chart to visualize project timelines and due dates
3. Private messaging feature, and choose to make project subtleties private
4. Teammates status updates for remote team members

Pricing:

1. Free for up to 5 users. Paid plans will be started at $9/user/month with at least 5 users.

10. Wrike

Wrike stands apart as a special project management software for teams who need the choice to modify work processes and alter and update projects from the platform. The tool offers the capacity to layer calendars and colour code, and its mobile structure permits associates to update project data in a hurry. You can add remarks to segments, documents, or videos, and make custom fields to send out data generally applicable to your organization.

Functionalities Involve:

1. Safety efforts to guarantee only approved staff can access the data
2. Activity flow to permit project managers to micromanage little tasks, see exercises in sequential order, and label teammates
3. The feature to unfollow exercises to clean up your Stream
4. Email and calendar sync
5. Built-in altering and approval functions

Pricing:

1. Free for up to five teammates. Paid plans are available from $9.80/user/month with at least 5 users.

11. Paymo

Paymo's free variant permits accessibility for one user. Yet if you you're a freelancer or you have a little team, this could be a productive alternative for monitoring billable hours and invoicing customers. Alongside monitoring accounts, Paymo additionally permits you to compose project deadlines, create to-do lists, and keep steady over your spending plans for different projects at once.

Functionalities Involve:

1. Time Tracking
2. Kanban Boards
3. File Sharing and Adobe CC Extension
4. Three Invoices
5. Reporting

Pricing:

1. Free version available for one user. Paid plans are beginning from $11.95/user/month.

12. ClickUp

ClickUp gives a couple of notable highlights to modify the across the board project management tool to suit your teammates, including the alternative for every user to pick one of three distinct approaches to see their tasks and projects relying upon particular inclination. If your marketing team covers sales, plan, or advancement, this is a compelling solution, as it gives highlights to those four teams.

Functionalities Involve:

1. The capability to form your projects on priority and align tasks to teams
2. The alternative to set objectives to remind teams what they are expecting to achieve
3. Google Schedular two-way synchronization
4. A simple way to search, filter, sorting, and customizing options for handling particular tasks
5. Activity flow with mentions ability

Pricing:

1. Available for Free, with an unlimited number of users in limited functions. Paid plans will be started at $5/user/month.

Choosing Your Project Management Software

If you want to pick the right plug & play project management tool, it's essential to think about factors, for example, the size of your team and business, the number of highlights you need and which of those functions you most worth. In any case, I think you'll rapidly understand that having such a tool in place will make your daily work a lot simpler.

TYASuite Project Management Software can be used for organizations across industries like Real Estate Development firms, Software development companies, Real estate project Management organizations, Contract-based manufacturing businesses, EPC Companies, and a lot more. Then, what are you waiting for? Choose TYASuite, which is the only plug & play ERP to manage all your product effectively and successfully.

START YOUR FREE DEMO TODAY!

Are you planning to establish a business in this competitive market? Then, you must know that It is painstaking, stressful, and time-consuming to manage the business. Managing inventory and satisfying the customer's desires is an additional obligation that can deplete the management to extraordinary. Businesses anticipate helps from modern software that is precise and accurate in dealing with inventory, overbooking, wiping out overproduction, and wastage and cost decrease. Proper inventory control is vital for significant business achievement. There are lots of inventory management software out there but choosing the right one is challenging.

Numerous factors consolidate to aid you in choosing the best inventory management software in 2020. This guide will help you compute business needs and pick the right plug & play ERP software for your business.

What Is Inventory Management Software?

Inventory Management Software is a robust and advanced solution, a platform, and a friend in need of a business that endeavours to manage and control of the organization and fabricates sells, purchases, and stocks. Inventory management software helps the management monitor all data, automate pricing for items, and keep up the best stock levels. Smart Inventory management software fundamentally controls the business in encouraging strategic management of items and streamline a process that incorporates ordering, trading, transportation, costing, storing, delivering, assembling, and shipping.

Why Does An Organization Need Inventory Management Software?

Inventory management software functions as an 'Inventory Tracking' system for business that manages production, warehousing, delivering, trading, assembling, ordering, or storing. A business never needs to oversell an item or wind up experiencing backorders. Inventory control software is an ideal solution for the organization to ensure that it is full or restocked. Fundamentally a business decides to execute Inventory Management software because of the accompanying advantages;

1. A Better comprehension of stock developments that empowers diminished stock level necessity and lower warehousing costs.

2. Higher customer fulfilment through stock level visibility and the right delivery.

3. Elimination of theft or loss because of proper stock visibility.

4. Robust inventory tracking solution that reduces costs related to packing, picking, or shipping.

What Are The Primary Features of Perfect Inventory Management Software?

1. Inventory Costing

Inventory management software establishes the inventory cost value and controls profitability through cost accounting strategies that incorporate FIFO, LIFO, Average costing system, and more.

2. Location Tracking

Helps in increasing inventory loss counteraction by monitoring inventory packing, picking, and delivery.

3. Stock Counting And Tracking

Inventory tracking software empowers in marinating stocks and monitoring the merchandise. It gives an investigated report of the hands-on units in the warehouse.

4. Product Categorization

Flawless Inventory management software empowers the x categorization of products for advanced monitoring. The classifications might be modified by size, item type, shapes, value classification, height, weight, group code, serial number, and assembly date.

5. Search And Filter

Inventory system software should be useful in looking for products based on specific filter options, such as serial number, location, batch code, and type of product.

6. Advanced Features

A portion of the highlights that make immaculate inventory management ERP may incorporate billing of materials, price management, inventory review management, color, size specification, kitting, cost tracking, discovery weight tracking, unit of measure conversion, and backorder tracking, and quality measurements.

7. Multi-Location and Multi GST Feature

In today’s scenario you must look for an inventory management software which provides flexibility of managing multi location inventory management and is equipped with Multi GST feature.

8. Cloud Deployment

Gone are days for desktop software. Modern software must be a cloud software which removes all your worries of uptime, 24/7 access and many more.

The 6 Best Inventory Management Software of 2023

1) NetSuite:

NetSuite offers extraordinary capabilities for organizations that depend entirely on highly progressed inventory management software. The framework implements detailed tracking of inventory by serial number and full traceability functionalities. This software consequently creates product catalogs based on classifications, types, and volumes. It, therefore, prompts counting of products and standardizes inventory exactness to wipe out stock tallying errors. The software is upheld by profoundly professional client support that guides you through each element and legitimizes legitimate integration.

NetSuite Features:

1. Alerts/Notifications
2. Inventory Optimization
3. Multichannel Management
4. Reorder Management
5. Warehouse Management
6. Forecasting
7. Kitting
8. Product Identification
9. Reporting/Analytics
10. Supplier Management

2) Zoho Inventory:

Incorporating Zoho Inventory furthermore helps in tracking sales over advanced marketing platforms like eBay, Amazon, Etsy, or Shopify. The sales team can now proficiently control online and offline orders with this efficient integrated order management software. Zoho Inventory is outfitted with a robust tracking framework that monitors every product's movement from salespoint to the warehouse. Giving real-time delivery rates and in-transit subtleties is another significant component provided by Zoho Inventory to its customers. This independent company inventory software offers free demo to new customers and helps you assess the most significant functionalities. Zoho Inventory spares time by making invoices and permitting the team to deal with the organization effectively.

Starting Price:

$49.00/month/user (Basic-$49, Standard-$99, Pro-$249)

Zoho Inventory Features:

1. Alerts/Notifications
2. Inventory Optimization
3. Multichannel Management
4. Reorder Management
5. Retail Inventory Management
6. Warehouse Management
7. Kitting
8. Mobile Access
9. Product Identification
10. Reporting/Analytics
11. Supplier Management

3) TradeGecko:

TradeGecko inventory management tool automatically updates inventories and monitors stock levels, overseeing inventory over various warehouses. The inventory optimization function automates the internal activity and aides the business with the correct stocking strategy. TradeGecko lets you move stock between warehouses, deal with various currencies, receive and fulfil orders, sync orders, and access sales reports. Furthermore, TradeGecko software act as a hub to oversee inventory and keep up a balance between B2C, B2B, and marketplace. This inventory software generates sales email, creates sales orders, sets transporting rates, and numerous other functions to make your business run proficiently.

Starting Price:

$39.00/month (Monthly and yearly subscriptions available)

TradeGecko Features:

1. Alerts/Notifications
2. Inventory Optimization
3. Multichannel Management
4. Reorder Management
5. Retail Inventory Management
6. Warehouse Management
7. Forecasting
8. Kitting
9. Mobile Access
10. Product Identification
11. Reporting/Analytics
12. Supplier Management

4) Stitch Labs

Stitch Labs is a cloud-based inventory management software that points out retail reporting to see historical stock, money related location, and sales speed, which helps in future evaluation. Furthermore, this multichannel system transfers inventory, updates sales channels, tracks units on the way, and inbound locations. Stitch Labs provides purchase order (PO) management, low stock alerts, cost allocation, packaging, and stocktakes. By venturing into this software, a business shows signs of improving its inventory and precise information to win forecasting and settle on smart business choices.

Starting Price:

$799.00/month

Stitch Labs Features:

1. Alerts/Notifications
2. Inventory Optimization
3. Multichannel Management
4. Reorder Management
5. Retail Inventory Management
6. Warehouse Management
7. Forecasting
8. Kitting
9. Mobile Access
10. Reporting/Analytics
11. Supplier Management

5) Sellbrite

Sellbrite is one of the best inventory management software that gives easy to use features to spare you from overstocking. Its multichannel inventory control function helps the business track inventory, automate orders steering between numerous warehouses, and give full warehouse control. This inventory and order management software is an excellent platform with incredible client support, and 14 days trial empowering the clients to know the significance of incorporating Sellbrite.

Starting Price:

$49.00/month

Sellbrite Features:

1. Inventory Optimization
2. Multichannel Management
3. Warehouse Management
4. Reporting/Analytics

6) TYASuite

TYASuite is a cloud-based inventory management software created for businesses of all size, including wholesale, retail, manufacturing organizations, franchises, and non-profit firms. It helps you to manage purchase orders and sales, backorders, sales quotes, dropshipping, partials, consignment, returns, inventory with barcodes and serial numbers – all with functionalities for multiple customers! TYASuite's inventory management function focuses on offering inventory at various locations, keeping a record of the stock level, tracking supplier accessibility, and assuring an on-time return of inventory.

TYASuite, recognized as one of the top five Inventory Management Software for SMEs in India by Capterra; is a cloud-based software created for businesses of all sizes, including wholesale, retail, manufacturing organizations, franchises, and non-profit firms.

Price:

Yearly/month

TYASuite Features:

1. Procurement management
2. Alerts/Notifications
3. Invoicing
4. Inventory Optimization
5. Kitting
6. Mobile Access
7. Multichannel Management
8. Reorder Management
9. Retail Inventory Management
10. Warehouse Management
11. Production Tracking
12. Product Identification
13. Reporting/Analytics
14. Supplier Management

Conclusion

The best Inventory Software Solution will streamline organizations' work processes, setup order quantities, and trigger sales force. Inventory data is equally essential as financial data to make business decisions. A business should select a comprehensive inventory management software that helps understand customer needs, eliminate the overstocking, areas that need attention, reduce resource waste, and increase the business profit through advanced sales strategies.

Look at TYASuite Inventory Management Software, which will help you complete your inventory-related tasks in less time frame. Its unique functionalities like multi-location GST Software options, grant-specific controls, filter feature, and RFID function help you efficiently fulfil your business needs. Therefore, when you decide to switch to plug and play Cloud ERP based modules, TYASuite can transform your business drastically.

Are you looking for the best supplier management software? If yes, then you are in the right place. Looking for business software can be overpowering. Google search results can be like to stroll down on a market road bazaar. Search results work as market vendors showing their new products and yelling at you to purchase here. Hence, it can get exceptionally generic and overpowering rapidly.

Supplier management tools must provide an exceptional set of functionalities that help you enhance the right way you speak with vendors. Also, the ultimate objective of making this cycle more beneficial than whatever you're doing now. So what are these novel functions? Here, you'll discover a detailed guide for picking the best supplier management software that is right for you.

What is a Supplier management System (Software)?

Generally, supplier management software serves as a project, communication, and payroll management solution for organizations utilizing freelancers and contractors.

Best Supplier management software serves three main features:

1. Vendor Engagement

Accessible and efficient communications modes that enable quick and simple interaction amid contractors and the managers they work with.

2. Project Management

An advantageous tool for process tracking, task assignment, work coordination, and different features of agile project management and collaboration platform.

3. Payroll Management

Straightforward and effective processes to sort out vendor and contractual worker payments, agreements, and costs.

How To Choose the Best Supplier Management Software For Small Business

There are many vendor management software to look over. Regardless of whether you try and narrow it down to those appropriate for small businesses. So before you can pick a supplier management tool, consider this. To begin with, you have to characterize what needs this framework will serve. At that point, think about what features it can play to make your business run smoother and spare costs.

When you deliberately deal with your vendors, you can rapidly identify zones for compliance gaps, consolidation, and performance management. At the point when you know all that, you can ensure that you're getting the extreme value from your suppliers. You should have the option to lessen risks and make smart choices. That all starts with the correct supplier management software.

Every business has its prerequisites, and nobody knows your business as you do. But, there are more than a couple of demands that are valid for each business:

1. Ease of Use

Having a brilliant tool that nobody utilizes is more terrible than no tool at all. While choosing a solution to deal with your managers, ensure it's one administrator and team leaders will work with.

2. Ease of Deployment

Ensure the tool you pick is financially savvy when you think about all the factors. Among them is the deployment speed, particularly if you have a quickly developing business that requires a supplier management tool yesterday.

3. Compatibility & Integration

Your Supplier Management Software will not work in a vacuum. If you want to integrate other systems, consider what frameworks your supplier Management software needs to connect with, and plan this process well before picking the correct solution for your business.

4. Vendor Characteristics

It's essential to pick a framework you'll be happy with utilizing, and your work contractors like. But if your freelancers and contractors are not ready to utilize it - you'll have an issue. Consider your vendors' propensities, uniqueness, and their behaviors, both as people and as a team.

5. Payroll & Work Hours Logging

If you already have payroll software, you may need your vendor management tool to incorporate with it, to keep everything in a single place. You may likewise need to utilize an inherent time clock to monitor your contractual worker's billable hours, so you're never astonished toward the week's end or month. If these are functions you need, search for them while picking a VMS.

6. Compliance & Regulations

A few businesses require specific cycles to comply with native legislation and guidelines. Banks, development projects, and clinical fields are only a couple of them that require supplier management ERP with help for specific features, workflows, and training methods. Ensure your supplier management software can answer these queries.

7. Qualification, Training & Onboarding

By what means will your supplier management software work with your hiring, training, and onboarding cycles for vendors? By what means will it make them more powerful (and practical) to execute? If you need to utilize your supplier management cloud ERP to onboard vendors, train them appropriately before assigning them tasks, think about these functions to incorporate in your list of demands.

8. Project Management

If your vendors can be appointed to different undertakings as per their aptitudes and skills, you should utilize a supplier management tool that lets you manage work processes, ideally with pre-made layouts to enable fast deployment and customization.

9. Communication, Collaboration & Engagement

You need your vendors to invest time doing what you pay for, and doing whatever it takes not to get undertakings or wasting their time accomplishing something that isn't exactly what their director meant when they relegated a task to a contractor. To make things clear, enable efficient collaboration and interaction among vendors and their managers.

10. Security & Reliability

Peace of mind is one of the most ignored models while choosing a software of any sort. Which is a disgrace! A lot more contractors would have thicker normal hair if this was a thought. Envision exactly what amount of hair you would lose if your vendor records disappeared, got hacked, or modified by unapproved users of the framework? Try not to disregard these horrible situations, and pick the supplier management software to keep your line with a solution that provides security and strength.

4 Best Supplier Management Software of 2020

1. TYASuite VMS

TYASuite Vendor Management Software or Supplier management Software is the world's 1st plug and plays cloud software that is hosted on a cloud server, which makes it secure and safe to use. With its outstanding functionalities like RFI/RFQ, vendor rate card mapping, vendor audit score, real-time screening, multi-location handling, onboarding of vendors, reverse biddings, and a lot more. It is surely an effective and efficient VMS tool to manage your business vendor-related issues.

Who it's for: Businesses working in exceptionally directed and high-risk industries like, aviation, construction, services, transport, and healthcare provision as well as business with high volume of vendors as well as business which requires a timely payments to their vendors.

Pricing: monthly/yearly.

2. Ivalua Supplier Management

This strong SaaS software provides 22 modules for various business processes: e-sourcing, spend analysis, procure-to-pay; and supplier management. Its supplier management platform incorporates functionalities for document validation, vendor data management, risk assessment, and a lot more.

Who it's for: Businesses searching for central profile management for their vendors. For associations in exceptionally managed businesses (like healthcare and manufacturing) Ivalua provides industry-specific solution bundles.

Pricing: $2,000.00/month/user

3. Tipalti

This worldwide payment automation software is your complete payroll and supplier management software. It can help you manage the authoritative side of representative, supplier, and vendor payments, from onboarding to tax compliance, everything in an online cloud-based solution.

Who it's for: Organizations looking to handle their payroll and automate other payment procedures.

Pricing: $850/month plus a flat transaction fee based on the payment method.

4. ProcureWare

ProcureWare is a supplier management, bidding, sourcing, and contract management ERP solution. Supplier management functions uphold the making of a redid supplier self-registration process, permitting centralized admittance to a searchable, and updated supplier database.

Who it's for: Businesses looking to streamline vendor diversity and enable for vendor project bidding.

Pricing: By quote

Supplier Management and Beyond

Big numbers of the supplier management software solutions out there offer much more than what you may have set out as your needs in choosing the supplier management software for your business. Odds are that a large number of these frameworks incorporate functions that can replace existing software and solutions in your business. Consequently, expanding efficiency and reducing costs.

Generally, the solutions we've listed above oblige all the necessities that today businesses have in handling vendors. Indeed, these requirements change quickly. So our last tip to you is to think about the necessities and objectives your businesses and your vendors will have tomorrow, as opposed to today.

TYASuite is one of the best supplier management software solutions in 2020. It is designed to manage vendors of any business efficiently. It enables businesses to go paperless and outsource vendors using the best Supplier Management Software. You should try it for yourself and perceive how it can help with your supplier management by taking a free demo.

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