Find out why you need a GST ready ERP System today?
The much-awaited GST tax reform has been implemented with much fanfare and plenty of back and forth on the tax percentages charged on goods and services. However, the one thing that has remained constant is the impact the tax has had on the manufacturing and the service sector.
Before GST, taxes were either calculated manually or tabulated using a software. Moving away from the archaic indirect and direct taxes structure, GST looks to offer long-term benefits of a unified tax throughout the country while straddling the digital boat and step into the 21st-century. Businesses and manufacturers must have the GST software that will help them streamline and mechanize GST filling and compliance to avoid diversion from core processes in the business.
An ERP software offers a one-stop solution to manage your business seamlessly and getting one that is GST ready will make your tax payment easier. A GST ready ERP will do a lot more than just manage your business for you. Not only will it allow for easy tax compliance, offer technical support and uniform procedures, but also contribute largely to doing business with ease adding to organizational transparency.
Let’s look at a few reasons why you need a GST ready ERP system today
With GST implementation all the important documents like registrations, payments, returns, refunds, warning notices. e-mails and their replies must be in the electronic or online format instead of a physical copy. So, businesses are expected to go digital for GST compliance. Doing so will help to solve any problems that may occur when the old indirect tax system is replaced with the new. A GST ready ERP will be able to manage these documents easily as your tax computation will be accurate where the old indirect taxes are completely removed, and you know what you are paying for.
GST will enable the smooth movement of goods and services all over the country while reducing the total tax outlay. Your GST-ready ERP will help your business manage the movement of products or services seamlessly, while you have all the details whether it is a sale or procurement at your fingertips. The tax payable will be easy to understand letting you have access to better information. All your business procedures will become more systematic with the GST-ready ERP.
Invoices and tax compliances in India have always been complex and diverse. Every business has their own version of the invoices sent out to their customers. However, with the recent GST implementation invoices and tax computation must become standard for both purchases and sales. To gain from this standardization effect, manufacturers and service providers will need a dynamic ERP system that will help to regulate everything right from the bottom. A GST-ready ERP can make this process of standardization simple considering it has been created keeping in mind GST requirements.
Not all software available in the market is GST ready. Having an ERP that has the capacity to handle all your GST needs will allow you to manage your business better, streamline your process and tax payment. Doing so will help you progress faster than your competitors who may not be using GST ready software.
The number of rules and conditions businesses must follow has increased post GST implementation. Managing your taxes online has become the norm today. Conforming to rules for sourcing based on destinations, and multi-state tax regulations will be a challenge for most manufacturers. What’s more, adhering to these rules will be precise and time-bound. A robust ERP has excellent elements that help to not only fulfil but overcome such government compliances and face the tough situation of hassle-free financial record maintenance.
Comprehensive security of data is the most important need in the digital world today. Whether you have taken all the precaution and stored your data in a cloud, have the most sophisticated anti-virus, hackers manage to steal your data by forcing the whole business system into danger. So, buying a secure GST-ready web-based ERP software is the best choice you can make for your business.
An ERP is known to help businesses cut costs in the long run. Spending a little money now to buy software that is GST-ready is better than paying for non-compliance that may prove to be costlier. Such software will be cost-effective considering your indirect taxes will reduce letting you save money instead.
Better for clients
Standardized invoices generated through the ERP system will let your clients know exactly what they are making a payment for and how much they will pay for in taxes. Providing such invoices will make for transparency in business keeping your clients happy and well informed.
It’s time for all the business owners to plan and automate for GST today so that they can create lasting gains and your ERP can help you establish GST adherence and address your GST challenges easily.
Now that you know the kind of ERP software you must get, you are ready to get the tool for your business. For more details, and answers to all your questions reach out to Canias ERP at 1800 1200 427 or mail at email@example.com.