The onset of a New Year brings in new hopes and aspirations for all of us. A time to rethink, resolute and implement them into our actions and make the year ahead a one to remember. The past year has been different in all aspects and it has given me the time and space to procrastinate and make amends with all my flaws and drawbacks and relations. My team and I have geared up with our latest upgradation of software especially to counter the challenge of E-Invoicing of GST.
We bring great news to all our patrons. E-Invoicing in GST may be a challenging transition for most companies having to deal with government compliances and new age technologies simultaneously.
Expand users need not have to face any difficulties as we have ready integrations with affiliated compliances and the knowhow of how to deal with this phenomenal change in the financial sector.
In this edition of our newsletter, we have gathered most of the essential information that you would need to know regarding E-Invoicing of GST. I hope it brings you valuable knowledge of how to file E-Invoice and how Expand ERP users are benefited by using India’s best-fit cloud ERP software.
My best wishes to you and your family for a year of prosperity, abundance and good health ahead.
CEO, eDominer Technologies Pvt Ltd.
“Progress is impossible without change, and those who cannot change their minds cannot change anything.” – George Bernard Shaw
E-Invoicing of GST is probably the most sought-after topic of discussion since 2020 in the finance sector. In 2019, Finance Minister Nirmala Sitharaman had introduced the filing of GST, electronically for companies with turnovers of more than 100 crores. Owing to the pandemic the transition was delayed and is now being formally introduced phase-wise. However, companies over 100 crores have started filing the E-Invoice mandate since 1st January 2021. While companies over 500 crores have already filed since November 2020.
Are you worried that this system might add on to your workload at this hour of resurrection?
The good news is, that it is easiest to automatically file your E-Invoice with your ERP software which has all the compliances fit in as per your company requirements.
One of our clients in the Textile industry was finding it a challenge to adhere to the new system of E-Invoicing in GST. Our biztech experts were successfully able to virtually train the accounts department how to file the GST E-Invoice and thereafter they have been able to take over the challenge with ease and focus on other bigger issues in managing their business.
Expand ERP India’s best fit ERP software is all set to bring in this change in financial systems along with the country as we too believe in progression and development. With our best fit ERP software best fit according to your company’s specific needs, E-Invoicing will be an easy task to overcome.
Benefits on E-Invoicing System:
Better taxpayer services – One time reporting on B2B invoice data in the form it is generated to reduce reporting in multiple formats. Sales and purchase register, E-way bills can also be generated by using this format. There will also be a substantial reduction in input credit verification issues as the same data will be reported to the tax department as well to the buyer in his inward supply (purchase) register. On receipt of information through GST System as the buyer can do reconciliation with his Purchase Order and accept/reject in time under New Return.
Goods and Services Tax (GST), a major reform in the field of indirect taxation, was implemented almost 3 years ago and the technology vertical appears to be still in the growing stage. The GST laws are getting structured and reformed with each GST Council Meeting in order to make them more feasible. And, this is evident that managing GST compliance is very much dependent on technology.
All the key aspects starting from generating e-invoices, GST registration till filing of the return, raising of e-waybill, filing of the refund claim, etc. and the inter-relating of all these aspects on the PAN India basis is dependent on the technology.
Digitalization has leveraged the need for best in class technology in managing GST compliance. However, even after all the efforts made by the government, enterprises are still facing issues with GST, e-way bills, and e-invoicing.
Key Benefits of adopting Expand ERP Software
- Easy Integration and Deployment
Seamless Integration with all the leading ERPs such as SAP, Oracle, Microsoft Navision, etc. which does not require any additional hardware or software for integration.
It can be customised as per the requirement of the enterprise to ensure maximum compliance and growth under GST.
- Accurate Cash Flow Management
Reduces cash flow mismanagement by paying taxes on time and proper reporting thereby ensuring efficiency in compliance cost.
- Reduces Errors
Data validation checks are initiated to eliminate duplicity and ensure factual precision.
- Robust Reconciliation
Robust reconciliation module for finding discrepancies in ITC claimed and reporting done by the supplier. Thereby, ensuring 100% accurate ITC claim.
- Risk Management
An intelligent dashboard that provides a compliance overview to detect tax risk and ensure tax efficiency.
- Secure and Reliable
We are affiliated with ISO, VAPT certificate, and 2-factor authentication on HTTPS secured gateway ensuring safety and security.
- Compliance Alert and Notifications
Automated reminders to ensure compliance is done on time. Thus, achieving efficiency in compliance cost.
- Made in India – Since it is made in India it knows the Indian Government compliances for all industries
It is wisely said, “Life can only be understood backwards but lived forwards.”
It is 2020 and we’re on the cusp of an exciting and unexplored – technological revolution. Machine learning, the process of analysing and interpreting data and statistics is paving the way for content experiences that feel ‘humanly’ intuitive and make sense with our daily needs. We see a lot of this AI behaviour in the digital market already. For instance, when I have searched for hair vitalizer on Amazon, suddenly my feeds are drowning in it- but new developments will continue to streamline and refine this process.
To an entrepreneur,”automation” is equivalent to whispering sweet nothings in our ear. Fortunately, the miracle of automation has only just begun. In the near future we will see automation in
- Business operations -like understanding the exact online journey our customers have gone through before we actually speak to them.
- Tedious accounting processes will be easier.
- HR/payroll and other administrative programs will be executed without you having to even touch paperwork.
What if it is 2030, and your only aim is to see your company listed amongst the top notch. It’s a time when you need to make certain turning-point decisions that decide the future of your company. You are uncertain about some data and calculations but you know that AI has your back. You are assured that the system won’t fail you and help you take the perfect call on your behalf. Imagine the relief and stress-free life it would be then. Therefore one must be upgraded to be at par with the changing time and generation to fit in.
With AI, machine learning and automation representing the fast approaching next frontier, companies like ours, helps seamlessly integrate business processes and pioneering the path to digital utopia.
In the cut-throat competitive market, there is hardly any scope of monopoly. Adding value to your services and strong customer relations, provide advantage over competitions. Since the 1990’s ERP Software has emerged in the technology industry where today almost 90% of the mid-sized and big organisations have implemented ERP to automate their business processes. From the traditional on-premise ERP, Cloud based software took over completely as it was more cost-effective, practical and provided more freedom to the users. 2020, set in with an extremely promising future for the coming decade with Artificial Intelligence. The latest hum in the industry is that AI is about to shape the future of ERP. How true is that we are yet to fathom. At present it is at a very nascent stage to analyse.
It is highly probable that AI will soon replace jobs involving repetitive or common problem solving tasks. AI systems will be making decisions instead of humans in industrial settings, customer service roles and within financial institutions. AI is the simulation of human intelligence or logical reasoning, in machines that are developed to think and behave like humans. The goals of AI include learning reasoning and perception. AI is constantly evolving for the benefit of many different industries. Algorithms are used to structure AI- simple or complex.
This technology is currently on probation. Myriad sectors and industries will be affected by the usage of AI. For example in the healthcare industry, AI is being used for dosing drugs and different treatments in patients and for surgical procedures in the operating room. Simply speaking, AI is building flexible computers that can take creative actions that maximise their chances of success to a specific goal.
It is estimated that 80% of technology will be built on an AI foundation by 2021!
AI undoubtedly has the potential to bring in great changes to companies where the customer and operational data is primary to the business. Once business processes are streamlined and the data is ready, incorporating AI can lead to truly optimised efficiency levels.
The impact will be most prominent in process-heavy and data -intensive sectors that have the highest dependency on future predictions. AI can quite easily aid a company to streamline large volumes of data and turn a limitation into an opportunity. It can transform systems through creativity and agility.
Artificial Intelligence – the future of Intelligent Technologies
AI integrated with ERP systems have not fully arrived yet. Nevertheless Team Expand is all set to cater to your software needs to take your organisation to its highest level.
Satya Nadella,CEO Microsoft, rightly says, “If you don’t jump on the new,you don’t survive.”
We at Expand ERP strive each day to build our acumen in innovations in technology. As AI integrated ERP software is the need of the hour, Expand ERP is geared to make your organisation future-ready. Expand ERP software solutions is a time-tested, comprehensible, scalable, cost-effective and robust business automation software. It is India’s best fit ERP software for the mid sized manufacturers in export and import industries.
- Conversational Platform trends for 2021
Live chat and conversational platform technologies have made significant advancements in the past few years. Thanks to AI and machine learning, these implementations have gone beyond just being a customer support tool, to a crucial component of an e-commerce website’s revenue engine.
With the pandemic ongoing, e-commerce is booming right now at the expense of brick-and-mortar. But with Amazon still accounting for 44 percent of all online transactions, e-commerce business owners must constantly search for ways to keep customers on their site and returning for future business.
Live chat is one of the most important tools that retailers can have on their website so that when a customer has any questions or concerns about a product or service, they can get instant customer support. This is particularly important to service consumers with a high-level of intent to purchase, so they don’t bounce to a competitor to get their questions answered and make the buy.
However, a live chat tool is only as good as the team and technology behind it — and live chat experiences can vary dramatically from retailer to retailer. There are essential factors that every online seller who is serious about conversions needs to consider.
- Microsoft Surface Duo
Microsoft reentered the smartphone market with the Surface Duo, arguably the opposite of the iPhone. Twin screens ideal for reading or doing email is what makes this phone special. It is a fantastic eBook reader too.This pandemic has us living in lines, and the Surface Duo has been a way for many to kill time without getting aggravated or angry. It’s ideal for peace of mind because it is such a good read. Though it works a ton better with a smartwatch that has a built-in microphone and speaker, or with earbuds. The only real complaints are that it needs a better camera, it is hard to answer a call quickly without earbuds, and having glass on both sides makes it a tad slippery.
Expand ERP is India’s best fit ERP software with all ready integrations that a manufacturer needs to run his business with ease.