The coming of Goods and Services tax has completely overhauled the accounting operation across the companies operating in different sectors, it has ushered in new rules which the companies have to comply with. Goods and Services Tax also known popularly as GST, is believed to make the accounting operations across the nation much simpler and also help in the growth of the companies. It was believed that such changes like the GST would have an impact on the small and medium enterprises but that is not the case, they have been able to cope up with the GST issues with the help of ERP software SAP Business One, from global software company SAP. It has made their accounting processes much simpler and therefore they are able to use their spare times and resources at the tasks which are more important.
As the taxation rules have been changed, one needs to make sure that these changes are inculcated in the taxation module of the ERP solutions, therefore the module would have to be restructured and realigned so that the current taxation regime rules and methodology is perfectly included in the ERP solution. The modules which would need to be revisited include the Procurement module, Supply Chain Module and the Financial Management Module.
One of the important changes would be the production of the data that would be helpful in the creation of the data in GSTN for the inward and outward entries which is important for the creation of the invoices. The need for the creation of the data which is as per the GSTN is the major task for the ERP solution so that accounting system is compliant with the GST laws and regulations.
Taxation teams would need to collaborate with the ERP implementation teams so that the accounting solution installed is able to operate under the new processes of the GST and going forward it does not get stuck at places which can be a irritant for the company, they need to test and be assured before they go live with the new ERP solution.
Going by the complexity of the process it is important that you get the SAP Business One implementation from a trusted software company like the SoftCore Solutions, a trusted SAP Business One Gold Partner in Chennai and also a SAP Gold partner in India. With over 20 years of experience in the SAP field it has been trusted by many companies to handle their SAP Business One projects.
Small and Medium Enterprises who find it difficult to compete with the larger players have now got a powerful tool SAP Business One, a ERP software in Vadodara with which they will be able to improve on the efficiency of the processes and cut on the operational costs, therefore the sooner they pick SAP B1, the better for them.