With the implementation of GST (Goods and Services Tax), the Indian economy is going through a big change. All the registered businesses are required to calculate their tax liability and pay their taxes. The tax regime works in two ways, manually and electronically.
The manual mode of tax calculation requires the use of books and old-school methods of tax calculation. On the other hand, electronic tax calculation requires either a competent and flexible ERP software or three applications, viz. electronic cash ledger, electronic credit ledger and electronic tax liability ledger.
Here, the company or the business owner has to choose between these options. Experts suggest that integrating a GST compliant ERP software to your business is one solution to all your problems. You need to understand that such high-tech ERP such as Tyre ERP performs the task of your IT expert, your accountant and administrator.
It saves your valuable time by calculating GST in just one click. This is because the software is embedded with all the intricacies of this new tax regime which are still new and hard to understand for most people. However, the tax calculation in modern ERP software does not happen automatically. Each and every person connected to the specific channel is required to enter authentic information accurately in the system on time.
The data collected from all the possible channels goes directly to the server and can be used for further processes such as tax calculation and generating business reports, sales forecast, demand forecast, etc. Tyre ERP makes such reports and analysis easy because it streamlines the data and allows you to access the information seamlessly.
On a different note, business owners are also worried about the reliability of ERP solutions as they fear the loss of funds and leak of confidential information. Modern ERP software are highly reliable both in terms of security and efficiency. System downtime is almost impossible unless here are hardware or connectivity issues. The vendor support is also there in the vent of such emergency. You can contact them in any such situations.
Despite being subscription-based and using the internet, modern ERP software are designed for superior protection and perfection. The data entered in the system remains classified and only the individuals with suitable permissions can access it. Each level off employee is only authorised to access the required information. However, special data access permissions can be granted as well for specific requirements but only with the consent of the authorities. Moreover, the system is well-protected with high-tech data protection, anti-virus and anti-theft tools that ensure complete protection.