When having an ERP software, you will have to make sure that it is GST ready. Being GST ready helps your business in several ways which is associated with GST compliance, tax filing, reconciling financial transaction and multi-level calculations.
Let’s us quickly examine now as the possible areas that your business is in a dire need of GST-ready ERP.
- Your business has a complex tax structure. A complex tax structure kills your time and you need to avoid it as your business requires your undivided attention than all these calculations that can be easily automated.
- Multiple tax rates is one of the biggest hurdles that your business might be facing.
- You might be unaware of certain tax and legal formalities.
- Your business demands multiple compliance and rules.
- You need to have worldwide standard compliance which makes your business process quite complicated.
The much talked about GST implementation has now become a reality. GST software will bring simplicity in the way businesses operate by replacing existing indirect taxes such as Excise, Value Added Tax (VAT), Service Tax, etc. into one taxation system. However, for businesses to continue to function smoothly, their ERP software will have to be GST-ready.
Let’s quickly explore as how SAP Business One will help your business to be GST- ready and meet all your GST compliance needs.
Document Management made easier
Under the GST tax system, all the documents related to statutory compliances, calculations, tax filings, payments, numerous reconciliations should go in the system and need to be recorded. So, there comes the need of a robust and enterprise-level software that can help meet this challenge. SAP Business One can mitigate the need of having spreadsheets in place, and make document management relatively easier and breeze.
Compliance-Ready
Compliance reforms are expected to go intense under the GST reform. A smart and GST-ready software like SAP Business One can render complete transparency and give a comprehensive view of all compliance activities. Should you be needing convenience in filing statutory reports? You can also customize reports as per your unique business needs. Further, the filing of taxes will become a breeze with this international-standard software.
Data Security
Complete data security is the most important aspect in the digital driven world. Irrespective of where you store your data in the cloud, there may be a risk of data theft or any other negligence. Thus, investing in a GST ready and enterprise-ready software like SAP Business One is an intelligent choice to run your business safely and in compliance.
Business Processes Standardized
When you use disparate systems, there is a high probability of manual errors, high conflicts, and loss of information leading to discrepancies and risks. This makes year over year comparison really arduous. With a modern ERP system in place, all required applications are well integrated, your data is synchronized and the forecasting models become easier.
Today’s ERP or the software you own may not be able to respond to the needs of GST compliance requirements and can pose severe challenges for your organization. Hence, the need for bringing in a technology solution designed specifically for GST is what all you need to ensure that you are following GST norms. Let us be your partner in this journey and navigate you to the right GST path.
