Jewels Infosystems

Why your business needs ERPs that are GST ready?

The much-awaited Goods and Services tax came with a lot of hooplas. Where the experts were claiming to have significant benefits of it in the long run, the businesses were going for a toss over it. They didn't know the advantages or process related to it. More the situation became grave when the companies were technically not ready to welcome this big reform of the Indian taxation system. 


Up till now, businesses were computing tax manually or through standalone software but with the GST on the floor, it becomes mandatory to employ robust ERP software. The benefits that ERP software brings to the business regarding own functioning and GST are:


Document management: GST demands transparency, when businesses manually maintain the track of all inventory, sales, purchase, bank, and production, there are chances to have some errors. Avoiding all such mistakes and chances of discrepancies, the ERP software helps you integrate the various processes and accurately maintain daily records of it. ERP reduces the chances of duplication of entries, assists in maintaining an appropriate database which can be referred at the times of claim or returns and make you a step ahead in being a responsible business.


A step towards digitalization: The GST mandates all your documents like payments, registrations, refunds and returns to be digital. Here an

ERP software comes as a big savoir. It eases out this task and is not much tricky in implementation or operating. 


Standardization: GST is initiated with the aim of clubbing goods and services under one umbrella of tax so that they can move across the country freely, relieving the manufacturers or producers from calculating the taxes on different points. To take advantage of this standardization, ERP software is a must. With ERP, you can standardize your entire invoice capturing process and enjoy this beneficial transformation in a very smooth way.


Compliance: Under the GST regime, the compliances are strict; they are precise and more time-bound. For such order in place, ERP comes as a big-time help. It allows maintaining hassle-free financial records and thereby always letting you comply on time. 


Certainly, GST is a well-thought reform whose benefits will be reaped in the long run but to avail these benefits later; it’s time to step towards automation now. It's time to buy right ERP software for the business. Remember, being compliant might attract a cost initially but being noncompliant will attract penalties bigger than the cost.