The Goods and Services Tax or GST Act came into effect on 01.07.2017 in India, and it replaced the many indirect taxes that existed in the country at the time with one single tax. It has simplified the tax structure, but also mandates strict compliance. Therefore, it goes without saying that it is absolutely essential to have your software – especially ERP solution. At IPIX, we understand the need to be compliant with government regulation and started working on making the IPIX ERP software GST ready almost as soon as the new regulation was rolled out.
If you are not yet convinced about the need for a GST-ready ERP software solution, we’ll give you 7 solid reasons:
Maintaining data consistency is important for a business; managers need to keep track of various things like inventory, purchase, sales, bank transactions, production and so on. The manufacturing module of ERP software helps in the automation and integration of these important processes and allows proper tracking of all entries, enhancing data consistency. It also enables businesses to be more transparent thanks to online transaction and bank reconciliation processing features in IPIX ERP software.
2. Document Management
With digitalization of all documents in compliance with GST, e-filing is mandatory; in fact, it is a pre- condition for businesses. Digitizing documents has its advantages, and ERP systems help you make this move seamlessly. Maintenance of documents becomes easier and more efficient, and they also become more accessible from any place and at any time. Only a GST ready ERP system like IPIX ERP, can interact efficiently with the GST network can help you automate seamlessly and ease business transactions.
3. Compliance ready ERP
With the introduction of GST, businesses worried about getting ready to handle tax compliance – however, a GST ready ERP software solution like IPIX ERP puts the solution in your hands. Without an ERP solution that is not GST ready you will find it very complicated when it comes to managing compliance for multi-state tax regulations. Changing scenarios and regulations in the economic world have far reaching implications in business, and it’s good to be prepared to meet such challenges well prepared.
Businesses will need to redefine important processes like taxation, finance, logistics, warehousing and so on to ensure proper execution of workflow. A GST ready ERP solution can help to ensure that goods and services move smoothly across the country, and reduce tax expenditure at the same time. With the introduction of GST, check posts will be minimized, and customers will enjoy more transparency. Minute details of payments will be recorded and mentioned, and you can achieve optimal reporting and printing.
5. Competitive Advantage
Having a GST ready ERP solution like IPIX ERP can give you a definitive edge over your competition, especially if they do not have a GST ready ERP system; in fact, there could be some competitors who don’t have an ERP system at all. Your business will enjoy the advantage of seamless, efficient business processes, compliance, transparency, and customer friendly interface as well.
6. Cost effective
GST has brought down indirect taxes ever since it was introduced, and ensures a cost-effective functioning. It helps you save even more money when you have an ERP software solution that is GST ready. With a standalone GST software solution, you will have to shell out a good sum of money; but when it is integrated into your ERP software – as in IPIX ERP solution, it works out to be extremely cost-effective.
7. Data Security
Data security is of paramount importance for any business that has digitized documents and records. With IPIX ERP, we use the most effective and stringent, multi-level data security measures, so that your critical information is safe from hackers and malware.
So what are you waiting for? Make sure that your business meets regulatory compliance – get GST ready ERP software today. Contact us for a demo or more details.