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Procurement Management, Everything You Need To Know 2022

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  In today’s competitive business environment, it is very difficult to survive and grow without a good grasp on the core principles of procurement management. Survival and growth compliment each other and cannot exist without one another. Guide to Procurement Management What is procurement? Types of procurement Procurement vs. purchasing – what’s the difference? What is meant by procurement management? What are the steps involved in procurement management process? Why you should automate procurement management? What is procurement? Procurement is the process of buying goods and services from vendors, typically for business purposes. Most companies have a designated buyer responsible for purchases, typically a senior manager with a staff of procurement specialists. The buyer’s job is to find the best products and services for the firm at the lowest price, and to find new sources for purchasing a particular item or service when needed. Types of procurement: To understand how procurement
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How to Choose Right Procurement Software for your Business?

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Navigating through numerous ranges of software is quite a baffling problem and selecting the right procurement software as per the requirement makes it even more challenging. Right from medium enterprise to a company with a turnover of billions, there has been a huge demand for procurement software that can help the companies to cater to the needs of the organization. Businesses across all industries are completely dependent on ERP software. The selection of the right software not only makes your business operations easy and hassle-free but also helps you stay ahead in the competition. The decision-makers of the organization are ready to invest in Plug and Play ERP for smooth execution of all business operations. Guidelines for Choosing Right Procurement Software The below-mentioned must have features will help you choose the right procurement software for your business:- (1) Easy Operation for your Team Easy and efficient handling of the software is one of the most critical factors be
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What is the Significance of Cloud ERP for Process Automation?

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  Introduction Are you the decision maker of an organization with a huge responsibility on your shoulders? Driving the organization through the hide tides of the global competition is quite tough and tricky. To face the competition and keep your company at the forefront of the global competitors you need some powerful tools which can help to stay ahead of the competition. The  Cloud ERP Software  allows you to stay ahead of the competition and perform as per the fast-changing trends of the global market. Many components contribute towards the smooth running of the company and when these components are combined they work as a driving force to take the company on track to success. Gone are the days when there were traditional ways of running a successful business. Cloud ERP Solutions: The Biggest Game Changer For successful implementation and running of the business, ERP is known as the stepping stones behind the running of every successful enterprise. Right from startup to a company wit
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Build Up Your Business with TYASuite Cloud ERP Software

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  There is worldwide shift in organizations progressing from traditional solutions to cloud-based automation. Covid-19 Pandemic has accelerated the adoption where even SMEs are looking for Cloud ERPs. India has emerged as SaaS Hub and able to compete with Silicon Valley in SaaS innovation. The one organization helping numerous SMEs extend their impression is TYASuite Software Solutions Private Limited. The company was established by Vikas Mandawewala and Praveen Dokania in 2018. TYASuite Plug & Play ERP Software is equipped with modest technology to the real-time business problems across industries. Vikas Mandawewala is a veteran finance expert. TYA Group had an unassuming start – beginning as a financial and accounting firm in 2013, alongside one representative. With time TYA Group has developed consistently, diversifying its extent of services and wandering into the IT domain, arriving at more than 150 staffs and operations over many big cities and communities. Introducing the Co
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Is Vendor Data Ignored? Switch To Vendor Management Software

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  As businesses have now shifted to remote work, the requirement for centralized vendor data turned out to be an important factor. Data living in somebody's mind, a file folder, on an email or even excel spreadsheet, was tough to access and share. In an emergency, certain bits of data become essential and most of it was lost during the retrieval process. To manage the data properly,   vendor management software   is essential for businesses. In the previous decade, the attention on vendor risk has expanded colossally. Most big businesses have broad projects to survey the sorts of data managed by or accessed by vendors because of GDPR and other data security rules, and makes sure to have this data readily at hand. A few businesses include operational and administrative compliance requirements, and most associations are effectively dealing with their vendor contracts. What vendor data do you want? You ought to effectively have the option to put your hands on these components for the
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Top 10 Reasons to Digitize Your Inventory Management System

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  Inventory management is a decent practice for any organization. If you are not watching out for your inventory or checking stock consistently, you are setting yourself up for significant inventory errors and difficulties. Proper inventory management truly can make or break your business! Let’s take a look at the top 10 reasons to digitize your inventory management system: 1. More Precise Ordering This may appear glaringly evident but its significance couldn't be overstated. The items you purchase and put on the rack is probably the greatest investment that you make in your business. How might you know what to order and keep on your racks if you don't have the foggiest idea what you hold? Regardless of whether you are physically making orders, utilizing our recommended ordering, or a blend of the two, you have to recognize what you have so you will know what you want. 2. Customer Service Ever approach a store agent for your preferred item and watch them bungle around, running
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Understand the Most Important FAQs on TCS on E-Commerce

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  [Payment of certain amounts by an e-commerce operator to an e-commerce participant]. Finance Act 2020 introduced a new section in the form of  Section 194O  to the Income Tax Act 1961 related to collection of tax by E-Commerce Operator. The below changes have taken  effect from October 01, 2020. We have summarized the provisions of section 194O in an easy to understand language as below: 1) An e-commerce operator (i.e. E-Marketplace) must deduct TCS @ 1%  (0.75% for FY 20-21)  at the time of credit of amount of sale of goods or services or both to the account of an e-commerce participant (i.e. Seller on e-Commerce Platform) or at the time of payment thereof to such e-commerce participant. 2) TCS shall be calculated on gross payment amount. This means if any charges are deducted by E-Commerce operator, that shall not be reduced for TCS calculation. 3) TCS is also applicable and shall be deducted even if the Seller has directly delivered the goods/services and/ or received the payment
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