TECHNOLOGY IMPACT ON ERP

  • Rewire your core, understand the potential impact.

The implementation of the GST law has been as a major game changer in the corporate world. There are new policies that have been introduced, new tax reforms implemented and new categories created, many of these new reforms and changes have perhaps been too complicated for enterprises to understand. All of which can be resolved by integrating GST software with an accounting system or with ERP.

Goods and service tax – India’s most anticipated tax Reform in India is likely to get rolled out from July 1 st, 2017. The basic objective behind implementing GST is to eliminate the cascading effect of indirect taxes. However, the impact on ERP is manifold as it acts as the backbone of the business infrastructure. Significant changes are expected to take place in ERP systems on account of implementation of GST. These changes may be visible in areas related to

  • Master Data
  • Business Process Changes
  • Interfaces and Reporting Requirements for GST Migration.

Companies need to adopt a proactive approach to understand the potential impact of GST on their ERP systems before the GST Bill becomes a law.

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For understanding the impact on the ERP, we have to classified ERP into two categories;

Enterprise edition

ERP products are integrated platforms automating client’s different business processes into one common platform.

Enterprise edition

ERP products are integrated platforms automating client’s different business processes into one common platform.

S.no. Areas Enterprise edition Standard edition
1 Chart of Accounts / General Ledger Structure
2 Forms & Report (invoice, Challan etc.)
3 Tax registers such as Input out put registers
4 Master Data Management (Updation of vendor masters, customer masters and item/inventory masters)
5 Number ranges (for invoices, debit notes / credit notes)
6 Adaptability (versions of existing ERP  
7 Process Management  
8 MIS Structure (Reporting & Dashboard)  

The correct utilization of the ERP system is crucial in any business. With the advent of new GST reforms, the appropriate implementation of the new policies in the ERP system is one of the more critical tasks.

However, if done correctly, it would only serve to boost your business and make things easier for you. The process might seem complicated, but things are easier than they look. Above all, integrating GST software with financial software or with ERP now, you are less likely to feel intimidated about all the paperwork and compliances. It will be one of those business decisions you'll be glad you took.

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