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Your financial ERP is GST ready, is your CRM?

With all ERPs releasing their GST-ready version, it is time to question what should you look for in the new ERP and another important question: ‘Is your CRM too ready for GST?’<br>

GauravSingh
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Your financial ERP is GST ready, is your CRM?

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  1. YOUR FINANCIAL ERP IS GST READY, IS YOUR CRM? The financial backend of your business is getting remodeled by GST implementation and the revamp has begun. From Small businesses to MNCs, all the indirect taxation structures are changing and so is the technical backend supporting this structure. With all ERPs releasing their GST-ready version, it is time to question what should you look for in the new ERP and another important question: ‘Is your CRM too ready for GST?’ What changes are required on your ERP? 1.New tax ruling engine: Every ERP is engineered based on the existing inventory taxing rules. It is the superset of rules that are applicable to all businesses and your ERP is configured to

  2. work based on those rules. Now the implementation of GST calls for a completely different tax ruling engine with a new set of rules inventory. Hence, it has become necessary for the ERPs to remake their tax ruling engine to be GST ready. 2.Merging account codes for VAT and Service tax: Prior to GST, the taxes to be paid to the state and central governments were calculated separately. The account codes for them were different. Now with unified taxing, your ERP must have a unified account code to merge the VAT and Service taxes. 3.Taking account of various tax rate dependents: With GST, tax rates depend on the place of supply of goods and services and also the time of supply. Tax rates depend on the shipping address, billing address in the invoice and also warehouse invoice. This requires new and dynamic features in the ERP that calculate the tax taking all the dependent factors into consideration. Another important purpose of GST implementation is to reduce tax evasion rates. To enforce this, GST demands invoice matching. This means that the tax rates are calculated by matching the invoice of the consumer and the supplier. This ensures that there are no tax frauds in any transactions. ERP and the invoice generation must be designed accordingly. 4.It is not just about version’s update

  3. New requirements for the ERP are not just about updating the version of ERP. The new tax rules must be updated and implemented. Yes! But it is not just about that. You must foresee what GST has in its basket. Tax, IT and other departments must be coordinated to ensure success of the ERP. Your supply chain, financial modules and warehouse inventories must be revisited.They must be organized as they affect your GST calculations.The factors that may increase the tax rates may have to be replaced to be able to deliver your goods or products without shooting up your retail price. 5.Reports and Compliance: GST will make all existing reporting and tax compliance systems obsolete. Your ERP must be able to generate reports adhering to the new tax policies. Also, coordination for the timely submission of tax compliance is essential. Also, another important factor is that with unified tax compliance, it also become the single point of failure. If uncoordinated, it will result in delay of submission. Is your CRM ready for GST? Widely used ERPs like Tally, Oracle, SAP etc. have already released the GST version of their ERP with necessary changes required to build a new and robust ERP for your business. It is not enough if your ERP is GST ready but your CRM must be too. You need a CRM that can just fit in to the new ERP like the missing piece of the puzzle. KaptureCRM can do just that! With its excellent compatibility

  4. features, Kapture CRM is compatible with Tally, Oracle, SAP and any other ERP that has an API capabilities. Equipped with most useful features, Kapture CRM puts an end to your GST worries. Explore the features of Kapture onhttps://www.kapturecrm.com/and try it for free without adding your credit card details. You can know more about the email campaign by visiting Kapture CRM; ask for a demo or try free CRM trial here.

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