Posts in category Tips

GST: The Nation needs Your Taxes


gst

Tax structure for indirect taxes  in India has remained complex with a combination of state and centre level taxes and compliance rules. The complexity slowed down business due to requirements of multiple forms in various formats required for movement of goods within the country. Checking compliance was also naturally difficult hence leaving room for tax avoidance. Long term reforms had proposed a single tax known as Goods and Services Tax (GST) applicable uniformly based on the value. GST will be a single Indirect tax for the whole nation, which will make India one unified common market. Each stage would then be taxed only on added value.

Now the GST bill is passed it will be implemented into the systems on 1st April 2017.It shall come into force on such date as the Central or a State Government may, by notification in the Official Gazette, appoint in this behalf. While each State GST Act would extend to the relevant State, the Central GST Act extends to the whole of India and includes Jammu & Kashmir (‘J&K’).

Being a major mover of goods retail industry will have a major impact through GST implementation and we feel that the overall impact will be positive as it will reduce current artificial constraints on business domicile and movement of inventory. The manufacturer will be able to reach more consumers through distributors and stores across India with ease of calculating and reporting of taxes.

We at Ginesys are fine-tuning our Retail ERP and POS systems with a vision to simplify and make the  process of adoption of  GST as simple as we can. Through these blog posts you will be able to get an inside view into how we are working this subject.

Store Goods Receive can be now checked in POS via Tolerance


Goods received tolerance at POSIt often happens that the quantity of the items received at store POS does not match the quantity dispatched from the warehouse or replenishment site.

This may be due to following reasons

1. Actual dispatch quantity was wrong (this can lead to short/ excess quantity being received at store)

2. While the goods are in transit, some goods are lost (this usually results in a shortfall in receipt)

While the first point indicates an human error the second point is really important as it may be due to pilferage or some negligence  while the goods are in transit. Identifying the reasons of mismatch and going into root cause of it very critical. Earlier the users (if allowed to do so from Head Office) are allowed to receive the  items at the store POS, irrespective of the quantity mentioned in the document which is a critical loophole.

Now Ginesys retail management software has an option to set the tolerance limit for mismatch from the HO in terms of percentage of total quantity. This can be set for both excess as well as short quantity received at the retail store POS.  If the quantity exceeds  the tolerance limit the intervention of HO or a person from superior role in the store is required to complete the goods receipt.

Integrated Retail ERP: Pillar for Retailer’s Success


Integrated SolutionRecently a study has been published  by accenture which emphasized the need  of an Integrated and Seamless Retail ERP. The main highlights of the study was how an integrated and seamless retail ERP will help the Retailers  in enhancing the shopping experience  for its customers but will also help them in analyzing  and eventually removing the bottlenecks in their operations.

It has highlighted 4 major points:

1. A Retail ERP  should be such that it should  support  the business  strategically. Its architecture should be flexible enough to adapt easily to the  changes and the innovations, which would lead to a legitimate and satisfying ROI in return. 

2. Infrastructure should be such that it should support  the changes rather than dragging it. This constitutes the adapting quickly to the latest technology and inheriting it into the innovative system. It involves making the systems mobile, flexible towards the devices and should be secure.

3. An integrated system must be able to capture the correct and unambiguous data analyze it and take an action against the inferences drawn from that data. As there are many sources  of data and data is huge , a system should be integrated and smart  enough to capture the important data and act according to the requirements. 

4.It has emphasized on the importance of IT  and an Integrated Retail ERP in Strategic Business decision making.

  • More investment in IT Manpower  to get full advantage of ever changing technology.
  • Making the business systems more IT enabled for their transformations i.e increasing the role of IT will play  in it.

 

Ginesys Retail ERP is an Integrated ERP  where you can seamlessly integrate different  functions of your  retail ecosystem. It is flexible enough to adapt to new technologies as well as open to  get integrated with specialized apps wherever necessary such as Qlikview for Analytics Easy Rewardz for customer loyalty .

You can read the full article at the link mentioned below

http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture-Seamless-Technology-Unleashing-Integrated-Shopping-Experience.pdf

Mufti overcomes operational challenges with Ginesys Solution


Mufti BannerSynonymous to ‘Alternative Clothing’, this leading apparel brand Mufti was looking for a solution that would bring all of its businesses and processes together in a synchronized manner. The company wanted a cost effective solution, which is easy to implement and smooth to operate.

Business Challenges that Mufti had:

Lack of data synchronization:Prior to selecting Ginesys, Mufti was running local software to manage their daily operations. However, the software had major shortcomings such as data discrepancy and lack of data synchronization. With more than 200 outlets spread over different geographies and having a heady mix of EBOs and MBOs, the problem only multiplied further.

Integrating operations: Ginesys provided a solution which integrated front and back-office operations. Working with the fledgling IT team of Mufti, Ginesys was able to improve visibility into daily operations, control on sales stock and consolidate store information.

Standardized business process: The company was able to map their sales process with correct tax parameters and stock transfer to EBO. Another achievement was to comprehend the traditional business processes of Mufti and implement a standardized business process.

 

Cloud Based ERP Still a Far reach for Retailers…


desktopSince their inception, the vast majority of ERP systems have been implemented on premise. Traditional ERP systems provide various kinds of benefits such as mature system functionality and abilities of greater customization and integration. In the past decade other software applications however have seen a shift to cloud computing that has become one of the fastest growing segments of IT industry.

Benefits of Traditional ERP over cloud ERP.

Customization and Integration Limitations: Many cloud-based ERP systems have noticeable constraints on interoperability with home-grown applications and integration into existing application portfolios and IT infrastructures. Unlike on-premise and hosted ERP, cloud-based ERP may not allow extensive customization and complex integration with some third-party services and systems.

Strategic risks: Outsource such a business critical system as ERP, companies usually bear increased strategic risk of high dependency on the service provider. Security and confidentiality are reported to be at risk among the top concerns about cloud-based ERP.

Performance Risk: Leaving out pure integration issues, performance risks of cloud-based ERP are essentially related to threatened speed and reliability of network, outage risks and limitations on data transfer.

Compliance Risks: Cloud-based applications often face additional difficulties in complying with data, energy and environ-mental standards as these regulations are generally designed without regard to peculiarities of cloud computing.

Functionality Limitations: Cloud ERP is based on not that mature systems as traditional ERP and may not be functionally rich enough to “satisfy the back -office needs of organizations in every type of industry”

Subscription Expenses: An explicit part of cloud-based ERP additional costs is widely used periodic subscription fees that do not depreciate over time, in contrast to capital investments in traditional ERP software

Cloud-based ERP generally might be considered as more suitable option for SMEs than for large businesses but additional quantitative research evidence based on recent cases could also be helpful in getting further insight into the progressive cloud world.