The long awaited and much talked about Goods & Service Tax has finally been implemented; this will consolidate the various indirect taxes into a single tax regime for the entire nation, famously known as One Nation One Tax. Thanks to the visionary and able leadership of our Prime Minister Shri Narendra Modi that we finally have a single tax for the entire country. This new single taxation system will pave the way for a transparent and corruption free administration. It will reduce the cost of goods and services and boost the economy by making the products and services globally competitive.
GST has brought about a paradigm shift in more than 140 countries with France being the first country to implement it in order to reduce tax evasion. With every new progressive step comes new challenges and therefore organisations must be ready to address them. Here are a few of them:
From procurement to warehouse management, and inventory to sales and shipping. Our SCM comprised of Purchasing and Subcontracting, Inventory, Sales and Shipping engages you to achieve overall business visibility, oversee and streamline inventories and synchronize supply administration with the client request screen and deal with your inventory network more productively, at a lesser cost. Your clients and suppliers gain continuous access to essential and precise data in order to improve your primary concern.SCM Modules
Project and Job Costing makes it easy to estimate projects, enter and report costs, and track billings, payments, and profits. With categories that are easily customized to meet virtually any specification needed, it is flexible enough to manage large or small projects for any business environment.
With Project and Job Costing, you get efficient and effective results without breaking your budget, straining your internal resources, or compromising on functionality. With the automated tracking, estimating, billing, and reporting the cost benefits of dramatically streamlined processes you get the insight you need to control costs and boost profits.
Automated Project and Job Costing
IDBS ERP provides a detailed project data that can be customized easily pursuant to your business needs wherein the hierarchy of project levels and transaction types is defined quickly in order to track and report costs and profits irrespective of the size of the project. It helps to manage the contracts or jobs efficiently by dividing it into three different levels such as contract (job), project (phase) and category. With this you can specifically use cost account in cost transactions for each category and use as many as segments to represent the type of contracts and divisions in your contract numbers.
Flexible Estimates, Billing, and Profit Recognition
With IDBS ERP X3 you can have a better control over your project cycle from ascertaining the exact bid to delivering products on schedule. As historical and project data is readily available based on which costs and assets can be evaluated and it also helps you to set up complex estimates by specifying the quantity, unit cost, and billing rate for each staff member, material, subcontractor, equipment, miscellaneous item, and overhead expense allocated to the project. It facilitates you with Comprehensive billing and revenue recognition processes provided with multiple accounting methods matching your specific project accounting requirements wherein you can update revenue and cost estimates at any time with a full audit of the changes. Assign cost categories and automatically calculate cost and revenue estimates per cost category, or simply define the cost and revenue estimates for each project category.
You can expand your project management with a fully integrated Solution, even further with streamlined integration to 300 ERP Inventory Control, Accounts Receivable, Accounts Payable, Purchase Order, and Payroll modules. These applications work seamlessly and synergistically to contribute valuable insights to project costing analysis. Costs and system-calculated burden, overhead, and profits are posted directly to the General Ledger. Save time by defining details to be used when creating billing invoices in Accounts Receivable.
Comprehensive Reports and Inquiries
With Project Costing, you can generate customizable reports based on the most up-to-date business intelligence. Identify problems before they occur by reviewing critical details of each project’s activities at any point in the project cycle. Reports by project and phase can compare and contrast budgeted versus actual resources spent on different projects, enabling you to determine which are profitable and which are not. Additionally, you can pinpoint the most costly phases of your project so improvements can be made to maintain profitability
Secure Business Integrity
Safe, secure, and controlled—protect the sensitive information in your business. 300 ERP assures comprehensive security at variable levels, protecting your highly sensitive project data from unauthorized access or manipulation.
With ERP X3 Fixed Assets module, the information required to manage a company’s fixed assets and associated costs can be maintained effectively. The system is designed in such a way that it calculates depreciation based on commonly used formulas and tables. Implementing ERP X3 gives you the advantage of saving time for more critical operational areas. The Asset Management module is fully interfaced with the other Finance Modules.
Features and Functions
Fixed Asset Records
Display of Depreciation Schedules
Breakdown for Reallocation or Partial Write-off
Change of Depreciation Parameters
Method, period, residual value, and others
Write-off of Fixed Assets