Challenge
• Unable to finalise the Balance Sheet in 8 months FY close
• Unable to provide requisite information to auditors from new ERP.
• Incorrect filing of VAT/ Excise and Service Tax returns.
• No monthly reporting of financials
• Required excess resources
Solution
• Root-cause analysis revealed, implementation gaps in accounting flows, inadequate reports/data were n the new ERP.
• Resulted in manual records for statutory compliances; like VAT, Excise, Service Tax Etc.
• Root-cause analysis revealed lack of user awareness and training leading to incorrect and inefficient manual processes.
• Suggested the action plan in three categories; detective, preventive and ‘to-be-process’ applicable for all stakeholders including IT.
• Organised training for the users and formed a team of Super- users for better hand- holding with the users
• Recommended process changes to restrict duplicacy and redundant process
• Recommended IT for development of reports for indirect taxes.
• Periodic review with steering committee
Benefits
• Project delivered successfully with all user issues addressed
• Manual and redundant process were done away with improve and brought efficiency.
• Monthly financial closing put in place to ensure real time accounting.
• Implemented SOPs and SLAs.