Digital Transformation in Coatings Industry
Our client, a trailblazer in the coatings and adhesives sector, embarked on a digital transformation journey by integrating a bespoke data management system. This strategic move enabled the consolidation of data across diverse legacy systems, facilitating effortless analytics and reporting based on critical data insights. As our client’s dedicated IT ally, we provided comprehensive data cleansing, structuring, and validation in alignment with government regulations and tax laws. Our consultative methodology led to the development and implementation of an Automated Tax Compliance and Reporting Solution, which automated the production of tax returns, audit trails, and tax credit allocations. This initiative resulted in a significant reduction of manual labor, translating to a savings of 4 to 8 man months and establishing a foundation for continuous compliance excellence.
From Manual to Digital: A Modernization Story
Our Client faced substantial hurdles with its conventional accounting practices, which were prone to costly inaccuracies. The management of indirect taxes across a high volume of transactions was particularly challenging. The limited capability to access detailed transaction data hindered the creation of mandatory audit files, essential for compliance with the GST Network (GSTN) and National Informatics Centre (NIC) standards.
Challenges Overcome:
- Inefficiencies of Old-School Accounting: Legacy systems were a source of expensive mistakes.
- Complex Indirect Tax Management: The sheer scale of transactions made tax handling arduous.
- Data Access Limitations: Difficulty in retrieving transaction details complicated audit file creation.
- Rigorous Data Compliance: Ensuring data integrity in line with GSTN & NIC standards was complex.
Preparing for the future
To address challenges, we provided a comprehensive solution for Jesons. This included a cutting-edge data warehouse for efficient data aggregation from legacy systems. Additionally, we implemented an Automated Tax Compliance and Reporting Solution to simplify tax-related processes, conducting over 400 error checks on millions of records. Rigorous data processing ensured compliance with GSTN directives and tax regulations, while also enhancing financial operation precision and reliability through prompt reconciliation.
Success Delivered
- Saved 4 to 8 Man-Months: Automation reduced manual work, enhancing efficiency.
- Reduced Manual Labour: Automated tax/compliance workflows decreased errors and freed staff for strategic tasks.
- Streamlined Analytics: Enhanced data analytics enabled quick report generation, aiding decision-making.
- Ensured Compliance: System maintained regulatory adherence, providing peace of mind and risk mitigation.
About Client
Our client is a leading global producer of innovative coatings and adhesives, prioritizing sustainability and social responsibility. With expansive production capabilities across continents, it manages renowned brands and maintains a diverse workforce committed to pioneering advanced solutions for a better tomorrow.