Securing ITC Claims with Automation:
Transforming financial workflows with automated reconciliations and payment blocking.
A leading real estate company, faced several business challenges, including manual reconciliation processes leading to missing values, the need for stringent checks to block unreported invoice payments, and increased man-hours due to manual file uploads and downloads. Additionally, there was a lack of tracking capabilities in the system to block payments effectively. The solution provided involved automating the entire process flow, including file uploads, reconciliation checks, and payment blocks for missing entries, while allowing necessary exceptions. This automation reduced man-hours, enhanced operational efficiency, and enabled quicker invoice bookings using GSTR-2A data, resulting in a fully automated system with zero manual intervention and a secure ITC claim process.
Business Challenges:
- Manual reconciliation processes leading to missing values.
- Team needs to ensure stringent checks for blocking payment of invoices which are not reported by vendors.
- Increased man-hour with manual file upload and download process with every minor update.
- Lack of tracking capability in system restrictions to block payments.
Our Solution:
- Automate the entire process flow, i.e., file upload/download, reconciliation checks ensuring accurate data details.
- Ensure system restrictions from cockpit and block autopayment for missing entries, while allowing exceptions as per business requirements.
- Enable auto payment once data entries available and automate the block payment process.
- Enable booking of invoices based on the data appearing in GSTR-2A.
Business Outcomes:
- Reduce man-hours and enhance operational efficiency
- Quicker booking of invoices using GSTR-2A data
- Fully automated system with zero manual intervention
- Secure your ITC claim with restricted payment process