For a very long time now, the Manufacturing MSMEs in India on the data front has been working with approximation in the absence of proper IT solution.
GST is compelling the Manufacturing Industry to build a transparent, accurate transaction data on a daily basis for the compliance.
The other challenge is that the Manufacturing MSMEs does not have access for the professional accountants to handle their data. Post-GST has thrown a great opportunity for the Auditors (CAs) to help the MSMEs with an end-to-end ERP system.
Syscon Cronus – ERP offers:
- ERP – for 45 days of free trial with full implementation and data migration support.
- Low cost Cloud & On-premise ERP system
- ERP system is well configured with GST rules
- Multiple client access for auditors
Auditors and GST consultants back-office process;
- Help MSMEs to do the set up and configuration in the ERP system as per the GST requirements
- Till Invoice and GRN will be done by the MSME units
- Purchase Voucher, Sales voucher, Payment and Receipt voucher is done by the MSME units.
- But the approval to be done by the back office team to ensure that the entries are passed rightly. If not before approval the same can be corrected.
- All the Accounting entries are passed by the Back office
- GST returns are done by the back office
- Audit is also done by the back office.
The MSME users while creating the data like Supplier, Item, Customers can create Masters as per the GST compliance. Auditors can also help the MSMEs in the Do’s and Dont’s while configuring the Master data for the GST compliance.
The MSMEs can take care of the basic purchase, Sales and inventory entries. The extended financial entries can be taken care by the Audit team. Since this is real-time data, it will be easy for the audit team to find if there are any mistake in the data on the daily basis. This will be an on-line system. So the Audit team can access the on-line data from their location.
Advantage for MSMEs:
A good ERP system will provide Financial, Operational, Sales data visibility.
- Real-time data for the full industry.
- Far better response to customers
- Tight control on Inventory – At stores, Sub contracts, Work-inporogress, Finished goods, Shipment & Bonding (in case of imports)
- Control on rejections – Rawmaterials, Subcontract and Production.
- Cash flow control on Accounts payable and receivables
- Timely filing of returns.
The MSMEs and the Auditors need to take the next step forward to adopt for the ERP system to enable compliance and growth. We will provide complete support.
Try it out for one of your manufacturing clients. You will know the difference and you can show a difference to your clients too.