Background:
A growing retail chain in India, with multiple branches across cities, struggled to keep up with accounting tasks, especially the monthly GST filing and managing a large volume of transactions. The business was facing difficulties with maintaining accurate records, filing timely GST returns, and ensuring the accounts were balanced at the end of each month. With limited in-house accounting resources, the business was constantly under pressure to ensure compliance and track financials effectively.
Solution:
The company decided to outsource their accounting functions to a professional accounting firm that specialized in retail businesses and GST compliance. The outsourcing firm took over the end-to-end accounting process, including maintaining sales and purchase ledgers, generating invoices, reconciling accounts, and filing monthly GST returns. The firm also set up an efficient process to monitor and claim Input Tax Credit (ITC), ensuring the business maximized its tax benefits.
Results:
With the outsourcing partner handling all accounting functions, the retail chain was able to focus on core business activities such as inventory management and customer service. The business experienced a significant reduction in errors related to GST filings, and they became fully compliant with all tax regulations. Moreover, the retail chain saw a 20% improvement in cash flow due to better management of tax credits. The business was able to expand operations into new cities without worrying about accounting complexities, thanks to the outsourced support.
