Case Study Archives - Finsmart Accounting

Payroll Management Services For India Based MNC

Maanoj Shah — Sun, 13 Feb 2022 13:50:00 +0000

Facts

The company is a renowned Automotive Parts manufacturing and having its Group Headquarters in Germany and operations in Europe, America and Asia with over 30 production facilities. Our client decided to opt for a service partner who can help them automate the process and provide support as and when required. Our client wanted us to take the entire responsibility of payroll, right from processing till generation of FORM 16 till employee query resolution.

Solution

Starting with an initial test of the service, they gave us a small number of payrolls. The data was collected and processed by our payroll team within 24 hours. Once our client checked that everything was in order, we delivered in-depth payroll reports back. Our employee self service portal helped employees get the required employee related reports like payslips, tax sheets etc. on click of a button. The initial trial was a success and we moved to take over their entire payroll services.

Value that was added

With Finsmart Solutions efficiently processing and managing the payroll work, it ensured our client’s compliance with law, In-depth payroll reports and no dependency on in house payroll resource.

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Accounting, MIS and Taxation Services For a Newly Incorporated Company in India

tejasdhabalia — Thu, 13 Jan 2022 14:03:00 +0000

Facts

The company is a fast growing Automotive Parts manufacturer and having its Headquarters in USA and operations in China, Mexico, Germany, Japan and wanted to establish an office in India. After company incorporation in India – US management was looking for a reliable partner who can help them with Accounting, Payroll and Compliance requirements at initial stage.

Solution

Our incubation team initially studied the business process and the operational needs of the client. We helped overseas management with getting familiar with Indian laws and regulations. We assisted them with setting up accounting processes and payroll function. Today the company operations are increased considerably. The company has constructed a manufacturing plant in Pune and has appointed India Finance Head. Still after 5 years we continue to work with them for their accounting and payroll requirements.

Value that was added

Our team’s response and understanding of the business requirement enabled them to set up smooth accounting and payroll function with due adherence to applicable laws. We were involved in direct communication with the USA Finance Team providing the Indian counterpart breathing space required to focus on growing their India Operations.

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Accounts Payable Service For a MNC Having Global Presence

tejasdhabalia — Thu, 30 Dec 2021 13:37:00 +0000

Facts

Solution

As a standard practice, our incubation team initially studied the business process and operational needs of the client, identified and assigned different workflows to client accounts, and further prepared a process document that highlighted gaps in the current process. The team redesigned the entire process, streamlined the approval process to ensure a quick turnaround time. This resulted in the intimely payment of invoices, keeping vendors happy, and books up to date. It also contributed to making audits less stressful.

Value that was added

Our team’s efforts and understanding of the process have helped reduce supplier statement discrepancies, improved supplier payment processing, and helped in smoothening supplier relations with an effect of enhanced efficiency of the entire Accounts Payable Process. Today, we process 40% more transactions as compared to the start and proudly contribute to their growth. We also designed Global Spend Dashboard for the management team which helps them understand the flow of expenses across different global regions and expense heads.

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