Inventory Accounting Automation and Cost Efficiency for a Mid-Sized Manufacturing

Client Profile:
A mid-sized manufacturing firm based in Pune.

Challenges:
• Manual, non-integrated inventory bookkeeping processes at the factory and administrative office.
• High in-house accounting costs, along with inventory carrying and non-availability costs.
• Non-compliance with GAAP reporting standards.

Solution Provided:
• Implemented cloud-based accounting software (TallyPrime) for real-time inventory tracking and management.
• Integrated inventory activities into a single platform, consolidating data into one server.
• Conducted a compliance review and aligned financial reports with GAAP standards to ensure accurate financial reporting.

Outcome:
• Real-Time Inventory Management: Management could track inventory status in real-time, leading to better procurement, production, and sales decision-making.
• Cost Savings: Achieved a 30% reduction in overall costs due to streamlined processes.
• Faster Financial Closing: Reduced monthly financial closing time from 15 days to 4–5 days within 4 months, improving financial reporting speed.
• GAAP Compliance: Achieved 100% compliance with all relevant accounting standards and regulatory requirements.