Account Payable and GST Process Support

Client : A Leading MNC Bank

Service Offered : Account Payable and GST Process Support

Sector / Industry : Banking and Finance

Client
Objective

Our client is operating in India since 1964, has a well-established track record in the local financial markets. Incorporated in the US, the bank offers a comprehensive suite of financial products including lending, working capital, treasury and trade services, foreign exchange, and interest rates to leading Indian corporates, financial institutions, multinationals, and foreign government entities.

Our client wanted to seek professional assistance in handling Account Payable (AP) process and stay compliant with the GST – Input Tax Credit (ITC) regulations defined by the revenue authorities.

solution
Impact
  • Reduction in error rate and achieved accuracy level of 99.7%
  • Input credit that was not claimed earlier; is now availed by the client contributing additional cash flow
  • Operational weaknesses were identified and strengthened by plugging the gaps
  • Automation of processes resulted in increased efficiency and effectiveness

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