Ensuring Financial Compliance: Custom Analytics Solution using Zoho apps
Client Background:
Siloxene A.G. is a prominent European manufacturer specializing in the production of innovative silicon-based compounds for diverse industries. Seeking to enhance financial compliance, Silicon Compounders required a specialized general ledger to meticulously track opening and closing balances, credits, and transactions for their Accounts to meet the requirements of Finance and Tax Authorities.
Challenge:
Siloxene faced challenges in using the reports in its existing accounting system. The Insufficient Analytics Report Capability in Detailing Credit/Debit Transactions did not allow for Financial Compliance. A custom General Ledger report with opening and closing balances for every account type, and timelines was necessary to ensure compliance and accurate tax filings.
Objectives:
●Custom General Ledger Development: Create a specialized general ledger within the custom analytics platform that accurately tracks opening and closing balances, credits, and debit transactions across different accounts specific to their accounting system.
●Compliance with Finance and Tax Authorities: Ensure the custom ledger system aligns with European Finance and Tax Authorities’ rigorous reporting standards, facilitating accurate financial breakdowns for regulatory compliance.
● Data-driven decision-making: Provide comprehensive financial insights through the Analytics platform, supporting informed decision-making and optimizing financial management within the specialized manufacturing industry.
●Streamlined Reporting for Compliance: Develop automation that generates a comprehensive report, easing auditing and ensuring seamless tax filings.
Solution Offered:
Our proposed solution involved leveraging the capabilities of the current Analytics platform and creating a specialized custom general ledger for Silicon Compounders Ltd:
●Tailored Account-Level Breakdown: Developing a custom general ledger report using Analytics and Zoho Creator platform that meticulously breaks down opening and closing balances, credits and debit transactions across various accounts relevant to the customer’s current process, such as production costs, sales revenues, inventory management, and tax liabilities.
● Integration with Accounting Systems: Seamless integration of the custom analytics platform with the existing accounting systems to capture, consolidate, and analyze transactional data accurately, ensuring a comprehensive financial breakdown aligned with regulatory standards.
●Adherence to Regulatory Standards: Customizing the custom ledger system and creating automation using appropriate backend data to comply with the specific reporting requirements of European Finance and Tax Authorities, ensuring detailed financial breakdowns and facilitating accurate tax filings and compliance reporting.
●Real-time Analytics and Reporting Capabilities: Leveraging the custom analytics platform to provide real-time generation of detailed financial reports and statements and using the workflows in Zoho Creator to offer a report with a breakdown of opening and closing balances, credits, and debits transactions across different accounts, for various timelines tailored to the manufacturing of business of chemical manufacturing.
●Training and Support: Providing comprehensive training and continuous support to Siloxene’s finance and accounting teams for effectively utilizing the specialized custom ledger system within the Zoho Books platform.
●Implementation and Results: The custom general ledger within the Analytics platform was successfully developed and integrated with the existing accounting systems of Siloxene within the specified timeline of 5 business days. Siloxene gained comprehensive insights into opening and closing balances, detailed transaction records, and accurate credit/ debit tracking across various accounts, ensuring compliance with Finance and Tax Authorities’ reporting standards.
Detailed reports generated eased auditing processes and facilitated accurate tax filings, ensuring regulatory compliance specific to the manufacturing of specialized compounds.
The adaptable system architecture allowed for scalability, enabling Siloxene to accommodate evolving regulatory requirements and future advancements in its accounting system.