Case Study

Essilor is World Leader in Prescription Glass in Eyewear Glass business.

Essilor India has grown exponentially in India in Organic and Inorganic way of growth by taking over many small companies who are already making their presence felt in many parts of India.

Over a period of time, Essilor India Management was finding it very difficult to consolidate the data across different entitles since each one was having their own way of maintaining their books of accounts.

To overcome this problem Essilor planned to bring in Standardization of Accounts along with implementation of Checks, Controls and Process Automation across all these entities so that the Management will be having better access to the information on time with very less manual effort. Essilor India approached Nova Technosys to help them to implement the required custom built solution on Tally.

Nova Technosys along with KPMG jointly put in the effort to Standardized their Chart of Accounts with Codes, Re-grouping of Chart of Accounts as per MIS requirements, Merging of Chart of Accounts where required, Cleaning up of Chart Of Accounts, then migrating the Data to reflect the newly implemented Codes to reflect in their Transactions, eliminate the discrepancy between the Ledger Balance and Bills Outstanding

Using Nova Tally which is the flagship customized solution from Nova Technosys on Tally.ERP as well as Tally Prime, Implemented Process like, making KYC and KYS mandatory for Customers and Suppliers without which the Transactions will not be allowed in the System, Implementation of Work Flow to control the Transactions / Limits, Linking Purchase Order to Supplier Bills and Tracking the Pending Bills at Purchase Order Level, Linking Sales Order to Customer Invoices and Tracking the Pending Invoices at Sales Order Level, Provision to attach Documents at Master and Transaction Level

 

Developed Interface to their Billing Application to pass on the Available Credit Limit for each Customer on daily basis for the Billing System to Stop the Billing when the Credit Limit for the Customer is crossing the set limit.

Developed Banking Module to help the User to decide the Payment against each Bill which is due for Payment and once the User completes the Payment plan the System will automatically generate the Payment Transactions and post into Tally software

We have also developed an interface to their Bank portal (Citi Bank India) to trigger the Payment Transactions are sent to the Portal in the Bank prescribed format with encryption and shared through secured connection. When the Bank had processed the Payment and sharing back the Payment details through encrypted file the system will automatically consume that file and update the payment details like UTR and other information against the respective transaction to make sure the Bank Reconciliation (BRS) process is happening seamlessly

Tally was customized to Allocate the expenses incurred against the support cost centers to the Profit Centers at the ratio pre-set in the system to make the month closing process simpler for user and eliminating the manual process in allocation as well as the manual mistakes made due to high pressure during the month end closure

We have also developed Report Generator which will allow the User to Configure the Profit & Loss Statement (P&L Statement), Balance sheet and other Schedules as per the needs of their Parent Company in their prescribed format as and when required without any manual effort so that the Consolidation at the Parent Company will also happen smoothly

Customized Nova Tally Solution is implemented at 48 Locations across different States in India and these 48 Locations were part of 9 Entities and also implemented the same at the Essilor India Head Office at Bangalore.

We have hosted the Solution for all the entities on Cloud Server enabling the Branches across the Locations posting the transaction in the common server. We have consolidated the Data at Entity Level and well as the Group Level for the respective Process Owner to get an overview of the Financial Status of their entity or group at any time without any data synchronization or consolidation process.