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Streamlining Invoicing & Forex Tracking for the Automotive Industry

Our client is a leading Indian manufacturer of automotive clutch components, established in 1972, with decades of expertise in the foundry industry. The company supplies high-quality clutch components to top vehicle manufacturers in India, the United States, and the United Kingdom.<br>

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Streamlining Invoicing & Forex Tracking for the Automotive Industry

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  1. Streamlining Invoicing & Forex Tracking for the Automotive Industry Client Our client is a leading Indian manufacturer of automotive clutch components, established in 1972, with decades of expertise in the foundry industry. The company supplies high-quality clutch components to top vehicle manufacturers in India, the United States, and the United Kingdom. Challenges The client faced multiple challenges in their business operations due to the lack of an efficient ERP system:

  2. Difficulty in inventory planning and material requirements planning (MRP) Inefficient tracking of cost and material consumption Lack of a proper system for generating supplementary invoices for price changes after sales invoices were processed Inaccurate calculations of Forex Gain/Loss in export transactions due to incorrect exchange rate capture A customized Free Text Invoice required for supplementary invoicing without affecting inventory A single-click selection for invoices to be included in supplementary invoices Automated integration of currency exchange rates for accurate transaction bookings Solution Provided To address these challenges, we implemented Microsoft Dynamics AX 2012 R3, providing: A customized invoicing system to generate supplementary invoices seamlessly Automation of exchange rate updates for precise Forex Gain/Loss calculations in export sales Improved invoice selection process, enabling single-click selection of invoices for supplementary invoicing Automated notifications for pending invoices, ensuring timely payments A structured invoicing and documentation process for improved compliance

  3. Results The implementation of the ERP system brought significant improvements: Time savings in supplementary invoicing Accurate Forex Gain/Loss calculations, ensuring profitable transaction bookings Improved cash flow management with automated tracking of past-due invoices Better accuracy in cost and consumption tracking, leading to optimized resource allocation Enhanced efficiency of the collection department, reducing delays in payments Original Source

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