The distillery segment in India is a highly regulated sector with compliance that includes the Excise Duty Act, food safety, environmental, and tax compliance requirements. The consequences of non-compliance are severe, ranging from hefty monetary fines and damages to a firm’s reputation and, in some cases, even shutting the business down permanently. But for distilleries that want to improve their processes without compromising the strict requirements that have been laid down, there are key features that Oracle NetSuite Cloud ERP, an ERP software, provides to better comply, report and track changes in real time.

In this article, we will look at how through the ability of Oracle NetSuite Cloud ERP, distilleries in India can overcome the burdens that are posed by the complex compliance requirements without compromising the efficiency and accuracy of their operations.

GST and Compliance And Other Taxes Reporting Made Easy:

For distilleries in India, they should also consider GST as another major area of taxation compliance as it affects sale and purchase and stock costs. One of the things that distilleries must pay attention to is that there are multiple tax rates on multiple products and states, and these must be managed with a system. Oracle net suites cloud erp eases compliance burdens as it automatically calculates the GST and keeps records of each transactions tax obligation from imports.

Environmental Compliance and Waste Management:

Distilleries located in India have Environmental discharge standards to meet, with regards to their waste management and pollution control. The waste emission, method of waste disposal, as well as freshwater and energy usage, need to be monitored in order to be in compliance with laws and regulations. An integrated Oracle NetSuite Cloud ERP system empowers distilleries to control and quantify their ecological emissions, including water consumption, waste management methods and environmental concerns. In addition, analytics tools by NetSuite enables distilleries to know and evaluate trends in resources consumed and waste generated, thus supporting these firms in complying with environmental requirements.

Audit-Ready Financial Records and Reporting:

Oracle NetSuite Cloud ERP serves as an all-inclusive and accurate record of financial transactions that can be useful for audits. NetSuite integrates all financial reports through its recording of sales, production, inventory, and distribution. The two features, Automated reconciliation and Detailed Financial Reporting allow even distilleries to produce professional financial statements suited for audits in seconds. Because of the thorough audit history maintained on NetSuite, it gives access to related information to the auditors, helping to decrease the entire time and resources required to execute the audits.

Stronger Risk Management and Internal Controls:

Controlling the internal functions is imperative for all the distilleries since they are the factors which can control the risks of the three categories above – compliance risk, fraud risk and operational risk. Oracle NetSuite Cloud ERP includes strong internal controls such as role-based security, workflow automation, and automated alerts and notifications when specific operations or transactions deviates from the norm. Distillery managers utilizing NetSuite risk management functions can establish approval procedures for significant transactions and trigger alerts when significant protocol is breached.

In Indian distilleries, however, it is important for their operation and business that minimum regulatory standards be met. Oracle NetSuite Cloud ERP provides such businesses with an effective approach, providing regulation compliance management functions that include automation, tracking and reporting all in one place.

And to complete the even better news SoftCore Solutions is the foremost partner for Oracle NetSuite Cloud ERP in India with its headquarters in the vibrant city of Mumbai. We serve clients from different countries and different industries. In addition to native integration with an Oracle net suite Cloud ERP partner in India, other possible integrations for certain business processes may be developed and available as well.