Centralizing Shared Services Centre for a Leading Steel Manufacturer
From 8 Entities to One Unified System — SAP & Tally Integrated for a Multi-Unit Steel & Engineering Manufacturer
- Tenure 5+ Years
- ERP Systems SAP & Tally (Integrated)
- Scope Taxation & Accounting
- SLA Compliance Yes
- SOX Compliance Yes
- Delivery Model Centralized SSC
Transforming Fragmented Operations into Unified Excellence
A multi-unit steel & niche-engineering manufacturer engaged MYND Integrated Solutions to centralize accounting and taxation across their 8 legal entities. MYND completed the transition in 2 months and cleared the compliance backlog within 3 months, delivering standardized processes and SLA-driven governance that continues to this day.
Steel & Engineering Manufacturing Context
Steel and niche engineering manufacturing in India involves complex multi-state operations with significant GST implications across raw material procurement, inter-unit transfers, and finished goods distribution. Each manufacturing unit must comply with state-specific regulations for factory licenses, pollution control, and labor laws while maintaining consolidated reporting for corporate headquarters. The capital-intensive nature of the industry demands precise fixed asset accounting, depreciation management, and investment tracking — all while managing high-volume transactions across geographically dispersed locations.
Challenges Before Transformation
The client's Indian operations had grown organically over the years, resulting in a decentralized structure where each entity and location managed its own accounting and taxation independently. This fragmented approach created significant operational and compliance challenges.
Entity-Driven Fragmentation
Each unit followed different accounting rules, producing inconsistent financial data across locations. The siloed approach meant duplicate efforts, no economies of scale, and finance teams working in isolation — making consolidated reporting for headquarters time-consuming and error-prone.
Lack of Standardization
Missing SOPs and process notes led to varied reconciliations and recurring errors. Without unified Standard Operating Procedures, each unit followed its own interpretation of accounting standards and tax compliance requirements, making it difficult to train new staff or ensure continuity.
High Churn & Backlog
Staff turnover caused frequent backlogs and delays in closing periods and filings. The decentralized structure and lack of career progression opportunities led to high employee turnover, with each resignation creating knowledge gaps and accounting backlogs as replacements required significant ramp-up time.
Missed Compliance Deadlines
Decentralized ownership increased risk of missed statutory and tax timelines. The combination of backlogs, non-standard processes, and resource gaps resulted in missed deadlines including GST filings, TDS returns, and advance tax payments — exposing the company to penalties and scrutiny.
Centralized Shared Services Center & Process Discipline
MYND implemented a rapid, SLA-driven shared services model, consolidating accounting and taxation activities into a central SSC covering all 8 entities. The approach combined SOP creation, ERP integration, KPI governance and a focused backlog clearance plan.
Rapid Transition
2 MonthsOnboarded Core SSC team, enabled governance, and migrated entity processes into the central model within 60 days. This included knowledge transfer, system access setup, and parallel run validation to ensure zero disruption to ongoing operations.
Backlog Clearance
3 MonthsPrioritized statutory filings and period closures; cleared pending compliances and reconciliations within 90 days of takeover. Deployed a dedicated task force focused on compliance risk and penalty exposure to minimize financial impact.
SOPs & Standardized Controls
OngoingDocumented process notes and SOPs with stakeholder sign-offs; introduced SLA/KPI monitoring for sustained control. Comprehensive procedures for every accounting and taxation process ensure alignment with group policies.
Phase-wise Transformation Journey
From immediate stabilization to continuous governance
Stabilize
- Mobilize SSC core team and assign immediate governance owners
- Perform rapid process mapping to identify high-risk gaps
- Clear urgent exceptions and stabilize month-end close procedures
Standardize
- Document SOPs & process notes with stakeholder sign-offs
- Harmonize GL mappings & chart of accounts across entities
- Integrate SAP & Tally data feeds; automate reconciliations
Optimize & Govern
- Implement SLA & KPI dashboards with automated reporting
- Run continuous training to reduce churn impact
- Conduct SOX readiness checks and regular process audits
Integrated with SAP & Tally — Real-Time Flow
MYND built connectors and reconciliation flows between the client's SAP ERP and subsidiary Tally systems to ensure a single source of truth for accounting entries. This integration reduced manual posting, improved timeliness, and enabled automated exception alerts.
The dual-ERP environment is common in Indian manufacturing where corporate entities run SAP while smaller units or subsidiaries use Tally for cost efficiency. MYND's expertise in managing both systems simultaneously ensures seamless data flow and consolidated reporting.
Real-Time Data Sync
Automated data feeds between SAP and Tally eliminate manual re-entry and reduce errors
Exception Alerts
Automated notifications for reconciliation mismatches and variance thresholds
Unified Reporting
Consolidated financial statements from multiple ERP sources into single reports
ERP Integration Architecture
Seamless data flow across systems
Business Outcomes
The transformation from a fragmented, entity-driven structure to MYND's centralized Shared Service Center delivered significant improvements across efficiency, compliance, and visibility.
Process Standardization
A key component of MYND's solution was implementing a rigorous standardization framework that ensures measurable accountability, transparent performance tracking, and continuous improvement across all accounting and taxation processes.
SOP / Process Notes
Documented end-to-end accounting tasks with stakeholder sign-offs and ownership matrix. Comprehensive procedures for every transaction type from invoice processing to statutory filing, ensuring alignment with both Indian and group policies.
Knowledge Transfer & Training
Ongoing sessions to reduce impact of churn and retain process knowledge. Structured training programs ensure new team members ramp up quickly while existing staff stay updated on regulatory changes and process improvements.
GL Mapping & Chart of Accounts
Harmonized COA mapping across entities for consolidated reporting. Unified general ledger structure enables accurate inter-company reconciliations and seamless consolidation for headquarters reporting requirements.
Exception Handling
Defined escalation matrix and SLA turnaround times for reconciliations. Clear protocols for handling variances, discrepancies, and exceptional transactions ensure issues are resolved within committed timeframes.
Comprehensive Accounting & Taxation Services
MYND delivered end-to-end accounting and taxation services across all 8 entities, covering the complete spectrum of finance operations while ensuring compliance with both Indian statutory requirements and group reporting standards.
Accounting Services
- General Ledger accounting and maintenance across SAP and Tally
- Accounts Payable processing including invoice verification and payment scheduling
- Accounts Receivable management and collections tracking
- Bank reconciliation and cash management
- Inter-company accounting and elimination entries
- Fixed asset accounting and depreciation management
- Month-end and year-end closing activities
- MIS reporting for India and corporate headquarters
Taxation Services
- Multi-state GST compliance including GSTR-1, GSTR-3B, and annual returns
- TDS computation, deposit, and quarterly return filing
- Advance tax computation and payment management
- Income tax return preparation and filing
- Transfer pricing documentation support
- Tax audit support and liaison with auditors
- Assessment and appellate proceedings support
- Withholding tax compliance for international payments
Technology Stack
Integrated tools and platforms powering the SSC
Understanding Steel & Engineering Manufacturing Finance
The steel and niche engineering products industry in India presents unique accounting and taxation challenges due to complex supply chains, multi-state operations, and significant capital investments. MYND's team brought deep understanding of these sector-specific requirements.
From managing GST on inter-unit stock transfers to handling customs duties on imported raw materials and spare parts, our specialists ensured every transaction was correctly classified and compliant with applicable regulations.
Supply Chain Complexity
Multi-state procurement of raw materials, inter-unit transfers of semi-finished goods, and finished product distribution across India — each requiring precise GST treatment.
Capital Intensive Operations
Large-scale machinery and equipment requiring specialized fixed asset accounting, depreciation policies, and capital expenditure tracking aligned with Indian and international standards.
International Reporting
Headquarters requirements for consolidated reporting, transfer pricing documentation, and compliance with international accounting standards and SOX controls.
SOX Compliance
Meeting group requirements for internal controls, audit trails, and documentation standards essential for multinational manufacturing operations.
Want Results Like This?
Talk to our finance transformation team to explore SSC setups, SAP/Tally integration and SLA-driven operations. Fast transitions — measurable outcomes.
