Webinar
Strengthening Internal Controls: Mastering 5-way Sales Reconciliation for Precision
Ensuring accurate sales reconciliation is crucial for compliance and efficient GST filings. With recent regulatory changes and the introduction of GSTR-1A and IMS, businesses need a robust internal control framework to mitigate risks. Join our expert-led webinar to master 3-way and 5-way reconciliation, stay ahead of compliance updates, and safeguard your business from legal complications.
Date: 12th February 2025 |Â Time: 11 AM IST
Know Your Speaker
Ashwini Gorhe
Ashwini is a Product Manager at IRIS Business Services Ltd with 12 years of experience. She is a Chartered Accountant by profession.
As a Product Manager, Ashwini plays a pivotal role in shaping the company’s GST product roadmap. Her responsibilities include in-depth research on market trends, understanding the complexities of Goods and Services Tax (GST) regulations, and translating this knowledge into product-level business strategies and validation rules.
Apart from her strategic contributions, Ashwini is actively involved in providing hands-on assistance to clients, offering solutions to critical GST-related queries. Ashwini frequently conducts product demonstrations, guiding taxpayers on leveraging the IRIS GST offerings to enhance their productivity and ensuring GST compliance with ease.
Recognizing the importance of educating taxpayers on the ever-evolving GST landscape, Ashwini takes the initiative to run various webinars focused on topics like e-invoicing and updates on GST.
As a Product Manager, Ashwini plays a pivotal role in shaping the company’s GST product roadmap. Her responsibilities include in-depth research on market trends, understanding the complexities of Goods and Services Tax (GST) regulations, and translating this knowledge into product-level business strategies and validation rules.
Apart from her strategic contributions, Ashwini is actively involved in providing hands-on assistance to clients, offering solutions to critical GST-related queries. Ashwini frequently conducts product demonstrations, guiding taxpayers on leveraging the IRIS GST offerings to enhance their productivity and ensuring GST compliance with ease.
Recognizing the importance of educating taxpayers on the ever-evolving GST landscape, Ashwini takes the initiative to run various webinars focused on topics like e-invoicing and updates on GST.
What’s Covered in the Live Webinar?
Regulatory Updates & Compliance Enhancement
- New changes in GSTR-1 and GSTR-1A – HSN summary reporting updates
- IMS Introduction
- GSTR 1A Introduction
- Recent changes mentioned in the Budget about credit notes
- GSTR 3B Table 3 Hard locking
Internal Factors Affecting Sales Reporting (Organization-Controlled Elements)
- Data Accuracy & ERP Systems
- Errors in sales data entry, incorrect invoice details, or duplication of records
- Lack of a structured pre-filing reconciliation approach
- Invoice Amendments & Adjustments
- Timely Filing & Record-Keeping
External Factors Affecting Sales and Reporting (GSTN & Business Environment Challenge)
- GST Portal & System Limitations
- Vendor & Buyer Dependencies
- Regulatory Changes & Compliance Updates
- Tax Audits & Legal Risks
- Sector-Specific Challenges
Post-Filing 5-Way Reconciliation: Strengthening Compliance
- Reconciling Sales Register, E-invoice, E-way bill, GSTR-3B, and General Ledger (GLs)
- Addressing mismatches and rectifications for accurate reporting
Pre-Filing Reconciliation: Ensuring Accuracy Before GSTR-1 Filing
- Aligning E-invoice, E-way bill, and Sales Register
- Identifying mismatches and ensuring data integrity
- Impact of IMS (Invoice Matching System) on GSTR-1 filing
The Role of Communication with Recipients
- Importance of aligning data with buyers for compliance
- Addressing discrepancies before filing returns
Legal Compliance & Risk Mitigation
- Minimizing legal notices related to incorrect sales reporting
- Best practices to ensure error-free GST filings
Strengthening Internal Controls for GST Compliance
Sales reporting discrepancies can lead to compliance issues, legal risks, and financial penalties. The recent GST reforms, including the introduction of GSTR-1A and hard locking of GSTR-3B Table 3, demand stricter internal controls.
Many businesses struggle with incorrect invoice details, duplication errors, and a lack of structured reconciliation processes. Moreover, GST portal limitations, dependency on buyers/vendors, and frequent regulatory changes further complicate compliance.
This webinar will equip you with practical solutions to streamline your sales reconciliation process. Learn how to implement pre-filing checks, align your e-invoices and e-way bills, and conduct 5-way reconciliation to ensure accurate filings. By adopting automation and proactive communication strategies, you can minimize errors, enhance compliance, and reduce legal risks.
Ensure Compliance & Reduce Legal Risks
Don’t miss this opportunity to gain expert insights and actionable strategies to strengthen your internal controls.
Register today and take the first step toward seamless and error-free GST compliance!
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