NRBC Bank ensures VAT compliance

Company Profile

NRBCBank is the leading provider of corporate banking services in Bangladesh, catering to the domestic and overseas needs of small businesses, medium and large Corporate by offering a wide range of corporate finance products ranging from traditional working capital finance to project finance. The Bank’s clients include multinational and domestic companies engaged in activities across all sectors of the economy such as contracting, trading, shipping, real estate and international trading. There is also a good portfolio of Term Lending as well including some Syndicated Loans.
ref: https://www.nrbcommercialbank.com/home

Almost all the purchase transactions made by employees is subject to payment of Value Added Tax (VAT) which needs proper documentation for compliance for the organization. NRBC Bank has been manually managing VAT documentation which involved painstakingly handling thousands of invoices and supporting documents every month. Keeping track of these documents is crucial because whenever internal or external auditors demanded, NRBCB must retrieve the relevant records with a very short notice. Failure to do so may sometime result in fines worth millions. Before automation, the volume of new VAT documents was already about 2000 page per day and it continues to increase every day from the all the branch offices. Although stored within the premises, searching and retrieving a particular document manually has been a complex and time-consuming task. Sometimes the bank couldn’t find the documents for days, putting everyone involved in a panic situation. NRBC really needed an automated solution to eliminate this business risk.

Searching for a flexible & modular automation platform that could manage the complexity of VAT documentation, keep pace with the growing volume of records and could be easily scaled up for enterprise level contents and workflow management, Robo2Mation emerged as NRBCB’s first choice.

With a thorough understanding of the Finance Department’s requirements and business needs the solution has been tailed with customized categorization of digitized VAT documents. The system has custom document type categories for Mushok, Bill, Treasury Challan, and others which can be uploaded by voucher number, date, month and year so that documents can be identified by multiple search parameters. The software has a powerful search engine that provides quick and advanced search features. Search results are blazing fast and efficient.

The solution gives client to freedom to manage rule-based access control and user group management features. It also maintains a robust audit trail for each type of activities by the users. The uploaded documents remain safe and secure at all times.

NRBC Bank gained a host of benefits with the implementation of VAT compliance solution.

VAT documentations is paperless, more organized and efficient than before.
Searching and retrieving VAT documents doesn’t require additional manpower.
Reduced cost, time and effort to retrieve files.
Compliance is ensured; thus, business risk is eliminated.
Facing internal and external audit is now effortless. Auditors can get direct access to system repository and search related documents in nanoseconds.
Office space can be saved as digitized physical documents can be stored at a cheaper location.