Finance and Inventory Module for Manufacturing Firm Using Blockchain

Authors: Rohit Shewale, Kaustubh Sawant, Nutan Nikam, Kirti Chaudhari

Country: India

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Abstract: This project presents a comprehensive framework for establishing a streamlined Quotation Master process tailored to the operations of Hindustan Tungsten Carbide. The proposed system encompasses four pivotal stages: Quotation Generation, Order Acceptance, Proforma Invoice Creation, and Tax Invoice Issuance. By seamlessly transitioning through these stages, Hindustan Tungsten Carbide can enhance its efficiency and accuracy in managing customer transactions and financial documentation. In the Quotation Generation phase, the organization will leverage an automated system that enables the rapid creation of precise and standardized quotations. This system will be integrated with a database containing up-to-date product and pricing information, ensuring consistency and minimizing errors. Once a quotation is accepted by the client, the process seamlessly moves to the Order Acceptance stage. Here, the organization will implement a centralized platform to capture and validate order details, facilitating a smooth transition from quotation to order. Upon successful order confirmation, the Proforma Invoice Creation phase comes into play. An automated mechanism will extract relevant order information and generate accurate proforma invoices, reflecting the agreed-upon terms and prices. This stage ensures transparency and aids in building customer trust through professional and accurate documentation. The Tax Invoice Issuance stage involves the creation and issuance of tax-compliant invoices. By incorporating taxation regulations and calculations into the system, Hindustan Tungsten Carbide can ensure adherence to legal requirements and minimize discrepancies. To further enhance its operational efficiency and internal processes, Hindustan Tungsten Carbide can integrate additional modules. The Inventory Management module will help the company keep real-time records of its inventory, reducing costs, and ensuring product availability information is accurate. The Attendance Module can track employee attendance, leave requests, and work hours, facilitating workforce management and compliance. Finally, the Salary Module can automate salary calculations, generate pay stubs, and ensure timely, error-free salary payments. By adopting this comprehensive framework, Hindustan Tungsten Carbide can establish a robust foundation for its financial transactions, inventory management, and workforce operations, ultimately leading to improved customer satisfaction and optimized internal operations

Keywords: HTC, Inventory, Salary, Attendance, Quotation Master.

Paper Id: 230579

Published On: 2024-04-17

Published In: Volume 12, Issue 2, March-April 2024

Cite This: Finance and Inventory Module for Manufacturing Firm Using Blockchain - Rohit Shewale, Kaustubh Sawant, Nutan Nikam, Kirti Chaudhari - IJIRMPS Volume 12, Issue 2, March-April 2024.

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