The usage of SAP in financial data management and tax compliance on sales: a report on Radiant Pharmaceuticals Ltd.

Abstract

This report on the internship will examine The Role of SAP in Financial Data Management and Tax Compliance at Radiant Pharmaceuticals Limited (RPL) with a further narrowing down to user experience in the various departments. RPL as one of the leading pharmaceutical manufacturing companies working in accordance with the WHO-cGMP and DGDA requirements depends on SAP S/4HANA to maintain correct and transparent financial operation and ensure compliance. The research assesses how SAP enhances management of sales related financial information - specifically the end-to end management of Advance Income Tax (AIT) in terms of automated deduction of taxes, standardized journal entries, real time updates in ledger and integration reporting. Such features greatly minimize the amount of manual work, errors, and guarantee the complete adherence to the NBR regulations. A survey was carried out on the departmental usage of SAP with regard to the user experience of Marketing, Supply Chain Management, HR, Accounts, and Finance. The results indicate that the contribution of SAP towards accuracy of data, easier interdepartmental coordination and speediness in reports is well known among the employees. Nevertheless, there are still challenges such as the lack of access to the system by temporary employees, the lack of training, and some manual procedures that are not covered by SAP. In general, the report leads to the conclusion that SAP is at the core of improving the financial integrity, tax compliance, and operational performance of RPL. Enriching user training, enhancing the use of the system, and digitalizing it will also maximize the impact of SAP and contribute to the long-term development of RPL.