Accounting Best Practices in OurSys

In many organisations, accounting is the final checkpoint for financial accuracy - and in OurSys, it's the beating heart that connects every business function to a single version of truth. Poor configuration, lax data discipline, or siloed practices can lead to errors, delays, and compliance nightmares.

Here are the best practices that every organisation should follow to get the most out of their OurSys ERP for accounting:

1. Standardise the Chart of Accounts (CoA) Before ERP Go-Live:

1. Why it matters: The CoA is the financial backbone. If it's messy, everything downstream is messy.
2. Best practice:
   • Define a logical, hierarchical structure that supports statutory reporting, management reporting, and future scalability.
   • Avoid unnecessary account proliferation; use attributes, References or Cost Centres for granular tracking instead.
   • Ensure naming conventions and codes are consistent and intuitive.

2. Enforce Real-Time Data Posting:

1. Why it matters: The longer transactions sit unposted, the greater the risk of misstatements.
2. Best practice:
   • Sales vouchers get auto posted upon generation of Invoice in OurSys.
   • Purchase Vouchers also get posted from Supplier Bill Booking.

3. Automate Tax & Compliance Calculations:

1. Why it matters: Manual tax calculation invites errors and non-compliance penalties.
2. Best practice:
   • Set the HSN master correctly along with the tax percentages. Ensure all Saleable Items and Purchase Items have correct HSN numbers configured. OurSys selects the tax rate based on that. It also shows HSN wise summary reports based on this information.
   • For GST, ensure the State of the customers are selected correctly. OurSys automatically selects CGST, SGST, IGST based on the state.
   • Use OurSys reports such as GSTR1, GSTR 2B, GSTR 3B, GSTR 9C, TDS report etc for tax compliances.

4. Implement Strict User Roles & Approval Workflows:

1. Why it matters: Segregation of duties is a cornerstone of fraud prevention and compliance.
2. Best practice:
   • Map roles carefully - for example, the person creating a supplier should not also be approving their invoices.
   • Use OurSys workflow automation for approvals at configurable thresholds (e.g., purchase orders over ?5 lakhs require senior approval).
   • Regularly review user access to remove dormant or unnecessary permissions.

5. Maintain Master & Transaction Data Discipline:

1. Why it matters: Garbage in, garbage out - data errors ripple across every module.
2. Best practice:
   • Establish approval processes for creating or modifying supplier, customer, and product records.
   • Use OurSys GST No. Checking shortcut to validate GST Numbers of Customers and Suppliers.
   • Periodically cleanse master data to remove obsolete entries.
   • Use Period wise Ledger Report to check for data discrepancies and missing entries.

6. Use Period-End Closing Checklists:

1. Why it matters: Month-end chaos is avoidable with structured closure processes.
2. Best practice:
   • Create an ERP-based closing checklist for tasks like accruals, provisions, bank reconciliations, and depreciation runs.
   • Use the OurSys task management features to assign and track closure activities.
   • Lock closed periods to prevent back-dated postings unless specifically authorised.

7. Use OurSys Automations for Transactions:

1. Why it matters: This reduces human error and also speeds up routine tasks.
2. Best practice:
   • Set auto periodic email follow-ups for payment reminders to customers.
   • Send Account Ledger Statements for confirmation directly from OurSys.
   • Create Bank Payment Uploads based on Payment Vouchers to upload multiple payments to bank portals in one go.

8. Monitor & Audit Transaction Logs:

1. Why it matters: The ERP's audit trail is your strongest defence in disputes or audits.
2. Best practice:
   • Detailed transaction logging is enabled by default in OurSys.
   • Review logs periodically for unusual entries, back-dated postings, or bulk adjustments.
   • Change histories for master data to track who altered what and when are available in the OurSys trail.

9. Align ERP Reporting with Management Needs:

1. Why it matters: If reports are still exported to Excel for ?real? analysis, the OurSys ERP isn't being used to its full potential.
2. Best practice:
   • Configure standard statutory and management reports within the OurSys.
   • Use dashboards for KPIs like cash flow, receivables ageing, and profitability by product line.
   • Train managers to interpret OurSys reports directly instead of relying on offline spreadsheets. Ask them to use key reports like Cashflow Projections, Ageing Reports, Profitability Reports (Item wise, Order wise, Invoice wise), Cost Centre wise P/L and many such reports.

10. Train & Refresh User Competence Regularly:

1. Why it matters: ERP misuse is often a training problem, not a system problem.
2. Best practice:
   • Provide role-specific training during onboarding and after major system updates.
   • Offer periodic refresher courses to address process deviations or new features.
   • Document accounting workflows and make them easily accessible.

Conclusion:

Well thought out and accurate masters and timely & accurate transaction data is the key to providing insightful views of business for decision making and to stay compliant with the law. OurSys Accounting & Finance module is continually being upgraded to provide more meaningful data and save time of its users. Read version release notes to stay updated with the latest features.