Practus’ enabled the logistics services provider to develop and implement the processes for inter-unit transfer, new assets tagging, and self-audit.
|Client Name||Industry||Ownership||Management||No. of Employees||Size||Project Duration|
|A Provider Of Logistics Services||Logistics||Private, PE-Backed||Professionals||~1500||Revenue $70 million||4 Months|
About The Company
DelCourier is a fulfillment platform for digital commerce. They have a nationwide network extending beyond 2000+ cities and 17000+ pin codes. DelCourier provides a full suite of logistics services such as express parcel transportation, LTL and FTL freight, reverse logistics, cross the border, B2B and B2C warehousing, and technology services. They have fulfilled over 450 million transactions since their inception.
- Qualifications were given in the statutory audit report since fixed assets were not periodically verified.
- Practus’ role was to conduct physical verification and tagging of the assets, countrywide (800 offices) give the report, and help management avoid the qualification in the audit report.
- Prepare from scratch a Fixed Assets Register and add details with regards to location.
- Create efficient processes and automated the same to ensure all assets are mapped in the Oracle fixed assets module.
- Implement fixed asset software that generates tags in the form of barcode and maps it to the asset’s location.
- Develop a process to conduct self-audits of fixed asset verification for the DelCourier team in the future.
- Physically verified and tagged 90.03% of total assets in terms of value and 89.09% of total assets in terms of quantity.
- Delivered a full report with shortages/excess at the item level. Overall (net) shortage of 13% of gross block and 6% of net block.
- Based on the above report and final comments from management, ~3% of net assets were written off by statutory auditors.
- Developed and implemented the processes for inter-unit transfer, new assets tagging, and self-audit for the DelCourier team.
- Created processes compliant with statutory requirements to ensure no audit qualifications due to non-compliance.
- All physical assets are now effectively and efficiently tracked on an IT platform.