SUMMER INTERNSHIP PROJECT REPORT

On

"A Financial Audit & ERP-Based Analysis of Payment Systems in Real

Estate – A Case Study at Sanfran Group "

Submitted in partial fulfillment of the requirements for the Two Year Full-
Time Post Graduate Diploma in Management

Session 2023-25

Under the Guidance of

Industry Mentor: Mr. KK Mishra (General Manager)

Faculty Mentor: Dr. Aniban Kanjilal

Submitted By
Shivanshu Shrivastava

Institute of Management Studies, Ghaziabad

 Certificate of Originality

I here by declare that this Summer Internship Project is my work and that, to the
best of my knowledge and belief, it reproduces no material previously published or
written that has been accepted for the award of any other degree or diploma, except
where due acknowledgement has been made in the text.

Student Name: Shivanshu

Shrivastava

Roll no- BM-024346

Date-
PLAGIARISM CERTIFICATE
 CERTIFICATE

This is to certify that Mr. Shivanshu Shrivastava PGDM (2024-26 Batch), a student of IMS Ghaziabad,
has undertaken the project on "A Financial Audit & ERP-Based Analysis of Payment Systems
in Real Estate – A Case Study at Sanfran Group " to the best of my knowledge, the survey, and
data collection & analysis is work for preparing the project has been carried out by the student
inpartial fulfillment of there requirements for the award of the PGDM, under my guidance and
supervision.

I am satisfied with the work of [Link] Shrivastava

Date:

Faculty Mentor’s

Dr. Abhishek Bhushan

(Signature)

ACKNOWLEDGEMENT

I would like to express my deepest gratitude to Sanfran Group for giving me the opportunity
to undertake my Summer Internship in their prestigious organization. I am extremely grateful
to Mr. KK Mishra, my Industry Mentor, for his continuous support, guidance, and valuable
insights throughout my internship.
I extend my sincere thanks to Dr. Aniban Kanjilal, my Faculty Mentor, for providing me
with academic support, continuous encouragement, and mentorship throughout the
preparation of this report.

I am also thankful to the finance department team at Sanfran Group, whose cooperation made
my learning enriching and smooth. Their real-time feedback and expertise helped me
understand core finance operations.

Finally, I thank IMS Ghaziabad for providing such a platform and enabling me to gain this
valuable experience that will certainly help shape my career.

Sincerely,
Shivanshu Shrivastava

BM-024346

EXECUTIVE SYNOPSIS

This Summer Internship Project Report is based on the practical exposure and hands-on
experience gained during the internship at Sanfran Group Noida. The internship duration
was from 15th May 2025 onwards under the Finance Department, guided by Mr. KK
Mishra.
The objective of this internship was to understand how financial processes are managed in a
real estate organization with the aid of ERP systems like FARVISION. Tasks assigned
included:

 Daily Bank Statement updation and reconciliation

 NSP (Non-Store Purchase) and Vendor Payments
 Salary processing and verification
 GST and TDS calculations and application
 Cash flow statement preparation
 Labour cess and revenue reconciliation
 Preparation of financial statements for the business unit "Lakecity Oneworld"
 Handling RTGS payments, sub-ledger analysis, and responding to GST audit queries

Major learnings include:

 Application of TDS and GST laws based on vendor type

 Processing of advance salary and salary reconciliation
 Preparing cash flow and financial statements with ERP support
 Performing bank reconciliations and adjusting for outstanding creditors

This experience has helped enhance my skills in Excel, financial accounting, ERP
navigation, and audit compliance, which are crucial for a career in finance.

TABLE OF CONTENTS

1. Acknowledgement
 2. Executive Synopsis

3. Introduction

4. Company Profile
4.1 Industry Overview
4.2 Company Background
4.3 Department Profile

5. Responsibilities Delegated

6. Assignment Description

7. Accomplishments with Facts and Figures

8. Findings, Recommendations, and Conclusion

9. References

10. Appendices
11. Glossary

List of Figure

Figure No. Title Page No.

Daily Bank Statement Updation

Fig:1 Annexure

Vendor Bill Entry and GST/TDS Deduction

Fig:2 Annexure
Figure No. Title Page No.

Salary Processing and RTGS Uploads

Fig:3 Annexure

Fixed Assets Capitalisation

Fig:4 Annexure

Financial Statement Preparation

Fig:5 Annexure

Audit Compliance and GST Questionnaire

Fig:6 Annexure

INTRODUCTION

The Indian real estate sector is one of the most recognized industries globally, contributing
significantly to the country’s GDP and employment. It encompasses four sub-sectors—
housing, retail, hospitality, and commercial. With urbanization, rising disposable incomes,
and government support for infrastructure growth, the demand for real estate has expanded
beyond metropolitan cities into Tier-2 and Tier-3 towns.

One such company leading this transformation in semi-urban India is the Sanfran Group.
Founded in 2011 and headquartered in Noida, the Sanfran Group has established itself as a
diversified real estate and infrastructure developer. The company operates in residential,
commercial, healthcare, education, and hospitality sectors, with a stronghold in Jhansi,
Lucknow, and other parts of Uttar Pradesh and NCR.

Sanfran’s rise to prominence is largely due to its ability to identify underdeveloped markets,
invest in strategic land parcels, and develop them into modern urban projects that include
residential villas, apartments, shopping complexes, schools, and hospitals. Its focus on quality
construction, RERA compliance, and timely delivery has earned the trust of both investors
and end-users.

The real estate industry traditionally relied on large developers in metro areas; however,
companies like Sanfran are redefining the landscape by delivering affordable, high-ROI
projects in smaller cities. Through planned expansion and integration of digital platforms,
Sanfran Group aims to meet the rising demand for smart and sustainable housing.

This report focuses on understanding the financial framework, project strategy, and growth
model of Sanfran Group. It highlights how the company manages project costs, capital
structure, sales networks, and customer financing, and how it leverages local insights and
community-centric development to drive real estate success in Tier-2 India.

Background of the Study

The real estate sector is one of the most dynamic and capital-intensive industries in India,
accounting for a substantial portion of the country’s economic growth. It involves various
stages such as land acquisition, project financing, construction, marketing, and sales. Each of
these phases depends on strategic financial management. Given the volume and complexity
of transactions—especially in multi-project real estate firms—maintaining financial integrity
is essential for business sustainability and compliance.

Efficient financial operations ensure that projects are executed within budget, resources are
optimized, liabilities are controlled, and statutory regulations such as RERA, GST, and TDS
are followed. Managing such multifaceted requirements is only possible with a strong finance
department that combines both manual oversight and software-led operations.

Sanfran Group , a reputed name in the real estate sector, uses FARVISION ERP to
streamline these operations. This ERP system integrates payment processing, vendor bill
entry, tax deduction, asset management, and salary processing in one platform, allowing real-
time reporting and effective internal control. My internship at Sanfran provided a live
opportunity to interact with these systems and experience how finance departments maintain
compliance and financial discipline in large infrastructure projects.

Objectives of the Study

 To explore the structure and functioning of the finance department in a real estate
firm.
 To understand how FARVISION ERP supports day-to-day financial operations.
 To learn the step-by-step process of financial record-keeping including vendor
payment, salary generation, and fixed asset management.
 To evaluate statutory compliance practices related to GST, TDS, and other financial
regulations.
 To bridge academic knowledge with field experience through hands-on exposure to
banking, accounting, and audit procedures.

Significance of the Study

This internship report holds significant academic and practical relevance. On the academic
front, it validates classroom learning with live business applications. From a professional
standpoint, it enhances the understanding of how a real estate company navigates financial
complexities using integrated systems.
By working on real tasks—such as preparing cash flow statements, recording journal entries,
handling salary posting, and responding to audit questionnaires—I have gained not just
technical proficiency, but also strategic insight into the workflow of a finance department.

The study also underscores the growing role of ERP systems in business finance, highlighting
how such platforms help eliminate manual redundancies, increase accuracy, and enable better
financial forecasting. Ultimately, the experience has contributed to my growth as a future
finance professional ready to work in high-stakes, real-world environments.

COMPANY PROFILE

Sanfran Group, is a reputed real estate developer based in Noida, Uttar Pradesh. With a
legacy of trust, innovation, and quality, the group has played a significant role in
transforming the urban residential and commercial infrastructure landscape in North India.
Sanfran Group is known for delivering well-planned, aesthetically designed, and legally
compliant projects across Tier 1 and Tier 2 cities.

1. History and Establishment

Sanfran Group was established in the early 2000s with a vision to provide cost-effective,
modern housing and commercial solutions. Its early success stemmed from identifying and
delivering projects in emerging urban localities that lacked organized infrastructure. Over
time, the company grew from a mid-size regional builder into a professionally managed real
estate group executing multi-phase townships and high-rise buildings.

Under the leadership of seasoned professionals and backed by institutional governance from
Shalimar Corp Pvt. Ltd., Sanfran has become a recognized name for timely delivery,
transparent dealings, and quality construction.

2. Vision, Mission, and Values

Vision:
“To set new benchmarks in the real estate sector by delivering innovative, sustainable, and
affordable housing and commercial solutions, driven by integrity and customer satisfaction.”

Mission:

 To execute projects with uncompromising quality and timely possession.

  To integrate modern construction technologies and smart infrastructure in all
developments.
 To ensure transparency, legal compliance, and financial discipline across all business
processes.

Core Values:

 Integrity: Operate with fairness, honesty, and openness.

 Customer-Centricity: Prioritize customer expectations and build lasting
relationships.
 Sustainability: Implement environmentally responsible building techniques.
 Innovation: Continuously upgrade practices and use modern technology for
efficiency.
 Excellence: Maintain high standards in project planning, execution, and post-sales
service.

3. Business Areas and Projects

Sanfran Group's business spans four major areas:

 Residential Projects: Including luxury apartments, mid-income housing, group

housing societies, and plotted development.
 Commercial Real Estate: Retail shops, office spaces, corporate parks, and mixed-
use facilities.
 Integrated Townships: Combining residential, commercial, and recreational
infrastructure over large land parcels.
 Infrastructure Support Services: Including internal roads, drainage systems, power
backup, and green area planning.

Flagship Projects:

 Faizabad Township(UP): A premium gated township with residential towers, green

spaces, clubhouses, and retail zones.
 Sanfran Plaza: A commercial project with office and retail space in the heart of
Noida.
 Elite Residency: A luxury residential complex offering smart homes and modern
amenities.
 Green Enclave: Eco-friendly housing designed around sustainable living principles.
4. Technological Capabilities – ERP

Sanfran Group has implemented ERP, a specialized enterprise solution designed for real
estate firms. The platform enables real-time data entry, integrated project control, and
financial transparency. It is widely used for:

 Vendor Bill Processing and Payment Authorization

 Bank Reconciliation and Cash Flow Monitoring
 Journal Entries and General Ledger Updates
 Salary Processing and TDS Computation
 Fixed Asset Capitalization and Depreciation
 GST Invoicing and Return Preparation

ERP allows the finance team to generate reports for statutory audits, project-based financials,
unit-wise profitability, and historical performance reviews.
5. Legal and Regulatory Compliance

Sanfran Group is a RERA-registered developer and follows all guidelines mandated under the
Real Estate (Regulation and Development) Act. Other key compliance areas include:

 GST and TDS Filing – Timely deductions and payments via ERP
 Labour Cess Contributions – Especially relevant for construction projects
 DPT-3 Form Filing – For financial disclosures under the Companies Act
 Quarterly Financial Audits – Conducted with internal and external auditors

The company maintains robust documentation and digital records for vendor agreements, tax
filings, and ledger reconciliation, making it well-prepared for audit trails.

6. Financial Management and Strength

Sanfran’s finance department plays a pivotal role in aligning capital inflows with construction
timelines. It manages budgeting, forecasting, vendor payments, loan disbursements, and
internal audits. The group’s reputation for financial integrity is built upon:

 ERP-backed payment workflows

 Unit-level profitability monitoring
 Real-time cash and bank updates
 Transparent sub-ledger reporting

The company sources funding through institutional finance, pre-sales revenues, and strategic
partnerships. Its strong financial practices have ensured healthy liquidity and timely
completion of projects.

7. Sustainability and Social Responsibility

Sanfran Group incorporates environmental, social, and governance (ESG) principles into its
operations. Key initiatives include:

 Rainwater harvesting in all townships

 Use of LED lighting in common areas
 Construction waste recycling and eco-brick usage
 Solar installations for community utilities
 CSR programs focusing on local employment and education drives

8. Conclusion

Sanfran Group continues to evolve as a professional, customer-focused, and technologically

empowered real estate brand. Its growing project portfolio, robust financial framework, and
sustainable practices place it among the leading real estate firms in the region. The internship
at Sanfran provided deep insights into how such a company integrates finance, compliance,
and ERP systems to run large-scale operations effectively.
4.1 Industry Overview

The real estate industry in India is one of the largest sectors contributing to economic growth,
employment, and urban development. The industry includes residential, commercial, and
infrastructure segments. Post-pandemic recovery has led to rising demand in tier 2 and tier 3
cities, aided by favorable government policies like RERA, GST, and Smart Cities Mission.
With the integration of digital solutions and increasing FDI, the sector is witnessing
transformation in transparency and operational efficiency.

4.2 Company Background – Sanfran Group

Sanfran Group, operating under the flagship of Shalimar Corp Pvt. Ltd., is a reputed real
estate organization headquartered in Noida, Uttar Pradesh. The company is known for
delivering quality residential and commercial real estate projects across Northern India. With
a strong commitment to innovation, customer satisfaction, and compliance, Sanfran Group
has grown significantly in terms of scale and market reputation.

Key Details:

 Name: Sanfran Group (Shalimar Corp Pvt. Ltd.)

 Headquarters: A-73, A Block, Sector 2, Noida, Uttar Pradesh
 Industry: Real Estate & Infrastructure
 Core Activities: Residential and Commercial Construction, Land Development
 ERP System Used: FARVISION ERP
 Departments: Finance, Construction, Sales & Marketing, Legal, HR
 Ongoing Projects: Multiple township and high-rise projects under RERA

4.3 Department Profile – Finance Department

The Finance Department at Sanfran Group plays a central role in managing financial
planning, budgeting, accounting, statutory compliance, and vendor management. The
department uses the FARVISION ERP system to track transactions, generate reports, process
payroll, manage GST/TDS, and prepare cash flow and financial statements.

Key Functions:

 Budget Allocation and Monitoring

  Bank Reconciliation and Fund Transfers
 GST and TDS Calculation and Deductions
 Payroll Processing and Salary Verification
 Asset Capitalization and Depreciation Tracking
 Audit Compliance and Internal Controls

Tools & Systems:

 FARVISION ERP – For all entries, journal postings, reconciliations, cheque

printing, vendor payments
 Microsoft Excel – For cash/bank reports, salary posting, financial reporting, and data
validation

The finance team consists of senior managers, chartered accountants, ERP operators, and
interns who collaboratively manage the company's financial operations in a transparent and
efficient manner.
5. RESPONSIBILITIES DELEGATED

During the internship, several financial responsibilities were assigned to me by my Industry

Mentor. These tasks helped me gain a comprehensive understanding of real-world financial
operations, ERP systems, taxation policies, and audit processes. My daily responsibilities
included:

 Daily Bank Statement Updation: Reviewing, updating, printing, and validating bank
statements for all business units. The entries were made in Excel and cross-checked
with ERP records.
 ERP Transactions: Entering NSP bills, payment entries, receipt vouchers, salary
postings, and capitalisation entries into FARVISION.
 TDS and GST Analysis: Examining vendor GST numbers to determine applicable
TDS rates. Applied GST rules to labour payments and contractor bills.
 Salary Processing: Conducting salary generation in two verification steps including
RTGS entries, VLOOKUP-based data matching, and Excel-based salary sheet
formatting.
 Cash Flow & Financial Statement Preparation: Assisted in preparing the indirect
cash flow statements and full financial statement (BS, P&L, Cash Flow) for the
Lakecity Oneworld unit.
 RTGS and Cheque Processing: Filling RTGS forms with cheque numbers,
beneficiary names, and cross-verifying entries with payment advice files.
 Revenue and Labour Cess Reconciliation: Participated in ERP-based revenue
matching and processed government-mandated labour cess payments.
 Audit Compliance: Helped resolve GST audit questionnaire by extracting relevant
sub-ledger reports and verifying TDS entries against trial balances.

6. ASSIGNMENT DESCRIPTION

My internship was structured around live financial tasks with practical exposure. Below is a
brief timeline and target-based breakdown:

Week 1–2:

 Familiarized with FARVISION ERP

 Started daily bank updation and NSP bill entries
 Learned GST rules for vendors
Week 3–4:

 Initiated salary processing and verification using Excel and ERP

 Understood structure of employee data and salary components
 Entered salary RTGS payment details

Week 5–6:

 Assisted in cash flow preparation (indirect method)

 Learnt reconciliation of revenue reports across units
 Performed Labour Cess payments

Week 7–8:

 Worked on financial statements: balance sheet and profit/loss accounts

 Entered depreciation details for fixed asset register
 Handled audit queries and downloaded ledgers

Each assignment was directly related to company operations, offering hands-on learning
across accounting, compliance, and ERP navigation.

7. ACCOMPLISHMENTS WITH FACTS AND FIGURES

During the internship, I was involved in various finance activities which significantly
enhanced my knowledge and technical skills. Below is a detailed breakdown of
accomplishments supported by practical work and data:

7.1 Daily Bank Statement Updation

Daily Bank Statement Updation refers to the routine process of updating a company’s or
individual's accounting records with the most recent bank transactions based on the bank
statement for the day. It ensures that the cash and bank balances recorded in the books match
the actual transactions that have occurred in the bank. Daily Bank Statement Updation** is
the regular accounting task of reviewing and recording all bank transactions reflected in the
company’s bank statement for the day. This ensures that the internal books (like the
cash/bank ledger) are accurate, up-to-date, and matched with the bank records.
  Maintained daily Excel records for 5+ business units.
 Verified entries with FARVISION ERP; reconciled discrepancies.
 Average 30–40 transactions updated per day.

 Keeps cash/bank balances accurate in real time

 Helps in early detection of discrepancies or fraud
 Aids in faster bank reconciliation
 Enables timely follow-up on bounced payments, charges, or unexpected
credits/debits
 Improves cash flow visibility for financial decision-making

Key Activities Involved:

1. Fetching the Bank Statement:

o Daily download or retrieval of the bank statement from the bank's online
portal or via email/API.
2. Identifying Transactions:
o Review all credits (incoming funds) and debits (outgoing funds).
3. Recording Transactions:
o Update your accounting software or ledger with each transaction.
o Include details like date, amount, transaction type, and description.
4. Reconciling with Internal Records:
o Match the bank transactions with your internal cash book or accounting
entries.
o Flag discrepancies for investigation (e.g., unrecorded payments, bounced
cheques, bank charges).
5. Highlighting Exceptions:
o Detect unauthorized or unexpected transactions.
o Ensure timely follow-up for resolution.

Example Entry Format:

Date Unit Bank Name Amount (INR) Remarks

20-05-2025 HDFC 1,25,000 Vendor Payment
20-05-2025 Axis Bank 87,500 Labour Payment
 Date Unit Bank Name Amount (INR) Remarks

7.2 Vendor Bill Entry and GST/TDS Deduction

 Processed over 50+ NSP bills in FARVISION ERP.

 Applied 2% TDS on companies (C prefix in GSTIN) and verified GST applicability.

Key Insight:

On verifying a vendor GSTIN (09CAXXXXXX1Z5), recognized 'C' stands for company. As

per guidelines, 2% TDS was deducted.
Vendor Bill Entry is the process of recording a vendor’s invoice (bill) in the accounting system. This
bill represents a liability — meaning the company owes money to the vendor for goods or services
received.

What it Involves:

 Receiving the bill from the vendor.

 Verifying:
o Invoice date
o Purchase order (PO) match
o Quantity & pricing
o Goods/services received
 Entering details in the accounting software or ERP system:
o Vendor name
o Invoice number
o Invoice date
o Amount
o GST details (if applicable)
o Due date for payment
o TDS applicability

Vendor Bill Entry Includes:

 Vendor name & invoice number

 Invoice date and amount
 Description of goods/services
 Applicable GST (CGST/SGST/IGST)
 TDS section and rate (if applicable)
 Due date for payment
 Cost center/project (optional)
2. GST Treatment on Vendor Bills
How GST Works on Purchases:

 Vendor charges GST on invoice (output GST)

 Buyer (you) records GST as Input Tax Credit (ITC)
 ITC can be used to reduce your GST liability
 You must ensure the vendor has filed GSTR-1 and invoice reflects in your GSTR-2B

2. GST Deduction (if applicable)

What it Means:

Goods and Services Tax (GST) is not actually “deducted” from the vendor's payment.
Instead, the buyer (you) claims the Input Tax Credit (ITC) of the GST amount charged by
the vendor.

Key Points:

 Vendor includes GST (CGST + SGST or IGST) in the bill.

 You record the GST separately in your accounting system.
 This GST can be claimed as ITC when you file your GST returns (GSTR-3B, GSTR-
2B, etc.).
 Ensure

What it Me

1. epreciation from the date the asset is put to use.

Example Entry in Books:

Account Debit Credit

₹10,00,00
Plant & Machinery A/c
0
Input GST A/c ₹1,80,000
Vendor A/c (or Bank A/c) ₹11,80,000

Then monthly/yearly depreciation is charged based on the applicable rate.

Depreciation After Capitalisation:

Once capitalised, depreciation is applied over the asset’s useful life as per:

 Companies Act, 2013 (for financial reporting)

 Income Tax Act (for tax purposes)

Why It Matters:

 Affects profitability (by spreading cost over years)

 Impacts balance sheet strength
 Required for compliance and accurate asset management

7.5 Financial Statement Preparation

 Completed full set: Balance Sheet, P&L, Cash Flow, Notes.

 Cross-verified ERP Trial Balance.
 Identified mismatch of ₹15,500 due to incorrect expense booking – rectified with
journal entry.

Cash Flow Breakdown (Indirect Method):

 Net Profit: ₹3,85,000

 Add: Depreciation ₹25,000
 Less: Increase in Receivables ₹50,000
 Cash from Operations: ₹3,60,000

Financial Statement Preparation is the process of compiling an organization's official

financial reports at the end of a period (monthly, quarterly, annually) to reflect its financial
performance and position.

These statements are essential for stakeholders, compliance, audit, and decision-making.

Key Financial Statements:

1. Balance Sheet (Statement of Financial Position)

o Shows assets, liabilities, and equity on a specific date.
o Format:
Assets = Liabilities + Shareholders’ Equity
2. Profit & Loss Account (Income Statement)
o Reports revenue, expenses, and net profit/loss over a period.
 3. Cash Flow Statement
o Tracks cash inflows and outflows from:
 Operating activities
 Investing activities

4. Notes to Accounts
o Provide explanatory details on accounting policies, asset breakdowns,
contingent liabilities, etc.

Steps in Preparing Financial Statements:

5. Gather Financial Data:
o Collect trial balance, ledger accounts, bank statements, inventory data, fixed
asset records, and other relevant information.
6. Record Adjusting Entries:
o Adjust for accrued expenses, prepaid expenses, depreciation, provisions, and
other necessary corrections.

7. Prepare Trial Balance:

o Generate a trial balance with adjusted balances to ensure debit equals credit.
8. Prepare Financial Statements:
o Using adjusted trial balance, prepare:
 Profit & Loss Statement (Revenue – Expenses = Profit/Loss)
 Balance Sheet (Assets = Liabilities + Equity)
 Cash Flow Statement (Reconciliation of cash movement)
 Statement of Changes in Equity (Track changes in equity accounts)
 Notes to Accounts (Accounting policies, contingent liabilities,
commitments, etc.)
9. Review and Verification:
o Conduct internal reviews to check accuracy and completeness.
o Ensure compliance with accounting standards (Ind AS, IFRS, or local GAAP).
o Obtain management and auditor approval.

Tools & Software Often Used:

 ERP systems like SAP, Oracle Financials
 Accounting software like Tally, QuickBooks, Zoho Books
 Excel templates for manual preparation in smaller firms.
Common Challenges:
 Incomplete or inaccurate data entry
 Delayed reconciliations
 Complex adjustments (like foreign exchange, consolidation)
 Keeping up with changing accounting standards
7.6 Audit Compliance and GST Questionnaire

 Extracted sub-ledgers of 25+ vendors.

 Reconciled GST payments vs. returns filed.
 Helped answer 8-item GST audit questionnaire.

Example Question:

"How are TDS deductions tracked across months?"

Answer: "TDS deduction is verified via ERP against vendor sub-ledgers and salary postings.
Annual comparisons made using Trial Balance extracts."

These accomplishments reflect my active role in the finance team, combining analytical
thinking, ERP execution, and audit preparedness. It gave me a real-world outlook on financial
systems, regulation handling, and operational reporting.
Audit compliance involves ensuring that your financial records, systems, and procedures
meet legal, regulatory, and internal standards. During a financial audit, internal or external
auditors examine your books to verify accuracy, completeness, and compliance with
applicable accounting standards and laws (like the Companies Act, Income Tax Act, etc.).

Supporting Documents Often Required:

 GSTR-1, 3B, 2B reports

 Sales and purchase registers
 HSN summary
 E-invoice logs
 E-way bill records
 Input-output reconciliation
 RCM liability ledger

Real-Life Customer Case Studies

These case studies show how I applied my learning during real interactions. They also reflect
the types of challenges and decision-making involved in real estate sales.

Case Study 1: Investment-Oriented Buyer (Mr. Rakesh Kumar)

 Lead Source: MagicBricks

 Requirement: 2BHK flat for rental income
 Budget: ₹45–50 Lakhs
 Interaction Summary:
i) Called Mr. Kumar to understand his investment goals.
ii) Suggested Sanfran Fortune Residency, located near a proposed IT park.
iii) Sent a detailed ROI (Return on Investment) calculation over WhatsApp.
iv) Scheduled and assisted in a site visit.
v) Addressed questions about occupancy rate and rental yield.
vi) Helped coordinate with bank for a pre-approved loan.
 Outcome: Booked a 2BHK unit within 10 days. Appreciated quick response and
documentation support.

Case Study 2: First-Time Homebuyer (Ms. Preeti Agarwal)

 Lead Source: Walk-in to site office

 Requirement: 3BHK for end-use
 Budget: ₹70 Lakhs
 Interaction Summary:
i) She was new to the home-buying process, so we explained every detail
patiently.
 ii) Gave her a physical copy of the floor plan and payment plan.
iii)During the site visit, I focused on showing safety features and kids' play area.
iv) Coordinated with the legal team to explain the Buyer Agreement clauses.
 Outcome: Booking confirmed with help from her family. Follow-up was maintained
by the CRM team.

Case Study 3: NRI Buyer (Mr. Anil Joshi – Dubai)

 Lead Source: Facebook Lead Ad

 Requirement: Villa for vacation and future retirement
 Budget: ₹1.2 Crore
 Interaction Summary:
i) Interaction done over WhatsApp calls and email.
ii) Sent high-resolution videos, site photos, and villa walkthrough.
iii) Provided RERA registration certificate, tax benefits for NRIs.
iv) Coordinated with Sanfran’s legal advisor to send a draft MoU.
 Outcome: Interested but required family to visit the site before proceeding. Ongoing
lead at the time of report submission.

Challenges Faced During Customer Interaction

1. Price Sensitivity:
i) Many customers compare prices with cheaper standalone buildings.
ii) Solution: Highlighted amenities, legal approvals, and location benefits.
2. Delayed Decision-Making:
i) Clients often delayed booking even after site visits.
ii) Solution: Created urgency by explaining limited unit availability or special
offers.
3. Loan Approval Delays:
i) Some customers couldn’t move forward due to slow bank documentation.
ii) Solution: Connected them with in-house loan agents for faster processing.
4. Mismatch Between Expectation & Inventory:
i) Some buyers wanted properties that were already sold out.
ii) Solution: Offered alternatives in nearby towers or projects with upcoming
launches.
5. Technical Objections:
i) Queries about RERA clauses, carpet area vs. super area.
ii) Solution: Discussed with the senior sales executive before answering, and
referred to documentation.
CRM Tools & Data Tracking

Purpose of CRM (Customer Relationship Management):

i) Track every customer interaction and update status

ii) Maintain centralized data on leads, visits, documents
iii) Assign follow-ups and prioritize hot leads

Tools Used:

i) Excel-based Tracker:

Columns included: Name, Contact No., Budget, Project Shown, Site Visit Date,
Lead Status, Next Action Date

 Sanfran’s Internal CRM Software (Name Confidential):

i) Login-based access for lead updates
ii) Daily reminders for follow-ups
iii) Notes on every conversation

Benefits Observed:

 Reduced follow-up delays

 Easy performance tracking for sales team
 Helped maintain a professional impression with clients

Customer Behavior Insights Gained

1. Most buyers are cautious and prefer trust over price.

o Hence, brand reputation and RERA compliance are crucial.
2. Investment buyers ask more about ROI and resale.
o Providing rental yield data and local market trends helps influence them.
3. End-users prioritize location, schools, and possession timeline.
o Customizing project presentation as per need improves response rate.
4. Digital presentation matters.
o A well-made PDF brochure or walk-through video builds better trust than
verbal explanations.

The mindset of an Indian customer when purchasing a house or plot is shaped by a complex
mix of cultural values, financial considerations, emotional factors, and long-term goals.
Here's a detailed breakdown of the key elements influencing their mindset:
1. Investment & Security

 Asset building: Real estate is viewed as a safe, tangible asset that appreciates over
time.
 Wealth preservation: Many Indians prefer property over volatile investments like
stocks or mutual funds.
 Rental income: Especially in urban areas, property is also seen as a source of future
rental income.

2. Emotional & Cultural Significance

 "Apna Ghar" (own home): Owning a home is a major life goal. It represents
stability, success, and status.
 Family legacy: A house is often purchased not just for the present but to pass on to
children.
 Social status: Home ownership elevates one’s social image, especially in middle-
class and upper-middle-class circles.

3. Location-centric Thinking

 Proximity to work, schools, hospitals, temples: Location is critical. Buyers

prioritize connectivity and access to facilities.
 Urban vs. semi-urban: While city properties are premium, many are now exploring
suburbs due to affordability and infrastructure growth.

4. Loan & Budget Consciousness

 EMI feasibility: Buyers are very cautious about monthly installment burdens.
 Loan eligibility: Many decisions are based on what loan amount they can secure,
especially among salaried buyers.
 Subsidies: Government schemes like PMAY (Pradhan Mantri Awas Yojana) can
strongly influence first-time homebuyers.

5. Developer Credibility & Legal Clarity

 Trust factor: Buyers research the builder's track record, legal clearances, and project
delivery history.
 RERA registration: Post-RERA (Real Estate Regulatory Authority) regulation,
there's higher awareness of legal safeguards.
 Documentation: Clear land titles, completion certificates, and approvals matter
deeply.
6. Community & Lifestyle Aspirations

 Gated community preference: Especially in metros and tier-2 cities, buyers look for
security and amenities.
 Modern lifestyle: Features like clubhouses, parks, gyms, etc., are becoming decisive
factors.
 Cultural fit: In many cases, buyers prefer areas with people from similar linguistic or
religious backgrounds.

7. Future Growth Potential

 Resale value & ROI: Buyers evaluate the appreciation potential of the location.
 Infrastructure development: They follow government or private projects (metros,
expressways, IT parks) for future growth cues.

8. Emphasis on Vaastu & Feng Shui (for many buyers)

 Especially among traditional families, factors like plot direction, layout, and energy
flow (Vaastu) can heavily influence decision-making.

For Indian customers buying a house or plot, emotional security and financial value are both
crucial, but their priorities shift based on their stage of life, income level, and buying purpose.

1. Emotional Security & Ownership ("Apna Ghar")

 Owning a home is linked to life success, stability, and pride.

 Deeply rooted in Indian culture — most Indians prefer to buy over renting, even if it
stretches their finances.
 First-time homebuyers are especially emotionally driven.

🥈 2. Investment & Appreciation Potential

 Return on investment is a major consideration, especially for plot buyers or second-

home buyers.
 In cities and emerging suburbs, appreciation value drives decision-making.
 Real estate is still seen as a long-term wealth-building tool.
3. Location & Connectivity

 Proximity to work, school, hospitals, and public transport is non-negotiable.

 Buyers will compromise on amenities if the location is strong.
 Safety, water availability, and traffic conditions also matter.

4. Builder Reputation & Legal Clarity

 Trust is huge — people avoid unknown developers.

 RERA registration, clear title, and on-time delivery are top concerns.
 Past frauds in Indian real estate have made customers cautious.

Conclusion & Learnings

During my internship with Sanfran Group, I engaged with 40+ leads, supported 15+ site
visits, and contributed to 5 successful bookings. Through customer interaction, I learned how
to:

 Communicate confidently with diverse buyer profiles

 Apply product knowledge to solve real-time objections
 Use CRM tools for organized lead management
 Align customer needs with available real estate inventory
 Understand buyer psychology in a competitive market

This hands-on exposure gave me practical insights into real estate marketing, sales
strategies, and the importance of professionalism in customer handling. It has improved
both my interpersonal and analytical skills.

Summary of Interaction Phases

Phase Goal Key Activities
Pre-Sales Identify & qualify leads Cold calls, requirement analysis
Information Sharing Build interest Brochures, pricing, project presentations
Site Visit Convert interest to action Project tours, feedback
Document support, negotiation, booking
Booking Confirm purchase intent
receipt
Post-Sales Maintain satisfaction Loan support, agreement, updates, referrals
8. FINDINGS, RECOMMENDATIONS, AND CONCLUSION

8.1 Key Findings

During the course of the internship, several key findings were identified related to the
financial management practices of Sanfran Group:

1. Strong ERP Integration: The use of FARVISION ERP streamlined most financial
tasks including entries, reconciliations, and reporting. However, limited cross-training
across modules sometimes slowed the process.
2. Manual Dependence for Accuracy: Despite having ERP support, a considerable
amount of manual verification is still required for tasks like salary processing, TDS
application, and fixed asset validation.
3. GST and TDS Complexity: The team regularly encountered vendor GST registration
mismatches and changes in TDS applicability. This required continuous vigilance and
updates.
4. Audit-Readiness Protocols: Although compliant, the audit trail sometimes required
rechecking of historical entries, which could be simplified through better tagging and
version control in documentation.
5. Cash Flow Awareness: Preparing cash flow statements provided clarity on the firm’s
reliance on inter-unit fund transfers and timing of outflows. It revealed how tight cash
schedules were managed efficiently.

8.2 Recommendations

1. Enhanced ERP Training: Regular internal training should be conducted for new
ERP features and module navigation to reduce manual dependency and increase
system efficiency.

2. Centralized Documentation for Audit: Maintain a centralized digital folder

structure for monthly GST/TDS calculations, salary slips, and journal vouchers for
quicker audit response.

3. Fixed Asset Revaluation Framework: Implement a quarterly review system for

fixed assets to update status and ensure depreciation is properly aligned with usage.

4. Dashboard-Based Cash Flow Monitoring: Create a live cash flow dashboard using
Excel linked with ERP export data to give instant insights to the finance team.
 5. Policy-Based GST/TDS Updates: Circulate monthly internal circulars with updated
thresholds and policies for TDS, GST, and vendor classification based on government
guidelines.

8.3 Conclusion

The summer internship at Sanfran Group (Shalimar Corp Pvt. Ltd.) was an enriching and
transformative experience. I was able to practically implement academic concepts such as
financial statement preparation, tax compliance, ERP integration, and audit process
understanding.

From managing daily bank entries to preparing unit-level financial statements, every task
helped me sharpen my understanding of core finance operations in the real estate sector.
Exposure to FARVISION ERP, handling GST and TDS logic, and participating in audit
preparation processes made this internship highly relevant to the career path I aspire to
follow.

The guidance of my mentors and collaboration with finance professionals provided me with
real-world skills, professional discipline, and operational confidence. I am confident that the
insights and experiences gained will prove to be instrumental in shaping my future as a
finance professional.

9. REFERENCES

The following sources were referred to during the course of the internship and report writing:

 Institute of Chartered Accountants of India. (2023). Accounting Standards and

Financial Reporting Practices. ICAI Publications.
 Ministry of Finance, Government of India. (2024). Goods and Services Tax
Guidelines (GST Portal). Retrieved from [Link]
 Income Tax Department. (2024). TDS & Advance Tax Guidelines. Retrieved from
[Link]
 FARVISION ERP User Manual, Internal Documentation, Shalimar Corp Pvt. Ltd.
 Exceljet. (2024). Excel Formula & Function Reference Guide. Retrieved from
[Link]
 Sanfran Group Internal Audit Files and Financial Data Sheets, 2025.
 IMS Ghaziabad Academic Resources, 2025.
10. APPENDICES

Appendix A: Sample Bank Statement Format (Excel)

Appendix B: NSP Entry Screenshot from FARVISION ERP

Appendix C: GST Audit Questionnaire (with Sample Responses)

Appendix D: Salary Sheet Format with TDS Column

Appendix E: RTGS Form Samples (ICICI, HDFC, SBI)

Appendix F: Cash Flow Template (Indirect Method)

Appendix G: Fixed Asset Register Sample Entry

Appendix H: Sample Journal Entry for Untraceable Reconciliation

Appendix I: Trial Balance Extract – Lakecity Oneworld Unit

Appendix J: Notes to Accounts Forma.

1. GLOSSARY

ERP (Enterprise Resource Planning): A software platform used for managing day-to-day
business operations including finance, HR, and logistics.

TDS (Tax Deducted at Source): A mechanism for collecting tax at the source of income.

GST (Goods and Services Tax): A comprehensive indirect tax on the manufacture, sale, and
consumption of goods and services.
RTGS (Real Time Gross Settlement): A fund transfer system where money is transferred in
real-time from one bank to another.

BRS (Bank Reconciliation Statement): A statement that reconciles the bank statement with
a company’s financial records.

Depreciation: The reduction in value of an asset over time due to wear and tear or
obsolescence.

Trial Balance: A statement showing the balances of all ledger accounts to check the
accuracy of bookkeeping.