Problem

Faced by most accounting firms:

1. People
2. Almost 80% of the staff churns every 2 years
3. Training them and getting work done from them consistently is a challenge
4. The newer staff’s willingness to do hard work, ability to focus and continuity has taken a huge beating
5. Government
6. The tax and government authorities are at the forefront of technology adoption
7. A lot of compliance work has been pushed on businesses
8. Most businesses are operating as they were doing 10-15 years ago
9. Accounting Firms
10. Often struggle with setting processes
11. Add people without getting into the details of the work to be done
12. Have to deal with ever-escalating costs

Background

With so many transactions floating around:

1. It is difficult to keep track of all of them
2. Know the exact status of any transaction
3. Difficulty in getting documents
4. Delays in sending and receiving documents
5. Unable to get certainty that the requisite stage has been followed
6. Visibility of bills to an approver if they are at a different location
7. Documents of different locations not centralized

Solution

We developed and implemented an accounts payable automation solution that manages:

1. All aspects related to the expenditure side including:
2. Purchases
3. Expenses
4. Prepaid Expenses
5. Advances
6. Imports
7. E-commerce payments
8. Expenses on behalf of the client
9. Reimbursements
10. Expenses done by vendor on the company’s behalf
11. One-time purchases & others
12. Focussed on 3 aspects:
13. Setting Processes
14. Providing Tools to the staff
15. Automation
16. Considered several tax aspects like:
17. TDS
18. GST ITC
19. GST RCM
20. Provided the following as output:
21. Readymade accounting entries
22. Synced straight with Tally
23. Documents stored within Tally without making it heavy
24. Ready TDS Challans for easy payments
25. Bank Upload File
26. Automated data-entry in case of e-way bills
27. Readymade email for approvals
28. Pillars of the Solution:
29. Document Management
30. Workflow Management
31. Handled:
32. Expense Bills
33. Tax payments like TDS, Bill-of-Entry
34. Important documents like FIRC, Bank Statement
35. Centralized all contracts
36. PO creation and its approval
37. GRN
38. Bill Payment