The Financial Services Outsourcing Company was in the business of providing accounting, analytics and actuarial services to clients located in Europe.
The company faced serious revenue leakages on projects because of suboptimal manpower planning and general lack of data to effectively control escalating project costs. The company also faced several issues in accurately accounting for forex transactions, resulting in short payments by clients and branches located abroad.
The company though initially hesitant, reached a consensus to move to the cloud, so that they can aggressively price their projects and increase the TAT of their internal finance department. The company needed a solution to the above along with the following under liners:
- The solution should far exceed the abilities of their legacy software.
- The solution needs to be consistent with the abilities of their existing workforce.
- And the solution needs to deliver extremely high on reporting and MIS.
IDOS provided the company with an end to end ERP software that made it easy for the company to track its incomes and expenses project wise, team wise and even employee wise. Such a software gave the management a complete Lego block like break down and/or build up of their financial information.
Using such a mechanism, the management was successfully able to identify areas where revenue leakages were happening and also more accurately estimate project costs so as to price them correctly.
IDOS also provided automated forex accounting, which allowed the company to account their forex based current assets correctly, thus resulting in accurate collections from clients and foreign branches.
Like all IDOS deployments, the software is easy to use. It works on a look and click UI where employees need to only click on the option and enter a few details, the heavy load of computing project values, applicable taxes, discounts, journal entries, MIS etc. is taken by IDOS.
IDOS based its solution around 5 pillars:
- Automation: All repeatable processes were automated such as (but not limited to) GST computation and accounting, Invoicing, MIS, P&L, BS, Receivables Payables Tracking, Reminders, Depreciation entries, Inventory updates, TDS etc.
- Compliances: IDOS solution come with inbuilt compliance with tax laws such as GST and TDS, with accounting standards and with Internal controls that the company management wants to implement.
- Accuracy of Data: IDOS mitigates or eliminates processes that are prone to errors. This significantly increases the accuracy and reliability of data. Accurate data is important because it increases the level of confidence that management has on the data put in front of it.
- Online and Cloud: What this means for a company is that that the management always has access to live data. This increases the recency and relevance of the data for the management, which otherwise had to struggle to find up to date reports.
- Ease of Use: The software does not require expert operators. Existing staff of the company can easily operate it. Since the software is simple, even the senior management can access the software data and the various reports without hassle.