The Startup first approached IDOS in 2017. It is in the business of providing subscription based products and services where it primarily collects payments online.
The Startup had scaled it operations to over 5 cities in India and was on cusp of series B. However its accounting and management reporting processes did not scale up and were still predominantly manual. On a daily basis, the accounts were not able to keep pace with the volume of sales and purchases that the company made and the financial data generated by the company was out of sync with the actual position. The current system was also unable to cater to the MIS needs of the investors.
The company needed an end to end ERP overhaul with the following underliners.
- The solution needs to collect and report data real-time.
- The solution should be capable of handling all statutory and internal compliance requirements.
- And the solution should put reporting on autopilot.
IDOS provided the Startup with a software that is able to pick up all sales data directly from their website and application and effect accounts and inventory without any manual intervention. The software also accounts for purchases and other financial transactions and provides all kinds of MIS reports, such as region wise sales, intimating reorders, expense buckets, margin product wise profitability, customer trends etc.
The IDOS solution also automatically prepares all financial information that is required by the Investors and BoD. IDOS also automates for the Startup GST returns, TDS returns, compliance with accounting standards and internal controls. Such structure also helps the Startup in gaining investor confidence, since structured financial processes are a notable factor in securing the next stage Series C funding.
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.