Finac Vendor Management: How Became the Financial Backbone

Customer Success Stories

Finac's Vendor Management
How It Became the Financial Backbone for An E-commerce Business?

❝ An e-commerce business was finding it increasingly challenging to manage multiple vendors and keep track of financial transactions. Their old software required a lot of manual effort that often led to duplicate entries.❞

The team realized they needed a solution to streamline their vendor management and financial tracking, and that is when they discovered Finac. With Finac’s Vendor Management feature, they found a solution that not only streamlined the process of managing their vendors but also enhanced the overall efficiency of the business.

"Our focus is on providing powerful, user-friendly tools that our clients can rely on. We want to be the financial partner they can trust and grow with. We're not just selling software; we're helping our clients in their journey of financial success."

-Team Finac

The Challenge: Managing Multiple Vendors and Financial Transactions

As the e-commerce business continued to expand, there was an increase in the number of vendors and financial transactions. It became difficult to keep track of their financial records for :

6000+ Vendors

11+ Locations

3+ Countries

One of the biggest concerns for the business was discrepancies in financial transactions. The business realized that a more efficient system was necessary to keep the business running smoothly.

The Solution: Finac's Vendor Management Feature

Finac’s Vendor Management feature made maintaining vendor relationships and ensuring transaction accuracy easy and effective for their business.

software had several essential features, making vendor management more straightforward and efficient:

Smart Check for Double and Incorrect Entries:

For a growing business, financial transactions are crucial for it to run efficiently. Our client, before using Finac, needed a dedicated team to enter invoice details, and check and re-check transactions. Even then they faced a lot of payment issues – incorrect payments, double entries etc. The smart check feature helped in identifying double entries and incorrect financial transactions.

Multiple checks were no longer needed. This meant that financial records were accurate, reducing the chances of errors, which could lead to financial losses or audits.

"Data accuracy was a constant concern. In one instance, we accidentally made a double payment to a vendor due to a manual entry error. Finac's Smart Check flags the duplicate transaction! It caught a potential double payment and prevented a major financial loss."

-CFO of the Company

Disputes Tracking:

With a growing business, disputes often take a back seat, unless they need urgent attention. With Finac, the client could easily see which disputes with vendors were resolved and which were pending.

This feature enabled better communication with vendors and ensured that outstanding issues were addressed on time. Finac not only saved time but also improved vendor relationships, making them more cooperative.

GST Filing Notifications:

Another essential feature was the automatic notification system that alerted our client when it was time to file for GST. Missing GST deadlines can result in penalties, so this reminder ensured that the business remained compliant with tax regulations.

The Results: Better Vendor Management and Profitability

Thanks to Finac’s Vendor Management feature, the client’s business experienced significant improvements:

Time & Cost Savings: The time previously spent manually tracking and reconciling vendor transactions was drastically reduced. This freed up more time and saved cost by 30% for the client to focus on business growth and product development.

Accurate Financial Entries: With smart checks and double-entry alerts, the business’s financial records became more accurate, reducing the risk of costly errors.

Tax Compliance: Never missing a GST deadline meant that the client no longer had to worry about fines or penalties related to tax filings.
Improved Vendor Relationships: By tracking and resolving disputes promptly, vendor relationships improved. Vendors appreciated the proactive approach, which, in turn, led to better pricing and service terms.

"At Finac, we're dedicated to simplifying financial management for our clients. Our Vendor Management feature is designed to address real-world challenges like vendor disputes, tax compliance, and data accuracy. We're thrilled to see how our products help our clients."

- Team Finac

In conclusion, Finac’s Vendor Management feature has been great for our client’s business. By streamlining vendor transactions, providing dispute resolution insights, offering GST filing notifications, and incorporating smart check capabilities, the feature significantly improved efficiency, accuracy, and compliance.

"It is a perfect example of how technology can empower business owners to achieve their goals and thrive in today's competitive market. At Akssai, we understand that every business is unique, and our commitment to providing tailored solutions remains unwavering."

Our partnership with this e-commerce company shows our dedication to helping businesses of all sizes and industries thrive in an increasingly globalized and interconnected world.