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