Case Studies

1. A leading DigiTech and Fintech firm

About Firm

• Data & analytics company focused on solving complex business problems leveraging Big Data and Analytics utilizing new technologies and frameworks using advanced technologies in IOT, Big Data, Machine learning.
• Presence in four countries

Advith ITeC’s Service

Advith ITeC takes care of end-to-end accounting, payroll management, compliance management and fulfil their reporting requirements.

Challenges

• Monthly reconciliation of the books, functional expenses and balance sheet
• Complex reporting requirements resulting into yearly audit long and laborious
• Lack of financial visibility and delays in month/year-end periods reporting

Strategies

• Application of Build-Operate-Transfer model
• Implementation of multidimensional ERP solution, payroll, accounts etc
• Extensive tracking of critical dimensions and monthly reporting to the Group CFO

Solution

• Delivered a comprehensive finance and accounting outsourcing (FAO) solution
• Stage-by-Stage seamless transfer of the whole process to the internal team of the firm
• Extended Support thereafter

Business Impact

• In-house integrated systems to track accounts, payroll at any point of time
• Improved turnaround time with enhanced financial visibility and scalability
• Effective reporting with more functionality and clear insight for stakeholders

2. Provider of cloud-based outsourced finance and accounting services

About Firm

A business consulting firm providing services in the fields of Direct tax, Indirect tax, Outsourcing (CFO services, Accounts, Payroll & Compliance Management), Corporate law & Advisory among others; to various midsize finance consulting and professional firms

Advith ITeC’s Service

• Advith ITeC is the backend Centre. • Perform array of services in the fields of Accounting, Payroll, Corporate Law, Direct and Indirect Taxation, Transaction Advisory, Data Analytics and Audit and Assurance Services.

Challenges

• Time consuming non-core/non-revenue generating tasks
• Higher costs
• Dependency on CA articles and Employee attrition

Strategies

• Leverage Automation and AI
• Remote Process Executives to do recurring and non-billable jobs
• Domain Specialists to do non-core low-billable finance activities

Solution

• Automated process with Advith ITeC’s automated tools
• Periodic monitoring of all activities to ensure effective and efficient output
• Securely store all client data leveraging cloud technology

Business Impact

• Save on infrastructure and physical space requirements, time, money and energy
• Alternative to building and maintaining an in-house finance function
• More time to focus on core revenue generating business activities

3. Software publishing and consulting firm

About Firm

Provide software products and implementation services for financial risk management of banks and financial services industry.

Advith ITeC’s Service

Advith ITeC takes care of end-to-end accounting and Finance

Challenges

A visiting external financial consultant executed finance activities in the firm. The person lacked strategic processing of finance activities. Hence the reports required manual consolidation and verification by the Internal Team

Strategies

• Application of Remote Finance consulting model
• Stabilize and advance the firm’s finance functions

Solution

• Delivered a comprehensive finance and accounting outsourcing (FAO) solution
• Plug-n-play models – all remotely

Business Impact

• Robust finance and accounting remote models
• Increased financial integration, visibility and efficiency
• Saving on Cost, time and energy required to set up and manage an internal finance team and infrastructure

4. Aggregators of brands and a digital platform.

About Firm

They partner with various small, medium and large brands, add technology to the story of the brand in order to grow exponentially. Multiple centers in India

Advith ITeC’s Service

• Advith ITeC assisted in setting up the Centre of Excellence • Thereby acting a reliant, informed compliance management partner.

Challenges

• Setting up centers in India
• Task of handling compliances

Strategies

• Managing mundane tasks like accounting, people management, process set up and managing statutory compliances across locations

Solution

• Obtaining virtual office spaces
• Statutory registrations
• Amendments in existing registrations

Business Impact

• Relieved in-house function of managing mundane tasks like accounting, people management, process set up and managing statutory compliances across locations by setting up a Centre of Excellence
• Mitigate the risks arising on account of various internal and external factors