Accounting and Finance professionals are crucial to driving strategy and future business growth. A recent survey showed that 52% of business decision makers agreed that their finance teams can be entrepreneurial in the way they help the business grow. Yet 31% agreed that their companies vastly underrate improvements in financial management efficiency.
Manual processes have no place in the future of finance. These tedious tasks take up too much time and lead to an uneven workload, long hours, and escalating frustration. Finance teams end up spending over 65% of their time to manually carry out their day to day operations leading towards inefficiency. This is primarily because of 2 reasons: Excessive dependency on tools like spreadsheets & e-mails and Payments being an integral part of their operations remains highly disconnected.
Finly is India’s first end-to-end cloud-based software to manage all business payments & collection leading to financial automation. It has been designed by finance experts to provide CFOs & the management team with real-time insights into the business’s account payables & receivables while automating & streamline operations in the finance department.
With a mission to empower companies develop a proactive spend culture while providing finance teams with tools and data that enable them to have real-time insights into their spends, Finly builds software products that make your work simpler, more pleasant, and more productive.
The Entrepreneurial Pillars
Serial entrepreneurs Vivek AG & Veekshith C Rai are the Founders of Finly. It is their second venture, the first one being MindFree Labs which they successfully exited. MindFree Labs built applications like MintCoins, a platform for developers to crowdsource testing of mobile applications. The platform had over 5 Million Users & 4000 Developers.
Currently, Vivek AG is the CEO, leading product & technology section whereas Veekshith C Rai is the COO, leading business & operations. With both the founders having a technological background, the focus is on achieving the maximum degree of automation externally and internally to achieve the highest efficiency.
Vivek focuses on managing the product team and works actively with Veekshith Rai to automate the sales, marketing & operation activities leading to a leaner & technology driven business. All finance processes with respect to the business are automated with their very own product Finly.
“The challenges we face are mostly on the recruitment side, especially with respect to technology related sales,” says Veekshith. It is challenging to get the right candidate who fits the culture and has a deep understanding of technology and finance, while also being able to communicate and speak the same language as the accounts team of businesses from various industries. However, Finly has set up an extensive training process to combat this.
It is just 3 simple ingredients which make Finly a far better option than anyone else in the market: Brilliant Product, Quality Service & Fun Team to interact.
Finly is designed to work with multiple payment instruments like VISA Prepaid Cards, Electronic Fund Transfers, Virtual Accounts etc. All of this comes with the maturity of their payments partner EbixCash, who has had 12+ Years of Experience in this payments space. The system is beautifully designed under the guidance of technology & finance experts along with top-notch UX/UI designers simplifying adoption.
Finly has an amazing team who always goes the extra mile in providing the best of service. They provide support on all possible mediums enabling customers to get responses to any of their queries within a maximum of 15minutes. With new payment technologies being introduced like UPI, they are working with various banks to update their software without the business having to worry about upgrading their transacting processes.
The company is also seeing a lot more mid-sized businesses transacting with other businesses across the border. They are working on Blockchain technologies to make the payables & receivables involved in this process more seamless while integrating the currently available technologies to facilitate the same.
Distinctive Services and Solution
Finly has three products automating various aspects of Finance Processes.
Firstly, they have payments enabled expense management system, which helps businesses manage their petty cash expenses, travel expenses, expenses across outlets/branches etc. This is also enabled with a travel module through which you can make your travel bookings and automate the expenses incurred through the same.
Secondly, they have the Vendor Payments systems, which helps businesses manage, track, report, record & process the payments to vendors.
Thirdly, the payment collection system allows businesses to automate the process of collecting & tracking payments received via NEFT/ IMPS/ RTGS/ Cash or Cheques.
All these products are designed to help your management, especially the CFO to have a real-time insight into all business payments & payment collection. It would also help the team make strategic decisions with this data and help to remove all payments related hurdles as the business scales. All their products seamlessly integrate in real-time with Tally, SAP, QuickBooks & other leading accounting systems in the market.
Moreover, Finly has an API based architecture, which allows them to let businesses integrate with any other business system, allowing data to flow seamlessly across the organization. “This again I would like to point out is an advantage of implementing Finly, as the finance team doesn’t have to manually enter all this data into the accounting system,” says Vivek.
Finly’s system is highly flexible and configurable to adapt to the needs of different industries. They cater to over 30 different industries. Their experience in architecting complex scalable products makes this possible.