Practus’ finance transformation services enabled EdTech to evaluate and implement a suitable ERP, reducing data entry time by 30%.
|Client Name||ROI||Industry||Ownership||Management||No. of Employees||ROI On Fee||Size||Project Duration|
|An Edutech Company||2.5X||Edutech||Private||Professional||30||2.5x||< $1 million||6 months|
About The Company
Deal EduTech is a hybrid education company that offers education services to graduate and undergraduate students in the fields of management, HR marketing, and finance. As a result of outstanding liabilities and various debtors, the company had a negative operating cash flow.
Practus’ Role in Finance Transformation
- Finance diagnostic: Prepared books of accounts for the previous financial year with the help of the previous auditor.
- Compliance diagnostic: Practus assessed the compliance for the entire previous year and presented it to the management, which helped us to ascertain cash outflow for the statutory compliance part.
- ERP implementation: The ERP accounting system (ZOHO Books) was implemented for day-to-day accounting, and the books for fiscal year 2020-21 were finalized.
- Preparation of MIS every month: Profit and Loss A/c, cash flow statement and sales tracker with ROI analysis is delivered to management every month.
Impact Delivered in Finance Transformation
- Rectification of overbooked sales resulted in a reduction of GST liability for FY 2019-20 of ~$8000 .
- Savings in interest cost due to timely statutory compliances ~$5000.
- Assistance in timely closure of audit.
- Evaluation and implementation of suitable ERP, thereby saving 30% time in data entry.
- Assistance in the appointment of suitable company secretary and other consultants.
- Delivering monthly MIS on T+7, as compared to T+12, thereby saving 5 days.