Digital CFO has automated the process of journal entries, ledger posting and generation of reports. The software has removed the human errors in transaction processing by making the user interface intuitive and using AI and ML. This ensures that the transactions processed in Digital CFO by any user, are accounted and reported in a consistent manner and the output from the software is consistent across the organisation, irrespective of the experience of the user, location where it is being processed and / or type of transaction. Consistency through Digital CFO automation provides the stakeholders, the confidence that the data is reliable and would help them to take informed decisions and in parallel enables them to harness their accounting & financial data in real-time for multiple upstream value additions.
Digital CFO has automated routine bookkeeping and accounting transaction processing, reporting, GRC compliances, internal financial controls and tax compliances. We are empowering organisations to manage multiple accounting and financial management processes through automation by providing multiple capabilities, some of which are described below:
The software provides the business to manage multi-level approval protocols for any of the line items in the chart of accounts.
DigitalCFO permits companies to set up user access and automate maker / checker process on the basis of different parameters
DigitalCFO permits setting up credit limits per customer both in terms of number of days as well as amount of credit and triggers alerts when credit limits are crossed.
DigitalCFO enables the company to setup pre-approved customers, vendors for different items and ensure that the staff processing transaction sell to / purchase only from pre-approved customers and vendors.
The software provides phenomenal flexibility by enabling the setting up of selling price for each item (if necessary) different price for different customers and / or at different branches / projects and also at different times.
Discount management is automated in DigitalCFO ®, whereby the software enables the company to set up discounts in terms of a % or a specific value for each item sold and even permits setting up different discounts for different customers and at different branches.
DigitalCFO enables the business to keep track of all advances and also displays the advances in real-time when any transaction is processed with a customer or vendor against whom there is unsettled advance so that the user or the approver can take necessary action while processing transactions.
IDOS has the capability to let the business upload supporting documents (in any format) for every single transaction and these documents can be stored and retrieved against each transaction, enabling the company to maintain a document trail for every transaction.
This is a very unique internal control capability which is available in our software whereby, the CFO / Manager can give a specific instruction to the users with respect to certain internal controls or rules that they need to adhere to when they process certain transactions.
DigitalCFO helps you to reduce cost of procurement by providing real-time insights on vendors who are able to provide you with best weighted average price and also lets you know if all your purchases are being made across all branches at optimal cost.
The software provides you with the ability to set up email based alerts to ensure that you do not miss any regulatory, tax or operations related deadlines and business commitments.
DigitalCFO comes with inbuilt expense budget management capability to enable the business to set up expense budgets for any expense line item in the chart of accounts and alerts you in real-time if budgets are exceeded, so that necessary action can be initiated on timely basis.
DigitalCFO has in-built payment gateway and provides you the capability to receive payments from your customers and also make payments to your suppliers directly from the software instead of logging in to your banking website separately.
The software provides you with powerful capability for efficient working capital management through its real-time invoice discounting module, whereby you can receive customer payment within 24 to 48 hours (subject to conditions) instead of waiting for 30 to 90 days. Additionally, DigitalCFO ® even enables you to get credit facilities from our banking partners ((subject to conditions) whereby you will be able to make payments to your vendors.
Digital CFO integrated financial management platform, that enables organisations to digitally manage their bookkeeping, accounting and financial management, reporting and analytics tasks and processes through a single integrated technology solution. This platform can be customised to meet the specifications, features and design elements of the organization.
Dooraamon is a digital portal developed by Digital CFO and this portal enables the business to digitally engage with different stakeholders in the eco-system, including vendors, customers, banks, service providers, employees and the government. The portal has been developed to provide a simple digital bridge between different eco-system stakeholders and this digital bridge can be customised as per the specific use case / expected outcome. Dooraamon can be integrated with existing systems within the organisation and it can work either independently and push the data to any upstream system / activity or it can work along with existing systems and fill the white spaces / gaps that exist in the current systems.
Syylo is focused on enabling banks, financial institutions / NBFCs, large corporates to digitise and automate their internal processes related to credit operations, risk management and lending. The objective of this module is to support organisations in enhancing their operational efficiency and also help them to efficiently manage their internal credit evaluation and risk assessment capabilities, vis a vis their customers, suppliers and / or borrowers.
Our digital transformation services
We provide digital transformation services under consulting mode, whereby we not only develop and deploy the technology solutions, but we even help the organization to identify gaps in their current processes / systems, identify digital solution, implement such solution, operate the solution for a pre-defined period, and then transition the solution and its operations to the organization and its staff in a seamless BOT manner (Build – Operate – Transfer).
This process ensures that the solution that we deploy for the organization actually works and fulfils the organization’s objectives.
Our approach
At Digital CFO we begin the digital transformation process by helping the organizations to evaluate their current technology landscape, in terms of processes/functions which are technology enabled and determine the effectiveness and efficiencies of these processes and identify gaps / white spaces where digital transformation would be beneficial both in terms of enhancing process efficiency and for reducing cost of operations.
Digital CFO does not look at the digital transformation process as something where we just need to introduce artificial intelligence, machine learning, blockchain, or big data analytics, rather we believe that digital transformation and its benefits depend on the business objectives of the organization and its employees. We correlate the organization’s technology requirements with those solutions which are best suited to empower the organization to achieve its business objectives efficiently and with minimal cost impact. These solutions could be simple web applications which integrate with the organization’s existing technologies, or they could be customized modules which are developed specifically to automate a particular process or function in the organization.
It is possible that the organization’s technology landscape and/or business objectives do not derive major benefits through the immediate implementation of advanced capabilities built using artificial intelligence and/or machine learning and in such cases we implement solutions that enable the organization to fulfil its immediate business objectives and at the same time we ensure that the solution is capable of scaling with additional future modules built using artificial intelligence, machine learning, big data analytics and other advanced capabilities for which we possess in house expertise and have proprietary portfolio of products and technology solutions.
Small business enterprises need an easy to use software that records business transactions accurately to understand the real picture i.e. revenues and profitability.
Digital CFO brings several advantages for a mid-sized business entity:
Digital CFO runs as a convenient, plug and play digital solution, compatible with all existing software architecture including ERP.
Audit firms need to stay aware of the latest regulatory changes to inform their end-clients. Digital CFO, being a compliance-focused software is ideal for auditors to fulfil their professional obligations.
Digital CFO is a powerful software product whose capabilities also extend beyond the accounting realm. Digital CFO provides cutting edge data analytics to get a good understanding of the business landscape. This would make your business more competitive, reduce operating costs, boost revenue streams and derive profits.
With growing loan portfolios and higher credit penetration, the risk of NPAs and loan defaults are also aggravated for banks. Digital CFO helps banks access potential borrower details and financial standing, underwrite loans, monitor repayments and red flag exceptions.
Cheruku Srikanth is a finance professional with over two decades of experience in bookkeeping, financial management, audit, software product management and project life cycle management. He visualised Digital CFO and singlehandedly conceived the idea of automating bookkeeping and in parallel enable the business, through automation, to leverage their proprietary accounting and financial data for their growth and success. He developed the functional architecture, conceived the business logic and developed the workflows and the first UI / UX for Digital CFO and launched the beta version of the product based on nearly eight years of research and a team of just four interns and 2 developers and singlehandedly managed to procure reputed clients including global accounting firms and banks. He even conceived the idea of seamlessly integrating invoice discounting and digital lending and related financial products into the accounting software in real-time. He has won many accolades for his innovation and is an active member of the Confederation of Indian Industry (CII) where he is a member on the national committee on IT & ITES. He has built a team of talented professionals at Digital CFO and he is currently supporting his team in their goal of becoming a software of choice for CFOs, accountants and financial service providers globally.
