Product capabilities & product portfolio
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.
Product capabilities
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:
Approval protocols
The software provides the business to manage multi-level approval protocols for any of the line items in the chart of accounts.
Access management
DigitalCFO permits companies to set up user access and automate maker / checker process on the basis of different parameters
Credit limits
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.
Pre-approved customers & vendors
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.
Selling price
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.
Discounts
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.
Advance management
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.
Supporting documents
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.
Knowledge Library (KL)
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.
Price analytics
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.
Alerts
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.
Budget management
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.
Payment gateway
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.
Invoice discounting
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.
Product portfolio
Digital CFO
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
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
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.
Digital Transformation
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.
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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 eliminates the debit-credit aspect of bookkeeping entries. Through interactive questions and answers, Digital CFO automatically makes the accounting entries, computes tax, updates all ledgers and trial balances and prepares real-time reports.
- Digital CFO provides e-invoicing, inventory records, tracks purchases and payments, ensuring compliance to all regulations including GST laws.
- SME can use Digital CFO, without any training or familiarity with accounting.
- Digital CFO is remotely accessible, affordable, with low-cost maintenance.
Digital CFO brings several advantages for a mid-sized business entity:
- Reduced turnaround time for accounting processes
- Consistent implementation of internal controls with in-built internal audit function
- Supports remote functions with access to real-time information from across locations
- Elimination of human errors with automated reconciliation feature, irrespective of transaction volumes
- Cross-functional analysis for diverse verticals including manufacture, sales, procurement, e-commerce, legal etc with seamless data migration and consolidated reporting
Digital CFO runs as a convenient, plug and play digital solution, compatible with all existing software architecture including ERP.
- Digital CFO enables agile responses and efficient processes through highly scalable cloud applications including blockchain, artificial intelligence & machine learning capabilities.
- Flexibility is inherent in Digital CFO. Corporates can either upgrade, replace their legacy ERP or access specific modules on Digital CFO.
- Ease of use, speed and efficient deployment is the hall mark of Digital CFO.
- Digital CFO is highly customizable. Companies can integrate specific modules related to accounting, taxation, payroll, HRMS, inventory, e-procurement, treasury, distribution, customer & vendor management, fixed assets or financial reporting.
- Digital CFO can access inputs from any existing software application, execute functions and generate output in a format that is compatible across software.
- Digital CFO’ full version may be used via a mobile application role-based access control.
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 can help auditors enhance the overall audit experience for their end clients.
- Digital CFO can provide actionable insights, thereby expanding audit scope beyond identification of compliance issues.
- Legacy software lack focus on compliance matters. Digital CFO, however, enables auditors to capture transaction exceptions in a prompt manner and focus on client value-addition.
- Data analytics and testing procedures, inbuilt in Digital CFO enable the auditors to carry out substantive testing of accounting data using different parameters within a quick time span. This reduces audit cost and allows enhanced audit sample size.
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.
- Customer analytics: Business enterprises can determine high revenue generation projects and the order patterns with respective price points and discounts offered. The detailed information would help develop accurate sales strategies to target specific geographies and customer segments to drive higher sales.
- Vendor analytics: Digital CFO’ real-time price analytics enable understanding of procurement costs, purchase patterns, vendor pricing for a particular item and other critical supply chain parameters. This would enable efficient purchases planning, discount negotiations and bulk pricing strategies towards effective working capital management.
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.
- Being an accounting software, Digital CFO is a repository of customers KYC and financial data.
- Upon customer consent to apply for a business loan, Digital CFO would auto-fill loan application forms, attach supporting documents, auto-generate the CMA data sheet with detailed financial performance in the required format and submit to the concerned bank.
- Bank can cross verify the data.
- Digital CFO’ intermediation would reduce the overall loan disbursal cycle time with improved customer experience.
- Banks can view loan utilization levels and auto alerts for prompt corrective actions.
