About the Company
Industry: Wholesale Garments
Type: Privately Held
Akash Garments is a wholesale clothing and garment trading business that supplies smaller brands with high-quality products for resale. Operating with a focus on the B2B market, Akash Garments aims to establish itself as a leading wholesaler by offering competitive pricing and superior product quality.
Problem Statements
Outdated financial records: The company’s financial records were inconsistent, with outdated bookkeeping practices leading to inaccuracies in financial reporting.
Compliance gaps: Akash Garments was not fully compliant with tax regulations, resulting in potential risks of penalties and legal challenges.
Cash flow management issues: The company faced challenges in tracking cash flow due to manual invoicing and poor controls on expenses, making it difficult to manage day-to-day finances efficiently.
Our Solution
Bookkeeping and financial recordkeeping: We reorganized Akash Garments’ bookkeeping processes, ensuring accurate and up-to-date financial records. This helped the company gain clearer insights into its financial health.
Compliance management: Our team worked to ensure the company met all tax obligations, implementing systems to handle TDS and GST filings on time, avoiding potential penalties.
Cash flow optimization: We introduced an efficient invoicing system and implemented tighter controls on expenditures, enabling better cash flow management.
Results
Accurate financial reporting: Akash Garments now benefits from accurate, timely financial reports, allowing for better strategic decisions.
Full compliance achieved: The company is fully compliant with tax regulations, reducing the risk of penalties and legal challenges.
Improved cash flow: The implementation of better invoicing and cash flow controls led to improved financial management, helping the company optimize its operations.
Reduction in error margins: We reduced error margins by a significant percentage in the main accounting matrix within a year of working with Akash Garments, demonstrating our commitment to improving financial accuracy and operational efficiency.
Benefits and ROI
Improved financial clarity: The restructured financial systems allowed Akash Garments to gain better control over its finances, leading to improved decision-making.
Cost savings: By ensuring compliance and minimizing penalties, the company saved on costs associated with regulatory non-compliance.
Operational efficiency: Streamlining the cash flow process led to smoother operations, helping Akash Garments manage its growth more effectively.
ROI: Our Accounts and Financial Management services enabled Akash Garments to achieve full compliance, improve cash flow management, and enhance operational efficiency, providing a solid foundation for future growth.