The New Excelsior Theatre, a historic cinema in Mumbai, partnered with us to streamline financial management and ensure regulatory compliance, allowing them to focus on delivering a modern cinema experience.
The New Excelsior
About the Company
Industry: Entertainment (Cinema)
Type: Privately Held
The New Excelsior Theatre, established in 1918, is an iconic cinema hall located in Mumbai. Over the years, it has undergone multiple ownership and operational changes, with a major renovation completed in 2016 under the management of Mukta A2 Cinemas.
Today, the theatre offers a modern cinema experience with enhanced seating, sound, and projection systems while maintaining its historical significance.
Problem statements
Complex book reporting: The theatre faced challenges with managing its large volume of transactions, which complicated the financial reporting process.
Compliance issues: New Excelsior struggled with adhering to tax regulations and compliance due to the complexity of their accounts.
TDS management problems: Tax Deducted at Source (TDS) issues created operational delays and risked penalties.
Our Solution
Automation of book reporting: We implemented new accounting software to handle the large transaction volumes efficiently, improving the accuracy and speed of financial reporting.
Compliance strategy: Developed a compliance roadmap to ensure that the theatre met all regulatory and tax obligations on time.
TDS resolution: Assisted in resolving TDS issues by providing targeted support, reducing penalties, and ensuring proper management of tax obligations.
Results
Improved financial reporting: Automated systems led to more timely and accurate financial reports, reducing errors.
Full compliance achieved: The theatre adhered to all tax and legal requirements, avoiding penalties and legal risks.
Increased efficiency: Streamlined processes reduced delays in operations and allowed the theatre to focus on growth.
Benefits and ROI
Operational efficiency: Automated financial systems saved time and minimized manual errors.
Compliance confidence: Full compliance with tax and regulatory requirements reduced risks.
Cost savings: Efficient TDS management helped avoid penalties, ensuring financial stability.
ROI:Â Our Accounts and Financial Management services helped the New Excelsior Theatre improve financial transparency, achieve compliance, and reduce operational risks, contributing to their long-term success.
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