Wealth Desk is a platform that helps you invest systematically. We help them with their accounting services...

Wealth Desk

About the Company

WealthDesk is an investment technology platform founded in 2016 with a mission to revolutionize the asset and wealth management industry. The platform is currently focused on developing the Unified Wealth Interface (UWI), which is based on broking and aims to provide seamless investment solutions to retail investors.

The WealthDesk Platform is designed to power the UWI, which uses the Embedded WealthDesk Gateway (EWG) to enable retail investors to invest seamlessly through their broking accounts via mobile apps and websites. The platform offers a comprehensive approach to investment management, covering the entire investment, asset management, and advisory value chain.

One of the most innovative features of WealthDesk is its WealthBaskets, which are investment products created from investments made on top of equities and ETFs. These WealthBaskets allow investors to gain exposure to a diverse range of assets in a simple and efficient manner. To extend its reach, WealthDesk leverages the distribution networks of SEBI-registered broking partners.

The platform benefits from strong network effects, as its expanding user base creates a positive feedback loop that attracts more investors and partners. WealthDesk has a unique value proposition that caters to the evolving needs of retail investors in India’s dynamic financial markets.

Overall, WealthDesk is a cutting-edge investment technology platform that is poised to disrupt the asset and wealth management industry. Its UWI, EWG, and WealthBaskets are innovative solutions that offer investors seamless access to a diverse range of assets. With its comprehensive approach to investment management and strong network effects, WealthDesk is well-positioned for sustained growth in the years to come.

Challenges faced by Wealth Desk

Based on this assessment, Brego Business may have identified a number of accounting challenges that were impacting Wealth Desk’s operations. Here are a few possibilities:

  1. Poor bookkeeping: If Wealth Desk did not have an accounting team in place, it’s possible that their bookkeeping was not being done properly. This could mean that financial statements were inaccurate or incomplete, making it difficult to get an accurate picture of the company’s financial health.
  2. Lack of financial controls: Without an accounting team, Wealth Desk may not have had proper financial controls in place to prevent fraud or errors. This could leave the company vulnerable to financial losses and damage to their reputation.
  3. Compliance issues: Depending on the industry and jurisdiction, Wealth Desk may have been subject to a variety of legal and regulatory requirements related to accounting and financial reporting. Without an accounting team to ensure compliance, the company could be at risk of penalties and fines.
  4. Inefficient processes: Wealth Desk may have been spending too much time on manual accounting tasks or using outdated software, which could be slowing down their operations and reducing their productivity.

Once these challenges were identified, Brego Business would have worked with Wealth Desk to develop a plan to address them. This might have involved implementing new accounting software, hiring additional staff, or developing new policies and procedures to improve financial controls.

In addition to addressing these specific challenges, Brego Business would have emphasized the importance of accounting for a startup like Wealth Desk. By having a strong accounting team in place, the company would be better positioned to make informed decisions about investments, manage cash flow effectively, and stay in compliance with legal and regulatory requirements.

Our Approach

Brego Business,had  recognized the possible challenges that businesses may face in relation to the non-deduction of Tax Deducted at Source (TDS) and Goods and Services Tax (GST), which could result in legal and financial consequences such as penalties and interest. As WealthDesk, a wealth management technology platform, did not have an accounting team, Brego Business provided them with professional services and highlighted the importance of accounting data for startups.

To address the potential issues, Brego Business created a Management Information System (MIS) report that presents crucial notifications regarding TDS and GST. This report provides valuable information that enables internal teams to plan ahead and ensure compliance with tax regulations. The MIS report emphasizes the significance of the new electronic invoicing system introduced by the Indian government, called E-Invoicing, which streamlines the invoicing process and reduces errors and discrepancies. The report also highlights the TDS rates applicable to different types of goods and emphasizes the need to comply with TDS regulations to avoid legal and financial consequences.

Additionally, the MIS report advises businesses to conduct regular internal audits to ensure compliance with tax regulations and maintain accurate records of transactions. The report also emphasizes the potential advantages of effective tax planning strategies, which can optimize tax liabilities and decrease the risk of legal and financial consequences.

Overall, the MIS report by Brego Business provides important information and guidance on compliance with tax regulations, enabling businesses like WealthDesk to plan ahead and implement effective tax planning strategies to ensure long-term success and avoid legal and financial consequences.

The Result

One of the key ways that Brego Business helped Wealth Tech was by providing expert advice on financial best practices. With their years of experience working with small businesses and entrepreneurs, We have  a deep understanding of the challenges that these types of companies face when it comes to managing finances. They were able to provide Wealth Tech with guidance on everything from bookkeeping to tax compliance, helping the startup to avoid costly mistakes and stay on top of its financial obligations.

Another way that Brego Business helped Wealth Tech was by implementing new accounting software and processes. By using modern accounting tools and streamlining workflows, Brego Business was able to make Wealth Tech’s financial operations more efficient and effective. This saved the startup time and money, allowing it to focus on its core business activities and grow more quickly.

Throughout the process, Brego Business maintained close communication with Wealth Tech’s management team. They provided regular reports on the company’s financial health and made themselves available to answer any questions or concerns that arose. This allowed Wealth Tech to stay informed and make informed decisions about its finances.

In the end, the results of our work with Wealth Tech were impressive. The startup was able to operate more efficiently and effectively, with a strong financial foundation that allowed it to pursue growth opportunities and scale up its operations. As a result, Wealth Tech was able to thrive in a competitive market and continue to build its reputation as a leader in its industry.

Overall, the success of Brego Business’s work with Wealth Tech is a testament to the importance of accounting for small businesses and entrepreneurs. By having expert guidance and support, these types of companies can avoid costly mistakes, stay in compliance with legal and regulatory requirements, and build a solid financial foundation that will enable them to grow and succeed over the long term.

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