Finly: INDIA Enabling a Proactive Spend Culture within Organizations

Veekshith C Rai, Coo & Vivek AG, CEO
When it comes to managing expenses & collections, medium and small businesses are at huge disadvantage compared to large enterprises. Not only vendors and employees are dissatisfied because they don’t get paid or reimbursed on time but also the management lacks visibility into the payables & receivables. Automating the payment process has changed the face of business, giving organizations with crystal clear accounts and even clearer procedures to financially breathe. Based out of Bangalore, Finly.io is focused to lead financial automation space by providing a suite of technology products consisting of expense management, vendor payments & payment collection. The end-to-end cloud based software has been designed keeping in mind the evolving technologies that automate multiple tedious finance processes and payment related operations. The solution integrates seamlessly with all accounting systems in real-time, thus removing the need for manual data entry. Finly’s cloud based solution facilitates CFO or management team to keep a check on employee expenses, vendor payments & receivables across various teams, outlets or branches. By enabling real-time visibility on inflow and outflow of payments, the solution empowers businesses to make strategic decisions with this data and helps removing all payment related hurdles as the business scales.

Achieving 360 degree Finance Automation
The product portfolio includes firstly the expense reporting automation solution via OCR and VISA prepaid cards. Secondly, the vendor payments systems that aid business managers to track, report, record & process the payments to vendors. Thirdly, Finly’s payment collection system automates the entire process of collecting and

tracking payments received via NEFT/IMPS/RTGS/ cash or cheques thereby leaving no room for manual error. More so, the organization extends an API based architecture which assures uninterrupted integration with any other business system that further allows data to flow across the organization. To enhance an organization's ability to curb instances of frauds, the organization has built a policy engine that can be configured with complex rules and regulations that a business needs to comply with. Any transaction across the business is monitored by the policy engine to flag any fraudulent activities or malicious patterns to the concerned team. “Businesses are saving at least 45 percent of their working capital cost to manage a finance team while achieving 100 percent accuracy in detecting frauds by implementing our finance automation suite”, adds Vivek AG, CEO, Finly.io.

Finly’s cloud based solution facilitates CFO or management team to keep a check on employee expenses, vendor payments & receivables across various teams, outlets or branches

While working towards end-to-end digitalization of Indian businesses, the organization is investing on blockchain technologies to cater advanced and seamless experiences. “With new payment technologies being introduced like UPI, we would constantly update our software to work with technologies without the business or finance team having to worry about it”, informs Veekshith C Rai, COO, Finly.io. Looking forward to empower companies develop a proactive spend culture while providing finance teams with tools and data, Finly shows promises to significantly contribute to the business finance automation domain.