Famtech

99%

Drop in man hours

65%

Reduction in cost

100%

Accuracy

Company Profile
  • Family tech startup
  • Payments from across the globe.
Finance Stack
  • Payment via stripe
  • Expenses via credit card
  • Bookkeeping in QuickBooks
Challenges
  • Manual Processes
  • Delayed Accounting
Results
  • 99% drop in manhours
  • Complete automation in a reconciliation.
  • Automated entries of revenue and expenses items in accounting system
The Kosh team really delivered much more than what we were expecting. Initially, we wanted to automate the revenue side but the team pushed to cover the overall process. This removed any dependency on man-hours.

A US based startup provides an easy way for family members to stay in touchand care for elderly and seniors. The company has a global customer base, and thus it accepts payments from all across the globe. The startup uses Stripe payment gateway to collect revenue. For expenses, it is using credit cards to centralize expense management. All the transactions are getting ledgerised in Quickbooks. The company is using a bank account to track the cash flow.

CHALLENGES

The startup was facing various challenges in tracking revenue and expense transactions and then making under suitable ledger. Manually managing finance operations was becoming quite challenging as they had to fetch the data from the payment gateway and the credit card statements. They then have to format, sanitize, and reconcile the data even before creating a single ledger entry. Since all the steps were carried out manually, the whole process was quite time consuming. The process invariably used to get pushed down towards the end of a month. The team had to rely on an external and expensive resource (a CPA) to get through all the manual processes.

SOLUTION

To overcome these challenges, the startup decided to implement Kosh.ai to automate their financial operations. Kosh.ai started off by automating reconciliation between the order management system, Stripe, credit card, and the bank account. Thereafter, it automated the subsequent steps of tracking, monitoring, and reporting. Using API integrations, Kosh.ai automated the whole process starting from fetching the revenue data from Stripe all the way to creating

ledger entries in Quickbooks.

RESULTS

The company witnessed a 99% drop in man-hours, thus increasing the efficiency in financial operations. The automation has also led to reduction in cost by 65%. Kosh.ai automated all the following steps: reconciliation, tracking, reporting and ledger entries. It has improved accuracy and reduced errors in financial reporting.

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