Founded in the year 2017, Mahajati is a wood carving company that focuses on handcrafting home decor. In order to continue with its mission of honoring traditions, they customize furniture pieces through the use of calligraphic art. By providing an exquisite touch to their wooden carvings, they have been able to capture the market since their inception.
The most appealing part of their art is their originality and personalized human touch. Every hook and nook of their pieces is handmade to maintain its delicacy and precision.
1. Manual expense recording via spreadsheets
2. No visibility over finances
3. No use of corporate cards
4. Unmanaged budgets
5. Expensive international money transfers
6. Manual reconciliation
1. Automated and quick expense reports
2. Multi-level approval workflow for expense tracking
3. Unlimited access to virtual cards
4. Physical cards for employees
5. Efficient budget creation and tracking
6. Free cross-border transactions
7. Instant and automatic reconciliation
1. Instant and reliable expense reports
2. Quick financial data retrieval
3. Virtual cards equipped with high security for online transactions
4. Individual physical cards for employee expense tracking
5. Easy and convenient budget for spending monitoring
6. Fast and inexpensive international transactions
7. Hassle-free automated reconciliation
Mahajati adopted Volopay’s expense management software to revamp its financial management system. Initially, they were dependent on the traditional method of manual accounting – but these methods were costing them time and effort, with low benefits.
Their primary way of recording expenses was through spreadsheets, where every detail and information was to be entered manually. As the company grew, more customer orders were generated, and more transactions happened – this made it impossible for their finance department to track and maintain multiple sheets. As a result, their income and expenses were sometimes wrongly logged, leading to inaccuracies in the financial statements.
Additionally, the lack of corporate credit cards made it difficult to track employee expenses. With no proper receipt validation system, a majority of the expenses could not be verified. Missing expenses or double expenses ultimately caused budget fluctuations, making it challenging to arrive at accurate figures.
Since Mahajati trades worldwide, sending and receiving money in foreign currencies also posed obstacles. Making cross-border payments proved a costly affair due to high conversion and transfer fees. Receiving money was also a roadblock, as not every bank or financial institution supports every currency.
The manual reconciliation process was again time-consuming and laborious. The high demand for human effort made it impossible to file statements and keep them audit-ready.
To begin with, Volopay’s spend management system helped Mahajati track low to high dollar transactions with supporting proofs like invoices, receipts, and more. The multi-level approval system made expense tracking more manageable than ever. The increase in financial transparency enabled them to monitor each expense carefully, without missing out on any details. Our software generates automated expense reports that are inherently free from errors and miscalculations based on these figures.
Furthermore, implementing corporate cards, i.e., physical and virtual cards, made budgetary control a reality. Unlimited virtual cards for online transactions made subscription management and e-banking quick, along with providing unparalleled security. Customized budgets enabled keeping expenses under control. The in-built spending limits added another layer of protection from overspending.
To keep up with their international transactions, they used our platform to make remittances to various countries. The main benefit they achieved was in terms of saving money in the form of remittance and conversion fees. At Volopay, they never paid any transaction fees which enabled Mahajati to initiate and receive payments from customers.
Just like any other business, after the initial boom in sales and clientele, Mahajati faced difficulties with older, manual methods of financial management.
Shifting to a modernized accounting and financial model helped them achieve better control over expenses and implement business-wide controls. Not only were they able to save time, but they were also able to successfully save money by transforming their financial systems.