EnKash is unlocking 100% accuracy in accounting and auditing processes for businesses through its new platform Olympus
EnKash, Asia’s 1st and smartest spend Management platform has launched “Olympus,” an industry-first solution that automates business payables and receivables. Mid-size and especially traditional businesses lack experience and accessibility of digital payments considering the high costs and efforts involved. While larger companies get desired technology solutions from banks and their software providers, startups and small to midsize businesses have struggled for a long time. EnKash’s platform, Olympus, is focused on startups & small to midsize businesses and comes with “plug & play” integration capability in completely DIY mode. It seamlessly wraps itself atop any business’s existing accounting and enterprise resource planning (ERP) software. It provides a highly cost-effective and superior experience to streamline payables & collections. Businesses can onboard themselves with an easy 2-step process without disrupting their accounting, policies, processes & banking relationships.
Olympus is a powerful technology stack designed to empower businesses with greater efficiency and 100% accuracy in accounting and auditing processes. It also automates cumbersome and repetitive manual processes such as transaction entries, bank reconciliation, payment management, collection management, expense tracking, and invoice management. Current beta customers have reported more than 40% improvement in their processes, bringing close to 50% overall cost savings. Another important aspect reported by customers is mitigating risk and fraud in their business transactions, as Olympus only onboard validated buyers & suppliers and can auto-flag whenever there is a mismatch. As a seamless bridge between accounting and banking, Olympus facilitates end-to-end AP management through features like remittance automation and real-time automated payment entry into the underlying accounting platform. However, its unique selling proposition (USP) is its receivables management feature.
Olympus powers automation built on a bedrock of technology and data. Customers can use the platform to dispatch bulk invoices and attach payment links through a single click. Olympus handles the entire collection cycle, from invoice delivery to payment reminders to real-time reverse entry into the accounting software for online and offline transactions. Smart algorithms integral to the Olympus stack intelligently solve complex reconciliation and reporting tasks. Real-time multi-bank reconciliation is one such feature that helps organisations save multiple man-hours on a daily basis. Additionally, the integrated analytics dashboards provide detailed MIS to help CXOs and decision-makers derive actionable insights by leveraging the power of data consolidation across multiple aspects of their business.
Speaking on the launch, Hemant Vishnoi, Co-founder, EnKash, said, “As one of the highest contributing sectors to the economy, MMEs (Mid-Market Enterprises) need consistent tech empowerment that makes them efficient in their operations. With the launch of Olympus, we have used our team’s experience & expertise to assist them in adopting tech-based solutions. Being pioneers with a steep & long learning curve in this space, the team is doing a fantastic job of providing innovative offerings to businesses that lacked experience and accessibility of financial & non-financial products.”
The platform enables businesses to set up customised approval matrices to expedite payment approvals without compromising transparency and internal compliance. Its built-in Spends Control feature enables businesses to decentralise their payments by authorising employees across branches or offices to make business expenses without exceeding the set spending limit.
“Traditionally, businesses have remained highly underserved, as most enterprise-grade banking solutions are designed based on the requirements and budgets of large enterprises. While large enterprises have automated their Accounting, Reconciliation, and Audits via ERP solutions, mid-market enterprises (MMEs) continue to undertake these processes manually. Much of this dependency on manual work in this segment is caused by the exorbitant prices of ERP solutions. At EnKash, we understand this gap in the market and are committed to innovating tech-first products for the mid-sized business segment. It is specially designed to meet Accounts Payable and Account Receivable automation requirements of MMEs and comes at a feasible price to meet their budgets.” Hemant added.
With the launch of Olympus, EnKash continues to introduce innovative customer-first B2B digital banking products for mid-sized businesses. The brand was founded in 2018 by “Payments” industry veterans Naveen Bindal, Hemant Vishnoi, and Yadvendra Tyagi to build ingenious payment digitisation and automation solutions in the B2B space for MMEs and Startups.