Case Study #1 - Accounting

Issue

A start-up in the food processing and delivery space (offline and e-commerce) had been in operation for 2 months. Due to extensive statutory, tax and operational matters, the promoters’ could not focus enough time on strategic growth and scalability.

Solution

Themis provided the company with a team of experts that acts as its accounting team. Themis looks after the following:

Converting the partnership into a Private Limited Company
Procuring necessary tax numbers and cards including Service tax number, VAT number, PAN card etc
Calculation and filing of necessary taxes
Setting systems and processes to facilitate minimum time spent by core team members on accounting work
Setting checks and balances to allow for reduced risk including safety of cash transactions
Maintenance of books of accounts on a day to day basis
MIS reports that allow the promoters to understand the state of the business including – cash flow statements, profit and loss, receivables, insights and analysis

Results

Higher ROI for Promoters and core team as they were allowed to spend more time on strategic activities and growing the business
Professionalised systems allowed scalability
The company lowered its salary bill while benefitting from the services of a team of experienced professionals (CA’s, tax experts and Investment Banking advice)
Increased insight for the promoters into the finances of the company, allowed for better cash flow management, collections, vendor payments and other operational issues
Tax efficiency
Increased professionalization made the fund raising process substantially simpler
Client was able to leverage on Themis best practice, capacity and systems