Chennai: PKC Consulting launched a technology product that it believes has reinvented the way the company provides taxes and services. According to the Chennai-based financial advisory firm, it will be India’s first product that enables an audit to be fully automated.
The company has customers in all industries including retail, manufacturing, real estate and construction, education, healthcare, retail and distribution, and IT. PKC is active in the fields of software implementation, auditing and assurance, start-up advice, tax advice, management advice, bank financing and accounting.
“There is no product that can automate audits like Fero (stands for Financial Hero)”, Swetha Kochar, managing partner at PKC Consulting Audit-Checks for you, it gives you all the business insights you need to run your business and all at a very affordable price that does not require us to offer every customer a personal service. ”
Kochar said there is significant headroom for the technology revolution in finance and that companies are still working on tally and that reporting is still very poor.
She said Fero is trying to do something that Clear Tax did with tax services in India, but on a larger scale for the audit services space. She added that the product has succeeded in bringing cost savings to customers by reducing human involvement and therefore lowering the price.
“We have already fully set up our audit platform. We have completed pilot projects in the last six months. Everything has been successful. So now we are in the phase in which we want to expand it. We have another segment of” digital transformation that we are waiting for and that is our tax segment. As soon as we finish the exam, we want to shift our resources into tax automation, “said Kochar.
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She said that so far the company has developed the central part of the product’s audit automation. In the future it will concentrate on the aspect of customer acquisition.
“We would also like to integrate it into other products. Today it’s integrated with SAP and Tally, which cover much of the market, but not products like Zoho and QuickBooks. So this is the next step. And from a customer perspective, our customers have grown to around 1,600 lately. The idea is to at least double that number compared to last year, “she said.
It is also planned to launch the product on international markets within the next two years. PKC targets the US and Canadian markets, but must first incorporate the relevant laws of the various countries into its products. She said the rationale would stay the same, with the product integrated with QuickBooks and doing the audit itself, eliminating the need for a professional or a lot of money to manage.