Here’s how the accounting team of MSG91, India’s leading cloud-communications startup simplified their accounting with the help of an automated accounting solution.
MSG91 is a growing technology product that provides bulk SMS to Their mission is to elevate the standard of express SMS services through the world’s best reseller panel and a robust mechanism.
We reached out to Manish and Deepak, the longest-serving members of MSG91’s accounting team to get their insights about the importance of having the right accounting system in place.
The Tipping Point: Why MSG91 Considered Cloud-Accounting
Prior to managing finances on Giddh-a cloud-based accounting software, the transactions were first managed on excel and then imported to Tally. With invoices spilling just over the daily average of 100 marks, the manual way of managing finance made lesser sense by the day.
For any startup, scaling can be a nice problem to have. With such a high volume of work coming in though, Deepak and Manish noticed that things were getting out of hand.
“While spreadsheets can be useful for a small business or a startup, they inevitably become cumbersome,” Manish said, “Not to mention, they can even be harmful by the time you’re managing financial data for a business that is growing.”
To have someone convert more than 100 invoices into PDF and then import it into a format suitable for offline accounting solution like Tally left no time for crucial tasks like analysis and support.
The manual way of accounting slowed the team down and put them at risk of making big, expensive mistakes because of it being operated without any backup system.
The Solution: Automated Accounting
When it comes to the erstwhile method of accounting and bookkeeping, human errors are one of the biggest challenges. Realising this, MSG91 switched to automated accounting as a means to stay ahead of their competitors and achieve better growth.
An automated accounting system aims to mechanise various account processes such as updating accounting records and making data entries for payables and receivables with the help of artificial intelligence software and robotic systems.
More and businesses like MSG91 are adopting an automated bookkeeping system to increase their productivity. In fact, research finds out that 58% of accounting firms aim to invest in accounting automation solutions and solution providers to meet their client requirements.
The benefits of shifting to automated accounting are many for businesses like MSG91:
- Efficient Cash Flow – One of the unhealthy accounting practices that some businesses follow are mismanagement of cash flow. The problem arises from erroneous bookkeeping and severely impedes the growth of businesses.
- Time-Saving – Manual accounting requires businesses to keep different books for data which makes it cumbersome to gather and analyse all the information. Automation in finance and accounting does away with manual entry of data and makes entering credit, debit, and other financial data extremely easy.
- Adaptability – Choosing an automated accounting service provider can also help businesses get the advantage of accounting software. They have a variety of templates to meet business needs. Moreover, the customised features and tailored reports also suit business requirements perfectly.
- Organisation and Storage – Most businesses are burdened with physical documents which need efficient entry, cataloguing, and storage. An automated accounting system organises the finance and accounting department efficiently and helps in organised storage of data with the help of computerised software.
Analytics and Reports – Finally, reports are one of the most crucial parts of finance and accounting. Automation in finance and accounting help to effectively present and distribute accurate financial information and simplify audit and record reconciliation processes. It also helps to accurately represent trends, variances, and predictions.
Why MSG91 Loves Giddh
In the earlier years as a smaller company, MSG91 began using the solution with some manual processes. But as its billing needs grew, the company started leveraging Giddh’s powerful APIs to build more automation and billing efficiencies.
Once the APIs were in their place, all the entries and accounts were updated automatically. Now a client could buy messaging credits from MSG91’s panel and the relevant invoice would already be sent to them automatically. On top of that, the entry made against the purchase was also automatically added in giddh. This reduced the time it previously took with the manual way of accounting.
Cloud accounting also meant that the accounting team could trust their financial data more than ever before. Since the data was constantly updated in real-time, they now had a true top-down view of everything they needed to stay on top of their finances for their entire business operation.
The Giddh-MSG91 partnership has been growing for over 3 years now. During this time, MSG91 has grown leaps and bounds having formed partnerships with companies like Ixigo, PolicyBazaar, and MakeMyTrip.
Giddh has allowed the accounting team of MSG91’s growing billing needs without having to hire more people. The entire billing and accounting of MSG91 is now handled by 4 people.
In the past, Deepak and Manish used to spend at least an entire hour of every day on manually recording entries in Excel and then importing them to Tally. That almost amounted to 30 hours per month and close to 100 hours in a financial quarter.
After moving to Giddh, the same manual chore has reduced thanks to automation. The accounting team can now finally spend their time analyzing the numbers and provide insight to the decision makers.
Deepak summarizes the benefits he reaped from using Giddh, which he feels could also benefit other small businesses: Ease of use, great automation features, and complete end-to-end support. Thanks to that, MSG91 has seen tremendous growth both internally and from a client standpoint.