The conversation that started it all.
“Let’s start when we are in business school if we’re lucky we will be able to work with at least 25 clients by the time we graduate”
Dear Fellow Entrepreneurs,
We hope you have had a fantastic start to 2018 & wish you the best for the coming year. Rehan & Mihir wanted to reach out to you to share exciting news, our learnings from mistakes made through last year and what’s new in 2018
As most of you know, we started Savage & Palmer in April 2017 and have had the opportunity to serve some amazing customers across a variety of sectors. As a young company, we are always looking to create better systems, processes and most importantly relations with customers through better service. We recognize that this has everything to do with the quality of people on our team- we are excited to report that Savage & Palmer has taken over the operations of a well-known startup in the Accounting & Finance domain called Themis. We are now over 60 people strong and serve over 120 customers varying from Startups up to Family businesses and International companies running operations in India.
As Entrepreneurs ourselves, we know how painful and time consuming running Accounting & Finance operations can be. This is something we found out first hand in our previous jobs working in startups- typically when running a business you tend to hire a CA firm or build your own staff- that’s where we enter, we operate as our clients team and add a layer of Standard Operating Procedures, MIS reports and most importantly Customer Service to make accounts as painless as possible. There are over 5 Cr SME’s registered in India and we are working with only 120, our vision is to grow to become the go-to brand to serve the largest section of this market all the while staying true to our value addition to our customers.
Every Quarter or Semi-Annually (depending on the size of your business) a team will conduct a check of your accounts- highlight gaps and potential errors and get the team to rectify this. Since accounting operations are prone to errors due to the manual nature this will help resolve issues sooner rather than later through Audits at the end of the year.
This is something we have been working on for a while, today your Financial reports are created manually by the team. We are working on a technology solution to represent your numbers directly from the Accounting software we are using (Tally in most cases)- our goal is simple, if you can order most goods and services at the click of a button there is no reason why you shouldn’t be able to access key numbers of your own business on the go. A challenge has been database integration as inputs are not standardized, we have had a breakthrough recently and will share updates with you once its ready to ship.
As we have grown as an organization we have faced a number of challenges from hiring, making sure we onboard customers correctly to actually creating systems & processes that work. Here are a few challenges we are still working towards finding solutions towards and are areas we have found will continue to be pain points.
We have found that for rapidly growing businesses accuracy of data is something that is a pain point as there are a lot of clarifications and reviews that need to be conducted. In this case, we are encouraging staff to discuss provisional MIS reports with customers before finalizing the report
We’ve had staff that has eloped & had bike accidents (Accountants seem to have quite the double life) which has resulted in them being unable to come into work at the last minute. This is a problem that we are trying to mitigate by having a backup team that can ensure that all compliances are taken care of at the least- however this is still a problem and will continue to be one as it is not one that is solved by adding more resources, since there is a large amount of client-specific information that is needed to serve effectively. That being said we are constantly thinking of ways in which we can help mitigate these situations as much as possible.
We have found that this is something that is very hard to control at a centralized level and are now actively encouraging customers to deal directly with the team assigned to serve them. Of course, we are always available in case there are issues that need solving along the way.
Thank you for taking the time to read this message- we are going to henceforth create a monthly newsletter and share information from the accounting world, stories of inspiring entrepreneurs (clients) details of people joining the team. We hope you have an amazing incredibly successful year ahead of you!