Zoya Malik, Group Editor, International Accounting Bulletin and The Accountant caught up with Biraj Borah, Founder & Director, Insiet Ltd, Gold Sponsor at the virtual DAF 2020 & Awards to hear about Insiet’s accounting SaaS solution to standardise reporting
Zoya Malik: What is the service your company offers to the accountancy industry?
Biraj Borah: Global accountants are using standard accounting software that comes with certain standard reports. What we have seen is that accountants end up using excel for all analytics and nonstandard reports. Insiet empower accountants to create reports online and to collaborate with other team members
ZM: What is the USP of your product and Service?
BB: Insiet is built by accountants for finance transformation. It comes with powerful BI analytics capabilities and features to build reports in formats as required by IAAS or GAAP. It is easy to connect to multiple source systems and built consolidated financial statements based on that data.
ZM: How does your product and service differentiate itself in the market?
BB:-The accounting industry requires financial reports to be presented in specific formats as guided by IAAS or GAAP. Insiet enables accountants to build reports as per required formats
-Real time consolidation is delivered once data from source system is connected. It is simple and easy to adopt and takes away cumbersome manual processes in consolidation.
-Intercompany reconciliation solution is pre-built on our BI. This is not offered by any other BI Solution provider
-User driven system. It requires minimal support from developer to streamline data and build reports
ZM: What is the topic of your presentation at DAF 2020 & Awards conference? Why is this this important now?
BB: The presentation showcases how Insiet enables accountants to work remotely from any location and to collaborate with teams under one reporting system. We see now that one of 2020’s challenges for CFOs is having 24/7 access to Analytic insight into company performance. We want to help businesses by bringing CFO’s and accountants under one reporting platform.
ZM: What value is there for your organisation to sponsor DAF 2020 & Awards conference?
BB: DAF 2020 has shown how it has transformed its business to an innovative digital platform. We are sponsors at DAF 2020 and Awards as we believe the Forum is highly focussed on accounting firms that aligns with our ‘go to market’ approach. The Forum and exhibition will help us to connect with many accounting firms under one platform.
ZM: How is your organisation tackling Covid 19 challenges for your clients and partners?
BB: Our solution is helping CFOs and accountants to connect remotely under one platform for global reporting. With Covid 19, digital transformation and connecting remotely has needed far greater attention lately and we believe our solution meets those expectations.
Also with Covid 19, many organisations have come under financial constraints that have impacted their IT budget spend. Our solution is offered as Software as a Service (SaaS). It will not only help businesses to cut down on IT spend while speeding up their digital transformation journey.
ZM: What are any new products and services your organisation is launching in H1 2021?
BB: In 2021, our focus is to bring enhanced user experience. We are planning to bring our solution through Mobile Apps.
ZM: Kindly offer us a case study? How have you met client expectations?
BB: We are currently working on a pilot project with one of our client’s, Valbonne Commercial, Netherlands. The client has bought a subsidiary unit. The problem posed is that in the current environment, going for a complete system transformation of that subsidiary unit and training the staff to the parent company’s IT system, will be time consuming and taxing. In answer to that, Insiet is bridging the gap by introducing an “Account Transformation” solution. Here we are converting accounts of the subsidiary to the parent account structure using our “Account Transformation” tools. By the end of the month, the manual activities of converting the account balances to the parent account structure will be removed. We have also automated the month end balance transfer process. This has brought a saving of 30% on manual activity during month end and a huge capital investments savings on IT transformation of that subsidiary unit. In fact, Herman Bloemink, Insiet EMEA Partner, Valbonne Commerical, Netherlands has commented, “Digital transformation sometimes can be really taxing on IT Budget spend. Looking for a reporting solution to fit on top of underlying ERP that suits our budget is always a challenge. Insiet is easier to adopt with a great team supporting the solution”.
