Institute of Chartered Accounts of India (ICAI)-incubated startup Firmway, which automates financial reconciliation and customer collections, has raised an undisclosed amount in a pre-seed funding round from CFO's and audit partners of Big Four and large CA firms. The capital deployed will help strengthen its proprietary algorithms through machine learning and data analytics and deploy its accounts automation tools at 5,000 corporate entities across India by March 2023.
Firmway integrates with current accounting software and aims to resolve all inefficiencies between companies and their customers and vendors on a real-time basis. Its Smart Accounts Reconciliation tool that auto-reconciles customer ledgers, vendor ledgers, and GSTR 2A, 26 AS, along with tools for balance/audit confirmation, receivable management, and data management are helping companies increase their bottom line.
"It is estimated that a business loses around 10 percent of its net profit every year due to bad debts, unclaimed GST credits, TDS (tax deducted at source) mismatch, hidden charges, duplicate payments, accounting frauds, long collection cycle, and so on. With our easy-to-use SaaS software, we enable enterprises and SMEs to encash the benefit to their bottom line," said Firmway Co-founder and CEO Prashant Gupta.