About the Company
DesiHangover is a company that specializes in handcrafted leather footwear and accessories. The brand was created with a mission to preserve and promote Indian craftsmanship and traditional art forms. The team at DesiHangover is made up of a group of proud and passionate Indians who share the fundamental principles of being Indian, propagating Indian, and uplifting Indian.
Ritesh Singh is the CEO of DesiHangover, and he co-founded the company in 2013 with his childhood friend, Anand Dixit. Ritesh Singh was born and raised in Varanasi, India, and completed his schooling in his hometown. He then pursued a Bachelor’s degree in Electrical Engineering from the prestigious Indian Institute of Technology (IIT) Delhi.
After working in the IT industry for a few years, Ritesh Singh decided to follow his passion for entrepreneurship and founded DesiHangover. His vision was to create a brand that would not only provide high-quality, handcrafted products but also support the Indian artisans and craftsmen who make them. Today, DesiHangover has become a well-known brand in India and is available through its website and select retail stores across the country.
The team at DesiHangover places a great deal of emphasis on compassion, which they believe is essential for preserving and promoting Indian craftsmanship. They are passionate about their country and the rich cultural heritage that it embodies. The team takes great pride in the fact that they are helping to create sustainable employment opportunities for Indian craftsmen and artisans.
DesiHangover has between 50 – 200 employees who are all dedicated to achieving the company’s mission. They work closely with the craftsmen and artisans to ensure that every product is of the highest quality and reflects the rich cultural heritage of India. The company’s commitment to quality and compassion has helped it to establish itself as a leading brand in the handcrafted leather footwear and accessories market in India.
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Accounting & Tax: Let us crunch the numbers, so you can focus on growing your business.
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Challenges faced by Desi Hangover
When they first started their business right after college, they had no prior experience in running a business, formulating a company, or dealing with accounting and taxes.
Initially, they were focused on determining the merit and potential of their business and had no knowledge about such matters. Their main priority was survival and validating their business each day. Their primary focus was to test if their product was selling in the market.
To gain a better understanding of their customers’ perspectives, they participated in numerous exhibitions and events. Looking back on their journey, they realized they had to overcome numerous challenges.
Savage & Palmer identified inventory issues, sundry receivable, and creditor issues faced by Desi Hangover. The company was unable to obtain this data on a timely basis, which hindered their ability to make informed decisions regarding their inventory and financial management.
To address these challenges, Savage & Palmer implemented robust accounting and taxation systems and provided timely quality checks, payroll management, and strategic insights through financial reporting. This helped Desi Hangover streamline their inventory management, improve their accounts receivable and payable processes, and enhance their financial reporting capabilities.
As a result of these efforts, Desi Hangover was able to improve their overall financial performance and make informed decisions regarding their inventory and financial management. They were also able to focus more on their core business activities and provide better products and services to their customers.
In addition to the challenges faced by the client in managing inventory, sundry receivable, and creditors’ issues, Savage & Palmer also identified potential issues related to the non-deduction of TDS and GST. The team emphasized the importance of timely deduction and accurate reporting of these taxes to avoid any legal or financial repercussions. They worked closely with the client to implement robust processes for TDS and GST deduction and reporting.
To further streamline the accounting process and ensure quality control, Savage & Palmer put together a team of three professionals. The team was led by a quality control manager who actively monitored the overall accounting activities to ensure that everything was in place. The team also focused on improving the accuracy and timeliness of financial reporting by implementing regular checks and reconciliations.
The MIS report prepared by Savage & Palmer played a crucial role in enabling the client’s internal team to plan ahead. The report provided important notifications related to E-Invoicing and TDS on goods, helping the client to stay compliant with the latest regulations and avoid any penalties. Overall, Savage & Palmer’s services helped the client to improve their financial management and streamline their accounting processes, enabling them to focus on their core business activities.
The owner discussed the significance of reliability in accounting services and acknowledged the exceptional services offered by Savage & Palmer (S&P). The owner emphasized the importance of having a strong accounting team, particularly for businesses that lack experience in finance and management. The S&P team was praised for being professional, responsive, and efficient.
The owner noted that S&P’s services had allowed them to focus on other aspects of their business while ensuring that all accounting matters were taken care of by the experts. While cost is a crucial factor for many entrepreneurs, the owner highlighted the importance of understanding the true value and benefits of professional accounting services, particularly for young entrepreneurs who lack experience in finance and accounting.
Savage & Palmer has a team of highly experienced professionals who provide comprehensive accounting services to their clients. The company has a reputation for streamlining the accounting process for their clients, allowing them to focus on other aspects of their business. The S&P team is known for being responsive and efficient, ensuring that their clients’ accounting needs are met promptly.
One of S&P’s clients, Desi Hangover, was assisted by their full-time executive to streamline their accounting processes. The S&P team guided the owner through the entire process, from selecting the appropriate software to setting up the system and providing ongoing support.
The S&P team’s expertise and attention to detail have been crucial in helping their clients navigate the complex world of accounting. By providing reliable, professional services, S&P has established itself as a leading accounting firm that entrepreneurs can trust. Their focus on customer service and client satisfaction has made them a popular choice for businesses of all sizes.
In conclusion, the owner emphasized the importance of having a reliable accounting team to support businesses, particularly those that lack experience in finance and accounting. Savage & Palmer was praised for their exceptional services and professional, responsive staff. By streamlining the accounting process for their clients, S&P has established itself as a leading accounting firm that entrepreneurs can rely on for all their accounting needs.