About the Company
Akaash Impex, established in 1993, initially began as a design and production house for high-end accessories. However, in 1995, the company expanded its portfolio to include women’s fashion upon receiving its first order from Takisada of Japan. This partnership with Japanese customers laid the foundation for Akaash Impex to establish robust systems, compliances, and impeccable quality standards in its manufacturing operations. The support and collaboration with Takisada enabled Akaash Impex to set up a state-of-the-art factory equipped with cutting-edge technology and machinery.In the late 1990s, Akaash Impex ventured into the realm of couture hand embroidery, adding another dimension to its product offerings. The company employs skilled artists and designers who collaborate with handwork artisans to create innovative techniques in age-old handwork traditions, resulting in unique and distinctive products.
While Akaash Impex has primarily focused on the United Kingdom and Europe markets in recent years, the company is now expanding its client base to include the United States after a hiatus of six years. To support this expansion, Akaash Impex has added a new factory on the outskirts of Mumbai, doubling its production capacity.Akaash Impex is committed to working with the best practices in systems and compliances, and upholds the highest ethical standards in its operations. The company strongly supports the ethical trade initiative and diligently follows the framework and guidelines set by it. Akaash Impex ensures compliance with all local labor and factory laws, and undergoes regular audits to maintain transparency and accountability. Audit reports are available upon request, reflecting the company’s commitment to transparency and ethical business practices.
Akaash Impex is renowned for its diverse product range, which includes basic garments with lace inserts, rotary/screen/digital printed garments, multicolored thread embroidered garments, and haute couture garments with intricate embellishments. The company leaves no stone unturned to deliver samples that exceed its clients’ expectations when they send through their development requirements.With a focus on design and quality, Akaash Impex has established itself as one of the leading design-oriented manufacturing companies in India. The company continuously challenges itself to push the boundaries of creativity and innovation, and works closely with its clients to understand their unique requirements and deliver products with unique value additions and techniques.
In summary, Akaash Impex has a rich history of providing high-quality fashion products and accessories, with a strong emphasis on ethical business practices and compliance with industry standards. The company’s commitment to innovation, creativity, and customer satisfaction has earned it a reputable position in the global fashion industry, and it continues to strive for excellence in all aspects of its operations.
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Challenges faced by Akaash Impex
Aakash Impex, a growing business in the import-export sector, was facing several challenges in managing their accounting records and accounting processes. Some of the key challenges faced by the company are elaborated below.
Book of Accounts Management
Aakash Impex was finding it challenging to maintain accurate and up-to-date records of its accounting transactions. The company had a large volume of transactions, which made it difficult to maintain consistency in record-keeping. Additionally, there were frequent errors in recording transactions, making it hard for the company to generate accurate accounting reports.
As Aakash Impex grew, it became increasingly challenging for the company to manage its accounting processes. The company needed support in tasks such as bank reconciliation, journal entries, and preparation of accounting statements. The lack of a structured approach to accounting was hampering the company’s ability to gain a comprehensive understanding of its accounting performance and make informed business decisions.
Aakash Impex required timely and accurate Management Information System (MIS) reports to make informed business decisions. The company needed customized dashboards to track key performance indicators (KPIs) and extract meaningful insights from accounting data. However, the company lacked the expertise and resources to generate such reports, which was impacting its ability to make data-driven decisions.
Aakash Impex needed support in maintaining compliance with regulatory requirements. The company needed guidance on tax compliance, ensuring accurate record-keeping, and staying up-to-date with changing regulatory requirements. The lack of compliance was exposing the company to potential legal and accounting penalties, which was a major concern for the management team.
Standardized Record-Keeping System
Savage & Palmer implemented a standardized system for maintaining records at Aakash Impex. This included setting up a chart of accounts, ensuring consistency in recording transactions, and implementing regular reconciliations to identify and rectify errors. With the help of Savage & Palmer, Aakash Impex was able to maintain accurate and up-to-date accounting records, making it easier to generate accounting reports and gain a clear understanding of the company’s accounting performance.
Comprehensive Accounting Support
Savage & Palmer provided end-to-end accounting support to Aakash Impex, assisting the company with tasks such as bank reconciliation, journal entries, and preparation of accounting statements. This enabled Aakash Impex to gain a comprehensive understanding of its accounting performance, identify areas for improvement, and make informed business decisions.
Meaningful Management Information System (MIS) Reports
To assist Aakash Impex in generating accurate MIS reports, Savage & Palmer implemented a structured approach to data management and analysis. This included setting up customized dashboards to track key performance indicators and implementing data analytics tools to extract meaningful insights from accounting data. By providing Aakash Impex with timely and accurate MIS reports, Savage & Palmer enabled the company to make informed decisions and take corrective actions to improve its accounting performance.
Regulatory Compliance Assistance
Savage & Palmer assisted Aakash Impex in maintaining compliance with regulatory requirements. This included providing guidance on tax compliance, ensuring accurate record-keeping, and staying up-to-date with changing regulatory requirements. With the help of Savage & Palmer, Aakash Impex was able to avoid potential legal and accounting penalties and maintain its reputation as a compliant and trustworthy business.
Positive Impact and Conclusion
In conclusion, Savage & Palmer’s expertise in accounting and bookkeeping was instrumental in helping Aakash Impex overcome their accounting challenges. By implementing a standardized record-keeping system, providing comprehensive accounting support, generating meaningful MIS reports, and ensuring regulatory compliance, Savage & Palmer enabled Aakash Impex to maintain accurate financial records, make informed decisions, and stay compliant with regulatory requirements. Aakash Impex’s partnership with Savage & Palmer highlights the value of professional accounting services in improving accounting performance and supporting business success.
As a result of Savage & Palmer’s support, Aakash Impex was able to overcome the challenges it faced in managing its accounting records and processes. The implementation of a standardized system for maintaining records and the provision of end-to-end accounting support ensured that Aakash Impex’s accounting operations were efficient and accurate. This allowed Aakash Impex to have a clear picture of its accounting status and make informed business decisions based on accurate accounting data.
Moreover, Savage & Palmer’s guidance on compliance-related issues helped Aakash Impex to stay compliant with applicable laws and regulations. This ensured that Aakash Impex’s operations were legally sound and minimized the risk of any legal or accounting repercussions. Additionally, Savage & Palmer’s support in generating MIS reports helped Aakash Impex gain better insights into its accounting performance, enabling it to identify areas for improvement and make informed decisions.Overall, the support provided by Savage & Palmer enabled Aakash Impex to overcome its account management challenges and achieve greater efficiency, accuracy, and compliance in its accounting operations. This helped Aakash Impex to improve its accounting performance and make informed business decisions, ultimately driving growth and success for the company.