About the Brand
Akash Garments is a clothing and garment wholesaler – a company from which smaller brands buy, market and then sell clothes. For example, imagine if Nike, Adidas and Reebok all sold the same shoes – shoes made by Ranjeet Footwear. Now, you and I know that is not the case. However, can you say the same about the hundreds of Indian ‘brands’ you find on the streets and small shops of Mumbai?
To put it technically, the company is into the trading business of clothes which they buy from their subsidiary company and sell to different major clients. Like all other wholesale companies, the aim is to grow at a faster scale and become a brand in the market. As of now, their target customers are B2B. Their KSMs are simple – to provide the best quality products to smaller businesses at reasonable rates and achieve customer satisfaction in terms of product quality and service.
They approached Savage and Palmer on Apr 21, 2021 for our review and reporting service because they wanted to get to the core of their challenges with their account books, and also understand issues with compliances and other accounting tasks that might come up in the future when they scale.
Problems the Client was facing
When we took over, we could see it clearly – their company financials had a lot of gaps which were unaddressed. Although they had been a settled business for years, their financials were not completely structured as per the law, and they hadn’t been made aware of these factors by their last accountant. What’s more, they had no idea of the accounting challenges that they were about to face with increasing scale.
Streamline all Back End Operations so that you can save Time & Money and focus on GROWING YOUR BUSINESS.
Accounting & Tax: Let us crunch the numbers, so you can focus on growing your business.
Virtual CFO: Experience financial success with a Virtual CFO by your side.
Internal Audit: Gain peace of mind with our comprehensive internal audit services.
Company Secretary: Let our experienced Company Secretary guide you through corporate compliance effortlessly.
What Savage and Palmer did
Accounting is a vertical where our success is defined not by boosting revenue, but by making sure that clients do not have to expend as much as they would have without near-perfect adherence to compliances and mandates. Which we believe we did. We not only managed their monthly compliances, but also explained to them how challenges in accounting would increase as they’d scale. And we wouldn’t be ‘enabling entrepreneurship’ if we didn’t also offer solutions to help them with the same, would we? We worked with them, minimised challenges and when required, worked in collaboration with their in-house finance team – either over call or even in person when required.
In terms of their main accounting matrix, we managed to reduce their error margins by 80%. In fact, just after a year of working with them, they helped us land another mandate with Krishna Garments, the company they are a subsidiary for.