Tipsyfly

About the Company
Tipsyfly is a jewellery and accessory brand that is working on making stylish, modern accessories accessible to all. In their own words, their brand exists with the mission to ‘ensuring that the 21st century woman in India has the luxury of style choices without the financial woes that traditionally come with accessory shopping.’. Their founder Aditi Motla has taken efforts, put day and night together to create a brand that is worth tens of crores.
Why they reached out to us – Problems identified
When their team reached out to Savage & Palmer, they were having an in-house team consisting of one full time person who handled the entire company’s accounts. While this person had been with them since the beginning of their history in 2015, they were also facing a lot of issues with their accounting tasks.

First off – there was a lack of communication from him, especially in terms of keeping the Management Information Systems (MIS) updated. Due to this, the company didn’t realise for the longest time that their books of accounts (BOA) were not being filled in on time, and even when they were, there was no accuracy at all. Also since accountancy is such a self-dependent function, the founders invested themselves in growth and left the accountant in charge of the entire process. This was fine until audit time, when they faced a lot of issues and penalties for not having their BOA in order.

How Savage & Palmer helped

That is when Aditi approached the Savage & Palmer team. We looked at their requirements and then established processes that helped them completely cease to worry about their account books. The processes and values that we bought to their mandate are:

  • Staying true to timelines: Making sure that all BOA were filled on time and maintaining daily multilevel checks on the same.
  • Sending monthly MIS reports: We made sure that the client team was kept up to date with all new developments in the accountancy side of their business. This responsiveness was greatly appreciated by the client.
  • During audit time, we were with our client every step of the way. This helped us make sure that they wouldn’t be unprepared for any question that the auditor threw at them.
Result
The continuous, real-time support and multilayer team which cross-verified every detail in her BOA multiple times led Aditi to completely depend on Savage & Palmer for her complete accountancy mandate.

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