Enkash announces launch of accounting automation solution Olympus

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Spending management platform Enkash on Thursday announced the launch of Olympus, which will enable the automation of payables and receivables for startups and small and medium-sized businesses.

The company’s Olympus group aims to empower companies with efficiency and accuracy in accounting and auditing processes. The technology automates processes associated with transaction entries, bank reconciliation, payment management, collection management, expense tracking, and billing management.

The company said companies can prepare themselves through a two-step process “without disrupting their accounts, policies, operations and banking relationships”.

“As one of the highest contributing sectors of the economy, middle-market enterprises (MMEs) need consistent technology enablement that makes them efficient in their operations. With the launch of Olympus, we’ve used our team’s experience and expertise to help them adopt technology-based solutions,” said Hemant Vishnoi, Co-Founder at EnKash.

The company states that beta customers report a 40 percent improvement in their operations, resulting in an overall cost savings of nearly 50 percent.

Olympus enables end-to-end access point management with features such as transfer automation and real-time automated payment entry in the core accounting platform.

“Traditionally, businesses have remained largely underserved, with most enterprise-grade banking solutions designed based on the requirements and budgets of large organizations. While large organizations have automated accounting, reconciliation, and auditing via ERP solutions, mid-market organizations ( MMEs continue to perform these processes manually. Much of this reliance on manual labor in this sector is due to the exorbitant prices of ERP solutions. At EnKash, we understand this gap in the market and are committed to innovating technology-priority products in the middle of the high-volume business segment “.

The company raised $20 million in a Series B round led by Ascent Capital last year. The funding round saw participation from Singapore-based VCs, White Ventures and Baring India. The company raised around $3 million from Mayfield India and Accilor Ventures in a Series A round earlier.