Simplify and automate your business paymentsMid-sized Companies
Scale your business payments processes
dotKonnect created a methodology of “Transform + Manage + Empower” that has proven successful when it comes to delivering outsourced accounting services. As a company, dotKonnect provides end-to-end setup, maintenance, and management of the entire finance function. It utilizes qualified people, streamlined processes, integrated technology, and a proven methodology to deliver results. As a strategic partner and trusted advisor, dotKonnect not only helps in managing the books, compliance, payroll, and taxes, but also provides financial intelligence and strategic advice to businesses. For that reason, it partners with technology companies that provide the most efficiency and transparency, leading to client success.
Part of dotKonnect’s methodology includes reengineering and implementing financial process changes using technology. It manages transactional activity across a growing number of clients, so being technology-savvy is a must. Bill.com plays a major role as a tool that automates the entire AP function, with appropriate controls to empower clients’ bill payments. dotKonnect has access to the client management console in Bill.com, which provides a framework to manage the AP function as a shared service operation for multiple clients. With this streamlined workflow, the productivity of the team improves and also provides bandwidth to serve more clients.
Bill.com gives dotKonnect clients benefits they appreciate and love – segregation of duties, controlled workflow, fraud protection, reporting, and the ability to process funds outflow without providing access to bank information. Clients now have the capability to manage funds from their mobile device and receive alerts about which checks have cleared and which checks have processed but not cleared. This gives quick insights into the aging of the checks in transit so the client can be proactive when needed. In addition, notifications can be sent to vendors when payments get processed, which reduces the time and effort of checking on the status of payments. The mobile app is a very powerful tool for clients who generally work remotely or travel. They literally have their AP function in the palm of their hand.
With trained people and good technology, dotKonnect has made it simple for clients to let go of the AP process and has established a foundation that clients can trust. Once the clients are set up, the dotKonnect team explains the “new and improved” process by conducting detailed training sessions. In their experience, one training session of an hour is good enough to have a client up and running.
Bill.com’s integration capability via its APIs provides more power to manage the data flow between applications. dotKonnect manages clients’ books and finances mostly on QuickBooks Online, some on NetSuite, and then a few others on industry-specific accounting software. It also uses an application called Qount, which automates and streamlines the practice management, entire team communication and collaboration, and service delivery functions. According to Ilapakurty, “Bill.com makes us look good with our BPO clients. As part of our ‘transform’ methodology, it is one of the best tools that adds value to us and our clients.” With the power of integration, the ecosystem of finance with different applications becomes more seamless and effective.
“Bill.com makes us look good with our BPO clients. As part of our ‘transform’ methodology, it is one of the best tools that adds value to us and our clients.” –Phani Ilapakurty, founder and Managing Principal, dotKonnect
Kumar Kanakamedala is the co-founder and CEO of Anblicks, a cloud data engineering firm headquartered in Dallas with an extended team in India, that serves clients in the health care, retail, financial services, real estate, and automotive fields, among others. Anblicks was heavily dependent on its finance team being physically present in the office. Looking at that coupled with resource turnover and highly manual processes, Anblicks knew it was time for a new solution. Kanakamedala shared how the team was able to turn things around with the help of trusted advisor dotKonnect.
Before Bill.com, the AP system was all manual – boxes of bills stacked in physical folders for years, checks printed from accounting system, manual paper checks, and dedicated office space for paperwork. As the owner of a multimillion-dollar growing company, Kanakamedala was involved heavily in nonvalue tasks like reviewing backup support before signing every single paper check. As Anblicks engaged dotKonnect as its finance and accounting partner, the first big improvement was to implement an AP system and a process to streamline, automate, and improve internal and external controls.
Partner dotKonnect introduced Anblicks to Bill.com. The company only deals with paper checks as an exception now, for required statutory payments. The level of information available as part of the transaction, including the notes, electronic copy of the bill, and supporting info helps to manage the funds outflow easily. In addition, risk is mitigated as bank accounts are no longer exposed to the outside world. The fees paid for using Bill.com are easily outweighed by the savings on the cost of the old manual AP process.
According to Kanakamedala, “Our AP process is completely streamlined and risks are mitigated. Now, we have segregated duties with access controls for data processing, review, validation, approval, and actual release of funds. The AP function, the outflow of funds, is in total control with Bill.com.”
Having the right strategic finance partner is key to success – dotKonnect became that partner for Anblicks. In fact, Kanakamedala’s advice for all businesses is to look for a strategic partner that has the right balance of resources to manage bookkeeping, review, compliance, and financial analysis at a reasonable price, but mainly the ability to be that trusted advisor with strategic “brainware.” All businesses can benefit more from the value proposition of outsourced accounting, when the partner can transform the finance function with a combination of people, process, and technology.
“Our AP process is completely streamlined and risks are mitigated. Now, we have segregated duties with access controls for data processing, review, validation, approval, and actual release of funds. The AP function, the outflow of funds, is in total control with Bill.com.” –Kumar Kanakamedala, co-founder and CEO of Anblicks