Spend management platform EnKash launches Olympus solution for businesses
Indian spend management platform EnKash has launched its Olympus solution to automate payables and receivables for mid-market enterprises (MMEs).
EnKash introduces its Olympus solution for MMEs
Olympus is a technology stack that automates accounting and auditing processes. This includes the digitalisation of transaction entries, bank reconciliation, expense tracking and payment, collection and invoice management.
Remittance automation and real-time automated payment entry support its AP management features, while its AR management features assist in bulk invoice dispatches and collection automation, including real-time reverse entry into existing accounting structures for online and offline transactions.
These sit on an integrated analytics dashboard for CXOs and decision-makers to derive insights by leveraging data consolidation across multiple business operations.
Olympus sits upon a business’s existing accounting and enterprise resource planning (ERP) software as a white label solution with a plug and play integration capability.
Discussing the launch, EnKash co-founder, Hemant Vishnoi, recognises the MME sector as “one of the highest contributing sectors to the economy” and thus requires “consistent tech empowerment” to operate with full efficiency.
“We have used our team’s experience and expertise to assist them in adopting tech-based solutions…providing innovative offerings to businesses that lack experience and accessibility with financial and non-financial products,” Vishnoi adds.
The solution also accommodates customised approval matrices to expedite payment approvals without forgoing internal compliance and transparency.
The Spends Control feature enables businesses to decentralise business payments by authorising multiple employees to make business expenses without exceeding the set spending limit.
Accessible automation
Vishnoi explains how the majority of enterprise-grade banking solutions have traditionally been designed with the requirements of large enterprises in mind.
And so while more established businesses have access to automated accounting, reconciliation and audits via ERP solutions, excluded MMEs have continued to complete the same processes manually.
For Vishnoi, EnKash “understands this gap in the market” and is therefore orientated towards catering for the AP and AR automation requirements of the MME segment.
The company has been operational since 2018 and is headquartered in Mumbai, India.
