IDOS announced the launch of its flagship product ‘Digital CFO,’ an integrated & automated bookkeeping, accounting, financial management & reporting platform for professional service providers, empowering accounting & audit firms with digital technology that enables them to manage routine bookkeeping, accounting and reporting through automation and then enables them to leverage data for growth & profitability. Digital CFO, for members of ICAI, will provide the following functions:
- Free to use for the first five financial years
- Free upgrades and updates to all CA Firms of new features and capabilities
- Quarterly updates and new features based on inputs of ICAI and its members
- Will enable CA professionals to bring in uniformity and standardization of accounting and audit practices
- Free on-line training
Among its value additions, Digital CFO automatically passes journal entries, prepares trial balance, P&L account, and balance sheet. Digital CFO, is functionally architected by Chartered Accountants with deep domain knowledge and good understanding of technology.
Digital CFO is an integrated & automated future proof, technology platform built on highly scalable open-source tech stack & hosted on secure cloud infrastructure (Microsoft Azure). The platform has advanced capabilities like:
- Automated bookkeeping
- Ledger posting in compliance to GST / TDS and internal controls
- Company wise / branch wise / project wise trial balance, ledgers, inventory report, dashboard, and other analytics with just a click
- Real-time decision making
- Real-time age analysis of receivables and payables and behavior analytics
- Manage travel claims, expense claims, expense reimbursements and set up eligibility norms and other internal financial controls to completely automate claims management and accounting.
- Generate TDS report in real-time
- API integration with SAP
- Provides complete audit trail of transactions and drill down reports to review the transaction source including supporting documents
Mr. Cheruku Srikanth, Founder & CEO at Digital CFO, said, “Digital CFO was built with a vision to empower organizations with accurate & reliable financial information. It is functionally architected by Chartered Accountants with deep domain knowledge and understanding of technology. And it continues to grow with an ambition to promote compliance in accounting & financial management through simplification of adherence process.”
Digital CFO is the only accounting and financial management technology to enable usage in multiple languages in real-time. The user interface and design make multi-language capability seamless. It supports 10+ Indian languages. The platform also has an in-built integration with Microsoft Excel, whereby one can login to Digital CFO directly from excel and pull reports and generate graphs automatically, eliminating the need to import & export to excel. It provides the flexibility of using different features and capabilities that are relevant for the business and disabling other capabilities with just a click. It automates key financial operations outside of transaction processing as well and supports intelligent reporting using artificial intelligence and machine learning.
Digital CFO’s future roadmap aims at providing voice enabled transaction processing, integration with banks for supply chain finance, in-built audit tools and automation of routine audit processes, in-built digital lending capabilities in partnership with leading banks and integrated computer vision capabilities to accurately read and input information from scanned images.