Startups

Rajkot-based startup’s software audits accounts in seconds | Ahmedabad News

Read more at timesofindia.indiatimes.com

Rajkot: In what could disrupt the accounting world, a Rajkot-based tech startup has come out with a software called iAudit that can complete a three-month account audit in just 30 seconds.
Founded by three partners — two chartered accounts and a techie from IIT Roorkee — the firm Infylitics has been ranked among the top 10 startups in South Asia in a startup competition organized by Innopreneurs, which is a platform for startup founders, entrepreneurs, and aspirants to showcase their ideas.
The startup’s software, iAudit, is a web-based application which automates Internal audit processes and helps organizations manage their risks in an accurate, comprehensive, and time-bound manner. The founders of this startup strongly believe that their tool has the capacity to change the entire audit system, which currently works manually.
“Audit is a crucial task, but even multinational companies do sample audits because the auditing process takes much time. I had been working to develop a software since the last three years and finally I have succeeded in developing one that allows any company to audit all the transactions and that too in a very short period,” said Infylitics founder and CEO Palak Vasa, a chartered accountant who audited several group companies during his stint with the multinational conglomerate ITC.
Vasa along with his two partners founded the startup in August 2020. The other two co-founders are Smit Parsania and Mansi Jain. Parsania, Vasa’s school friend, completed his MTech from IIT Roorkee and worked for e-commerce major Flipkart as a senior software developer. Mansi, who studied chartered accountancy with Vasa, worked with two big companies and also handled the accounts of telecom companies.
These young entrepreneurs are of the view that early warning signals during an internal audit are the key to avoiding the large number of bank frauds, and their application can help detect frauds in early stages because of its speed.
When launched, the company had only two clients, Balaji Wafers and Rajkot Nagrik Co-operative Bank. Currently, the startup’s clientele has grown to seven. The startup, which clocked a turnover of Rs 11 lakh in one year, aims to take its turnover to Rs 5 crore by March 2022. At present, Infylitics employs 15 people.
“Infylitics received a prize of US$ 11,000 (about Rs 8 lakh) when it won the startup contest by Innopreneurs. In addition, the state government has also approved a grant of Rs 20 lakh considering the need and importance of the product developed by the iAudit team,” added Smit Parsania.
“India is heading to become a 5 trillion dollar economy, and for that to happen, the compliance ecosystem needs to be strong. Our compliance ecosystem will become strong by the combined efforts of all finance professionals. The iAudit tool empowers all professionals to reduce compliance burden and promote ease of doing business,” added Vasa.

Read more at timesofindia.indiatimes.com

Show More

Related Articles

Back to top button