The Indian B2B market space is large, cluttered and non-standardized.
When a business needs a product, they will ask their business partners, friends or relatives for recommendations of trusted suppliers. This provides the buyer with some level of trust that the supply will be made, as specified and on time. On the other hand, this provides the seller with some level of trust that payment will come in full and on time.
The whole deal is based on trust; based on the word of the introducer who themselves can hardly give any surety; which the buyer and supplier have inherently assumed.
The Russian’s have a saying “Trust but verify”, but we are doing very basic verifications in India. This is specially a problem for MSME’s who either don’t have the technical manpower or the resources to perform better verifications.
This is where Fiska comes in.
Fiska is a SaaS platform for businesses which helps them get KYC, Insights and Analytics of their business partners (be it vendors or customers). We do this through technology, accuracy and regularly updated data.
Fiska (Swedish for “to fish”) helps you fish out information that should be checked before dealing with other businesses.
What are we trying to achieve?
We want to increase transparency and accountability in dealings among businesses. This will help businesses get better outcomes from their vendors and customers.
What are the benefits of using Fiska?
Reduce Paperwork – Digital onboarding ensures that there is no paperwork or exchange of multiple emails/messages, and all the information is available at a single place.
Free your Teams Time – Reduce the time your teams spend on business partners onboarding and analysis. This gives them spare time to work more on other aspects of their work.
Save Money & Future Headaches – Dealing with regulatory compliant and financially healthy businesses will help you
Save Money by getting paid in full and on time.
Avoid Future Headaches by reducing notices from Income Tax, GST and EPF Departments
How we do it?
Once a business is registered on our platform, it’s KYC, Insights & Analytics is generated.
And when two businesses registered on our platform connect, they can view each other’s KYC, Insights and Analytics.
KYC
Get KYC
Regulatory & Compliance Registrations – PAN, TAN, GST, EPF, Udyam (MSME), IEC, MCA Data and more
Identity & Constitution Documents – Business Registration Certificate, Partnership Deed / Trust Deed / Bye-Laws / MoA / AoA / LLP Deed
Key Management Personnel – List of Directors / Designated Partners / Partners / Management / Trustees
Verified Bank Details
Reduced Paperwork – Digital onboarding ensures that there is no paperwork or exchange of multiple emails/messages, and all the information is available at a single place.
Error Free Onboarding – Instead of manually feeding information in your ERP’s, you can just copy paste the required information from the platform in your ERP. This reduces the errors in onboarding details of your business partners.
Regularly Updated Information – Our platform updates all the information of your business partners at regular intervals. This ensures that you always have their latest KYC, Insights & Analytics.
Insights
Udyam (MSME) Category – Get year-wise Udyam (MSME) Category of your vendors. This helps you pay MSME’s as per law and avoid complications under MSME Law and Income Tax Act.
Income Tax Compliant – In cases where TDS/TCS is applicable, know which business partner to deduct higher TDS/TCS for and avoid notices from Income Tax Department.
Analytics
Compliance Score – Get to know how compliant your business partner is with their filings under Income Tax, GST and Employees Provident Fund laws.
GST Compliance Score – Get to know how compliant your business partner is with their GST Filings. This is especially important when it comes to your vendors as your GST Credit (ITC) depends on their timely filing.
EPF Compliance Score – Get to know how compliance your business partner is with their EPF Filings. This is especially important if you are choosing vendors for large or long-term contracts.
Financial Health Rating – We give you a financial health rating of your business partner calculated on the basis of their audited financial statements. This has benefits on vendor-side as well as customer-side.
Vendor-side – It helps you choose vendors with good financial health for large or long-term contracts.
Customer-side – If your customer’s has poor financial health rating, you might get paid late or not at all. Thus, it helps you reduce bad debts and delayed payments.
Indicative Credit Period (as a % of normal) – We give you an indicative credit period for your business partners which is displayed as a % (percentage) of normal. Here by the word normal we mean the credit period normally given in your product/industry/geography. For example; if the normal credit period you would have offered to a customer is 30 days and their indicative credit period is 70%, the credit period we are indicating you should give to the customer is 21 days.
So, subscribe now at www.fiska.in; get your finance, purchase and sales teams on board and let them see the benefits of our platform.