How Volopay solved expense management issues faced by Paralleldots
About Paralleldots Technology
Established in 2014, ParallelDots Technology Pvt. Ltd. has emerged as a leading innovator in the fields of artificial intelligence and machine learning. The company is widely recognized for its cutting-edge solutions in image recognition, video recognition, and computer vision. ParallelDots offers a comprehensive suite of AI-driven shelf monitoring platforms and retail analytics, tailored specifically for the CPG and retail ecosystem. Its flagship product, **ShelfWatch**, enables CPG manufacturers and retailers to optimize in-store visibility and maximize sales, setting a benchmark for efficiency and innovation in the industry.
Additionally, their image recognition APIs, including object detection and scene recognition, offer robust solutions for applications such as security, on-shelf inventory management, and automation systems.
Paralleldots’ technologies find applications across several industries, showcasing their versatility and effectiveness. In the retail and consumer packaged goods (CPG) sector, their tools enhance on-shelf inventory management and improve customer satisfaction through shelf monitoring, out-of-stock detection, and planogram compliance.
In healthcare, Paralleldots builds high-accuracy tools that are easy to integrate into existing systems, empowering businesses to leverage AI for growth and innovation.
The problems faced with traditional expense management
Before implementing Volopay, Paralleldots Technology Pvt. Ltd. primarily relied on NEFT transactions through a bank portal to manage their expenses. This method posed significant challenges, particularly in handling day-to-day operational expenses.
The manual process of tracking and recording these small but frequent transactions was time-consuming and prone to errors. The finance team was seeking a seamless platform to easily maintain accurate records to enhance their ability to manage finances efficiently.
The solution
Volopay emerged as a comprehensive solution to the expense management issues faced by Paralleldots.
● Streamlined daily expenses
● Simplified the recording process
● Easy way to manage every payment and expense
● Eliminating manual tracking
Optimize your financial processes today!
From challenges to success: How Volopay helped Paralleldots
1. Petty cash management made effortless
Before: The team’s dependence on manually tracking petty cash expenses through physical receipts and spreadsheets created significant operational inefficiencies. This complicated system not only caused delays in processing and reconciliation but also introduced numerous errors in expense records.
After: Volopay automates petty cash tracking in real time, attaching digital receipts and streamlining monthly reporting.
2. Real-time expense tracking
Before: Daily manual entry of expenses into the bank portal proved to be a time-consuming and error-prone process. Staff members had to dedicate valuable time at day's end to input transactions, which could result in data entry mistakes.
After: Transactions are instantly recorded on Volopay, giving finance full visibility over daily expenses and streamlining approvals.
3. Workflows made more efficient
Before: The weekly processing of NEFT transactions consumed approximately two hours of time that could be spent on imperative tasks. This repetitive motion of initiating and monitoring individual transfers prevented employees from focusing on more strategic initiatives that could drive business growth.
After: All transactions are managed through the Volopay portal, saving two hours per week for higher-priority work.
4. Saving money on operations
Before: Without real-time expense tracking capabilities, the organization faced challenges with payment verification and processing. The system's limitations occasionally resulted in duplicate payments and processing delays, unnecessarily increasing operational costs and creating budget management difficulties.
After: With real-time tracking, the company now saves approximately 10,000 INR quarterly by reducing unnecessary expenses.
5. Quick approvals and turnaround
Before: The manual approval workflow negatively impacted expense processing efficiency. Even routine and urgent expenses faced unnecessary delays as they moved through the traditional approval channels, creating bottlenecks and further complicating the work that employees had to do.
After: Volopay enables fast, simplified approvals, improving cash flow by ensuring quick access to funds.
6. Streamlined financial operations
Before: Paralleldots experienced persistent challenges with their expense management system, particularly in tracking and securing timely approvals. These inefficiencies prevented them from being able to generate accurate reports and maintain granular control over departmental budgets.
After: Volopay has provided a structured, centralized expense management solution, making budgeting and reporting faster and more transparent.
Would Paralleldots recommend Volopay?
When asked if they would recommend Volopay to others, team Paralleldots responded with an enthusiastic affirmation. They highlighted and stressed the primary advantage they experienced of using Volopay: the ease of managing every payment and expense.
The platform's user-friendly interface and efficient tracking capabilities have made a noticeable impact on their operations. The finance team has saved approximately two hours per week, which translates to improved productivity and focus on more strategic tasks.
Additionally, the company has saved around 10,000 INR per month due to enhanced efficiency and reduced errors in expense management. This cost-saving aspect further reinforces their recommendation of Volopay as a valuable tool for businesses looking to optimize their financial operations.
