How Almabase streamlined 80% Of Finance Processes With Zuna

Almabase is a SaaS platform that allows small shop alumni teams in colleges, universities, and high schools to increase alumni involvement without having to add more resources. It is a comprehensive alumni relations platform created to improve team productivity by streamlining numerous everyday duties.

Schools no longer have to spend time manually updating databases, managing event registrations in Excel, or preparing email lists because Almabase does all of that for them. It's like having a secret skill to be able to do all of that without consuming more resources.

Almabase is a bootstrapped startup with a US-based head headquarters and an Indian subsidiary. It has a few million dollars in annual recurring revenue and 50 employees in India and a handful in the US.

What Challenges Did Almabase Face?🧩

With a company as big as Almabase, handling accounts gets tough. Almabase previously worked with several Chartered Accountants, but things weren't going as planned.

Some of the issues they faced with these consultants were:

• The founders did not get the financial visibility/transparency they expected

• Tax filings were delayed on multiple instances, leading to late fees and in some cases, penalties.

• The founders were worried about their CAs failing to comply with the dates.

• The CAs were reactive rather than being proactive with respect to compliance with the new regulations, deadlines, or work-related tasks.

• Most CAs were (are) highly conservative and technologically averse, unwilling to abandon the conventional, old systems and adopt new ones.

• Hiring and retaining financial talent was never easy!

And that’s when Zuna happened!

What Did They Accomplish Once They Moved To Zuna?🏆

To begin with, Almabase appointed Zuna to take care of compliances like Transfer Pricing Study, Annual Filings.

But this was not the end of the collaboration. Almabase expanded the project and outsourced all of the finance and compliance work after being pleased with our services. This covered everything from billing to collection (order to cash) to payroll to vendor payments to reporting for both Indian and US organisations. They have been using our services for more than a year, and the collaboration has been going really smooth.

We were also testing out a lot of other features for the first time and Almabase was really open to experiment with us.

Within a few months of taking over, SaaS Metrics were delivered.Almabase completely lacked any reports about all of their SaaS metrics. It is impossible to overstate how disorganised the contracts were. Some were actual agreements, while others were on a disc, PandaDoc, emails, or exclusively on Hubspot.

But by handling the cleanup and assisting them in streamlining the process by having all the reports in one location, we at Zuna made it simple for them. We further provided detailed charts. The graph below demonstrates how much better things are now, mainly due to working with us.

For the previous 8 years, Almabase didn't have its ESOPs cleared. Even without sufficient documentation, the entire process was extremely challenging because all communications were conducted either via email or verbally.

At Zuna, we updated all of the shares that were meant to be distributed to the employees over the last 8 years and set right the complete documentation or compliance wherever required.

The only information included in all the past financial reports was of profit and loss, which was very condensed. This data didn't benefit Almabase in making future business decisions.

As a result, we completely revamped the reporting system to give the founder a more in-depth drill-down of the expenses and revenue for the previous 24 months. Increasing their prominence in the process. The reports included all the information on monthly expenditure by category, vendor, and so forth. If you don't believe us, look at the pictures below:

What Sets Us Apart From The Prior Service Providers They Used?

Before us, Almabase worked with outsourced vendors as well as in house accountants who were more reactive than proactive . However, Zuna demonstrated proactiveness & responsiveness from day 1. We entered their slack channel, proving that we weren't simply another vendor selling their services but rather partners and teammates.

Since the previous accountant(s) missed to raise a few invoices, we ventured outside our purview and discovered revenue leakage. Additionally, We helped them with the historic cleanup.

Future Plans🔮

Zuna is also developing a product that will guarantee that we notify Almabase of the progress of each assignment in advance and provide them a bird's eye view of their finances!

If you're someone who is dealing with the same problems as Alamabse did, go to our website and schedule a free consultation call with us right away. What are you still holding out for? Slots are filling up quickly, so move fast.

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