How Doxel Overcame Their Challenges In The Indian Market With The Help Of Zuna

Doxel is a cutting-edge technology company that leverages AI-powered autonomous robots to automate construction site inspections to forecast expensive delays and cost overruns on construction projects.

By using 3D imaging, machine learning, and computer vision, Doxel creates a digital twin of the construction site, enabling real-time monitoring of progress, identification of potential issues, and assurance of quality control.

The company’s main focus is to provide simple, accurate, and automated progress tracking so that you may verify installed quantities, document the site, and save time and money. With this solution, Doxel aims to boost efficiency and reduce costs for construction companies.

What challenges did Doxel face in the Indian Market?

The Indian market offers tremendous growth opportunities for US corporations, but the journey to success can be challenging. From a financial and compliance viewpoint, a US company may encounter a number of difficulties that can impact its operations and profitability. As a US company, Doxel faced several challenges when entering the Indian market. Some of these challenges are:

1. Navigating a complex regulatory environment:

The regulatory environment in India is complex and challenging, with multiple laws and regulations governing various aspects of doing business and this can be difficult to navigate. This creates difficulties for foreign companies trying to comply with these regulations. Foreign companies must be aware of the regulations and ensure that they follow them.

2. Dealing with bureaucracy:

India is known for its bureaucratic procedures and red tape, which can make it challenging for foreign companies to get approvals and licenses in a timely manner.

3. Adapting to different accounting standards:

India adheres to its own accounting standards, which may differ from those used in the United States. This makes it difficult for companies to prepare and file financial statements accurately. Companies must adapt to these standards and ensure that their financial reporting complies with local regulations.

4. Managing payroll for a fast-growing team:

As Doxel's team in India was growing quickly, payroll management became increasingly complex. This was further complicated by the fact that the US team was not familiar with the Indian payroll management software and processes. Despite the fact that there is a lot of software like Keka available today, it is extremely difficult for someone in the US to use it seamlessly.

5. Overcoming foreign direct investment restrictions:

There are restrictions on foreign direct investment in certain sectors in India, as well as caps on the amount of foreign investment that can be made. This can be a hindrance for US companies looking to invest in India.

6. Cultural and language barriers:

India is a culturally diverse country with many different languages, which can make communication and building relationships with the team and stakeholders in India challenging for the US team. Additionally, the time zone difference can make scheduling and communication even more difficult.

Overall, companies entering the Indian market need to be well-prepared and have a thorough understanding of the local regulations and business environment to navigate these challenges successfully.

Doxel’s founding team was looking for a partner who could handle all of these tasks in-house, rather than relying on different vendors for different needs, and who could provide a comprehensive solution to these challenges.

Zuna: The Ideal Partner

We understood that foreign founding teams are skeptical of compliances and regulations in India. So we tried to understand and address the issue holistically as follows:

To begin with, Zuna put up a productive 30-45 minute introductory call with the Finance Head of Doxel Inc. The primary purpose of this call was to gain an understanding of the challenges and expectations of the company.

After that, Zuna provided a comprehensive solution to Doxel's challenges in entering the Indian market. The solution is broken down into three parts: one-time implementation, recurring monthly services, and recurring annual services.

1. One-time Implementation

To address the challenges of navigating the complex regulatory environment and obtaining approvals and licenses, Zuna provided a one-time implementation service. This service included setting up the necessary initial set of registrations, preparing a Service Agreement to ensure Transfer pricing compliance, and so on. The books of accounts were also set up, along with the appropriate chart of accounts.

2. Recurring Monthly Services

To ensure efficiency and reduce costs for Doxel, Zuna provided a range of ongoing monthly services. These services included:

• Bookkeeping and financial reporting

• Accounts Receivable - Cost plus invoicing to the holding company

• Accounts Payable - Vendor Payments Setup

• Taxes and compliances reporting and filing - such as GST, TDS, PF, PT, and more

• Payroll processing - This was a complete end-to-end solution that included onboarding, calculation, withholding, payments, and payslip generation. Zuna used Keka to manage payroll, which was easily accessible to the US team.Having a well-established vendor payments setup is important for managing cash flow, maintaining good relationships with suppliers and vendors, and ensuring that the company complies with financial regulations and accounting standards.

3. Recurring Annual Services

To support Doxel in its annual filings and filings with auditors, Zuna provided annual services such as

• Annual book closure, and finalization with auditors.

• Filing of Annual financial statements and ROC, Income Tax, GST, FEMA, etc.

• Assistance in Transfer PricingThese services helped Doxel comply with the regulations and ensure a smooth process for filing its financial statements.

To put it briefly, Zuna is extending a wide range of services aimed at helping Doxel in meeting its finance and compliance regulations. Also, providing ongoing support and guidance to help the company succeed in the Indian market.

What distinguishes Zuna from the other service providers?

Zuna's differentiators are its all-in-one solution, single point of contact, and monthly update emails and call with extensive information with the Finance Head of Doxel US. These differentiators helped Doxel save time and effort in managing its finance and compliance needs and enabled it to focus on its core business operations.

Moreover, at Zuna, we delivered a comprehensive solution that eliminated the need for Doxel to worry about Indian compliance, payroll, and bookkeeping. Additionally, Zuna went above and beyond its scope of services and educated Doxel's employees about taxes, and helped with tax optimization.

If you're someone who is dealing with the same problems as Doxel 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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