From the horse’s mouth – How our “Strike That” tool helped curate the struck off companies list for timely audit closure for one of the most innovative cold-pressed juice companies in the country.
You know that feeling when you get an e-mail that looks exciting & clearly stands with your expectations? When you read the subject line and suddenly feel like a breath of fresh air in the Inbox. We feel the same way when our customers tell us how our products are solving their problems and making their life easy. That’s what we marketers work for – isn’t it?
Last week, we received a similar message from one of our beloved customers, Raw Pressery, stating their seamless experience with our new compliance tool Strike That.
Overwhelmed by the growing compliance mandates, the finance team of Raw Pressery reached out to us seeking a solution from Strike That, for a new disclosure required by Ministry of Corporate Affairs (MCA). This disclosure requires them to verify if their vendors are a part of the list of companies struck off by ROC and report other details such as – the nature of transactions, balance outstanding, and relationship with the struck-off companies (if any) that they have dealt with (vendors, partner companies, clients etc).
This disclosure mandates the company to search the MCA status of every company in their database and make a list of companies struck off by ROC. While the process seems easy, it is very tedious when done manually. Here is a detailed description of the process:
- In order to curate the struck off companies list, you must know the legal name of the company.
- Then, you have to go to the MCA website and search for the company by the name.
- The name of the company should match the cases, spaces and what not to get the CIN (Corporate Identity Number)
- Once you get the CIN, it redirects you to another page with the details. That means no back tracking of the link (You have to restart the whole process.)🤹🏼
- Wait, did I forget to mention the Captcha in the process?
Sounds fun, doesn’t it? The more vendors there are, the better it gets! (sarcasm intended)
Stuck in the loop with no other way out, Raw Pressery tried Strike That as an option. They downloaded our sample report and contacted us with their requirements. They were only required to upload the vendor and customer database along with their names and PAN numbers. Within the blink of an eye (or you could also say – the next 48 hours), the output file for list of companies struck off by ROC for Raw Pressery was delivered. By avoiding this extremely expensive task in terms of manual labour and time spent, Raw Pressery was able to optimise their resources and successfully disclose the struck off companies list.
Who wouldn’t want to free up their resources for more productive tasks?
Who wouldn’t want a hassle-free experience for this MCA disclosure?
To know more about our tool Strike that, please visit: https://contetra.com/strike-that/
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