How it works

1.Estimate and work order

Before

Rates are quoted from a spreadsheet and the work order sits in an email

With Finocket

Estimates carry SOR / DSR item codes and the work order number and date are recorded against the site

Automated

• Estimate accepted online by the client
• Work order references carried onto every bill

• Site and work order on every bill
• SOR / DSR item codes

2.Purchase

Before

Material is ordered on calls with no purchase order

With Finocket

Purchase orders to suppliers, tagged to the site

Automated

• Purchase order converted to the supplier bill

3.Stock and site material

Before

Delivery challans collected in a bag and counted at month end

With Finocket

Goods received at site recorded against the purchase order

Automated

• Stock updated on goods receipt

4.Site progress

Before

Progress reported on phone calls and WhatsApp photos that get lost

With Finocket

Site visit logs with notes kept against the project

Automated

Nothing automated at this stage yet.

5.Measurement and billing

Before

Measurements retyped from the register into a spreadsheet bill

With Finocket

Running Account Bill raised once with measured lines, RA bill no., bill period and BOQ item refs

Automated

• Contractor template prints site and order block
• Line amount from measured quantity x rate

• Running Account Bill

6.GST and e-invoice

Before

Returns prepared by the CA from the bills at month end; e-way bills made separately

With Finocket

GSTR-1 and GSTR-3B prepared from the bills; e-invoice and e-way bill from the same document

Automated

• Return figures built from the books
• IRN and e-way bill generated from the bill

7.Collections and client TDS

Before

Net receipts matched to bills from memory

With Finocket

Payments recorded with the TDS the client withheld; bills close at gross

Automated

• Bank statement lines suggested against recorded payments
• Overdue bills visible in reports

• TDS both ways

8.Sub-contractor payments

Before

TDS worked out by hand and deposited late

With Finocket

TDS deducted on payment, deposit recorded, return data ready

Automated

• TDS computed on payment

• TDS both ways

9.Accounts

Before

Books rebuilt by the CA at year end

With Finocket

Double-entry books kept as you bill and pay, with your CA in the workspace

Automated

• Ledgers posted from every bill and payment
• Export to Tally

10.Reporting

Before

Site profit guessed from the bank balance

With Finocket

Site-wise P&L from cost centres

Automated

• Reports update as entries are made