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Finocket for IT Services

How it works

Every stage of the business, before and after, and what runs by itself.

  1. 1.Sale: pipeline and SOW

    Before
    Deals and SOWs in email threads
    With Finocket
    Deals with stages; the estimate is accepted in the client portal

    Automated

    • Accepted estimate converts into an invoice

  2. 2.Purchase and vendor costs

    Before
    Contractor and SaaS bills in inboxes
    With Finocket
    Bills recorded against the project, with TDS on contractor payments

    Automated

    • Bank lines matched to recorded payments

  3. 3.Stock and resold licences

    Before
    No physical stock; resold licences tracked in a sheet
    With Finocket
    Licence items with SKU, category, principal vendor and term

    Automated

    • Service items default to hourly time-based pricing

  4. 4.Delivery and time

    Before
    Hours exported from a project tool
    With Finocket
    Time tracked against client and project with the timer

    Automated

    • Unbilled billable hours become invoice lines at the rate card

  5. 5.Billing

    Before
    Each invoice typed for its engagement
    With Finocket
    T&M, milestone, retainer, AMC and resale invoices from one place, labelled by engagement type

    Automated

    • Recurring retainer and AMC invoices
    • Milestone tranches capped at the contract total

  6. 6.Export of services

    Before
    Hand-built dollar invoices and a remembered LUT
    With Finocket
    Export invoices in 16 currencies with the LUT declaration printed, and a renewal reminder

    Automated

    • LUT declaration and number printed
    • LUT renewal reminder

  7. 7.GST

    Before
    CA rebuilds GSTR-1 from exported invoices
    With Finocket
    GSTR-1 and GSTR-3B prepared from your invoices; an e-invoice IRN for B2B invoices where your turnover requires it; export invoices do not get an IRN yet

    Automated

    • Returns build from invoices

  8. 8.Collections

    Before
    Reminder emails sent by hand
    With Finocket
    Clients see statements and pay in the portal; overdue invoices are chased on a ladder

    Automated

    • Dunning ladder
    • Payment events pushed to your tools by webhook

  9. 9.Accounts and TDS

    Before
    Year-end annual tax statement check and a handover to the CA
    With Finocket
    Client TDS and vendor TDS recorded through the year; your CA works in the same books

    Automated

    • TDS tracked per quarter, deducted versus deposited

  10. 10.Revenue recognition and reporting

    Before
    Annual contracts booked in one month
    With Finocket
    Deferral schedules spread prepaid revenue; cashflow and receivables reports; a P&L per cost centre on Business

    Automated

    • Monthly revenue release
    • Scheduled report emails

  11. 11.Partners and integrations

    Before
    Referral fees and integrations handled ad hoc
    With Finocket
    Partner commission on collected revenue, and invoicing scripted through the API

    Automated

    • Commission accrual on payment
    • Signed outbound webhooks