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Finocket for Wholesale Exporters

Challenges

The manual work this trade still runs on, what it costs, and what changes.

  1. Commercial invoices and packing lists are rebuilt in Word or Excel for every shipment

    How it is done today
    Copy last shipment's file, change the buyer, ports and packages, and hope nothing old is left behind.
    Cost or risk
    A wrong port, INCOTERM or weight on the documents delays clearance or the buyer's payment.
    With Finocket
    An export template that prints INCOTERM, IEC, ports, origin, packages and gross weight from the invoice itself.

  2. Foreign-currency invoices are booked at a rate nobody recorded

    How it is done today
    Bill in USD in a spreadsheet and enter an INR figure in the books later at whatever rate is to hand.
    Cost or risk
    Books, GST value and the realised amount do not agree, and the gain or loss is guessed.
    With Finocket
    Invoice in USD or EUR with the INR rate recorded on the invoice.

  3. Open foreign receivables are carried at old rates

    How it is done today
    Leave them at the invoice rate until the CA adjusts at year end.
    Cost or risk
    Month-end figures misstate what buyers owe in rupees.
    With Finocket
    Period-end revaluation of open foreign-currency receivables with the difference posted.

  4. The LUT lapses unnoticed

    How it is done today
    Remember to renew it each April, or find out when an export invoice is questioned.
    Cost or risk
    Exports without a valid LUT need IGST paid and refunded instead.
    With Finocket
    The LUT number and validity are held and a reminder comes before it lapses.

  5. Shipping bill, bill of lading and container details sit in the forwarder's emails

    How it is done today
    Search mail threads when a buyer, bank or auditor asks for them.
    Cost or risk
    Missing references slow down realisation paperwork and audits.
    With Finocket
    Shipping bill number and date, bill of lading, vessel and container recorded on the invoice. GSTR-1 does not read them yet.

  6. HS codes differ between documents

    How it is done today
    Type the HS code into each document from a list kept by one person.
    Cost or risk
    A mismatched classification between invoice and shipping bill is a customs query.
    With Finocket
    An ITC-HS code field on each item, used every time the item is billed.

  7. Wholesale buyers get whatever price the person billing remembers

    How it is done today
    Keep price lists in a sheet per buyer group.
    Cost or risk
    Under-billing and disputes with regular buyers.
    With Finocket
    Party-wise price lists that invoices pick up.

  8. Nobody knows which buyer is overdue

    How it is done today
    Read the ledger party by party before calling.
    Cost or risk
    Late follow-up ties up working capital.
    With Finocket
    Bill-wise receivable ageing and party statements.
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