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Finocket for Wholesale Exporters

How it works

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

  1. 1.Enquiry and proforma

    Before
    Proformas typed in Word and advances noted in a diary.
    With Finocket
    Proforma invoices raised in the workspace. Converting an advance to the final invoice is partly built.

    Automated

    Nothing automated at this stage yet.

  2. 2.Purchase

    Before
    Supplier bills filed by month in a folder.
    With Finocket
    Supplier bills recorded with GST input, and Bills of Entry recorded for imports with IGST credit.

    Automated

    • Input GST carried into the return working

  3. 3.Stock

    Before
    Godown stock counted on paper.
    With Finocket
    Items with ITC-HS codes and stock across godowns with transfers.

    Automated

    • Stock reduces when a sale is invoiced

  4. 4.Domestic sale

    Before
    Wholesale prices looked up in a sheet.
    With Finocket
    Invoices that pick up the buyer's price list, with e-way bill details on the invoice.

    Automated

    • Price-list pricing on invoices

  5. 5.Export billing

    Before
    Commercial invoice and packing list rebuilt per shipment.
    With Finocket
    Export invoice in the buyer's currency with the INR rate, LUT line, INCOTERM, ports, packages and marks and numbers.

    Automated

    • Export template filled from the invoice

  6. 6.Customs and shipping

    Before
    Shipping bill and bill of lading references kept in email.
    With Finocket
    Shipping bill, bill of lading, vessel and container recorded on the invoice. There is no shipping bill register yet.

    Automated

    Nothing automated at this stage yet.

  7. 7.GST

    Before
    Export rows in GSTR-1 typed in from shipping documents.
    With Finocket
    GSTR-1 and 3B prepared from your invoices with LUT reminders. Export rows still need the shipping bill details filled in.

    Automated

    • Return preparation
    • LUT expiry reminder

  8. 8.Collections and realisation

    Before
    Buyer remittances matched to invoices by hand.
    With Finocket
    FIRC or FIRA reference typed against the invoice and bill-wise ageing per buyer. IRM matching and eBRC are not built.

    Automated

    Nothing automated at this stage yet.

  9. 9.Export incentives

    Before
    RoDTEP and drawback tracked in a separate sheet.
    With Finocket
    The scheme each shipment went out under is recorded on the invoice. There is no claim ledger or rate.

    Automated

    Nothing automated at this stage yet.

  10. 10.Accounts

    Before
    Foreign receivables adjusted by the CA at year end.
    With Finocket
    Double-entry books with period-end revaluation of foreign receivables, and the CA in the workspace.

    Automated

    • Revaluation entry from closing rates

  11. 11.Reporting

    Before
    Buyer-wise outstanding built by hand.
    With Finocket
    Ageing, party statements and profit and loss from the same books.

    Automated

    Nothing automated at this stage yet.