NextGen Innovations

BACKGROUND

Please describe your company and position.

I am the CEO of Mave

Describe what your company does in a single sentence.

We are an accounting firm in Sri Lanka that assists clients in managing their working capital by offering support through a chat application. We also provide continuous monitoring of receivables and payables to help optimize financial operations.

OPPORTUNITY / CHALLENGE

What specific goals or objectives did you hire NextGen Innovations to accomplish?

• Chatting Application
• Accounting through Chat
• Payment Application

SOLUTION

How did you find NextGen Innovations?

Referral

Why did you select NextGen Innovations over others?

• High ratings
• Pricing fit our budget

How many teammates from NextGen Innovations were assigned to this project?

6-10 Employees

Describe the scope of work in detail. Please include a summary of key deliverables.

Real-Time Financial Tracking

• Automated updates of receivables and payables, integrated into accounting statements.
• Seamless Communication PlatformChat support for personal-to-personal, business-to-business, and business-to-personal financial transactions and communications.

Automated Accounting Entries

• Transactions initiated via chat are recorded and synchronized with accounting statements and reports, ensuring up-to-date financial information.

Invoice Automation via OCR

• Efficient invoice reading and processing through OCR technology to update payable records automatically.

Integrated Payment Solutions

• Secure and instant payment processing directly through the chat application, linked with accounting records.

RESULTS & FEEDBACK

What were the measurable outcomes from the project that demonstrate progress or success?

1. Reduction in Transaction Processing Time

• By automating transaction updates through chat and OCR invoice reading, clients saw a 40% reduction in time spent on manual data entry and transaction processing.

2. Improved Cash Flow Visibility

• The real-time integration of receivables and payables into accounting statements provided businesses with up-to-date cash flow reports, improving decision-making and financial planning. This led to a 25% improvement in cash flow predictability for many clients.

3. Faster Payment Processing

• With integrated payment solutions, clients were able to reduce the time it took to process payments by 30%. Instant payment confirmations and automated accounting entries allowed for smoother financial operations.

4. Reduction in Invoice Processing Errors

• OCR technology for invoice reading resulted in a 95% accuracy rate, significantly reducing errors in payable records and improving overall financial data accuracy.

5. Increased Efficiency in Financial Communications

• Using the chat application for B2B, B2P, and P2P transactions, clients reported a 50% improvement in communication efficiency between parties. Transactions and updates that previously required multiple follow-ups were handled faster and with clearer records.

6. Higher Client Satisfaction

• As a result of improved financial tracking, time savings, and fewer errors, client satisfaction ratings increased by 20%, demonstrating the solution's effectiveness in addressing client needs.

Describe their project management. Did they deliver items on time? How did they respond to your needs?

The team consistently delivered all project milestones on time, adhering to the agreed-upon schedule. Their attention to detail and commitment to deadlines ensured that the project stayed on track from inception to implementation.
They were also very responsive to our needs throughout the process. Whether addressing changes in scope, answering questions, or providing support, their communication was prompt and proactive. They took the time to understand our requirements deeply and were flexible in accommodating any adjustments. Their professionalism and client-focused approach made the project a smooth and successful experience.

What was your primary form of communication with NextGen Innovations?

• Virtual Meeting
• Email or Messaging App

What did you find most impressive or unique about this company?

Additionally, their responsiveness and willingness to tailor the solution to our specific needs set them apart. Their blend of technical expertise and commitment to client success made the experience both productive and unique.

Are there any areas for improvement or something NextGen Innovations could have done differently?

No need to improve anything.