FinTech Success Story

How PayNova Streamlined Financial Operations with Accountance.net

Today, fintechs are experiencing rapid growth and face significant challenges associated with managing their financial processes, which require being very precise, scalable, and having a lot of strategic oversight

B2B FinTech 12-Week Transformation Cloud Bookkeeping

Book A Free Consultation ← Back to Case Studies

70% Less Manual Accounting

12 Days Monthly Close Timeline

100% Compliance Accuracy

12 Weeks To Full Cloud Migration

About Paynova

Paynova is a B2B (business-to-business) FinTech startup, focused on developing and delivering modern digital payment and financial management solutions to small and mid-sized enterprises. As Paynova continued to grow its operational capabilities also increases to accommodate their customers’ needs, it became increasingly ineffective at managing their internal financial processes.

What Were Their Challenges

As Paynova continued to scale, the company was faced with several challenges related to the management of its financial processes:

Manual Bookkeeping Delays

Discontinuity in manual bookkeeping results in significant delays for the completion of reconciliations, invoicing, and monthly closing processes.

No Real-Time Visibility

The leadership team was unable to obtain real-time visibility into their financial performance, making it very difficult for them to make sound strategic decisions.

Compliance Pressure

The company requires rigorous compliance with financial regulations, tax laws, and should be audit-ready regularly.

What We Did

To fulfill their requirements, Paynova collaborated with Accountace.net, as we have implemented an all-in-one Accounting and Financial Management Solution.

Talk to an Expert

We have created a Cloud-Based Accounting System Integration that automates the bookkeeping, reconciliations, and transaction tracking.

Established an automated financial reporting to give access to accurate, real-time financial information to the leaders.

Automated payroll and other expenses processing to streamline their financial processes.

Paynova improved operational efficiencies with regards to Payroll Processing and the processing of Employee Reimbursement/Expense Approval through the streamlining of these processes with the service provider.

We have assisted them in staying compliant with tax filings and made them audit-ready.

With our Financial Advisory Services, Paynova could scale with confidence.

Our Implementation Process

Financial Evaluation And Strategy

Assess current accounting processes and develop a new tailored solution.

Process Automation And Integration

Create and integrate cloud-based systems for specific functions to increase efficiency and reduce errors.

Ongoing Support And Development

Continue to provide support through monitoring, generating reports, and providing strategic guidance to your company.

Results & Key Outcomes

Within 12 weeks of migrating from legacy systems to cloud accounting, PayNova dramatically improved reporting accuracy and timeliness — while avoiding costly compliance penalties.

After working with Accountance.net, they have gained:

70% Less Manual Accounting Duties
Closed the Monthly Company’s financials in 12 days.
Better cash flow visibility to make quicker decisions about their finances.
100% Compliance With Accuracy
Enhanced trust from investors and other Stakeholders

comprehensive before-and-after infographic titled 'Paynova

Sum Up

For the increased accounting services of the Fintech, Paynove, accountance.net provided an all-in-one solution to streamline their accounting processes, increase their financial transparency, and build an infrastructure for continued success that is scalable for future growth.

This partnership serves as an excellent example of how the right providers of accounting services can help FinTech startups be more efficient, remain compliant, and provide the data they need to make financial decisions with confidence.

Ready to Work With Us?

Talk to an Expert