“In integrated marketing communications, agencies need to allocate budgets for different verticals, which was one of our main challenges. To overcome this, we undertook EnKash’s services. Through Olympus’ virtual cards, we were able to manage our budget allocation for various departments, streamline approvals seamlessly, and control our short-term working capital efficiently. This enabled us to gain real-time visibility of all our department-wise expenses to our finance department.”
Noufel Anamala, Founder, Honeycomb Creative
Transparency is what makes businesses run longer as there is trust that comes along. This trait of business is vital in areas that involve finance. A Bangalore-based, integrated marketing communication agency, Honeycomb Creatives caters to corporates across different verticals such as lifestyle, IT, pharmaceutical, healthcare, education, manufacturing, and automotive.
Honeycomb’s Process Before Adopting EnKash Olympus
It was becoming difficult for Honeycomb Creative to keep track of their department-wise payments. Their business process was centralized, enabling only one individual to handle everything. To overcome these challenges, they onboarded EnKash to decentralize, automate, and streamline its processes with the help of Olympus – A full-stack platform designed by EnKash.
Challenges faced by Honeycomb:
- Budget management: Allocating separate budgets while dealing across separate verticals. In each department, multiple cards were used for expenses
- Delayed approval: The turnaround time for approvals from different department heads took longer than expected, keeping vendor payment and other work on hold
- Short-term working capital management: Challenge in managing their daily business operations
How EnKash Olympus benefitted Honeycomb Creative
Olympus is an industry-first 360-degree platform designed for managing business payables, receivables, reconciliation, audit, and analytics for startups and small and medium businesses. Honeycomb Creative used Olympus to streamline its financial processes.
After implementing EnKash Olympus, Honeycomb decentralized its finances, resulting in a smooth and streamlined process.
Solutions by Olympus:
- Virtual cards allocation: With the help of Olympus, the company allocated virtual cards to each of the verticals, enabling seamless and separate budget management and monitoring
- Single dashboard: All the departments can access the single dashboard to see and manage their finances, enabling better department management
- Budget management: Olympus allows customized report generation, making the budgeting exercise efficient while following transparency
- Efficiency in business processes: After adopting EnKash Olympus, Honeycomb reported a 30% efficiency in their business processes, making it seamless and less time-consuming
- Better control over budget by Honeycomb Creative
- 30% enhancement in the process efficiency
- Improved visibility of department-wise budget allocation with a single dashboard
- Payment via credit card for short-term working management issue
- Improved vertical budget and department management
- Greater efficiency and 100% accuracy