Product
Enables automation in processes like vendor onboarding, invoice digitisation, vendor payments, taxes (GST and TDS) and vendor financing on a single connected platform
Aiming to eliminate the barriers within finance and bring efficiency to the finance function, Clear, India’s leading fintech SaaS firm has come up with a first-of-its-kind cloud software product, Clear Finance Cloud. The connected platform ensures seamless flow of information across different finance teams of an enterprise, enabling them to automate the entire functioning right from vendor onboarding, invoice capture, invoice digitisation, GST compliance and return filing, ITC maximization, vendor payments, as well as vendor financing all facilitated through a connected cloud based technology platform.
Due to rising regulatory burden in India, finance teams are faced with significantly higher risk from their vendors, manual processes and possible GST tax credits fraud. Due to e-invoicing and e-waybill, there is a huge opportunity for Enterprises to digitize processes end to end and mitigate risks of mistakes, fraud and lost tax credits. Compliances like GST have become far more complex since its launch in 2017, due to the enforcement of fines, notices and tax credits availability.
Clear has tailored the Clear Finance Cloud software to serve the needs of CFOs of organizations. Its in-house tech team has engineered the product to be highly scalable for the large volumes of invoices, PAN, and GSTIN footprint. The software connects to the enterprises' core ERP (SAP, Oracle, Microsoft, Tally etc.) for a fully-integrated experience. Different teams under the CFO (Procurement, AP, Tax, Controllers, Logistics, etc.) can collaborate on the cloud with fine-grained user access management and controls. This deep automation, along with real-time access to periodic activities with zero-touch processes, can help finance teams save tremendous time. In addition, Clear Finance Cloud provides early vendor financing for strengthening the supply chains.
The platform aims to reach out to 10,000 large enterprise businesses across India through its Clear Finance Cloud software, 2.5x from current levels.
Sharing his insights around the launch, Archit Gupta, Founder and CEO of Clear, said, “Globally, 73% CFOs agree that digitalisation of finance function is a priority. With Clear Finance Cloud, our goal is to remove any financial barriers by giving the CFO or other finance leaders access to data, technology and customer intelligence, which can impact cash management and the basic constructs for financial reporting. The software digitizes the outgoing sales invoices via its e-invoicing and e-waybill technology. Meanwhile, on the vendors’ side, it digitizes vendor onboarding, captures the incoming paper invoices with Clear’s AI / OCR technology and validates these invoices for risks, fraud and tax credits. Using this software, a connected company can dramatically change the course of its business with better internal efficiencies.”
“No other platform offers such a comprehensive purchase and taxation software solution till now. We are confident that we can help the CFOs accelerate their transformation plan with Clear Finance Cloud. This is only the beginning. Over time we will continue to build deeply on the payables, compliance, vendor ecosystem, and receivables, offering you better yields on the treasury,” added Archit.
Clear continues to grow the B2B SaaS footprint, contributing almost 90% to its overall revenue. At present, the platform processes over 350 million business invoices with a gross transaction value of $450 billion. It eventually envisions building the largest B2B Business Network that connects Clear’s customers with their business partners - vendors, customers, distributors, and accountants - on a single platform. Through this network, Clear will solve use cases across procurement, invoicing, payments, and collections.
About Clear
Clear (formerly ClearTax), is India’s leading fintech SaaS company with the mission of simplifying finances for Indian businesses and individuals. We are trusted by over 5 million Indian taxpayers, more than a million tax practitioners, 600,000 small businesses, and 4,000 large businesses and brands. For small and large businesses, our product suite covers invoicing, GST, and a range of managed services and credit. For tax professionals, we offer comprehensive GST compliance, ITR, and TDS filing solutions. For individuals, we offer tax compliance and wealth management. Clear has raised $140 million in equity capital investment since its inception. The company was incubated in Y Combinator and is funded by Silicon Valley investors, including PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister. Clear’s investors include Composite Capital, Sequoia Capital, and SAIF Partners. Please visit – Twitter, Instagram, LinkedIn, Facebook and YouTube for latest updates on Clear.
