Solv eliminates 98% of clerical errors with Dynamics 365 Business Central

Solv, a B2B marketplace in India, is focused on improving the livelihoods of more than 60 million micro, small, and medium enterprises (MSMEs) through technology and data. Its platform facilitates connections between verified sellers and buyers, offering an open and inclusive trade ecosystem across the entire value chain. This includes logistics, financial services, and support functions designed to bring operational efficiency to MSMEs. In recent years, Solv saw its transaction volumes grow, meaning the company needed a more robust system of recording and auditing its transactions. Since Solv’s existing software was primarily designed for accounting and lacked adequate checks for errors, it was difficult to carry out audits or trace an error to its source. "We began exploring other solutions and saw that Dynamics 365 Business Central offered exactly what we needed: better control over transaction recording," recalls Priyanka Sood, Associate Director - Controller at Solv.

Thanks to a close collaboration with technology partner Intwo, Solv experienced a smooth transition to Dynamics 365. "During the implementation phase, the Intwo team really had our backs. They were always available, whether it was a critical event, a due date, or an issue with reports," Sood recalls. “We were testing the system at night and Intwo was always available and willing to help us when we needed them. They worked as if meeting their deadline or due date, not ours. To have that level of comfort, knowing that we can call them anytime, that was absolutely invaluable.”

Improving financial checks and balances

On the previous software, Solv couldn’t set up a system where one person records a transaction, and another approves it. As such, some errors go unnoticed until month-end closures. What made matters worse was a lack of revision control. "Before, anyone could edit entries even after posting, which could cause issues when it comes to auditing," shares Sindhu Naik, Senior Specialist - Controllership at Solv. “There isn’t a log of changes made, so we couldn’t even trace revisions.”

With the adoption of Dynamics 365 Business Central as its enterprise resource planning (ERP) system, Solv introduced a robust approval system that enhanced control over financial transactions. "Any entry drafted by a recording team now goes to two approvers who check it against our internal documents, goods’ numbers, and the general ledger," Sood explains. “This level of control has helped us reduce 98% of clerical errors we used to see before.”

Enhanced control over existing entries added an extra layer of security. "On Dynamics 365, once an entry is posted, it can’t be edited. We also have a data log for the audit trail, which we didn’t have previously," Sood adds.

Automating complex tasks

Beyond enhancing accuracy, Solv streamlined reporting processes. “Before, we manually selected GST ledgers. With Dynamics 365, the system auto calculates tax deducted at source (TDS) and goods and services tax (GST), reducing errors and saving time,” shares Naik. ”Automation of forex calculation and FAR in ERP has saved one man-day per month and improved accuracy," explains Sood.

With automation, Solv's efficiency gains were substantial. "We are saving 40 man-hours per month, saving 2 hours of manual tasks daily by streamlining workflows and automating routine tasks," Sood states. "Now, I can prepare for the goods and services tax (GST) filings in a few hours, whereas it used to take me at least a few days." Even though transaction volumes increased by 25%, Solv didn’t need to hire additional staff thanks to efficiencies from Dynamics 365.

Solv’s transition also led to cost savings by doing away with external tax consultants to review manual reports. With the checks and balances implemented in Dynamics 365, Solv can rely on the accuracy of its records.

Getting more done, together

Not only did Solv reduce errors, time spent, and operational costs, it also gained more visibility of its data. With Dynamics 365, Sood can maintain one ledger with multiple dimensions, enabling her to use the data multiple ways. “If I want to see the segment profit and loss statement, or any other kind of report, I can simply pull it quickly from the system. For example, I can get the payment report (or the aging report) that lets me see which payments are almost overdue per MSME," Sood highlights. “That is the best part, being able to pull any report instantly and be prepared.”

Amidst all these gains, Solv seeks to implement other use cases for Dynamics 365 Business Central. It plans to integrate the solution with its transaction management system and explore further enhancements with Microsoft Power Platform and Copilot. “Before we moved to Dynamics 365, we felt like we were stretched so much at work. Now, our work life is much more balanced,” shares Sood. “With faster speed and higher quality in our financial reporting, we’re much better equipped to make the right decisions for the business.”