Simplifying Due Diligence and Audits - Buktec's Solution for Easy Data Access
Client Overview
Our client Vertigo (name changed due to client’s confidentiality), based out of Delhi, embarked on their entrepreneurial journey with a bootstrapped startup. As their business grew, they reached a critical stage, attracting their first round of funding from investors. While finalizing terms with investors was a significant milestone, the due diligence process that followed presented a substantial challenge. The founders found themselves spending an exorbitant amount of time managing data scattered across various sources. Seeking a solution to streamline data access during due diligence and audits, they turned to Buktec.
Challenge
The client Vertigo encountered several challenges during due diligence and audits:
- Scattered Data: Data related to the business was spread across multiple sources, making it challenging to centralize and access during due diligence.
- Time-Consuming Process: The founder invested a significant amount of time in locating, gathering, and organizing data for the due diligence process, diverting valuable resources from other business activities.
Buktec Solution
Buktec’s innovative solution offered a robust response to the client’s challenges:
- Single Data Repository: Buktec created a centralized repository for all accounting data, consolidating information from various sources to simplify access.
- Data Room Creation: The platform allowed for the creation of a dedicated data room within Buktec, providing a secure and organized space for due diligence data.
- Read-Only Access: The founder could provide read-only access to the due diligence (DD) agency, expediting the due diligence process and minimizing the burden on the founder’s time and resources.
- Cross-referencing: Buktec automatically created a cross-referencing of the supporting documents in the accounting narrations. This helped auditors for quick lookups of the documents
Results
The adoption of Buktec’s solution led to transformative outcomes for the client:
- Efficient Data Access: The single repository and data room creation streamlined the process of accessing data during due diligence and audits.
- Time Savings: The founder’s time and resources were significantly saved as data access became efficient and straightforward.
- Secure and Organized Data: The platform provided a secure and organized environment for due diligence data, ensuring data integrity and quick access.
Conclusion
Buktec’s solution empowered the client, Vertigo, with easy access to data during due diligence and audits. The centralized data repository and data room creation streamlined the process, eliminating the challenges of scattered data and time-consuming data collection. The read-only access feature expedited the due diligence process, allowing for a more efficient and focused approach. This implementation marked a significant step toward a more efficient and organized due diligence process, ultimately supporting the client’s growth and investor relations.
