Startups and SMEs are today looking for support from external vendors to help them with key back end functions, enabling promoters of these businesses to focus on their core competencies. Finance is a pain point for almost every company and business owners would rather focus on growing their own business than deal with Accounting and Compliance. They are always looking out for efficient and cost effective solutions to the problems they do not know how to, or do not want to deal with. Themis, headquartered in Mumbai, acts as a helping hand for the startups and SMEs by playing the role of clients’ Accounting, Company Secretarial or HR team. The company is a one-stop shop that provides practically all the support functions that businesses typically need to deal with. Founded in 2011, the organization has had phenomenal growth and has already worked with over 230 companies ranging from boot-strapped startups to large MNCs.
“The mantra at Themis has always been to help entrepreneurs focus on their core business. We handle non-core operations like Accounting & Finance, Human Resources & Company Compliances. We started off working with startups, which were great at building and executing on their ideas but didn’t have much knowledge on the Accounting & Finance front; so there was a clear need in the market, and we filled that gap” says Nibhrant Shah, the CEO & Founder of Themis. Even today, the company works with a lot of startups but has grown to a stage where it also works with large SME sand International MNCs entering the Indian market .

Three-layered team
What makes Themis different from its competitors is the unique approach followed by the company. Whether it’s working with a young startup or a massive MNC, it assigns a three layered team to each client. Each layer reviews and assesses the work of the previous layer, to ensure consistency and accuracy in its service level to the client. Themis also believes in providing the right data to the client. It has concrete reporting structures in place to ensure that various customized MIS reports are provided to the client at regular intervals. The MIS reports give deep insight to the promoters of the business and help them make strategic decisions focusing on the future of the business.
The company sets up SOPs and other systems and processes to ensure that there is direction and accuracy in its work. This enables a robust structure that can sustain itself through varied business conditions. Another reason why companies like to work with Themis is that it is a one-stop hub for them. The firm can handle all their back-end functions right from Accounting, Finance, Human Resources to Company Secretary. This allows its clients to cut down on various communication channels with different service providers. Themis has a range of financial services which are directed to not only companies, but various Angel, VC and PE funds. The company takes over the entire Finance function of companies and conducts Internal Audits and Due Diligence, which is not provided by most service providers in the country. Its Diagnostic Analysis, which is a health check-up of a business, has been attracting a lot of companies to its doorway as it is the quickest way to find gaps/concern areas of a business. In most cases it will be significantly cheaper than an internal audit or a Financial Due Diligence. “We believe in selling an experience to a customer. We may be one of the only companies in the industry to have an active client relations team to ensure Quality Controls with the assurance of best level of service,”concludes Nibhrant.

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Mitigating the Risks in Accounting & Finance
In the accounting field, there is always a possibility that a minor human error can throw a company’s numbers way off the mark. To mitigate this risk, Themis helps all of its clients get access to a three layered team. There is an Executive who manages the actual day to day accounting of transactions into Tally or any other accounting software the client is comfortable with, a Team Lead who is a CA and reviews what the executive has done and is in charge of Taxation and Reporting. Finally, there is a manager who reviews the Team Lead.
As a part of running the clients’ Accounting & Finance department, the company makes sure that it is up to date with the latest laws and news in the regulatory space to advise its clients accordingly. Internal training sessions are conducted by the company every other weekend to gain the capability to provide their clients with the most up to date information and relevant advice.