Reducing Petty Cash disbursement processing time with TERA virtual accounts:

At Medicover, the internal accounting team relies on TERA to support its financial operations. Before TERA, the team was disbursing cash to each location department for petty cash, which often included chances of cash leakage and unauthorized spending. Madhusudhan, Treasure Controller, tells us that being able to manage everything through the TERA platform has been the biggest time saver. This has enabled employees to use UPI scan and pay to make fast payments enable better controls and able to track spending with TERA Dashboard.

Employees find it easy

At Medicover, employees love the TERA mobile app, easy UI, and UPI scan, and pay-for-payouts. Previously, Medicover has been using cash or bank account transfers to employees for managing petty cash. With this tracking the expenses was a cumbersome task. With Tera, Madhusudhan highlights the benefit he now feels with all spending, expense reports, and approval consolidated in one place.​

Close books faster and stay audit-ready with Tera:

Last-minute data reconciliation often results in increased human error. To avoid this, Madhusudhan wanted to bring in a system that seamlessly integrates with native ERPs, fetches live data, and supports real-time reconciliation of transactions.​

Managing invoices better:

During an Audit, closing books in time matters but details matter more. Despite a struggle with closing on time, Finance controllers can’t afford to rush past any important information. Madhusudhan knew this all too well and agreed that TERA saves time while catching all the details of the invoice. TERA with its OCR technology captures every detail and document for view and control access.​

The benefits of consolidation in tracking and controlling unapproved spending

Beyond consolidation, the automation and OCR capabilities TERA provides have been helping the Medicover accounting team avoid errors and enable more efficient data access.​

Medicover’s search for automation and consolidation is over

When considering an expense management solution, Medicover had priorities set. They were searching for visibility and control. Setting up internal control and policy spend, real-time data access, and approval workflows which TERA provides was a key consideration in choosing TERA​