Bengaluru-based startup NetAcct Solutions has recently launched Entries.ai – a self-service, cloud accounting and connected business application aimed at fast-growing startups and small and medium businesses (SMBs) in India. It is designed to provide SMBs with the next-generation enterprise software experience in one integrated platform, eliminating the need for having to use multiple point tools.
Presently, SMBs use various end-point tools to manage spending, staff claims, procurement, invoicing, payroll, and HR but these are often cost-prohibitive. To record financial data they may require powerful APIs or manually combine information from different spreadsheets, which can result in accounting errors, inaccurate financial data, delayed book closing, and compliance issues.
Raju Nagendra, co-founder of Entries.ai, spoke of the difficulties that the SMB sector faces. He said, “SMBs lack a sophisticated, Software-as-a-Service, unified accounting system that consolidates staff, expenses, payroll, suppliers, customers, banks, and accountants, allowing for real-time visibility and control for the organisation and its stakeholders. What’s available today is mainly limited to expensive, point tools that solve just one particular business problem.”
The vision of Entries.ai is to make a unified business application available, accessible, easy to use, and affordable to all SMBs, with an enterprise-grade system customised to meet their needs. To achieve this, the company offers a simple and economical accounting solution designed for SMB requirements. As of now, the application has already gained mass adoption among SMBs and startups, with over 30 companies/brands having deployed it within a few weeks of its soft launch.
Moreover, Entries.ai has also helped many companies migrate their accounting data from QuickBooks to their platform, resulting in increased productivity and operational efficiency.
According to a Times Group survey, SMBs have contributed around one-third of India’s output, and the sector is forecast to create an additional 50 million jobs and contribute more than 2 trillion dollars to the economy by 2024. Entries.ai is determined to support this growth and increase the adoption of technology within the SMB sector in multiple industry verticals, including manufacturing, trading, healthcare, eCommerce, professional services, and IT.
