Incorporated in 2012 and based in Pune, Maharashtra, ProfitBooks is a Technology Platform presenting accounting and inventory solutions to small and medium enterprises to improve invoicing, expense management, inventory management, and accounting. In short, it’s a complete accounting software solution.

Since its inception, many companies in over 60+ countries from different business verticals entrust ProfitBooks with managing their operations.

ProfitBooks actively serves enterprise-level clients with the white-label solution and has exhibited effective user engagement with the proven product.

The GoodFirms team speaks with Harshal Katre, CEO of ProfitBooks- a listed GoodFirms software company focused on the performance and growth of businesses in accounting aspects.

Starting with the interview, Harshal mentions that he looks after sales and marketing functions in the company as a CEO.

Further, talking about the idea behind the inception of the software, Harshal cites that every business needs accounting software. Still, unfortunately, most software is very complex to use, and only seasoned accountants operate them.

Ergo, ProfitBooks’ team wanted to change that and thus built an easy-to-operate solution to get the work done, which the business owners find very easy to use.

ProfitBooks is a dominant billing system that helps manufacturers generate professional invoices and get reimbursed faster while estimating financial accounting in the framework. With ProfitBooks, clients can build professional invoices and track outstanding expenses due with fewer clicks.

Using this software, business people can start taking credit/debit cards, net banking, or even wallet payments from their customers. The software sends a payment link with the invoice, and money is deposited directly to clients’ accounts.

The professionals at ProfitBooks have carefully added multiple invoice templates according to the industry type, using which the manufacturers can upload their business logo, show/hide things, or change column names.

Moreover, business owners can capture extra details like vehicle number, salesperson name, etc., using custom domains. ProfitBooks records day-to-day business costs and manages payables.

Besides this, taxes calculated automatically gives businesspeople peace of mind, keeping their accountants happy. The sales reports generated through this software give clients actionable insights to improve the team’s performance and make more profit.

Harshal further mentions ProfitBooks’s cloud-based inventory management system features that automate businesses’ unique workflows and accelerates purchase requisitions. Using this feature, business owners can convert purchase orders to purchases in one click.

The system combines with accounts payable, cash management, and inventory, so entrepreneurs don’t have to enter the same information twice.

The following are its features –

• It quickly creates sales orders and manages the entire order workflow. Business people can fulfill the orders partly and create invoices only for the given items.
• Manufacturers can easily categorize all the orders according to the projects. This way, it becomes super simple to track the fulfillment status of a specific task.
• From acquiring raw supplies to finished goods, one can get complete perceptibility on their development process with ProfitBooks.
• One can also create multiple repositories in ProfitBooks to better track their inventory and determine where to keep the stock while recording a possession or making a sales bill.
• Using this software, entrepreneurs can get an accurate overview of their stocks with a warehouse-wise stock report. Similarly, they can extract any information quickly for making versed decisions.
• It drives cost savings and saves time with procuring process efficiencies by ensuring acquisitions are placed with the preferred suppliers more often.

Thus, having such robust features as mentioned and many others, ProfitBooks gets dubbed as one of the best accounting software at GoodFirms.

In conclusion, Harshal explains that ProfitBooks makes it easy to do ‘sales accounting’ apart from financial accounting. Business owners can produce accounts for their sales executives and allot them a ‘sales role.’ This way, they can track the sales achievement individually.

Harshal explains that ProfitBooks primarily caters to its service to the trading industry. Small-scale manufacturing industries also prefer ProfitBooks for its inventory management functions.

The team always aims for the highest ratings for customer satisfaction and improves the rating; they focus a lot on onboarding customers.

Thus, having read the above information and features shared by Harshal Katra about ProfitBooks, one can also go through the detailed one published at GoodFirms.

About GoodFirms

Washington, D.C.-based GoodFirms is a maverick B2B research and reviews firm that aligns its efforts in finding software delivering unparalleled services to its clients. GoodFirms’ extensive research process ranks the companies, boosts their online reputation, and helps service seekers pick the right technology partner that meets their business needs.

The post GoodFirms Team Interviews ProfitBooks CEO – Harshal Katre appeared first on ProfitBooks.net.

Village Capital is an early stage investment fund and accelerator – with an aim to engage participating ventures with industry-leading mentors, sector-specific investors, and other leading FinTech companies (financial technology startups). In 2015, they conducted ‘FinTech India 2015’ accelerator program in partnership with DBS foundation and Paypal.

ProfitBooks was one of the 10 FinTech startups shortlisted for this 3 month program which was focused on ventures having intersection of financial inclusion and technology. It was a 3rd consecutive year when ProfitBooks earned a significant recognition. Earlier, ProfitBooks was regional finalists in Microsoft BizSpark in 2013 and had won Hot100 Startups award in 2014.

Throughout the program, the entrepreneurs received mentoring from industry experts and potential investors. At the end of the program, 10 ventures ranked each other in a unique process called peer-­selection.

Here is a list of top FinTech companies in India that participated in this program:

1) Shiksha Finance

Shiksha Financial is an education lending company offering financing for low-income students and the educational institutions that provide education to those students.

Parents can obtain loans to help finance their children’s education. These loans range from Rs. 10,000 – Rs. 30,050 $150 – $450) and must be paid back in 6-10 months. Loans may be used for tuition payments, books, uniforms, or living arrangements. Repayment will be linked to an individual’s cash flow. Private schools can obtain secured loans against assets or unsecured loans for urgent needs. These loans can range from Rs. I Lakh – 73.5 Lakhs (—$1,500 – $110,000) and the life of the loan can range from 6 months to 5 years.

2) Catalyst Labs

Catalyst Labs is a mobile software platform to connect small-scale suppliers in aggregate with agricultural bulk buyers, verifying the variety and grade of the product and assuring quality control to bulk buyers. Catalyst Labs reduces the dead weight loss generated by India’s convoluted network of middlemen between farmers and the market.

Catalyst Labs has created a mobile app for farmers that gives them access to Catalyst Labs’ network of bulk buyers. This saves farmers the ability to negotiate directly with bulk buyers by aggregating small suppliers together to bypass India’s numerous middlemen. Farmers designate a leader that registers with Catalyst Labs through their Aadhar number and inputs all goods to be sold. The goods are then placed on a digital market accessible to Catalyst Labs’ network of buyers. Once a purchase has been made, Catalyst Labs verifies the quality of goods sold before they are delivered.

By linking individuals and businesses to the Aadhar network, Catalyst Labs also provides accountability to producers and more
consistency to bulk buyers.

3) Profitbooks

ProfitBooks is a simplified cloud accounting software designed for the average non-accountant business owner and for accountants in small organizations. It offers tools to create beautiful invoices, record business expenses, track inventory and calculate taxes saving businesses 240 hours each year.

ProfitBooks is growing fast in India and it had 6000+ companies on its platform in Dec 2015. Apart from India, ProfitBooks is increasingly being used by businesses from emerging markets such as Middle East, Singapore, South Africa and Sri Lanka.

Modern businesses like technology startups and eCommerce marketplace sellers prefer ProfitBooks for its simplicity and automation. They have recently integrated payment gateway to help their customers get paid faster.

4) Kyash

Kyash is an online payment gateway enabling e-merchants to accept cash payments.

Kyash provides a payment gateway for eCommerce providers which allows their clients to collect cash up front before delivery. Consumers select Kyash as their form of payment at checkout and are given both an eight-digit code and a list of nearby outlets where they can pay in cash. When they go to a nearby location, usually a convenience store, they give their code to the cashier and pay the required amount. The online merchant is notified immediately via an API that the payment has been made and the order is processed.

5) GyanDhan

GyanDhan is a student lending platform creating a unique approach and a new way of evaluating Students’ credit based on their potential.

GyanDhan evaluates credit-worthiness for talented students by using academic records, IQ scores, target institutions, and other factors in conjunction with traditional determinants of credit quality. In contrast traditional methods rely heavily on credit history and available collateral, which when used as the sole basis for lending decisions, disadvantages and undervalues young borrowers.

Once the process is complete, GyanDhan suggests the optimal terms for each student on their platform, allowing institutional and individual investors to review and bid for students they want to fund. Further, to address the financial institutions’ concern of willful defaults by internationally mobile students, GyanDhan has developed a structure for cross-border credit reporting of loans.

6) StoreKey

StoreKey is a bulk buying program that aggregates the demand of kirana stores (small retailers), bringing them better prices and regular deals, with a long term focus on digitizing these stores.
experience in finance.

StoreKey provides a mobile application where kirana store owners can aggregate their procurement orders with other local retailers, creating greater shipping efficiencies and market power for smaller stores when negotiating with fast-moving consumer good (FMCG) wholesalers.

7) HummingBill

Hummingbill is a Gmail extension that sends automated reminders, increasing on time-collection rates over 25% for services companies and product suppliers/distributors.

The Gmail extension modifies users Gmail Inbox so there is a “Accounts Receivable” and “Accounts Payable” dashboard within their email. This interface fits into their existing workflow and replaces the excel spreadsheet they would otherwise use to manage their Accounts Receivable and Accounts Payable.

8) ftcash

ftcash is a mobile app that allows smafl cash-based merchants to gain access to digital payments systems.

Ftcash has created a digital payments platform that is easy to use, targeting merchants who are still offline. The iOS and Android friendly apps allow payments for both customers and merchants. Through the app, a customer can find a merchant, make an order, and once the order is processed, enter credit or debit card information into the app to make the payment.

Furthermore, the product allows for customers to find merchants specific to their needs whether that is grocery goods, catering needs, or one of many other possibilities. The merchant can also pay bills through the platform, offer incentives like coupons and rewards to loyal customers, and advertise their service.

9) FineTrain

FineTrain is a credit-enabling platform for small businesses, providing lenders with bulk leads supported with accurate business data, which helps lower their due diligence costs.

FineTrain provides a transparent lending platform that allows SMBs and financial institutions to connect. Upon registration, SMBs provide income patterns, past credit history, compliance readiness, and business vintage. Eligibility is then assessed using data-driven analytics specific to the SMB’s particular industry.

If they are eligible for a loan, FineTrain selects the right funding partner among banks or non-banking financial companies (NBFCs). FineTrain underwrites a part of the risk by way of a non fund based instrument to provide credit enhancement on the loans it is recommending to lenders.

10) AirtimeUp

AirtimeUp provides a simple and 2G native application where the village-level retailer can top-up mobile phones or Direct to Home (DTH) accounts of the end users in 60 seconds or less. The AirtimeUp platform has integrated with a renowned carrier aggregator which provides 100% coverage to all mobile operators in India.

The village-level retailer
recharges balances in a web-based application called “AirtimeUp Wallet” as needed and uses the balance to disburse minutes to the end user’s mobile phone or DTH accounts instantly.

The post ProfitBooks Named In Top 3 FinTech Companies In India appeared first on ProfitBooks.net.

Hot100 Awards organised by CORE (Centre of Recognition & Excellence) announced ProfitBooks Solutions Pvt Ltd as winner for 2014!

CORE felicitated innovative & best startups in india in consumer internet, B2B and SMAC (Social,Mobile,Analytics,Cloud) during a ceremony held at Mumbai, Maharashtra on December 12, 2014.
Anoop Mathur, President, CORE says “We are excited for the winners as it is such a great time for Indian startups to scale and advance. I congratulate Mr. Harshal Katre (Co-Founder at ProfitBooks) on winning the elite tag of being Hot100. We had 60 days of campaigning with 19975 votes and 26 Jury members to select the winners, who truly deserve the badge of honour”.

Winners for the 2014 edition of the Hot100 awards are selected from a pool of hundreds of best startups in India by the eminent Jury. Selection is made based democratic online voting basis their technological innovation, team strength, opportunity size, and product value proposition. The Hot100 Awards measures business achievement across the board, championing innovation, enterprise and the people behind the start-ups.

The Hot100 Awards are conceptualized by CORE – Centre of Recognition & Excellence. Start-ups, the discovered Hot100 superheroes had the opportunity to engage with Investors, CIOs – Chief Information Officers (the technology experts), Service Providers like lawyers, patent attorneys & finally the media and press during the celebration evening with over 200+ delegates.

The Hot100 Awards 2014 are supported by presenting partner Netmagic (An NTT Communications Company), associate partners Microsoft Ventures and Amazon Web Services and knowledge partner KPMG.

The Award showcases what technology start-ups have done to advance the computing potential of their applications and technology so that it can be used to drive better efficiency and productivity as well as the outcomes and performance of an organization! Submissions are evaluated based on the stringent guideline set out by awards program criteria.

Sanjay Mehta Jury Member, Angel Investor & Technology Evangelist says “Hot100 winners are potential hidden opportunities for investment. It was tough competition & as jury it was a challenge to pick winners. Angel Investor confidence has been steadily rising in the in India, Hot100 winner list reflects an accelerated pace of growth for technology startups.” Having discovered countless successful technology companies, these jury have the expertise to objectively evaluate the submitted online entry to choose the top companies, teams, executives and products from among the submissions.

Mr. Harshal Katre says “We are proud to win this honour title of Hot100. It showcases our continuous excellence in technology innovation. It is the recognition for our hard work and efforts to build best accounting software for Indian small businesses”.

The post ProfitBooks Wins Hot 100 Startups 2014 Award! appeared first on ProfitBooks.net.

Manish also explains each reason in detail.

Here are the 5 reasons:

1. Amazingly simple to use

ProfitBooks is designed keeping non-accountants in mind. It avoids using accounting jargon so that anyone in the organization can use it without any training.

2. Unique features

Apart from creating invoices, users can create ‘Sales Orders’ to manage orders that span longer period of time. ProfitBooks also offers projects, documents, strong support for inventory management and more.

3. Built for the entire team

Normally, its only one person who manages the accounting for small business. People from other departments like Sales provide him bills, expense receipts and then he manually enters each transaction. ProfitBooks tries to break this culture by providing tools that bring the entire team together.

4. One business on app

Advantage of using one application instead of multiple software is huge. It reduces duplication, saves time and saves money too. It also reduces the maintenance cost as there is nothing to install.

5. Super responsive support

ProfitBooks understands the importance of customer support very well and integrates it right into the application. Users can chat with support executives instantly without having to open any ticket or make a phone call. This kind of quick and responsive support is not provided by any other application.

The post 5best.in lists ProfitBooks as the best online accounting software for small businesses appeared first on ProfitBooks.net.

Below is the expert from interview:

“The concept of online software use is still new to businesses. Customers used to worry about internet connection but with increasing 3G penetration and broadband connectivity, the intensity of this query has gone down. Data security is prime concern for customers. “We are currently providing 256 bit encryption of data security while Indian banks provide 128 bit of encryption,” adds Katre. The firm has clients from SME segment where the average employee size is 25. Some of its clients have multi-locational presence and employee size is around 50. The clients are almost equally distributed across small manufacturing, trading and service sector. The company is witnessing more than 100% quarter on quarter growth in customer acquisition. In order to make users understand the benefit of ProfitBooks, it offers a free 1 month trial.
Although the standard accounting softwares are built in a way so that it meets most of the business requirements, yet there are some organizations which might have specific needs, not met by the software alone. Herein, comes the necessity of customization. Profitbooks have customized plans for service based businesses like interior decorators, lawyers, chartered accountants and for businesses that deal with physical inventory like traders, manufacturers, resellers, etc”

Also check out the comparison between Tally Accounting Software & ProfitBooks.

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