Introducing Reach Accountant Accounting Software with Expert Accountants
Where it all started? THE NEED: After the advent of VAT/ST, SME’s had to finish accounts every month. THE PAIN: A plain accounting software didn’t help. The needed the backing of an Expert Accountant THE MARKET: It looks like there is a whole 20 Lakh SME’s facing the same pain
Who all got together? THE FOUNDER: Robin , a Chartered Accountant bitten by the entrepreneurship bug THE TEAM: Balaji was willing to find customers, Puhal was willing to code and Praveen was ready to give support. THE ADVISORS: Morpheus Venture Partners, The three musketeers who vowed to be the ray of light through the valley of death.
This is what they did … Customer: Raises Invoices and does other Basic Stuffs Our Accountant: Finishes your Account and Files Tax Returns Reach Accountant: Maintains Accounts and Stores Records Client’s CA: Views Reports, Authenticates and completes Audit Customer: Views Profitability and OutstandingReports
And sold to… A targeted market of START-UP’s: : Businesses who just got started and had no accounting system whatsoever. SMALL BUSINESSES: Businesses which used the services of a Part-time Accountant or Local C.A’s OTHER BUSINESSES: Professionals, Service Providers and Online Businesses
They also discovered that… It’s a Painful Problem with a Very Large Market Key Statistics No. of SMB’s: 3.5 Crores (Googled) Growing at: Brisk Pace Filing e-returns: 18.5 Lks (ITD Website) Unit Spend: 50 – 300K p.a Top Cities: Mumbai, Bangalore, Delhi, Chennai, Ahemadabad
In the first 9 months of operation They managed… 30 Lakhs Annual Revenues 100 customers 15 employees Cash Profitable A semi-automatic accounting software