ProfitBooks is a cloud based application which allows businesses to create invoices and estimates, manage payroll management (employee management, salary processing etc) Businesses can assign role-based access to each employee. For example, staff can access only data entry screens and an accountant can access all the functions. This way, every employee can effectively use the application without compromising data security.
The startup also offers task management feature and document management with Dropbox integration. Since ProfitBooks is an online application, no software needs to be installed on your computer. All your financial data is kept securely on our servers rather than on your computer giving you access your data from anywhere, anytime.
ProfitBooks aims to replace different softwares used in the office with one powerful application. “For businesses having multiple branches at different locations, desktop baed software only increases the difficulties while synchronizing the data’” said Harshal Katre, founder, ProfitBooks. Profitbooks is hosted at central location and data is always synchronized. This saves lot of time of accounts team in reconciliation and manual work. This reduces errors in calculations and helps to take quick decisions.
Currently, ProfitBooks offers three annual subscription plans – essential, plus and professional for Rs. 4,500, 6,300 and 7,500. The essential plan typically meant for chartered accountants, lawyers and interior decorators includes complete accounting solution with invoicing and taxation while plus plan offers manufacturers and shop owners to manage inventory and warehouse. The professional subscription plan which is meant for businesses having bigger team to manage payroll processing, employee self service with various HRM features.
Since its launch in September 2012, ProfitBooks has managed to get little more than 1000 companies on board. “Over 45% of entire client base is on free plan (we offer 1 month free trial). Our most popular plan is Professional Plan which comes with Payroll,” said Katre.
More than 1000 customers since September last year is quite impressive. However, the question remains: Are Indian small businesses comfortable with storing accounting information on the cloud?