Online Accounting Startup, ReachAccountant Secures Funding from Rajan Anandan and Rehan Yar Khan

Online accounting startup, ReachAccountant has secured first round of funding from Rajan Anandan and Rehan Yar Khan.reachaccountant

Over 1000 SMB’s in Chennai and Bangalore currently use Reachaccountant.com to prepare their accounts automatically. The application helps small businesses save more than 80% on the cost of accounting and reduces their bookkeeping time by over 50%. Unlike traditional accounting software, Reachaccountant.com imports transactions from Bank Current Accounts and categorises them automatically.

ReachAccountant vs. Tally – A Comparison

FEATURE REACH ACCOUNTANT TALLY
Daily Bank Feed Available Not Available
Auto-Bank Reconciliation No No
Web-Based, No Installations Yes No
Payroll Yes Available only in ERP
Inventory Yes Yes
I-phone/ Android Application No No
Multi-Currency No No
Bulk Import from Excel Yes No
Add-ons Few Nil
Accountant Support Has support accountants No
Invoicing Yes Yes
Indian Tax Reports Yes Yes
Price of comparative plans ( without accountant support ) in India Rs. 1000/- p.m Rs. 40,000 one-time for ERP
White Label Solution No No
Accountant Module Ready Now Yes

Update: from comments by Pluggd.in readers:

Tally does support multi-currency.
2. Tally supports bulk import from excel.
3. Tally has hundreds of add-ons (known as TDLs) available from dealers or TallyShop (http://www.tallysolutions.com/website/html/solutions/add-on-tallyshop.php).

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Post funding, Rajan Anandan will join the board of Reachaccountant.com.

“It is imperative for every business to have a great accounting system. But more often than not, SMBs cannot find a one stop solution for their accounting needs. Reach Accountant has stepped in to fill this void with its unique cloud based solutions. We are very excited about the growth trajectory of the business and look forward to working with Robin to build a very innovative Cloud company” [Rajan Anandan]

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