A team of chartered accountants, accounting professionals, and technology experts came together to study the paradigm shift in accounting compliance – manual to digital in the year 2016.
Following this, in 2017, a tax reform created ripples in the indian economy - gst. It subsumed various indirect taxes and fostered the concept of “One Nation One Tax”. However, taxpayers were finding it hard to understand the nuances of the new indirect tax regime. The continuous changes in compliance made things all the more challenging for them. They started considering gst as a burden due to a lack of awareness and the right means to get started.
This shift gave birth to HostBooks - a company founded to simplify compliance for small businesses and accounting professionals through cutting-edge technology.
To put an end to the issues arising on account of compliance – the team developed “all-in-one automated accounting software” – a comprehensive online platform for accounting, GST, E-Way bill, TDS, Income Tax, and POS solutions.
Here at HostBooks, we work toward digitally empowering small business owners and professionals, making their lives easier. Today, we’re privileged to connect thousands of users every day with products that understand the needs of each business and professional.
Razorpay is invested $3M in Hostbooks Limited. HostBooks raised this fund to up scale the operations and enhance its product suite. Launching of HB Neo App, Neo Banking, Order Management System, Business Intelligence, Advanced Business Process System for various industries.
With this fund the HostBooks will become the one-stop-solution provider for all business and finance operations needs of MSMSEs in India.
Kapil Rana, founder, HostBooks said "We are simplifying and automating the entire business process by focusing on the sources of the transactions, banking, accounting, and tax compliances with an integrated end-to-end business management solution. HostBooks, with its large range of services like billing, accounting, inventory management, payroll, compliance management, banking, and advanced business reporting, envisages making the whole process automated, easy to understand, hassle-free, and efficient." [Source: Business Standard]
Harshil Mathur, CEO and cofounder, Razorpay said, "It is promising to see that companies like HostBooks are playing a critical role in creating a thriving growth environment for small businesses. With our shared vision of fostering growth for businesses, we would work together towards building a stronger, frictionless business operations SaaS and banking ecosystem for millions of MSMEs in India." [Source: inc42]
"We share a common vision with Razorpay, which is to build the financial backbone for businesses in India and enable them to thrive. This funding is a major step forward in that direction. Through Razorpay's support and expertise, we would not only be able to make business processes simpler for entrepreneurs but also give them the tools they need to fast track the growth of their business," added Biswajit Mishra, Co-founder, HostBooks. [Source: PR NEWS Wire]
For more details, you can read the details in the various news sources:
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