Online accounting,invoicing, and inventory management will emerge as the first preference for the new age entrepreneur : Instamojo Report
· 125% increase in the usage of email invoices and a 150% increase in usage of invoices with payment links
· Business owners want financial data to be easily accessible from their smartphones or laptops
MUMBAI, 18th March, 2021: The pandemic brought to the forefront a new wave of digitization which posed a unique set of survival challenges for small business owners and entrepreneurs at large. From hindered operations to accessing financial data, the absence of digital presence proved costly. The recent COVID situation has helped business owners realize that systems and software, especially for invoicing and accounting should not be location dependent. Data from a recent report by Instamojo titled, ‘Indian E-commerce Outlook Report 2021’, reported that the preference for e-invoicing and single-platform automation are emerging to be the most preferred modes for business operations by micro-businesses and new-age entrepreneurs.
The report states that around 90% of the business owners do not come from accounting backgrounds. Having realized the ease brought in by the digital shift, businesses now look for accounting software, that is not only user-friendly and feature-rich, but also affordable in terms of cost of ownership.Today, business owners want the financial data to be easily accessible especially from their smartphones or laptops. Data from the report shows close to a 125% increase in the usage of email invoices and a 150% increase in usage of invoices with payment links, indicating that businesses owners prefer integrated accounting software over isolated offline software.
The report also highlights the increasing preference for business automation which includes an integrated solutions platforms that brings in multiple applications under one roof, thus ensuring ease of use for business operations. Businesses are more focused in getting work done efficiently, with minimal duplication. Easy automations replacing the use of multiple applications with a single integrated offering will help save time, money and efforts.
Sharing his thoughts on the relevance and need for e-accounting and business automation solutions, Akash Gehani, Co-Founder & COO, Instamojo commented, “We are already seeing a major change in data collection and processing, including tech being used to establish an individual's identity through linking of government documents. The same is mirrored in business operations too. Small businesses are increasingly becoming tech-savvy, in terms of operations, and we find this to be a positive indicator towards building a tech-capable nation. Businesses are today adopting digital modes, not just for operations, but other critical aspects such as accounting, and invoicing. Additionally, with the government’s recent announcement on the filing of e-invoices for businesses over Rs.50 crore, there will be an increase in the number of businesses taking to digital means of accounting, this in turn contributing to the larger picture of Digital India. At Instamojo, we have always worked towards supporting the growth of the MSME sector through digital solutions, from payments to e-invoicing to e-commerce”.
Instamojo is a growth gateway platform for Micro, Medium & Small Enterprises (MSME’s) that enables them to build, manage and grow their business online. It is a one-stop shop for an entrepreneur that caters to their diverse business needs by leveraging technology, data and design. Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo early this year raised Series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs. In November 2014, the company raised USD 2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500Startups and others. Prior to this, it had raised approximately USD 500,000 from 500 Startups, Blume Ventures and angel investors Rajan Anandan, Sunil Kalra, Shailesh Rao, Rob de Heus among others. In 2012, Instamojo was one of the first startups from India to join the prestigious 500Startups Silicon Valley Accelerator Program. It has also been featured as one of the hottest start-ups by Economic Times in 2015. Instamojo constantly works towards creating significant innovation in digital commerce, which is universally accessible to create newer opportunities & sustainable livelihoods for MSMEs.
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