HostBooks helping MSMEs automate accounting

In the rapidly evolving business landscape of today, small and medium enterprises (SMEs) are confronted with a growing need for efficient and reliable solutions to manage their operations. Recognizing this challenge, HostBooks, a leading provider of end-to-end, all-in-one automated business solutions, empowers SMEs to handle their accounting, tax, GST, TDS, e-way bill, e-invoicing, income tax, payroll, and point-of-sale (POS/m-POS). Additionally, it offers statutory record maintenance, a single-click easy-to-use filing solution, customizable and intelligent business reporting, along with hassle-free compliances. These features enable businesses to save significant costs and time, fostering smart decision-making and allowing MSME/SMEs to concentrate on their core business. In an exclusive interview with Bizz Buzz, Yogesh Singhania, Chief Business Officer of HostBooks, sheds light on the company's unique offerings, its commitment to innovation, and its vision for shaping the future of business solutions

How are HostBooks solutions different from other accounting solutions in the market?

HostBooks stands out as a homegrown, integrated business management solution tailored specifically for Indian businesses. Developed in-house in the country, this solution is designed by chartered accountants to address the specific challenges and intricacies of Indian business operations. Unlike other software created in different global regions and later introduced to India, HostBooks is designed, developed, and executed entirely within India, ensuring a holistic understanding of the Indian business landscape. HostBooks takes a comprehensive approach, allowing businesses to start with a single module and seamlessly add on modules as their needs evolve. This scalability makes it a versatile solution that can grow alongside the business, adapting and expanding in tandem with the business scale.

Can HostBooks solutions be used by Indian clients also operating internationally?

Indeed, HostBooks is engineered to cater to the global demands of businesses, including those with operations in India and internationally. The platform’s cloud-based architecture ensures seamless accessibility from anywhere in the world. This flexibility, coupled with scalable features and multi-channel integration, positions HostBooks as an adaptable and versatile choice for businesses with an international footprint.

How would you best describe HostBooks solutions?

HostBooks stands out as an integrated business management solution, consolidating the entire business into a single window. This streamlined approach facilitates swift and well-informed decision-making for business leadership, ensuring accelerated processes with enhanced accuracy of information. HostBooks help you eliminate the need for multiple software applications, redundant processes, and excessive human intervention, fostering independence from manual dependencies. It provides a crystal-clear view of your business and its metrics, enabling faster decision-making and empowering capability building.

How are you growing your market?

In shaping our offerings, we have designed customized solutions tailored to specific industries, effectively addressing their challenges and fostering deeper market penetration. This strategic initiative plays a pivotal role in propelling HostBooks to expand its market presence.

Do you see accounting practices changing drastically in the near future?

In envisioning a resilient economy, our perspective centers around fostering robust businesses, and the cornerstone of this philosophy lies in providing robust solutions. This guiding principle shapes our approach, acknowledging that a strong and flourishing economy necessitates businesses fortified with dependable and comprehensive solutions.

What is the size of the accounting solutions market in India and globally?

The accounting software market in India recorded a valuation of $9.67 billion in 2020, with a projected Compound Annual Growth Rate (CAGR) of 8.5 per cent from 2021 to 2027, reaching an estimated $17.12 billion. In the same year, the total revenues of the Indian accountancy market amounted to $13.6 billion, with the advisory segment standing out as the most lucrative, contributing $6.5 billion. Globally, the accounting services market reached $587.94 billion in 2021 and is expected to experience substantial growth, reaching $1,009.51 billion by 2026 at a growth rate of 11.4 per cent. Simultaneously, the global accounting software market, valued at $13.59 billion in 2021, is anticipated to expand to $29.8 billion by 2030, reflecting a CAGR of 9.2 per cent.

What are the investments required for small companies, medium-sized companies, and big companies?

HostBooks operates on a license based pricing, tailored to the specific requirements of businesses. This allows small, medium-sized, and large companies to choose from varying levels of features and capabilities. This ensures cost-effectiveness and scalability, making HostBooks accessible to businesses of diverse sizes and financial capacities.

Do you have any diversification plans?

Commencing our journey in the US back in 2009, HostBooks ventured into various geographies, including India. The decision to enter the Indian market stemmed from crucial factors. The introduction of GST created a pivotal opportunity, and the swift adoption of mobile and digital payments played a crucial role in bolstering both the Indian economy and its industries. The significant digital transformation propelled the Indian economy into the global top three, primarily due to the extensive digitization of transactions, resulting in enhanced organizational efficiency. The remarkable growth of the Indian economy underscores the key role played by digitization, leading businesses to seek solutions that not only ensure compliance but also contribute to their overall robustness. In a rapidly growing economy, our focus is on constructing resilient businesses. Our philosophy aligns with the belief that a robust economy necessitates robust solutions to support and empower businesses in their compliance and growth journey.

This rationale fuels HostBooks expansion, as we recently entered the UAE market, with plans for further diversification into New Zealand and Southeast Asian markets. While diversifying, India remains our key focus, being the largest market at present with the highest growth rate projected for the next few years. The HostBooks group will steadfastly continue its focus on the Indian market. Yes, indeed.

Do your solutions offer sales forecasting and business projections?

Our solution encompasses all the features essential for a business’s needs, including sales team, business analytics, or any other necessary tools. This comprehensive approach empowers top management to gain a deeper understanding and analysis of the business. For instance, for a manufacturing company, I can provide tailored solutions such as inventory management, while a billing company can benefit from online billing and live inventory management. These offerings enable businesses to manage their operations effectively. The entire business landscape remains visible at all times, thanks to real-time data, allowing management to make informed decisions based on accurate and up-to-date information.