India’s First All-in-one Practice Management Solution for Chartered Accountants

BENGALURU:
Intuit QuickBooks today announced the launch of QuickBooks Online Accountant in India – an online practice management solution specifically designed for Chartered Accountants (CAs) to take their practice to the next level. It helps CAs to grow their practice and manage their clients all in one place.

QuickBooks Online Accountant Comes with Power-packed features to make a CA’s life easier. The real-time client collaboration feature allows CAs to access and manage their clients (QuickBooks Online and non-QuickBooks Online) anywhere, anytime with a single login. CAs no longer have to chase their clients for documents as the product allows them to send and receive documents in real-time. It further enhances their team’s productivity  by providing the ability to add projects and tasks and assign them to a team member or client.

QuickBooks Online Accountant is an outcome of extensive research via ‘follow me homes’ done over the course of one year. The Intuit QuickBooks team did over 1,000 ‘follow me homes’ with CAs in India to understand the challenges they face while running their practice. The four major pain points that came out of the exercise were time wasted on manual data entry, chasing clients for information,multiple steps and tools required for GST filing and complex process involved in input tax credit reconciliation.

“QuickBooks Online Accountant eliminates the dependency on multiple solutions for CAs. Now they can use a single software to manage all their clients’ accounting, file GST returns and manage their practice. QuickBooks Online Accountant will ease their daily tasks and give them the extra time they need in a day,” said Aditi Puri Batra, Country Manager, Intuit QuickBooks India. “Well-equipped accountants are an increasingly invaluable resource in India where the number of small businesses is growing rapidly.Accounting professionals play an important role in fuelling small business success. Globally we have found that 75 percent of accounting professionals agree that using QuickBooks Online Accountant has improved their firms’ efficiency.” she added.

QuickBooks Online Accountant follows the launch of QuickBooks Online in 2012, which is one of India’s leading online financial management solutions for small businesses. The two products QuickBooks Online and QuickBooks Online Accountant integrate allowing CAs and their clients (small businesses) to work together in real-time and share information securely.With over 4.5 million customers powered by more than 1 million accounting professionals globally, Intuit’s flagship offering- QuickBooks Online Accountant- does  not just allow CAs to manage their practice but helps them to grow it.

The Indian small businesses base is expected to increase from 75 million in 2019 to105 million by 2024. Currently, over 70 percent of small businesses in India are digitally enabled;in an enhanced productivity stage wherein they are leveraging the benefits of cloud-based solutions such as accounting, customer relationship management and enterprise resource planning. The addressable market for Intuit QuickBooks is 12 million service-based small businesses that use business workflow productivity tools. These small businesses are being served by 0.15 million (1.5 lakh) practising CAs who are now adopting technology and shifting their practice to the cloud to better sever their clients.

“I have been using QuickBooks Online since the product was launched in India. It has been a boon for a small company like ours as all the functionalities can be accessed online. I feel the new product, QuickBooks Online Accountant, will be a great tool as I can run a virtual office from anywhere. I will be able to assign tasks to my staff, track their progress remotely on a real-time basis and coordinate with my clients seamlessly for filings and compliance,” said Karthikeyan Ramamurthi, Chartered Accountant and co-founder of Abidance BPM Services.

The advantages and capabilities of QuickBooks Online Accountant specifically designed for India include:
· Localised offering
· Local currency billing (INR)
· GST Compliant
· Wholesale billing options (for rebate, discount and value pricing flexibility)
· Deadline management system
· Platform to manage the books of the accountancy practice
· Strong access controls
· Protected data access
· Password protection
· Audit log system
· Customisable management reporting system and
· User-friendly for clients across industries