Tag: Account Aggregator System

Quick Books Review – The All-In-One Accounting Software for Small Businesses
Quickbooks is popular accounting software that majorly helps small businesses to manage income and expenses and maintain the financial strength of their business.

Quickbooks is multi-purpose software that also helps in sending a bill for the goods or services availed by the customers, duly payment of bills, generation of reports in time and preparing taxes as well. The wide range of products offered by QuickBooks provides a variety of solutions to anyone, from a freelancer to a midsized business.

QuickBooks – An Overview
Features of QuickBooks
Pros and Cons of QuickBooks
Pricing of QuickBooks

QuickBooks – An Overview

QuickBooks Online has been a rising star with about 2.2 million users. It was first introduced in 1983 and has gone through certain alterations after that including several significant changes and advancements to keep pace with the current needs.

QuickBooks software has a bunch to offer. Apart from a small list of drawbacks, the accounting software has several reasons why it is chosen by a number of users. It offers a wide range of features such as inventory capabilities, multiple currencies, and over 650 integrations.

There is a traditional QuickBooks Desktop that offers several features that helps the user with automatic sales receipts, scheduled invoices, split transactions, and much more. Despite a little navigational difficulty, the program is far easier to learn.

Some of the tasks you can perform using QuickBooks are,
- Draft invoices.
- Track Expenses.
- Bank reconciliation.
- Download and reconcile credit card transactions.
- Organize weekly timesheets.
- Track bank deposits.
- Customize and personalize templates for invoices, bills, and reports along with a logo.
- Create financial reports.
Features of QuickBooks

Easy to Learn

QuickBooks Online is preferred by the accountants and the non-accountants as well, as it is easy to learn and use rather than the desktop version. The UI is beautifully designed and the built-in help button eases to discover anything you are looking for or solve any issue that might arise. QuickBooks is preferably used by small business owners to carry out a variety of operations.

Cloud-based

This fascinating and attractive feature allows no extra storage for downloads or installation. Being a cloud-based software, QuickBooks Online operates with almost all internet browsers as long as there is an internet connection.

Accounting Method

QuickBooks Online comprises the best full-featured accounting software options.

Online Integration

There has been observed a hike in the number of integrations i.e. from 280 to over 650 including 25 other variety of payment processing options. Application Programming Interface is also available for developers.

Security Features

QuickBooks Online offers a secured online session as it uses 128-bit SSL encryption and multi-factor authentication. It also comprises physical safeguards which have been implemented at the Tier 4 data center. Periodic testing as per routine also ensures security.

Customer Service

The customer service is unbelievably helpful in nature and give their best to resolve the issue right away. The support staff are still working to improve and cope with the long wait times. They are also focusing on the redesigning of the help center, and have added new in-software support options.

Various QuickBooks Online support services include:
- Phone
- In-Software Help
- Help Center
- Videos
- QuickBooks Training
- QuickBooks Blog
- Social Media
Pros and Cons of QuickBooks

Pros
- Easy to use.
- Advanced invoicing features.
- Cloud-based.
- Excellent customer service.
- No credit card is required.
- Service can be cancelled anytime.
Cons
- Can be difficult to navigate for new users.
- Semi-steep learning curve.
Pricing of QuickBooks

QuickBooks has only 1 plan, for small businesses which is priced at ₹1000/month or ₹529/month if you sign up for 3 months. It can help you manage your budget, and track projects, expenses, income and inventory. You can also send custom invoices and quotes to your clients.

QuickBooks Pricing

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Conclusion

There are numerous reasons to choose Quick Books for the fulfilment of business needs due to the number of benefits that it offers. It is a great tool for accountants startups or small businesses that needs help in accounting. It is widely used by freelancers in industries like retail, legal, and construction.

FAQs

Is it worth using QuickBooks?

Yes, QuickBooks is one of the best online accounting software suited for small and medium businesses.

Is QuickBooks easy to learn?

Yes, QuickBooks is easy to learn and use which is one of the major reasons it is used by small businesses.
April 5, 2022
Why Did Tapzo Fail to Survive in the Indian Market? | Tapzo Failure

More precisely speaking the Tapzo was an application aggregator it united application across all classifications under a solitary rooftop. In spite of having a gigantic client base-around fourteen thousand clients, standard memberships, and strong speculations, the startup was esteemed almost at a large portion of the worth of the last round of ventures. This prompted the procurement of Tapzo by Amazon Pay.

Would you be able to envision an application that will aggregately join any remaining applications? You might figure this kind of start-up application can bring in gigantic cash as individuals will frantically utilize such applications. Yet, today we will be going to examine such an application that was fizzled on the lookout.

The application is “Tapzo” which was once advanced by Bhuvan Bam. This application got such a lot of advancement in its initial days that it reached close to 100 million valuations rapidly. Yet, its prosperity didn’t have a long run.

Ankur Singla began this application in 2010. It was not Tapzo in its in front of the pack. It was Akosha who help to oversee the issues of their clients. Then, at that point, it becomes Tapzo in 2016 which was an application aggregator.

The company got 5 million clients in a matter of seconds. They had the best planning to enter the market. They got legitimate subsidizing. They had an astonishing group. Having these, they fizzled. Let’s look at the reasons behind the failure of Tapzo.

Changing the Business Name Too Frequently
Issues in Income
More Reliance on Investors
Ignoring the Customer Requirements
Selling the Organization

Changing the Business Name Too Frequently

They previously made Akosha, then, at that point, they changed over it into Helpchat, and they at last changed over in Tapzo. At the point when an organization changes their business name so habitually, it hampered their standing and trust among the clients and their financial backers. One organization needs to accomplish such a great deal of exploration to enter another market. However, Tapzo didn’t do that appropriately.

Issues in Income

Any organization needs to deal with its income cautiously. However they had an extraordinary application, yet they didn’t have positive capital in their fiscal reports. They got immense support from different financial backers. Whenever they had the cash they utilised it in obtaining clients by advertising. In any case, it didn’t mean they are getting sufficient cash from customers to support on the lookout.

More Reliance on Investors

They generally depended on their financial backers. They began to fund-raise without feeling how might they make the application beneficial. So at first financial backers poured their cash into this promising beginning up, however, when they understood they had no reasonable vision on the future, they quit giving cash. In this way, the application was in the circumstance of liquidation.

Ignoring the Customer Requirements

They didn’t pay much attention to their customers. They didn’t figure out how to function their application so much easier rather they were more into discounts. Yet, a discount isn’t the arrangement, an organization needs to further develop its functional strengths, so a circumstance like giving a discount seldom happens. However, Tapzo didn’t buckle down in that field.

Selling the Organization

This very much subsidized fire-up went available to be purchased in only 40 million dollars to Amazon pay. They had a huge potential to get more exorbitant costs however they couldn’t support themselves in such circumstances for a smidgen of time.

Amazon got this open door and acquired Tapzo as it had immense information on client purchasing propensities and other related information which assists them with being a market aggregator. Different specialists of Tapzo are currently working at Amazon which is presumably an indication of a disappointing fire up.

Conclusion

Doubtlessly no sort of issue what clients are into, it is only out and out to peruse this report about Tapzo’s Story. I was truly pulled in addition to the fact that it included numerous things; however one needs to become familiar with the mix-up. Truly, what’s not to gain from their mistake here?

FAQs

Why is Tapzo closed?

Changing business regularly, Toom much dependent on investors, and ignoring the customer requirements were some of the reasons that led to the downfall of Tapzo.

Who acquired Tapzo?

Amazon acquired Tapzo for $40 million in a cash deal in 2018.

What does Tapzo do?

Tapzo is an aggregator that provided multi-services such as cabs, recharge, food, deals, bills, mobile payments, and news.

March 16, 2022
How can SME & MSME ecosystems utilize Account Aggregation System to secure working capital?

This article has been contributed by Mr. Ram Kewalramani (Co-founder & Managing Director of CredAble). CredAble provides working capital and related liquidity programs for enterprise supply chains, leveraging its trade finance expertise, partnerships with capital providers, and its world-class technology platform.

What is the Account Aggregator Network?

The Account Aggregator network is a platform that is regulated by the RBI with an NBFC-AA license. This facilitates sharing information of an individual from a financial institution that they hold an account with to any other regulated financial institution that is registered in the AA network. The AA system makes sure that this sharing of information is done securely and digitally.

The AA system has been launched with the basic idea that customer data is generally fragmented and exists in the databases of banks, insurance companies, lenders, and government entities in bits and parts. The AA network aims to provide an organized framework for effortless and safe data sharing digitally. This data sharing can happen between a bank and a borrower for credit access. So, instead of wasting time in collating data from bank statements, hard copies, stamped documents, etc., individuals, SMEs, and MSMEs can get it all in one place.

The RBI has maintained that these AA systems are a new kind of NBFCs that offer account aggregation services to their customers, in return for a fee. With this system, the user or a small businessman now will not have to physically share the scanned documents from various financial organizations and entities, browse through different sites looking for information that is required by financial service providers.

How are SMEs and MSMEs going to benefit from this AA system?

The AA system has the potential to facilitate smooth credit to small-scale and local businesses. For example, instead of having to physically collate data and information in order to obtain a loan, MSMEs can have access to a small formal credit with the help of this credit underwriting. Till now, sharing information had always been a long process that required a lot of paperwork. The lack of organized records of financial statements used to push small-scale businesses to avail loans or credit through informal and unreliable channels. Out of the 6.33 crores MSMEs in India, only 10% of them had access to formal credit. By sharing and collecting data digitally, a credit decision is expected to be a lot faster and reliable for MSME lending.

The AA system will potentially reduce the loan application cycle to just a few minutes to facilitate faster disbursal of loans to small business owners. Since AA is now making it possible to share credit-worthiness proxies, it will encourage other small-scale businesses and therefore will bring more and more people into the business.

Before the AA system was introduced, MSMEs and SMEs had limited access to capital as banks and lenders felt it was too risky to loan money to these businesses. Also, the cost of processing small loans was very high for the banks. Within the framework of the Account Aggregator system, access to data has become more democratic, which lets capital underwriters have access to a huge set of data and hence gives them options to choose from borrowing options at great rates.

One of the major problems for small and micro industries was that they could not provide systematic data to raise capital. Their balance sheet is almost never tallying, which makes it impossible for them to get a loan. The AA system is an excellent addition to the digital infrastructure of India. This will allow banks to reduce their transaction costs, and that will enable banks to offer small loan amounts and more specific products and services.

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What are the benefits of using the AA facility?

As an NBFC, the AA system will be the one-stop destination for the collection and transfer of data. As a result, banks will focus more on underwriting their customers. Using this framework, banks will also have access to alternate data

When more and more loan service providers or LSPs will join the AA network, they can be potentially sharing data of cash flow and transactions, as a result of which, banks can supplement traditional underwriting methods with cash-flow-based data.

This in turn would let banks not only offer smaller loans to MSMEs but would also help them reach out to a wider set of customers and businesses whose loan applications they might have rejected in the past.

Conclusion

The Account Aggregator system is introduced and implemented by the RBI in order to encourage small-scale and micro small-scale local businesses to get loans and raise capital for their growth and expansion. It packs in numerous other benefits, which will reach out to a lot of individuals and other customers and will potentially make the loan application and processing methods faster, easier, and much less costly. This is the future of NBFCs that will revolutionize the digital finance system of India.

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