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by March 31, 2021

Harbouring a digital India with fintech startup Ankpal

Ankpal was officially recognised as a startup and a private company in November 2020 by the Department for Promotion of Industry and Internal Trade. The startup was registered under the financial technology and accounting sector. What this means for the digital environment of India is the incorporation of technology in MSMEs and enterprises, concurrent with the goals of Digital India.

Today, most businesses are compelled to come up with out-of-the-box plans for their growth. The use of technology and AI has increased consistently in 2020 and only slated to grow in the future. The result is financial technology.

Closer home in India, Ankpal is bringing waves of change with their customisable accounting software. Financial technology is not limited to online payments anymore: it is an umbrella term that encompasses a range of services. With Ankpal, businesses can now rely on automated cloud-based accounting software for an accessible, efficient accounting system. The fintech startup has already made it to the finals of Accelerate Bharat 2020.

Accounting in a post-Covid world

The business world is still grappling with remote working facilities, and the lack of business infrastructure is debilitating. Ankpal’s unique selling point is its use of remote servers to resolve additional costs. The startup solves the problem of accessibility with their accounting software. Ankpal provides complete digitisation of the business accounts so that it is only one click away. This quality is especially welcome in the pandemic with the deferral to remote working.

Remote working is now being considered more actively by both small businesses and large enterprises. This scenario promotes the use of accounting software as accessing accounts is not a problem with Ankpal. The startup promises accuracy and inefficiency and has a free trial opportunity that businesses can avail of for 30 days.

Cost-cutting for businesses

The pandemic induced a frenzy in business owners, and people are trying to cope with the recession. In a time like this, downsizing is an important measure. Accounting software allows businesses to minimise additional costs. Financial technology plays a pivotal role in downsizing. The USP of Ankpal is its E-Way Bill generation. This feature cuts down on the additional cost and time on payments.

Digitisation in the Business World

Business in times of technology is becoming increasingly dependent on the internet of things and automation. While the government may have launched the Digital India campaign, digitisation is still a dream. Ankpal is bridging that gap with its paperless system of filing accounts.

The startup has digitised the entire process. The absence of paperwork speeds up the process. Now businesses can store their accounts online. This way, accounting is more user-friendly, and you can allocate the resources you save into your business.

Digital assistance for financial management 

Financial management is one of the problems that fintech seeks to solve. With digital assistance to aid accounting, the room for making mistakes is diminished. Auditing is easier with the presence of audit red flags.

Ankpal has unique customisation for Indian users. The software is tailored to include GST filing and has been created in accordance with the Indian economy. They have three plans in place for businesses: Standard, Professional, and Enterprise.

Businesses can opt for the most suitable plans in accordance with their features. The professional plan is their bestseller priced optimally at ₹18,000 per year. It generates 10000 invoices and is accessible to unlimited users. The additional cost of storage is included along with their usual features: inventory management, project analysis, GST filing, and E-Way Bill, among others.

The basic features of all the plans include an automated invoice, document management and access to a convenient mobile app. With every plan, businesses can get a certain number of GSTN companies registered. The renewal of the standard and professional plans are capped at ₹ 8000.

Bringing Startup India to fruition 

Ankpal’s end-to-end financial services like bookkeeping, FDI, Tax Filing and GST are innovative and modern. Its services extend to startup mentoring, a key feature that adheres to the goals of Startup India. The startup is highly functional in financial technology, which gives rise to the question: is accounting software the future of accounting? Surely the features of Ankpal’s accounting software make manual accounting sound redundant and time-consuming.

The accounting software does much more than manual accounting could aspire to do. The data is stored in a single source. Ankpal promises data security for businesses and a dashboard that includes necessary checkpoints for a business: bank balance, business workflow, receivables, payables, and more. The software detects any security issue and reports it directly.

The world is slowly adapting to digitisation, and India needs to catch up. Automation is imperative in financial management, and Ankpal uses it to solve accounting problems. Choosing accounting software means staying ahead of the game. With Ankpal’s unique features, achieving this edge over competitors becomes easier with effective financial management.

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March 31, 2021

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