Chennai-based accounting software firm Reach Process Outsourcing Ltd, which runs the portal Reachaccountant.com, has raised a fresh round of angel funding from Rajan Anandan while Rehan Yar Khan, another serial angel investor, put in fresh capital in its existing portfolio firm. Reachaccountant was incubated by the Morpheus Venture Partners.
The undisclosed quantum of the funds raised will be utilised to expand Reachaccountant’s operations.
According to the company, over 1,000 SMBs in Chennai and Bangalore currently use Reachaccountant.com to prepare their accounts automatically. It also claims that the application enables small businesses to save more than 80 per cent in terms of accounting costs and reduces their book-keeping time by over 50 per cent.
Reachaccountant.com is among a new breed of Cloud software start-ups who provide online platforms, along with support services, that help streamline business processes. In this case, the company provides a SaaS accounting platform, backed by accountants, which can significantly streamline all tax and accounting-related processes for small business and also keep them ahead of complex tax and legal compliances every month.
According to Robin Moses, founder and CEO of the company, Reachaccountant.com crunches over 5,000 transactions every day. “We have grown phenomenally over the past two years and we are happy to have Rajan and Rehan investing in our company. We intend to use these funds to expand our operations.”
Reachaccountant.com has three levels of product offerings. Customers can simply buy the application for Rs 1,000 per month. They can hire the services of a back-up accountant, along with the application, for Rs 2,000 per month (in this case, the accountant helps in categorising transactions and filing VAT, service tax and TDS returns). Customers can further hire the services of a CA, along with the accountant and the application, at Rs 3,000 per month. In this case, the CA finishes the tax and statutory audits, and helps in filing annual returns with the income tax authorities and the registrar of companies.
Rajan Anandan, who will join the board of Reachaccountan.com, commented, “It is imperative for every business to have a great accounting system. But more often than not, SMBs cannot find a one-stop solution for their accounting needs. Reachaccountant has stepped in to fill this void with its unique Cloud-based solutions. We are very excited about the growth trajectory of the business and look forward to working with Robin to build a very innovative Cloud company.”