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Last updated: 16 Jan, 2019  

Kapil.9.Thmb.jpg HostBooks Ltd. offers a seamless GST filling experience: Kapil Rana

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SME Times News Bureau | 16 Jan, 2019

In an exclusive interview with SME Times, Kapil Rana, President & Founder, HostBooks Ltd, said that the integrated All-in-One cloud-based application they offer enables a seamless filing of their GST returns from HostBooks platform .

Excerpts of the interview …

Tell us about HostBooks. What is the goal of HostBooks in India?
Kapil Rana: Hostbooks is an integrated All-in-One cloud-based application, which enables users to maintain Accounting, Tax, GST, TDS, E-Way Bill and Payroll records providing statutory compliance and single click filing service for small and medium businesses. Hostbooks is been developed using automation techniques with the latest technology.

In India with the changes in the economy and tax structures, statutory compliance has become more complex and cumbersome and SME’s have to invest their valuable resources/time/money in complying with various recurring (monthly/quarterly/annually) compliances rather than focusing on their core business.  In India, Hostbooks envisages making the whole process of accounting and compliance automated, easy to understand and hassle-free.

Which are your target industries?
Kapil Rana: Hostbooks is a versatile platform catering to all industries focusing on medium and small enterprise (SME’s) in India. It also showcases its expertise to cater needs of the professionals like CA’s, Accountants, Cost Accountants, and Tax Practitioners.

How is HostBooks different from other accounting software companies in India?
Kapil Rana: Automation of accounting and compliance function is the unique offering of Hostbooks. Moreover, a person does not have to be an accountant to use our software unlike other accounting software programs available in the market. In order to start managing your finances with HostBooks, all you need to have computer knowledge and minimal or limited accounting knowledge.

Accounting Professionals and Accountants can manage their clients and their records with Hostbooks Single-Sign-On (SSO) platform anytime anywhere on the cloud as well as on desktop application. The user-based roles and permission on the Single-Sign-On (SSO) dashboard give the advantages of managing the business data security needs on the go. 

The automation of the process reduces the time spends on accounting and compliance at least by 70% and thus save the cost and mitigate the burden on accountants and business owners enabling them to focus on their business.

HostBooks is a one-stop solution for all the accounting and compliance needs. Its integrated applications are craftily designed to fulfill the need of maintenance of books of accounts, reporting, filing and other compliances of GST, TDS, TAX, TDS, Payroll & E-way Bill returns on a single platform. HostBooks applications are designed on structured data flow design which enables it to manage the whole accounting and compliance process with minimal data input points. 

What are the major challenges that HostBooks solve for its customers?
Kapil Rana: Apart from harnessing the beauty of a true sense hosted model of accounting, HostBooks also allows its users to file and manage their compliance-related returns seamlessly without moving away from the application. Our accreditation to NSDL has made it possible for us. We also help our customers to collaborate the real-time data on the go. Comparing to a larger set of existing vendors of accounting software in the market, our Research & Development team has managed to give our users an experience of using the application at a faster speed. This is become possible with the use of the latest and updated technologies to build Hostbooks application.

HostBooks has recently launched new all-in-one software for all accounting needs. Tell us more about it.
Kapil Rana: HostBooks All-in-One software is designed with a purpose to provide convenience to the user by eliminating multi-application, multi-login, multi-data input for different accounting and compliance needs. Here is the grand arrival of All-in-One software to fulfill every aspect of accounting and compliance needs.  With HostBooks, our customer's login to the suite of our platform and can easily move from one application to another application. Not only this, we have managed to address the challenge of the duplicity of data entry with the launch of All-in-One software application.

Moreover, the all-in-one application is a compilation of Accounts, GST, TDS, Tax, e-Waybill, and Payroll and it automatically manage accounting, reporting and compliance (filing) process from the source of the transaction to the end.

How are you solving the GST needs of customers in India?
Kapil Rana: Apart from helping our customer to experience seamless filing of their GST returns from HostBooks platform, we also address few identified challenges like the mismatch of return data and GSTN server connectivity issues. HostBooks has addressed both the challenge of pre-filing reconciliation of sales and purchase including returns through our inbuilt feature and as we are accredited ASP of NSDL, so we are authorized to use APIs provided by NIC for seamless filing.

The competitive landscape for GST software in India is getting bigger. How is HostBooks going to react to the increasing threat?
Kapil Rana: GST in India is at an evolving stage, in coming days the regulations related to tax compliance are supposed to become smoother, and the automation is going to play a major role in addressing the growing needs of compliances. We have been in the USA markets for the last 8 years, experienced competitive market behavior and we are well equipped to mitigate those factors.

HostBooks employs a combination of technologies and accounting expertise and our expert is always just a call/click away to help our subscribers with any technical or know-how issues.

In coming days, we will see a larger chunk of businesses would be brought in the net of GST by the Government of India and this would need software companies to provide a cost-effective yet affordable GST filing application to small & medium businesses. HostBooks team is committed to helping the SMEs in addressing their growing accounting and compliance needs and we have set up a large infrastructure in place to cater to this growing demand.

Which three factors do you think will influence the accounting industry most in 2019?

Kapil Rana: The Accounting industry has been into the center of discussion since July 2017 after the introduction of GST in India. The year 2019 will see points like syncing with GST’s quick changes, equip with deeper knowledge of GSTN, accommodate the growing requirements, and timely solution to the user requirements are the challenges which will influence the accounting industry in coming days.

What’s your immediate growth plans and 3 priorities for 2019?
Kapil Rana: Our plan is to focus on the huge untapped potential out there which is estimated to be of a size of more than 10 million registered and unregistered potential GST users through both direct and channel partnerships PAN India.  Few of the top priorities of HostBooks for 2019 are:

· Robust product development syncing with GST, GSTN and Government policy and user requirements

· Focusing our efforts on the core competencies of product innovation, brand building, and distribution

· Increase the user base eyeing 100,000 subscribers in 2019

How do you plan to position HostBooks in India over the next 5 years?
Kapil Rana: Our plan is to become leader in the space of single platform based accounting & compliance application in India. As studies suggest, India’s current state of market potential is immensely promising, GST has played a big role in this and it is a serious market disruptor. We are determined to grow our user base to 1.5 million subscribers by the end of 5th year of our operations in India and we already have a plan in place to achieve this target.
 
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Neha | Mon Jan 21 07:47:49 2019
Very captivating interview


Good work
IT Consultant Raj | Thu Jan 17 20:28:44 2019
Thanks for the all in one Accounting software with GST and Eway bill. It was much awaited.


Good work
IT Consultant Raj | Thu Jan 17 20:27:32 2019
Thanks for the all in one Accounting software with GST and Eway bill. It was much awaited.



AS | Thu Jan 17 16:26:04 2019
Very interesting product - there is a real market need for automation in this industry


 
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