An all-in-one business management, financial aggregation, and accounting automation platform capitalising on the growing demand for affordable accounting services in the micro-economy.
Platform-as-a-service – Digital workspace, Real-time collaborative platform, automation capabilities.
Software-as-a-service – Business and financial management tools.
Service-as-a-Software – Connecting bookkeepers with accountants and businesses, with on-demand
Countries: Australia, India (Beta)
Rajesh Pawar from Myaccountant, an industry-first digital platform for budget-conscious accountants and individuals in the micro economy, always planned to scale beyond Australia into a developing country.
“I’ve always known the potential of India. It’s the world’s largest microbusiness market and digitalisation in India is much higher and growing at a faster rate than anywhere else in the world,” said Rajesh Pawar.
Add to India’s credentials the fact it has the world’s largest youth population, a growing middle class, a skilled workforce, rising global competitiveness, and economic influence and you can see why India is emerging as a global economic powerhouse.
As India celebrates its 75th year of independence, Indian Prime Minister Narendra Modi said the country was now the second biggest startup hub in the world, with 75 unicorns (valued over 1 billion), and more than 50,000 start-ups of which 10,000 launched in India in the last half of 2021.
Rajesh Pawar from Myaccount believes India is a good investment on all fronts.
“Growing digitalisation globally means the volume of data and level of statutory obligations has gone up significantly so the demand for accountant services is also expected to grow significantly,” Rajesh said.
“Our competitors who cater to larger businesses have tried to sell to smaller companies but their products are too expensive, complicated and not tailored to the needs of the micro economy. MyAcccountant provides an all-in-one collaborative digital workspace for accountants allowing them to work more efficiently and profitably.”
Currently Beta testing their platform in India, Rajesh plans to expand across the subcontinent into other developing countries, including Bangladesh, the Middle East, and Africa though he expects 70 percent of his future customer base will always come from India, due to the sheer size of the economy and the growth of its digital market.
Rajesh acknowledges some Australian businesses are reluctant to engage India because they see it as uncharted territory.
“Market differences, cultural and language barriers, laws and regulations, and concerns of corruption have discouraged many businesses from taking the leap into India,” he said.
“But times have changed significantly and Australian businesses would do well to reassess. If you looked at the Indian market 10 years or even 5 years ago, look again. You’ll have a different perspective.
“Look at the history of eBay, and Uber. Both went into China and failed. They went into India and were extremely successful.
“Many technology companies in the US and UK benefit from India. Billions and billions have been invested in India, even through Venture Capital. New technology in India has unbelievable valuations compared to other countries.
“Australian businesses should have the confidence to go into India rather than have the mindset not to touch it at all.”
Rajesh, who lives in Melbourne but spent his school years in India, said India had changed considerably and it was now a friendly country for foreign investment, foreign products and foreign cultures.
“There are numerous online platforms available to sell your product, the Government is friendly, and local incorporations and legal statuary compliance are much simpler now,” he said.
Rajesh acknowledged the way business works in India was unique and on-the-ground support was necessary.
“The dynamics in India are different and the culture is different. The way you approach customers is different. The pricing is different. If you want to introduce a product into the market you want to be on the ground,” he said.
“If I was foreign to India I would partner with someone locally and utilise organisations like the Australian Indian Chamber of Commerce to help.
“Instead of going blind into India and googling contacts to talk to, AICC makes it easy for us to have the introductions and the networks. The Members of AICC come from various industries with various qualifications, experience, and backgrounds which is really helpful.”