July - 2013 - issue > Startup of the Month

ProfitBooks.net: The Future of Accounting is now Here

Anamika Sahu
Monday, July 1, 2013
Anamika Sahu
Challenges are versatile when it comes to desktop accounting. Data synchronization, portability, simplicity, frequent upgrades and integration of the applications are a few of them. Several companies strive to get the perfect score in their accounting and payroll management, but to vain. Take for instance a mobile app development company and provider of software development to U.S. based clients, Deem Infotech, who was struggling to generate professional invoices and manage payroll process. Checking for the accounting products available in the market, they found them not to be of double entry accounting systems. ProfitBooks, a cloud-based accounting and payroll management application, was a perfect fit for them as it helped them manage not only invoicing but also other finances of the office.

Alike Deemed Infotech, ProfitBooks served several other clients who were chasing for a better, more reliable and portable accounting solutions. ProfitBooks is the flagship product of The Nextwave Technologies, a Pune-based company incepted in 2010 by three friends Harshal Katre, Mohnish Katre and Naveen. Initially, The Nextwave Technologies used to develop web based applications for Small, Medium and Large Enterprises (SML). But while developing an application for one of their FMCG clients, The Nextwave Technologies realized that the existing chain of softwares available were not good enough to help their client grow or manage the business effectively due to multi-location presence. Thus the team came up with the idea and that was the birth of ProfitBooks.net. Ever since its launch in 2012, ProfitBooks has taken a steep upward growth trajectory.

“Real time data availability across multiple locations, data security, and continuously updated software are key concerns of customers in our initial survey. Existing available applications in market are complicated more than the requirements of SML enterprises and they are tremendously expensive. Hence, we decided to come up with a product which will make business operations simpler yet provides them the features of which increases their efficiency,” says Harshal Katre, Co-Founder & CEO, ProfitBooks.

“I have always got inspired by Apple’s mantra, ‘Simplicity is complexity placed in order’. Accounting & Payroll always remains complex affairs but our inspiration is to make it work even for person having no accounting background,” adds Harshal.

ProfitBooks provides features like accounting, inventory management, payroll management, branch accounting, document management, task management and contact management. Built on the “Ruby on Rail” platform, the one which Twitter uses, simplicity, automation and integration are the USP of ProfitBooks. It aims to replace multiple applications used by an organization with single powerful cloud-based secure application. A person with naïve knowledge of accounting can easily handle the application, sync data, create an invoice and sent it directly to the client. Being hosted at central location, the data in ProfitBooks is always synchronized reducing errors in calculations helping to take faster decisions. The data is stored on highly guarded data centers with four levels of security (256 bite encryption) and regular backups are taken.

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