Small and medium-sized enterprises (SMEs) often spend a lot of time and resources on manual data entry in accounting software. Reports suggest manual data entry is one of the most time-consuming tasks for SMEs and also not error-free. Despite fast digitization reach, technology-driven solutions addressing this problem aren’t ubiquitous yet, especially in a market like India, which is home to over 70 million SMEs.
In addition to being resource-intensive, error-prone manual data entry can also lead to problems for a smaller firm, ranging from incorrect vouchers and filings and lost revenue, in some cases. Ahmedabad-based Digital Documentation Systems Pvt Ltd (DDSPL) is trying to solve this problem for Indian SMEs through a suite of modules that help facilitate partial or full automation of data entry in Tally, a popular accounting software.
“Our platform essentially removes manual data entry part along with reducing human errors and saves 75%-80% of the time. By importing financial document PDFs like bank statements, invoices, and several formats from the GST portal like B2B, Credit/Debit notes can be imported directly into Tally,” company founder Mehul Shah told Entrackr.
Founded in 2021, bootstrapped DDSPL officially launched just a few weeks ago. Shah said that the company is targeting SMEs that have a turnover starting from Rs 50 lakh. The secondary focus will also be on accounting professionals, including chartered accountants and conventional accountants.
Shah said that the company is also offering a GST-focused module that aims to make it easier for SMEs and businesses to automate the process of matching data fetched from the GST portal. The module also helps with the GST comparison.
The company which recently started operations, was able to work with over 50 companies during its trial phase. Shah said that in one instance, the platform processed the data containing 370 pages of bank statements in around four hours. If manually done, this could have taken three to four days, he claimed.
On plans to raise external funding, Shah maintained that the company would remain bootstrapped for now and focus extensively on becoming profitable. The future roadmap also includes diversification of the modules suite. Shah said the company will soon have a credit card module, similar to the current setup for bank statements. There will also be a cloud-based document repository, making things a lot easier for auditors.
As mentioned above, India is home to over 70 million SMEs, allowing the likes of DDSPL to tap into a huge market. Several companies such as Zoho and Tally (TallyPrime) are also quite popular in this space.