In back drop of increasing periodic accounting and compliance requirements in India, enterprises require to have effective, on-time and efficient accounting and compliance systems and processes. Except for the large enterprises, SMEs are majorly dependent on unqualified or semi-qualified accountants, who are not well versed with the latest changes in accounting, taxation and compliances.

As another alternative, sometimes the enterprises are compelled to hire multidiscipline consultants for various business needs, which is a costly affair without eliminating compliance risk. In today's competitive environment, it is difficult for an entrepreneur to coordinate with so many threads to achieve his goal.

Also, especially SME's, fail to acquire highly skilled accounting and taxation resources due to cost factors and complex processes. Envisaging this market demand, LABHYANSH ­ `Accounting Simplified' was established in 2019 by accounting professionals having proficient experience in the area of accountancy, tax, corporate law and business & management services.

LABHYANSH provides one-stop accounting, taxation and compliance outsourcing solutions to clients located at different corners of the country and the world, their service offerings entail from incorporation of business entity to day-to-day accounting and compliances.

Headquartered at Noida and Startup recognized by Startup India, LABHYANSH provides industry-relevant services using cloud technology with the help and coordination of a team of accounting, tax and legal professionals.

"Our service offering entails from incorporation of business entity to day-to-day accounting and compliances which are customizable according to the specific needs of the client. The Range of solutions includes Business Entity Incorporation, Digital Accounting, Virtual CFO, Taxation & Compliance, MIS & Reporting, Advisory & Consultancy, Process Out-sourcing and many more for Start-ups, SMEs and Corporates.

Our prime offering is `Digital Accounting' which ensures online bookkeeping and accounting services making the accounting books accessible on the go ­ anytime & anywhere. We ascertain best-followed practices in the Industry and well-defined processes which are focused at reducing the bookkeeping and accounting costs of clients by helping them with their accounting and tax preparation needs", states Arpit Nowlakha, Co-Founder, LABHYANSH ­ `Accounting Simplified'.

Moving from traditional ways of providing accounting and tax compliance, LABHYANSH ensures services that are timely, accurate and cost-effective using well-defined processes as well as technology tools. Highlighting the uniqueness of the service offerings of LABHYANSH, Arpit says, "We use various software tools to provide our services more effectively which not only includes accounting software but also comprises of data storage and processing tools.

We deliver cutting edge solutions to make 'Simplified Accounting' a reality

We have developed a 'Dashboard @ Labhyansh' tool for our outsourcing client which is a State-Of-The-Art Solution to make the outsourcing accounting service process more effective & efficient. The tool `Dash-board @ Labhyansh' has functionality like Analytical business performance charts, MIS reports, access to master documents, document exchange with status tracking, latest updates on Accounting matters, and many more. Ditching the traditional ways of working, it is time for looking at digital solutions with 100% transparency and accuracy over processes."

Being a business unit with less than a year in its operation, LABHYANSH is seeing continuous growth in customer acquisition with top-notch services even in the pandemic situation. Talking about the future endeavors of the firm, Arpit quotes, "We are currently working over various initiates to make our service offering more simplified and purposeful. These initiatives include enrichment in service offering using technology tools, Web and App based tools for data exchange with client front, and so on.

We are developing these tools and enhancement keeping the common businessman and SME sector in mind. We expect soon these will be available in the market and will add a proposition to our service offering. After our initial investment into processes, technology and most importantly in people, we see our revenue growth has been triggered by our affordable service offerings to clients at large. The use of effective technology tools along with an in-house team of professionals will enable us to serve clients with one-stop and cost-effective solutions."