Hyderabad,  Startups, MSMEs on the growth path and overseas SMBs based out of India face challenges of Compliance & Accounting functions said Gunturu Raghu Babu, Founder and Director SimpliBiz, which provides services in the field of Advisory, Transactions, Business Setup, Compliance, Accounting and Taxation.

In a press statement issued in the city on the eve of its first anniversary, Raghu Babi said today's SMBs are tomorrow's MNCs. Currently, the service providers in the field of Advisory, Transactions, Business Setup, Compliance, Accounting and Taxation enterprises are fragmented. According to him, they are either large players or mushrooming small unorganized players.

The number of startups in India has grown from just around 350 before 2014 to more than 90,000 in 2023 with over 100 unicorns, Union Minister for Science & Technology Jitendra Singh told Parliament this month. And Hyderabad is home to a little over 4000 startups. The startups in the space sector which is just opened have beyond 100, startups in BioTech have gone over 6000. 

3-4 per cent of these are in the growth stage, and less than 0.5 per cent of companies are large. And Most start-ups face scaling challenges in their growth journey. And we wanted to disrupt this space by democratising expertise and knowledge making it accessible to small and big players, he added.

India has nearly 63 million MSMEs, contributing 30 per cent to India's GDP, 45 per cent to manufacturing, 40 per cent to exports, and employment to over 113 million people. The number of registered SMBs is around 25.13 lakh units.  Quite a significant number of these are growth-stage enterprises.  This is the stage they need a lot of handholding as compliance, accounting, taxation is key for due diligence.

With compliance with laws and regulations, startups can avoid legal issues. Compliance also helps identify and mitigate potential risks before they become major issues. Adherence to these rules and regulations is crucial for the ethical and successful running of a startup. So, it is essential for startups to be compliant with the rules, laws, and regulations set forth by the government added Raghu Babu.

The Government initiatives like ‘Make in India’ and ‘Startup India’ have encouraged a large-scale increase in the establishment of new businesses.  Providing comparatively simplified compliance services for growth-stage startups, MSMEs are a need of the hour.  And we have rightly identified a business opportunity and pioneered in this space in Telangana, Raghu Baby shared. Our services are now most sought after now.  We have just completed one year and celebrating pour first anniversary.  We have chalked out good growth plans and expansion, Raghu Babu informed. Move over Tatas and Birlas. A new wave of small and mid sizes businesses is playing a key role in India’s growth story. And Simplybiz wants to be part of this growth story, he added. 

SimplyBiz plans to broad base its offerings in terms of Accounting, Tax, Compliance, Corporate Legal, Transaction advisory and Payroll by leveraging technology. Our vision is to become a Trusted Partner to early-stage and growth-stage companies in the Transaction Advisory & Entity Management space covering Accounting, Tax, Payroll and Compliance. To productize business services such as Accounting, Tax, Compliance and Legal by using digital. To build repeat revenue/subscription-based revenue of INR 100 Crores in 5 years.

Some of its products include SimplySet-up - Business Setup services; SimplyCorp - Corporate Governance and Secretarial services on a subscription model – (Companies Act and Foreign Exchange Regulations); SimplyTransact - Transaction Advisory for Fundraising, Mergers and acquisitions and ESOP, Buy-Back (Advising and assisting from diligence to closing - Legal, Regulatory and Compliance) and SimplyFACT - Entity Management (Accounting, Tax, Compliance and MIS)

It has launched SimplyBiz Portal which is in beta version. It has features such as workflow management, document repository and Client Dashboard. It will help in clients in Compliance monitoring. 

Click Here for More Exams / Admission