How SaaS Startup Unesync Is Simplifying Accounting, Streamlining Processes For Indian SMEs

In the dynamic landscape of Indian business, where approximately 63 million MSMEs significantly contribute to the nation's GDP, the challenge of efficient accounting looms large. Many of these enterprises, despite their pivotal role, lack the financial bandwidth to establish in-house operations or opt for expensive full-service solutions. Consequently, a considerable number still rely on manual billing or traditional spreadsheets for their accounting needs.

Recognizing the techno-financial needs of modern small businesses, several SaaS startups in India have entered the accounting space, offering affordable and scalable solutions. Unesync, a recent entrant based in Gurugram, takes a distinctive approach compared to traditional SaaS players. Founded by serial entrepreneurs and childhood friends Rohan Chopra and Ujjwal Agarwal, Unesync, a two-month-old startup, provides end-to-end accounting services, inventory management, and team collaboration tools to streamline processes for small and midsize enterprises (SMEs).

Unlike pure-play SaaS providers, Unesync aims to empower SMEs comprehensively, offering solutions beyond accounting. The platform facilitates communication with external stakeholders such as vendors and customers, eliminating the need for a full-fledged and expensive CRM system. Since its inception in October 2023, Unesync has successfully onboarded partners like Chai Lelo, Victory Point, and Span Advertising, with a vision to reach 1,000+ B2B customers by the end of FY24.

Unesync is not only addressing current accounting needs but is also looking toward the future with the development of Unesync Capital. This tool employs data analytics and AI to predict when companies might require credit, providing easy access to small-ticket business loans. The aim is to help businesses understand their credit requirements at the invoicing/purchase stage, preventing last-minute realizations.

To further facilitate small business loans, Unesync has partnered with credit aggregators like Recur Club and Inca Fintech, focusing on the micro-lending segment. Unesync Capital is currently in the testing phase and will expand based on customer feedback, with plans to onboard 1,000+ businesses by the end of FY24.

Unesync's Tailored Solutions and Scalability Plans

Before venturing into Unesync, the founders, Chopra and Agarwal, established Decimal Space in 2019. Their experience revealed a significant gap in accounting solutions for SMEs, leading to the inception of Unesync. Recognizing that many SMEs outsource critical financial tasks due to the lack of trained in-house staff, Unesync aims to provide a unified solution for businesses with a yearly turnover of INR 5 Cr – INR 25 Cr.

Unesync's approach involves offering one-stop accounting solutions, aligning with the GST regime's e-invoicing requirements for businesses with an annual turnover of INR 5 Cr or more. The platform's data engine integrates with various financial sources, streamlining compliance procedures typically handled by chartered accountants. By automating tasks such as verifying GST returns and checking supplier information, Unesync enhances efficiency and accuracy.

The platform's scalability is a key differentiator, allowing it to cater to businesses of all sizes. While currently targeting clients similar to myBillBook, Unesync plans to introduce enterprise-level solutions to serve a broader spectrum of businesses, showcasing its commitment to growth and adaptability.

Revenue Model and Future Outlook

Operating on a pay-as-you-grow business model, Unesync offers monthly, quarterly, and yearly subscriptions for its SaaS solutions. Monthly fees start at INR 250 for basic accounting solutions and increase based on additional features such as inventory and workflow management.

In the rapidly evolving landscape of SaaS accounting software, Unesync acknowledges the competitive market but remains optimistic. Despite the presence of established players like Zoho, FreshBooks, and Vyapar, Unesync believes the market is wide open. Instead of relying on extensive marketing, the startup adopts a word-of-mouth promotion strategy, engaging chartered accountants working with small businesses.

As the demand for digitalized business processes grows among Indian SMEs, Unesync aims to capitalize on the trend, offering a unique value proposition that combines accounting, process management, and financing capabilities. With an eye on the future, Unesync seeks to innovate and evolve in sync with emerging trends, positioning itself as a key player in the thriving SaaS industry.