Mitesh Katira and Harshal Patil are chartered accountants working primarily with startups and small businesses for over a decade. While working with various chartered accounting firms, the duo felt that budding entrepreneurs require better visibility and accountability on the accounting function. In 2012, the two quit their corporate jobs and launched Mymuneemji.
Mymuneemji is an online platform which assists small enterprises and entrepreneurs manage their accounting, reporting and compliance needs.
It helps businesses to manage their invoicing, vendor and routine payments, day to day accounting, filing of tax returns, preparation of month end P&L, balance sheet and cash flow statements. “The entrepreneur needs to look at us as a one-stop shop that would manage anything related to accounting, compliance and reporting,” says Mitesh.
Mitesh and Harshal knew each other since childhood and went to school together. Later, Mitesh went to The Institute of Chartered Accountants of India and worked in the field of statutory compliance and audits related projects, while Harshal pursued masters in finance from IES Management College and worked for MNC and Indian research houses, including MSCI – Barra and HDFC Securities.
Deepak Prasad, the third co-founder, and Mitesh worked with a CA firm earlier where Deepak executed process improvements and IT tools. He has had experience of working in tax related aspects with more than 500 different companies.
MyMuneemji's USP is to focus on results or end outcomes. “Entrepreneurs need not invest in an accounting software license, infrastructure cost (computers/laptops) and can save the cost of recruiting a fulltime accountant,” adds Harshal.
Importantly, it offers SMS and email alerts for all key tax payments, filing due dates and allows users to store their documents and provide easy retrieval.
On the traction front, MyMuneemji has signed up with more than 400 clients so far and built a team of 40 people. “The current revenue model is to charge clients on a per month basis. As we move along, we are likely to charge companies on the basis of number of transactions which will further bring down the costs for clients,” says Harshal.
The startup wants to focus on small enterprises. “New startups and first-time entrepreneurs would be more open to trying the MyMuneemji platform as it is a cost effective solution compared to traditional CA approach,” adds Mitesh. The platform allows users to 'buy the service' off the platform and it intends to introduce per transaction model in the next 12 months.