• About
  • Contact
Sunday, July 3, 2022
  • Login
Next Big Brand
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail
No Result
View All Result
Next Big Brand

OKCredit Story- Solving Accounting Problems Of Indian MSMEs

Pritish raj by Pritish raj
December 18, 2020
in Insight
Reading Time: 2 mins read
A A
0
okcredit logo

For MSMEs and their clients, OkCredit is a mobile business accounting programme that allows digital recording of credit/payment transactions throughout India. Harsh Pokharna, Gaurav Kumar, and Aditya Prasad kicked it off in 2017.

The founders of Bengaluru-based startup OkCredit may not have expected the pandemic back in 2017, but they were prepared to put their confidence in developing digital mobile accounting solutions for MSMEs. IIT Kanpur graduates Harsh Pokharna, Gaurav Kumar, and Aditya Prasad often interacted with local grocery stores and found that shopkeepers would do most of their paper accounting.

It took a long time to tally, the method was prone to human error, and it was easy to misplace the tiny slips of paper. This led them in 2017 to launch OkCredit, a free, digital-based small business owners’ credit balance tracking solution.

The ledger of the small merchant also contains records of credit transactions or items sold on credit to a regular customer of a merchant that settles monthly or bi-monthly accounts. The method of settling credit payments, however, is painstaking and if the transaction is not reported with the correct time and date stamps, the merchant could end up losing money.

This is also where OKCredit steps via SMS and WhatsApp integration to solve the problem. The merchant sends a message to his or her daily client any time a credit transaction is made. Using a web page connection that also offers a monthly breakdown of credit transactions, the end-user can also display his or her unpaid balance with that specific retailer.

OkCredit recently launched OkShop, an online marketplace for small merchants who can view and reach consumers with their goods and offers. OkStaff, a staff and payroll management programme for larger organisations that employ a workforce, has also been developed.

The USP of OkCredit is that its goods are straightforward, secure, and technologically advanced. It runs on a simple smartphone and helps automate retailers’ business transactions with clients and wholesalers.
OkCredit, which has raised just over $84 million, claims to have had more than three million transactions on the platform every day. It has 5.5 million active users and has seen $7.5 billion worth of transactions registered in October 2020.

It’s an uphill battle to work with MSME clients, and challenges are prevalent, especially in the digital bookkeeping field. Companies such as OkCredit face the challenge of moving the mindsets of consumers from conventional bookkeeping activities to embracing technology and digital platforms.

In developing easy accounting software for small companies, start-ups such as Vyapar and KhataBook have made major inroads. For some time now, existing players such as Tally, Intuit, and Zoho have also been in the game and are all vying for an overall $85 billion opportunity to digitise Indian MSMEs.

In the current situation, where creditors can be less willing or are unwilling to pay, the timely payment alert is particularly useful for MSMEs. Also, OkCredit noticed retailers stopping and selling their goods and services on credit during the lockdown earlier this year as they experienced a fall in business and revenues.

OkCredit is now preparing to broaden its offerings and reach out across India to MSMEs who may not be aware of such goods and services.

 

Previous Post

Eric Yuan, Zoom CEO, Ranks first among 2020 Best CEOs of Large Companies

Next Post

Serum Institute of India: the World’s Largest Vaccine Manufacturer Company

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

20220504 182358 0000
Insight

B2B Brands Future And Startups Growth In India

May 4, 2022
HUL Brands Valuation- Next Big Brand
Insight

HUL Crosses ₹50,000 Crore Turnover, First Pure FMCG Company To Hit Milestone

April 28, 2022
Indian FMCG Brands- Next Big Brand
Insight

Small Brands Making Big Impact In India : CAIT Report 2022

April 19, 2022
Sameer Nigam PhonePe CEO
Insight

PhonePe Crosses 100 Million Transactions In A Single Day

April 13, 2022
D2c Brands in India
Industries

D2C Brands Future in India

April 12, 2022
Shreevar Kheruka Borosil
Industries

How Borosil Went From 12 Years of Losses to a Rs 600+ Crore Brand – Success Story

April 8, 2022
Next Post
Founder and CEO: Serum Institute of India

Serum Institute of India: the World’s Largest Vaccine Manufacturer Company

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BROWSE BY TOPICS

Acquiring amazon Apple Brands brand story Byjus byjus news byjus the learning app Cryptocurrency Edtech Startups Elon Musk facebook fintech news Flipkart funding google Indian Crypto Startups Indian OTT Platforms Indian Unicorn Indian Unicorns Indian Unicorns of 2021 Mukesh Ambani Netflix NFT NFT Collection NFT India Non Fungible Tokens Ola OYO Paytm Reliance Retail Startup Acquisition Startup IPO startup news india startups in india Swiggy Tiktok Twitter Unicorns of 2022 Unicorns of India Unicorn Startups Upgrad WazirX YouTube Zomato
check more news on that pages youtube converter, filme online 2022, filme porno mature, porno amatoriale, nxnxx.org, https://xvideosxnxx.org, https://xoxporn.net

Instagram

Follow Me!

Recent News

  • Understanding The Most Popular Types of NFTs
  • Facebook Starts Testing Ethereum and Polygon NFTs on Profiles
  • Binance Taps Most Popular Tiktok Star Khaby Lame To Drive Web3 Adoption

Latest News

20220702 145214 0000

Understanding The Most Popular Types of NFTs

July 2, 2022
Facebook Meta nft profiles

Facebook Starts Testing Ethereum and Polygon NFTs on Profiles

July 1, 2022
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail

© 2019 NBB. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.