Sir, my annual income is 7.2 lakhs. My company was shut down last year and I was compensated with 25 lakhs as one time compensation. Will it be taxable?

Ans: Starting a bookkeeping service powered by your own software is a great way to leverage your skills as a recently qualified chartered accountant. With the growing demand for streamlined accounting solutions, your idea has a lot of potentials. Here's how you can get started effectively:

Understand the market and identify your niche:- You have to start by researching the market to identify the specific needs of small & medium-sized businesses. Because many businesses are struggling with manual accounting or find existing software too complex or expensive. Focus on building a solution that is simple, affordable and addresses their pain points, such as automating invoices, tracking expenses and generating tax reports.

Develop or customize software:- Decide whether to build your software from scratch with the help of a development team or customize an existing platform like QuickBooks or Zoho Books to create a unique product. But make sure your software includes essential features like cloud access, real-time financial tracking, automated reminders, payroll management, and integration with banking systems. Prioritize an intuitive interface so that even non-accountants can use it easily.

Provide flexible and scalable solutions:- Start structuring your services with flexible pricing models, such as tiered subscription plans based on business size and its features. With Offers add-ons such as tax filing assistance, compliance consulting, or financial planning to differentiate yourself from other competitors. A free trial or discounted onboarding package can attract new customers and build trust to convert the audience into customers.

Build a strong brand and online presence:- Start your service as a reliable, tech-enabled bookkeeping solution by emphasizing your credentials as a chartered accountant. You Have to create a professional website with client testimonials, feature highlights and demo videos of your software. Use social media and content marketing to showcase the benefits of your services, such as cost savings, error reduction compliance accuracy and many more. Networking with local businesses and participating in professional forums can also help increase your visibility in the market.

Stay up to date and constantly improve:- Accounting laws and technology are evolving quickly, so keep your software updated with new versions to meet regulatory requirements after getting client feedback. Introduce AI-powered features like predictive analytics or fraud detection to stay ahead of competitors. Engage with your clients regularly to understand their challenges and improve your offerings.

By combining your expertise in accounting with cutting-edge technology, you can create a reliable and scalable bookkeeping solution that not only supports businesses but also establishes you as a leader in this field. Start small, focus on client needs, and let your service grow along with your reputation.