MSMEs switching to digital book-keeping apps, says survey
New Delhi, Nov 11 (KNN) The Micro, Small and Medium Enterprises (MSMEs) are switching to digital book-keeping apps to record their business transactions, says a survey by management consulting firm RedSeer conducted in August this year.
Reportedly, the survey further states that over 50 per cent of all transactions are recorded using book-keeping apps by a significant number of MSMEs. It used two undisclosed book-keeping apps to record 43 per cent and 48 per cent transactions respectively.
The survey also revealed 67 per cent and 48 per cent small businesses using the two book-keeping apps respectively.
“New age bookkeeping apps are seeing daily usage amongst large chunk of their user base- indicating increasing comfort,” RedSeer said in the survey published in October and rest stay behind. Their usage ranged from a few times a week to not even once a month.
According to a KPMG report even as the number of merchants accepting digital payments has gone up to over 10 million in the last two-three years. The global accounting software market is expected to cross $26,600 million by 2024 growing at CAGR of 8.92 per cent, according to Market Research Future report.
Indian Micro Small and Medium Enterprises (MSME) sector contributes 29 per cent to the country’s GDP and nearly 50 per cent in total exports. The sector has so far created 11 crore jobs to which the government is expecting to add 5 crore jobs in five years.
On several occasions, Union Minister for MSMEs, Nitin Gadkari has lauded the later contribution and said it has enormous scope for growth and great potential of becoming export strengths for the country.