AlignBooks, a cloud-based accounting software solution provider, has partnered with ICICI Bank, a leading private sector bank in the country, to deliver a streamlined digital banking experience to Micro, Small and Medium Enterprise (MSME) customers who use the AlignBooks accounting software.
With this partnership, ICICI Bank’s current account holders can now securely connect their bank account to the software. Further, users who do not have an ICICI Bank current account, can conveniently apply for one from within AlignBooks. By linking their bank account to the software, users have the flexibility to automate reconciliation, provide multiple payment options to their customers, do accounting while ‘on the move’ and access to their books of accounts anytime, anywhere. The partnership also offers them the enhanced convenience of accessing their bank accounts off-line, in case they do not have internet connectivity, which gets synchronised automatically upon connecting to internet.
With this, MSMEs no longer have to toggle between a banking platform and an ERP software to undertake their business transactions. They can experience contextual banking, by connecting their banking and accounting, which was once available only to big companies with large IT setup and infrastructure budgets.
Further briefing about the partnership, Mr. Anand Jajodia, Co-founder & CEO of AlignBooks, stated: “It has been an honor for AlignBooks to join hands with ICICI Bank, one of the prime banks in the country towards a beneficial cause of MSMEs, Startups & Fintechs, giving a seamless experience of auto banking through its very differentiated accounting solution.” Mr. Anand further stated, “AlignBooks is committed to surprise its customers not only by its impeccable service but by continually introducing value add services, specifically to address typical day-to-day pain points of this business segment.”
Mr. Pankaj Gadgil, Head – Self Employed Segment, ICICI Bank said, “At ICICI Bank we believe that ‘ease of doing business’, ‘digitisation’ and synergy with technology partners are important growth enablers for the MSME businesses. We are delighted to partner with AlignBooks. This partnership is yet another step in our constant endeavour of promoting the concept of ‘connected banking’ to enable MSMEs and entrepreneurs to perform various banking functions like raising invoices, making payments and reconciliation on a common platform. We believe that this access to new technology will help MSMEs improve their operational efficiencies, thereby accelerating themselves to grow and enhance their business.”
How will it benefit their customers:
· Managing payables: With this integration, AlignBooks customers can keep a track of the due dates of their payables and make payment to their vendors directly from AlignBooks desktop / mobile app. They can make part/full, single or bulk payments.
· Bank reconciliation: AlignBooks customers will be able to reconcile their bank accounts simply by uploading their bank statement of accounts, in any format and further automate transactions without creating or posting vouchers manually.