MSMEs in UP to benefit from automated financing & accounting with Accloud!

Boosting technological advancements across micro, small and medium industries in Uttar Pradesh, the MSME department of the state government has inked a new pact with government advisory firm Sapio Analytics. Under this collaborative initiative, 20,000 MSMEs of the state will be benefitted from licenses of automation software Accloud and the total cost of the project is ₹72 crores. Interested firms can apply for the license via the online portal and avail of the free service.

Launch event marked by the presence of a host of dignitaries

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The inaugural function was graced by the esteemed presence of Navneet Sehgal, Additional Chief Secretary, Department of MSME and Export Promotion, Government of Uttar Pradesh. Additionally, Pravin Singh, Managing Director, UP Industrial Consultants Ltd was also present there. The two officials stressed the need of supporting MSMEs with automation and financing facilities.

Amit Pau, COO of Accloud Inc., Ashwin Srivastava, CEO of Sapio Analytics, Hardik Somani, COO of Sapio Analytics and senior leaders of Big Alfa also attended the launch event. Additionally, the initiation ceremony was also marked by the presence of industry officials from Laghu Udyog Bharti, FICCI and IIA.

Financing & accounting to be eased for MSMEs with Accloud

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The inventive platform, Accloud is available on both mobile and web offering services in a range of languages including Hindi. Further, the system is supplemented with a support team that shall help MSMEs to meet their financing and accounting requirements through automation. Informing about these details, the COO of Sapio Analytics affirmed that a hotline number will also be available for assisting the businessmen.

The ACS stated that the entire process of sales, accounting, inventory management and GST compliance will be eased with the introduction of the new scheme. Further, the state government schemes functional for the advantage of micro, small and medium shall be strengthened. Notably, the state administration has initiated plans for boosting the development of these units and it also encapsulates streamlining of unregistered firms.

Multiple incentives to benefit MSMEs in the long run

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The CEO of Sapio Analytics affirmed that the globally deployed automation software will help MSMEs in the state with an improved financing process. Notably, national banks have shown a preference in giving out loans to such firms, which have automated the entire process. In addition to this, insurance needs, foreign exchange needs, and growth consultancy needs of the MSMEs shall also be taken care of through this program and thus, a host of incentives are expected in the long term.

- WIth inputs from ANI