Taxes and tax-related services are integral parts of everybody’s life. As this realm is subject to frequent changes, most people find it hard to deal with. It becomes difficult for CAs, too, to respond to all the clients and assist them in solving tax issues at a time. This problem led Jambukeswaran Jambukeswaran, a CA with a handful of experience and knowledge, to develop an application that serves as the singular platform to solve all kinds of tax issues.
CA Jambukeswaran Jambukeswaran, the founder of JJ Tax, talks to Business Upside India about the utility of the app and the prospects of the sector, along with a piece of advice for young and potential entrepreneurs.
Edited Excerpt of the Interview
Business Upside [BU]: How did You Get the Idea for This Business?
Jambukeswaran Jambukeswaran [JJ]: I have been practicing since 1994, and all clients face issues regarding various taxes and related services due to changes in the system every year. Also, there are repetitive queries from most clients, which burdens CAs, especially during the peak season, and we end up answering queries most of the time on calls and messages. To ease the burden on us and the clientele, we mooted the idea of an App that would provide all Tax and related solutions in one place, along with a Chat option to answer all their queries. All our services are provided by Professionals, unlike other Apps.
[BU]: What is the Key for Your Company to Grow?
[JJ]: The key to the growth of our company is full automation in the App, which is equally supported by the best talent available in the industry at affordable prices. We would also like to make our presence felt in Pan India since the Tier 3 and 4 cities need to get the best professionals available for their business and financial growth.
[BU]: Why Should Customers Reach Out to You?
[JJ]: We are a one-stop solution providing Finance and Tax-related services at affordable rates. Our App has 24/7 Chat support with professionals handling all the queries. We are customers centric, and they reach out to us and expand their business and growth prospects.
[BU]: What are the Prospects of Your Sector?
[JJ]: The prospects in our sector are huge since, at present, only 10% of the total Tax and related services are automated across India. The total available market is $5.44 Billion, and we are looking at a 10% market share in a couple of years. With the growth in mobile and internet penetration in India, the market size is increasing by 10-15% yearly.
[BU]: What, According to You, The Industry You are in Should You Focus on More?
[JJ]: We should focus on more automation and providing better quality services to the client primarily related to business growth and diversity. With the growth in internet penetration, a business/service can cater to domestic/international markets but sometimes lacks expert advice. We plan to provide expert advice to all clients, especially regarding financial health, through our App.
[BU]: How do You Use Modern Technology in Serving Your Clients?
[JJ]: Our App supports the latest technology (Flutter) and has several features, including 254/7 Chat support with a fully functional Chatbot to answer real-time queries. We also facilitate Tax payments through the App and keep on upgrading the App and the security features to keep all the data secure. We have an inbuilt Digital vault for all clients so that they can keep their important documents in the App itself.
[BU]: How did You Plan to Provide Better Results in a Crisis?
[JJ]: We have a team of professionals to cater to the demands of our clients, especially during the peak season. We have already gone through 3 years of Covid, which was quite challenging for all of us, but we managed to provide quality services. This was all possible due to continuous upgradation in the App. Every crisis should be faced head-on, and the solutions are available with teamwork and passion for excelling.
[BU]: What is the Next Target you Wish to Achieve?
[JJ]: Our next target is to be among the Top 5 Apps in India catering to Finance and Taxation. This will be possible once we establish our Brand name for quality and professional services to all through the App and garner a market share of 8-10%.
[BU]: Most Entrepreneurs Struggle to Decide Whether they Should Start Something Independently or Opt for a Secure Job. What was Your Story?
[JJ]: With a well-established practice, it was a significant shift to venture into a Start-up at this stage. However, thanks to my Co-founders’ support, who put in their hard work and passion for it, we could achieve this even with Covid-19 threatening to create havoc and impede our success. With a good team around you, the struggle becomes a challenge that can be met quickly and becomes a strength to reckon with.
[BU]: What Would it be if You Had One Piece of Advice for Someone Just Starting?
[JJ]: My advice would be first to identify partners who will support your dream and walk the path along with you so that all the hurdles and challenges are faced as a team. Form together a team who are passionate about the dream and work towards achieving this goal together.