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Alok Patnia, Founder and CEO of Taxmantra.com

by Bharath ChowdaryMarch 20, 2014
Today its time for us know about an entrepreneur, who founded a startup to help startups. Alok PatniaCEO & Founder at Taxmantra Online Tax Solutions and National Partner at R.K. Patnia & Co. Alok is a Chartered Accountant having prior exposure with Ernst & Young & KPMG. Taxmantra provides complete taxation, accounting & financial solutions to individuals and businesses. The sole objective of Taxmantra.com is to bring full gamut of accounting, taxation and financial service on a single platform under three broad service heads.
tax_mantra
1. What ignited the spark in you to start a new business venture or to make significant changes in an existing business? How did the idea for your business come about?

I noted something very interesting during my stint at KPMG in Bangalore, that even though clients were locally based, we hardly met them face-to-face.  Client delivery used to happen via exchange of mails, with post discussions either through video conferencing or con-calls.

Startups, new businesses, SMEs or for that matter even individuals have to still take time out from their work to visit a local consultant, as it is a common knowledge that not all can afford to hire big accounting firms.

Thus, it thrilled me to start a service wherein, we can address the pain points of individuals, Businesses ( Big or small),  by using internet as an enabler to reach clients irrespective of their locations with excellent service at the most affordable price.

 

2. What has been your most satisfying moment in business?

In the entrepreneurship journey there is no single point of joy, its a journey which needs to enjoyed. We are happy that we are able to make an impact in our domain and happy that we are able to engage thousands of salaried & non-salaried individuals in filing their tax returns and also helping them in solving their tax issues. We are also assisting a good number of new businesses, Startups, SMEs and some major businesses in handling issues relating to taxation, accounting, auditing, company law, service and such other issues, both in India and overseas.
3. How do you go about marketing your business? What has been your most successful form of marketing?

We are into service industry, wherein the most important weapon of marketing is to keep your clients happy and retain them at any cost. Word of mouth is the most impacting factor for our business.
However, we do work a lot on knowledge  part, by writing blog on our website ( around 1300 +contents), E-book, also contributing  on other platforms like Moneycontrol.com , YourStory.com, Rediff and other known platform. We also regularly do workshop and webinars in association with business school and various incubation centers.
4. If you could talk to one person among Bill Gates, Richard Branson, Ratan Tata and Ajim Premji, who would it be and why?
 Wish I could to all, but ask all of them same thing, How you do remain so calm and composed with so much of humility, after achieving so much.

5. What is the toughest decision you had to make in the last few months

This has always been with people, our team, since there emotions have bigger role.

6. Where you see yourself and your business in next 10 years? 20 years?

Continue to create impact on our business domain, by bringing in awareness, also making businesses to understand the    important of being staying in compliance.
7. What is your competitive advantage that sets you apart from those in your stream line?
Without naming any one in particular, we know that there are number of online service providers in this segment, with few of them providing only online tax filing for salaried individuals and then there are few engaged in rendering business incorporation services or accounting services and such others.
But, what is so unique about Taxmantra.com is that, it brings all, salaried individuals, non-salaried individuals, Startups, businesses, SMEs on a single platform, wherein they can avail different services without getting into  hassle of visiting different consultants for different set of services.
8. Is there any movie or book that inspired and motivated you?  
I would be honest, i am motivated / inspired from all movies and books, for different reasons.
No seriously, I like to read and see individuals who have made impact on a particular field irrespective of problems they had in their lives.  For instance, if you look back , where Sachin Tendulkar  has reached from his humble beginning, thats’ what inspires me.
9. How do you define success? 
As I said earlier, success to me is enjoying entrepreneurship  journey everyday. If i can say to myself that I did something worthwhile, before I go off to sleep everyday, that is success to me.

10. what sacrifices you made to be a successful entrepreneur?

No, I dont think that way, I choose this, and loving it in every moment.

12. How important is Entrepreneurship for INDIA to become the global leader?

The single most important issue that can change and shape lives of billion of Indians.

11. Finally what would be your suggestion for the budding entrepreneurs?

Work hard, create impact, success and money would follow you.
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