Parasut to ‘account for’ digital future

cloud-based software-as-a-service PARASUT, (SaaS) initiative that provides basic accounting services to SMEs, has set its sights on re-designing the digital future of accounting. “While we provide pre-accounting services for our 30,000 users, we also assume the role of being the most reliable solution partner in their digital transformation processes,” says Sean ►. Yu, co-founder and CE• of the company, which wants to reach 300,000 subscribers in the long term.

Parasut, a pioneer in the cloud-based pre-accounting software market, recorded significant growth in its first two years after it was established in 2013, with the quick and easy adoption to the application by SMEs . The company, which grew by 1,000% in its first year and 500% in its second, continues to double its turnover every year following the first two years.

Parasut Co-Founder and CE• Sean ► Yu, who worked in private equity investing and investment banking in the U.S. after his university education, had the chance to carry out financial and operational analyses of hundreds of companies in those years. “I was able to see what financial information business owners needed to better manage their companies up close” he says. Yu, who initially supported the development and growth of start-ups when he moved to Turkey in 2010, realized that there was no tool for businesses to easily obtain financial information they needed during this time. “This was the starting point of Parasut,” he notes.

When Yu established Parasut with a team of three people in 2013, he wanted to develop an application which is much more user-friendly, accessible from anywhere, and minimizes investment with its subscription system, instead of requiring high investment and complex accounting software. “Because at that time, SMEs often kept their financial data manually in mixed spreadsheet programs or old-fashioned ledgers, they were experiencing a great loss of time and workforce. Parasut responded to these needs,” he says.

•ffering basic pre-accounting services to SMEs such as invoice tracking, income and expense tracking, reporting, inventory tracking, online collection with credit cards and e-invoice, Parasut’s services include smart bank account tracking, turnkey e-invoice e-self-employed invoice, mobile receipt reading (CF•), mobile barcode reader, e-commerce and CRM integration and offer management. The company also contributes to financial advisors, who are among the biggest supporters of SMEs in their business processes, with Parasut Atlas, a free taxpayer management and data transfer program.

The company also allows its subscribers to present their products and services to tens of thousands of potential customers with the Parasut Pazaryeri, an online market place which was started to increase commercial benefit by bringing Parasut users together under one roof.

FIRST PURCHASE DURING PANDEMIC

Parasut created special packages for companies that want to enter e-commerce with the pandemic. The company made its first purchase and acquired Shopside, which offers integration with major e-commerce infrastructure providers and all major marketplaces in Turkey. Thus, they have taken these services one step further and combined operational and financial management services in a single package. “Thanks to the Parasut-Shopside integration, our users can use both services with a single package for 48% less. •ur SMEs, which sell from marketplaces or their own websites, manage and digitize all their operations from sales to invoicing with the Parasut e-Commerce package. Thanks to automatic invoicing, they save time and labor,” Yu says.

In addition to these services, with an aim to facilitate the use of Parasut by exporting companies, the company put the e-export invoice into service in February. It also commissioned the warehouse tracking Depo Takibi into service this year. “While the pandemic caused a contraction in many sectors, it provided an opportunity to grow in the commercial software sector in which we operate,” Yu says adding that they further strengthened their leading position in the market during this process. As of today, the company’s market share in the cloudbased accounting programs segment has reached 80%.

Sean X. Yu, Co-founder and CEO of Parasut

While the pandemic caused a contraction in many sectors, it provided an opportunity to grow in the commercial software sector in which we operate. We further strengthened our leading position in the market during this process with 80% market share.