Whereas looking for bill making options on YouTube, he got here throughout Gimbooks-a cloud-based bookkeeping app and began utilizing it to provide fast digital invoices to his clients.
Kaser finds Gimbooks’ Simple Bill Supervisor function person pleasant, and it has helped lighten his workload. “It’s inexpensive, saves plenty of time, and I might simply do all of it on my telephone. I’ve additionally witnessed a number of small companies round me utilizing the app for a similar,” he advised ET Digital.
When the nation is witnessing fast know-how adoption on account of the coronavirus, apps like Gimbooks are enjoying an vital function within the digitization of small and medium companies.
The corporate was launched in 2017, the identical yr when the Items and Companies Tax (GST) was launched. The founder Yash Raj Agarwal believed the yr was the suitable time to launch the app because the intention was to deliver simple digital options to SMEs and small companies within the nation. Maintaining this in thoughts, over time, their companies expanded to creating e-way payments, buy orders, citation creation, managing stock, submitting GSTR and making use of for loans, amongst different capabilities. This yr it has made it to the coveted checklist of startup accelerator programme Y Combinator’s winter batch of 2021.
Agarwal, a former enterprise analyst for Goal Company, had beforehand owned a enterprise which traded in pyrolysis merchandise throughout India. Even after finishing his MBA and having enough information in finance, Agarwal couldn’t handle the ledger, accounting and expense evaluation.
“I realised that this was meant for specialised accountants and as somebody working a small enterprise, I couldn’t afford a full-time accountant, I needed to do it myself,” he advised ET Digital.
Related experiences over time working with retailers and a number of distributors drew his inspiration to deliver a contemporary accounting platform for MSMEs. This meant making a platform the place even those that shouldn’t have information of accounting can simply get their work carried out.
“Gimbooks is a do-it-yourself simple platform. It doesn’t require any prerequisite coaching. On the backside of the pyramid, there are people who find themselves not so tech savvy for accounting and bookkeeping. These guys are in search of a easy, easy-to-use strategy that may handle in depth invoicing, sending cost reminders, cost receipts to retailers, and so forth,” he mentioned.
Yash Raj Agarwal, founder, Gimbooks.
There are practically 70 million companies within the nation, and 85% of them handle their day-to-day bookkeeping utilizing pen and paper. As per a latest examine by Cisco India, digitalization of SMBs might add round $148-216 billion to India’s GDP by 2024 and is predicted to assist in the Indian financial system restoration submit COVID-19. Whereas many of the push to digitization got here after the pandemic introduced offline companies on their knees, the initiatives in the direction of the identical started previous to COVID-19. From the federal government to massive tech corporations reminiscent of Amazon, digitizing SMEs turned the only real focus this yr.
Engaged on the identical goals over these years, Agarwal mentioned that many different bookkeeping and accounting software program emerged, nevertheless, all of them had common bill templates. The important thing takeaway from working with the SMEs for Agarwal was the necessity of customization.
“For each business, there’s a want of customization. If somebody is from a pharmaceutical background, then their wants and parameters can be totally different to create an bill reminiscent of manufacturing date, expiry date, batch quantity, producer’s title. If somebody is coming from an digital background, then there’s a want for an IMEI quantity, which implies there could also be a necessity for a barcode generator. Subsequently, at each step of bookkeeping, there’s a want for personalisation and Gimbooks have personalized for all these domains,” he mentioned, including that the function is without doubt one of the distinctive promoting factors of Gimbooks.
It creates these invoices in real-time and might be synced within the cloud utilizing each desktop and cellular. The agency additionally gives the posh to create these in a number of regional languages, retaining in thoughts how SMEs have better presence in smaller cities.
Through the preliminary months of COVID-19, the corporate noticed a dip in income however bucked up from the month of June as buyer engagement jumped and it has seen a development of 15% month on month. Gimbooks digital companies got here in helpful throughout this era, as most of their retailers labored from house and never from their places of work.
Even for festivals, the Gimbooks app, which shops particulars of the service provider’s firm title and brand mechanically, creates greetings for the festivals to be shared with their enterprise contacts and clients, one thing which normally clients don’t get time to do correctly.
The agency has to this point gained 10,000 paying clients and is providing its companies on a subscription foundation. For the primary 3-Four weeks, clients can use it totally free following which the subscription stands at Rs 2000 plus taxes per yr. It provides different plans as effectively, starting from half-yearly subscriptions to 5 yearly subscriptions priced between Rs 1,200 to Rs 5,000. It additionally has a tie-up with ICICI and HDFC Financial institution.
When requested about future plans, Agarwal mentioned they’re planning to go worldwide and serve different comparable markets the place small companies contribute a majority to the financial system. “Our subsequent part might be coming into different Asian international locations. We’re planning to reside within the neighbouring countries- Pakistan, Bangladesh, Sri Lanka and Indonesia by December finish,” he mentioned.