GimBooks' Cloud-based Bookkeeping - Can the shift to digital accounting and business activities be for good?
Have we reached that era where accounting and business document management can be completely digital? Computers and easy use of software like Excel have made digital storage of business and account-related information popular in the last decade.But, auto-managing this data, real-time tracking, ready integrations with bank, and much more can be accessed today. GimBooks makes all these possible at one-stop and here's Founder & CEO, Yash Raj Agrawal's take on what the platform offers
GimBooks is a mobile-first, cloud-based digital bookkeeping, accounting, banking and lending platform that is designed for SMEs and MSMEs. It’s easy to use mobile app is the perfect solution for retailers, manufacturers, wholesalers, traders, distributors, mom-and-pop grocery stores, kirana store owners, and many others.
Yash Raj Agrawal describes his venture as much more than a digital data managing platform. It allows small businesses to digitally create GST-compliant invoices, e-waybills, purchase orders, quotations, and challans seamlessly through their phones.
GimBooks’ Tech Offerings
“Our platform, which is easy-to-use and uniquely offers ‘domain-based bookkeeping’ service,” Yash specified. With a fine target in small and micro-businesses of India, GimBooks is a solution to iron out the details and minute accounting requirements of these businesses.
With the majority of bookkeeping in India still managed traditionally, manual errors and reconciliations make the process cumbersome. Yash believes that with technology in the horizon and with digital tools and app, this scenario is likely to change.
“GimBooks – through our mobile app and integrated website -- is looking to accelerate and enable this ‘technology-centric’ future revolution for SME and MSME operations in terms of bookkeeping and accounting. Weoffer loans to our merchants at the point of the need, i.e. exactly where they require it. We are bringing more such products which will be one of a kind and revolutionise the lending and buying journey of our users,” Yash added.
Impactful solutions for e-document creation and management
GimBooks has a total user base of 1.6 million+ users, with above 10,000 Daily Active Users and upto 2.5 lakh monthly active users. They are facilitating close to 1500 crore monthly invoicing, and enabling over 3 lakh document creating per month.
It is no doubt that users are responding pretty well to accounting with technology. GimBooks total Gross Merchandise Value (GMV) is over 5000 crores and is, without a surprise, on the rise.
Transitioning sales through the pandemic
With the pandemic situation at hand, even their sales shifted to completely digital, along with people’s increased need for digital accounting. Yash says, “For us, there were fewer sales and marketing activities that were physical, even before Covid-19 hit.”
Currently, GimBooks is operating on a “digital-only” basis with the entire team working from home, much is resonance with their “digital-only” motto for accounting and bookkeeping for businesses.
Vision for the future
Ahead of their existing domain-based bookkeeping, GimBooks hopes to target industry-specific needs. “We are launching invoice-based financing in our app, for a much more efficient data-based mechanism for credit analysis within invoices, payment history, buyer behaviour, due dates, out-standings, ledgers and more. It will be the first-of-its-kind,” Yash added.
GimBooks vision is partly seen to success with these achievements in the past years:
- Year of inception – 2017
- 24 active employees
- Revenue for FY 2020-21 – 1.75 crores
- 325,000 USD received in external funding.
- Major Indian MSMEs as clients
Yash also shared the vision for introducing features for “integrated and connected banking”, collections for instant payments, and B2B lead generation and commerce through the GimBooks portal in the years to come!
Puneet Kapani, features editor for Entrepreneur India, is self-driven and passionate about happenings and nuances of the world. She writes on lifestyle, gadgets, beauty, wellness, entertainment and technology updates around the globe. She has previously worked with L’Officiel India magazine, FHM Magazine and Times Internet.
Catch a glimpse of her work at @PuneetKapani on LinkedIn and @puneetkapani on Instagram.