Brief introduction about the founders.
My name is Oumesh Sauba, I am the founder of NuBooks India. I am a qualified accountant with over 20 years of experience. Together with Prashant, Vikash and Monika, we have created NuBooks to help micro and small businesses with their taxes. Our priority is to make it easy for micro and small businesses to manage their finances all in one place. NuBooks has the state of the art AI technology for invoice processing.
Can you briefly describe how NuBooks was founded and how the journey thus far has gone?
NuBooks was founded in 2021 after COVID-19 pandemic. As more and more people were moving online to continue their business it was difficult not to help them with their finances. We started with testing our AI technology first and then we incorporated our own bookkeeping cloud platform.
What problems is NuBooks trying to resolve? What is the role of technology in your services?
Businesses struggle to keep their finances in one place. We are helping small businesses to keep all their business information in one place so that it will be easy to send those information to their bookkeepers or accountants. We have developed state of the art AI technology to process invoices and receipts and make it easy for micro and small businesses as well as their accountants.
In the same domain, several players are active. How does NuBooks differentiate itself in this intensely competitive market?
There are several players but not all of them are bringing AI technologies to micro and small businesses. We are excited to bring such technologies to micro and small businesses and help them grow. The market is very open as there isn’t one major player. We are determined to compete with them.
Can you discuss your intentions for growth over the next 12 months?
Our plan is to attract as many users as possible in the next 12 months. QuickBooks is leaving India by May 2023 and we are hoping to migrate at least 1 million users from QuickBooks to Nubooks.
Are there any upcoming developments you anticipate in the fintech industry? How will it affect customers?
There are many new developments in the fintech industry. For instance, banks building strategic partnerships with NuBooks to help provide financial support to micro and small businesses. Data monitoring to help micro and small businesses make the most of their collective purchasing power.
What is the USP of NuBooks ?
The unique selling point for NuBooks is the AI technology to process invoices for micro and small businesses. This will save them at least 1 day a month of admin or 12 days a year on average.
In terms of users, downloads, and revenues, what kind of reach do you have?
We have thousands of users registered online. Our app will be released soon and we are expecting to grow exponentially.
What is the technology roadmap you foresee in the finance sector?
Collaboration with banks to provide help and support to micro and small businesses.
Do you have any further essential information to add?
NuBooks is an excellent software for micro and small businesses and it will help them to manage their finances and grow successfully.
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