One of the hurdles to
success for entrepreneurs, regardless of how viable their business may be, is
being able to properly manage the financial side of the business. With the
arrival of new accounting automation software called Financio, things are now a
lot easier.
Developed by Asian
Business Software Solutions Sdn Bhd (ABSS) – a subsidiary of Censof Holdings
Bhd that was acquired in 2015 – with startups, micro and small businesses in
mind, Financio is for users with little or no accounting knowledge, to manage
their accounts with little or no outside help.
“Many startups and
small businesses cannot afford or see the need for an accountant in the early
stages. This is a risk as they can lose track of their financials and
performance because they are flying blind and cannot be in control of a
business if they don’t know what is going on,” said ABSS Chief Executive
Officer Paul Conway at the launch of Financio in Kuala Lumpur on 29th
March 2017.
Financio is designed
to be used by non-accountants, it is user friendly and does not require any
accounting knowledge to operate. It also allows the sender and recipient of the
transaction to communicate and share documents on the same platform.
“And because micro and
small businesses are crucial to local economies by generating income for
families while creating job, products and services ABSS is also offering the
basic version of Financio for free, for life, as our contribution to society,”
he added.
It basically takes
away most of the bookkeeping process from the business, and all users need to
do is put in the sales and purchase figures. The system will do the rest such
as double entries, generate reports and tax records.
Users can track sales
and purchases and miscellaneous transactions, automatically generate financial
reports and tax records, also automatically forward transactions to recipients
via email and inventory tracking.
Financio also offers
multi-currency support, real time backup, Malaysian GST support, file storage
for attachments to transactions and, because it is Cloud based, be accessed
from anywhere.
“There’s even a
feature called ‘Financio Connect’ that allows businesses to connect with one
another, just like adding a friend on social media, and once a connection
between two businesses has been established, it works seamlessly by allowing
transactions to be sent across to each other as well as communicate on a single
platform,” said ABSS Chief Technology Officer (Cloud) Jye Eng.
“We realized that the
younger generation is becoming the main driver of the country’s economy, they
tend to be more IT savvy, willing to try new things, and want to have a clearer
picture of their business’ finance and access their data anywhere they go,”
added Eng.
Users can try Financio
for free and use the full function-rich premium version with a low entry cost
of RM32.95 a month or RM329.50 a year.
The launch version is
in English, with the Bahasa Malaysia and Chinese versions to be launched by the
2nd quarter of 2017.
“Micro and Small
businesses make up 97% of the SMEs in Malaysia. We target to get 20 per cent of
them or about 125,000 users by March 2018, and in 2017 we will be introducing
Financio into Singapore by June and into Hong Kong, Philippines and Indonesia
by September” said Conway.
Watch this interesting video above to know more about Financio
Pics taken from Financio
Facebook page at https://www.facebook.com/financio.co/
This is definitely a good growth to see. I will definitely check them out since i have my little business running. Thanks Rane!
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