Kuala Lumpur - 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 a new accounting automationsoftware 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 today.
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.