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| (Left. To Right) Mr Paul Conway, Chief Executive Officer of ABSS Mr Jye Eng, Chief Technology Officer (Cloud), ABSS Mr Ameer Shaik Mydin, Managing Director of Censof Holdings Bhd |
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 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 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. These will really helpful for the SMEs to keep track all the transactions.
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. This is really a great news and beneficial for those SMEs that operate in Bahasa Melayu and Chinese language ! Looking forward soon.
“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.
Get to know more about Financio,
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