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Financio targets micro SMEs with freemium accounting application

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Asian Business Software Solutions Sdn Bhd (ABSS) aims to empower micro SMEs with its accounting application, Financio. To reach this goal, it is partnering with Microsoft to offer Financio as a fully cloud-based end-to-end accounting solution.

“Through Financio, businesses can leverage accounting technology to boost productivity, drive collaboration and stay on top of their finances,” said Paul Conway, CEO, ABSS. He added that Financio is helping small businesses save over 384,000 manhours a year and already deployed by 4,500 small businesses.

ABBS aims to increase its user base to 125,000 within the next 12 months, of which 50,000 to 75,000 are expected to come from Malaysia, given its large number of SMEs. “Start-ups and micro SMEs can save time and money by moving from spreadsheets to accounting automation. It takes away most of the bookkeeping process such as double entries, generating reports and GST tax records; business owners and accounting teams can focus on their business,” Conway said.

With Financio, users can track sales, purchases and miscellaneous transactions through a simplified dashboard, and automatically generate financial reports and tax records, or forward transactions to recipients via email and inventory tracking. Businesses can also collaborate with each other seamlessly and share documents on the platform.

“Our partnership with Microsoft comes from a shared interest to empower micro SMEs to operate business-critical actions anytime, anywhere through a device, and access data on the go. We are delighted that our customers will now experience Microsoft’s cloud solutions to accelerate their business growth,” Conway said.

Part of the experience is Microsoft Office 365, which can work seamlessly with Financio. Customers who subscribe to Office 365 will be given a free half-day training to utilise the full capabilities of the software.

“A large proportion of new technology adoption and use in Malaysia will be driven by SMEs, as they account for over 97% of business establishments,” said K. Raman, managing director, Microsoft Malaysia. “We have been their trusted partners in this journey and our collaboration with Financio is a step further in this direction.”

Financio is free for micro businesses, offering up to 10 invoices monthly. “This is one way for customers to trial the product and get used to its workings. It is a good way to develop good accounting practices and build up a pedigree,” Conway said. “Furthermore, when their transactions are few, they do not really require premium features.

“The premium version comes with unlimited invoices, more detailed reporting, profit & loss statements, GST reports and so forth,” he said. “All premium features can be accessed for RM32.95 a month. There is only one pricing for premium with no additional charges for new features at the moment.”

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