Covering Disruptive Technology Powering Business in The Digital Age

Asian Business Software Solutions Sdn Bhd (ABSS) wholly owned entity, Financio today signed a Memorandum of Understanding between themselves and Microsoft to empower micro SMEs in Malaysia. The move is in hopes of accelerating their digital transformation journey and is designed for start-ups, small business owners and non-accountants. The specially catered platform will be the first ‘freemium’ accounting application to hit Malaysian shores, adopting Microsoft cloud services to provide an end-to-end, scalable solution for micro SMEs.

Financio’s unique selling point is in giving access to a secure solution that tracks business finances that leverage off Microsoft’s cloud solutions. Micro SMEs can easily migrate their accounting portfolio to the cloud platform with an uptime of 99.5%. Microsoft also offer Office 365 as a complimentary service for Financio’s current customers.

Present at the signing, Paul Conway, CEO, ABSS said, “Through Financio, businesses are able to leverage accounting technology to boost productivity, drive collaboration and stay on top of their finances. This partnership comes from a shared interest to empower micro SMEs to operate business critical actions anytime, anywhere through a device and realising the benefits of accessing data on the go. Companies that are processing information offline should now be looking to do this online.

Today, Financio is helping small businesses save over 384,000-man hours a year and powering more than 4500 small businesses across Malaysia. We are aiming to increase this number to 125,000 by March 2018, and our partnership with Microsoft will play a crucial role in achieving this target. We are delighted that our customers will now experience Microsoft’s cloud solutions to accelerate their business growth,” added Conway.

To a question on why Financio chose Microsoft Azure as their preferred cloud platform, he said that Microsoft has a good name in the market and are present in most countries and territories, making them a natural solution to their cloud needs. He added that through the machine learning and AI availability, the company, through time will be able to further reduce time spent on accounting and improve their deliverables at t much faster rate.

Financio assists users to easily 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. Savings in both monetary and man-power can be expected to range from at least 100-man hours and RM2,000 a year by moving from spreadsheets to accounting automation. Through the accounting automation, most of the bookkeeping processes from the business such as double entries, generating reports and GST tax records, will be eradicated, allowing business owners and accounting teams to focus on accelerating their business growth.

K Raman, Managing Director of Microsoft Malaysia said, “Since Microsoft established its presence in Malaysia over 25 years ago, our technology has helped transform the way people work, learn, play and communicate. 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. We have been their trusted partners in this journey and our collaboration with Financio is a step further in this direction. We are confident that our trusted cloud solutions will propel Financio’s digital transformation journey and enable it in providing end-to-end, scalable solutions for businesses in a digital economy. We also laud the efforts of SME Corp in driving development of SMEs in the country and are glad to contribute to their efforts by way of this partnership.”

Witnessing the MoU signing was YBhg. Datuk (Dr.) Hafsah Hashim, Chief Executive Officer of SME Corporation Malaysia, who said, “Currently 98.5% of business establishments in Malaysia are SMEs, which contributed 36.6% to the country’s GDP, 65.3% to employment, and 18.6% to exports. For startups, managing cashflow and keeping a close eye on finances is a core part of running a business. In fact, accounting for startups is so important that many businesses with great products fail each year just because they don’t get a handle on their finances. We congratulate Financio and Microsoft on this partnership and believe that SMEs in Malaysia will now be able focus on growing their businesses intelligently.”

Financio is free for micro businesses, offering up to 10 invoices monthly, and business owners can upgrade to Financio’s premium features at RM32.95 a month. With Azure, micro SMEs will be able to gain access to trusted Microsoft products that deliver a seamless cloud experience while enjoying the robustness and stability that comes with Financio.

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