ABSS Launches Cloud-Based Automated Accounting Solution to Boost Singapore’s Digital Economy

Asian Business Software Solutions (ABSS) today announced the launch of Financio, a cloud-based automated accounting software for micro and small businesses in Singapore that gives companies access to a secure solution that tracks business finances effortlessly.

Developed by ABSS and powered by Microsoft Azure, Financio does not require any accounting knowledge to operate and has been designed to be used by non-accountants.

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. Through ‘Financio Connect’, businesses are also able to collaborate seamlessly and share documents on the platform.

Paul Conway, Chief Executive Officer, ABSSsaid: “SMEs make up 99% of Singapore’s enterprises, employ two-thirds of the workforce, and account for about half of Singapore’s GDP. As Singapore embarks on its Smart Nation journey, it is crucial for companies to start their digital transformation journey and gear up for the new digital economy. Through Financio, businesses are able to leverage accounting technology to boost productivity, drive collaboration and stay on top of their finances.

“Financio is intuitive and simple to use - It 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, generating reports and GST tax records.” added Conway.

In Singapore, Clove Bridal Studio, a professional photography agency has chosen to be an early adopter of Financio’s premium version to streamline its financial processes. Fiona Liu, Sales Director, Clove Bridal Studiosaid: “As entrepreneurs in this information age, we were looking for an all-in-one solution that could help us simplify the traditional time consuming bookkeeping methods, and putting our focus on delivering more value for our customers and growing the business. With Financio, we have digitised our accounting operations with the cloud and will save over S$1,000 and 100 man hours a year.”

Jye Eng, Chief Technology Officer, Financiosaid: “Financio is currently powering more than 4,500 small businesses across Southeast Asia today, and saving over 384,000 man hours a year. We are seeing more customers adopting software-as-a-service (SaaS) on a subscription service basis, and realising the benefits of accessing data on the go. Companies that are processing information offline should now be looking to do this online.”

Financio also offers features that include multi-currency support, real time backup, Singapore GST support, file storage for attachments to transactions and is also available in Malaysia. ABSS is also looking to deploy its solution to SMEs in Philippines, Hong Kong and Indonesia.

Small business owners can use Financio for free for up to 10 invoices monthly, and upgrade to the premium version with a low entry cost of S$9.95 a month at financio.co.