KUALA LUMPUR: A new accounting automation software called Financio is here to help startups, micro and small businesses to manage their accounts.

Developed by Asian Business Software Solutions Sdn Bhd (ABSS), a subsidiary of Censof Holdings Bhd, the software is a user-friendly, cloud-based, with no accounting knowledge needed to operate.

“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 launching of Financio here today.

Conway said the Malaysian-developed software is able to generate reports and tax reports among others, with users only needing to key-in the sales and purchase figures.

He said ABSS will introduce Financio in Singapore by June, followed by Hong Kong, the Philippines and Indonesia in September.

ABSS chief technology officer (Cloud) Jye Eng said Financio also allow businesses to connect with one another, just like adding friends on social media.

“We realised 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 data anywhere they go,” said Eng.

Users can try Financio for free or purchase the premium version which features a full function of the software including the Malaysian GST support and bigger file storage with a low entry cost of RM32.95 per month of RM329.50 for a year.

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