FlowAccount equips SMEs

FlowAccount, an online accounting app startup, aims to expand its client roster from 10,000 small companies to 100,000 by 2021.

Thailand is home to about 2.9 million small and medium-sized enterprises (SMEs), but only a small number use an online accounting platform.

There is huge demand from entrepreneurs who need such digital tools, according to Kridsada Chutinaton, co-founder of FlowAccount.

The company provides automated accounting software that lets SMEs deliver billings within two minutes.

With just one click, SMEs and startups can use the free service with basic functions such as sending price quotations and generating tax invoices.

Additional functions for which users have to pay an annual fee include inventory management, accrued-expense balance, staff salaries and other reports that help entrepreneurs run their business more professionally.

All information via FlowAccount.com is stored in the Amazon Cloud. Users can access the online accounting service anywhere, any time via a computer or the mobile app available in iOS or Android format, Thai or English.

Mr Kridsada said FlowAccount’s packages fee for SMEs and startup subscribers is between 990 and 3,000 baht a year, depending on the accounting functions needed.

The number of subscribers has grown rapidly because of development of Thailand’s digital infrastructure ecosystem and the increasing popularity of e-payment.

“Last year we had only 3,000 active company subscribers, and now it has reached 10,000 customers,” Mr Kridsada said, adding that the company aims to secure some 100,000 customers by 2021.

He said new entrepreneurs and startups must move fast and have flexible operations through digitisation procedures.

Yesterday, FlowAccount announced a collaboration with leading venture capitalists in Thailand and Japan, raising US$1.15 million (38.2 million baht) in funds.