Small and Medium Enterprises (SMEs) have always been in need of a localized and fully integrated accounting software. Reasons? Well, they lack capacity and resources to prepare proper and reliable financial reports, have limited capacity to comply with local tax and accounting regulations and a limited access to finance.
But they are unable to get hold of one standard platform that fulfills all their needs. Enter BanhJi, a free localized accounting platform, built for ASEAN SMEs industry specific needs, all set to take SMEs’ fear out of accounting.
Sim Chankiriroth, founder of BanhJi is also a co-founder of a financial consulting firm and an audit firm. There, working with various SMEs made him pinpoint the obvious need of a accounting platform. In addition, he noticed paying for accounting software is often at the bottom of their spending priority.
The team is focussing about on the needs and requirements of its two market segments, namely small and medium enterprises. In addition, striking to achieve the balance between simplicity and powerfulness of BahnJi’s product features has been another challenge.
BanhJi offers API to partners to develop vertical solution for industry specific needs that is fully integrated with their core accounting modules. Through BanhJi’s platform, SMEs get 9 core accounting modules (Customer, Suppliers, Inventory, Employee, Cash, General Ledger, Service, Management Report and Tax Module) for free. That is the reason the team claims that they provide 100% free accounting software. With these modules, they can perform all related accounting transactions and prepare financial reports in accordance with country specific accounting standard. They aim to be the preferred operating system behind ASEAN SMEs success, by focusing on four value propositions:
- Improve financial position and performance – Helping SMEs take back the control of their financial strength,
- Ensure compliance – Helping SMEs comply with local accounting, tax, and other related regulations,
- Increase productivity – Helping SMEs to focus on what is matter most to their business,
- Build confidence – BanhJi gives more confidence to SMEs to deal with financial institutions, debts financing providers and investors.
The BanhJi Edge
The business model stands out among the similar platforms. In line with value propositions, they provide 100% free accounting platform. With simple yet powerful functionalities, it is localized in term of language and related local regulations. The team works with their regional and local strategic partners to make this possible. In addition, BanhJi is not in the business of selling accounting software, but aims to provide the missing link between SMEs and financial institutions.
In this space, Accounting Robot is trending and the startup plans to move in this direction to remain competitive and even more useful. They are currently working on their own idea of accounting robot. AI technology will allow them to achieve their goal to take fear out of accounting and allowing SMEs to focus on what is matter most to their business.
Journey so far and the road ahead
They have launched a private beta in Cambodia and currently 120 SMEs are using it. They plan to launch a nationwide for Cambodia in September. Also, BanhJi is working with two financial institutions on a case by case basis. Also, BanhJi plans to step into the Singapore market within this year.
Part of the Startupbootcamp Fintech Cohort 2016, Chankiriroth comments on the experience saying,
It has been stressful yet satisfying! We have achieved a lot in the space of two and half months compared to what we have done for the last three years. The key takeaway from this experience is that it is extremely important to identify strategic partners and secure them early on.