June 12, 2020 beaconvc

SMEs can run payrolls online via FlowPayroll app

In brief:

  • Thailand’s SMEs are the “backbone of Thailand’s economy,” but their cost of managing employee payroll and complying with regulations remains high.
  • COVID-era work-from-home practices have greatly created the demand for online payroll solutions among small businesses. 
  • FlowAccount has partnered with KBank to offer online payroll process service via a web browser-based app, FlowPayroll.
  • FlowPayroll has already onboarded over 10,000 Thai SMEs

FlowAccount, one of many leading startups in Beacon VC’s portfolio, has recently launched an online payroll service aiming to empower Thai SMEs with more robust HR solutions. FlowPayroll is integrated with Kasikornbank’s K-Cash Connect Plus and helps entrepreneurs and small business owners seamlessly manage their HR headaches remotely, anywhere and anytime. The free trial period starts now.

COVID-19 forces business owners to pay deeper attention to cost-saving measures and ways to maintain liquidity. These business owners are also becoming more hands-on with day-to-day business operations from sales management, marketing, accounting, to payroll management. The rapid increase in the number of tasks that the owners have to manage drives stronger demand for remote business management tools. 

Payroll management, the universal headache for business owners

Even the smallest businesses require payroll management. Without an in-house accountant or human resources department, this task automatically falls to business owners. Every month, business owners must handle sensitive and complicated salary information, while trying hard to meet monthly deadlines. However, there aren’t any existing low-cost tools in the market that can help business owners manage payroll in a reliable and time-efficient fashion.

“Many business owners open up a spreadsheet, type in employee names, and plug in some formulas to calculate social contributions and taxes. They’ll do transfers online to their employees, one by one. Some of them might even drive over to their bank to make the transfers,” says Kridsada Chutinaton, co-founder of FlowAccount. “They spend several hours a month on this and they still aren’t confident that their final figures are accurate.”

FlowAccount recognizes this pain point in the market and aims to address it.

“Most of our customers are new generation entrepreneurs who prefer to use online tools,” Chutinaton continues. “And as business owners, running their payroll is a headache. We developed our online payroll solution, FlowPayroll, in response to this. It makes calculations in essential salary items, generates important documents, and can easily be linked with online bank accounts to make salary payments.”

FlowPayroll is part of a suite of financial solutions for SMEs designed for easy and quick setup. Other tools include FlowAccount, a cloud-based financial accounting app, and an online credit application for GrabFinance.

FlowPayroll: An Online Payroll Solution for SMEs

FlowPayroll is an online, browser-based payroll program that helps business owners quickly and easily run their payroll. It also allows business owners to instantly see an overview of salary expenditures.

The main page of a FlowPayroll account is the Dashboard, which is a colorful visual summary of a business’s inflows and outflows. Key dimensions and numbers, such as salary or revenue, are shown in real-time using simple graphs to help owners assess the health of their business. 

One of the most unique features of FlowPayroll is its secure link to K-Cash Connect Plus from KBank. Owners can use FlowPayroll to record their employee salary, and the system will automatically calculate tax deductions and provident fund contributions. Upon user authorization, the system then uploads required documents and salary amounts directly to the KBank payroll system. With one additional click, business owners make payroll bank transfers to multiple employees at once.

FlowPayroll users can opt to use its counterpart financial accounting solution, FlowAccount. Used together, payroll expenditures are automatically synced with FlowAccount’s financial records. The result is a more time-efficient way of to conduct payroll and financial accounting. It also gives an accurate and complete view of a business’s activities, so business owners are armed with the information they need to manage costs.

At present, over 10,000 businesses currently use FlowPayroll to pay over 70,000 employees.

FlowPayroll offers quick video tutorials as well as weekly free online courses to help new users get started.

Video: FlowPayroll https://youtu.be/-yojm8gBk8Q (Thai language)

FlowPayroll runs on web browsers, and 30-day free-trials are available at  https://flowpayroll.co currently. For more information, call +662026898 (Thai and English).

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Founded in 2015, FlowAccount is an easy-to-use cloud accounting solution designed specifically for Thai small businesses. Our fintech software helps small business owners with invoicing, expense tracking, payroll, and reporting. Our goal is to make world-class software that helps small businesses save time, improve productivity, and ultimately increase their probability of success. 

Founded in 2017, Beacon VC is a wholly-owned corporate venture capital fund of Kasikornbank PLC (SET: KBANK), a leading commercial bank in Thailand with the highest mobile penetration and largest SME base. With an initial fund of $30 million, Beacon VC focuses on strategic investments in early to growth-stage technology startups covering not only financial technology (fintech) but also consumer internet and enterprise technology. In 2018, Beacon VC expanded its fund size to $135 million.

For additional information:
Ms. Saranrat Waikiat, Corporate Communications (Thai & English)
saranrat@flowaccount.com
Tel. +66 85 156 5241

General inquiries:
FlowAccount Co., Ltd. (Bangkok, Thailand)
Tel: +6620268989
www.flowaccount.com

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