The leading SME business solutions provider across Asia, ABSS is a developer and leading supplier of ABSS branded accounting software and supports Asian SMEs with a wide range of products and services.
Our service extends to SMEs throughout South Asia, including Malaysia, Singapore, Hong Kong, and more than a dozen other countries by providing tools that simplify desktop & cloud accounting management, ePayments, eCommerce, accounts receivable and more.
Winner of The Strategic Business Blueprint Category of SME & Entrepreneurship Business Award: Premier Edition 2017/2018
Incorporated in 1997 as a specialist for financial management solutions, Censof is today at the forefront of the industry in Malaysia and the global business arena. Together with our sister companies, the Censof Group of Companies has established presence in Malaysia, Indonesia and the United States, with financial management solutions, e-payment gateway services, and investment/asset management solutions. In January 2011, the Group was listed on the Main Market of Bursa Malaysia.
For more information, please visit www.censof.com
The Singtel Group is Asia's leading communications group providing a diverse range of services including fixed, mobile, data, internet, TV, infocomms technology (ICT) and digital solutions. Singtel myBusiness is the largest one-stop portal and Software-as-a-Service (SaaS) marketplace for Small and Medium Enterprises in Singapore. The portal focuses on simplifying SMEs ICT adoption journey, facilitating online collaboration and helps to deliver business advantages through SaaS productivity solutions, SME-focused business and technology insights, and aggregating opportunities. By developing transformative online capabilities for the community, myBusiness aims to address SMEs concerns with rising operations costs and enhance their business productivity and growth in order to stay competitive.
For more information, please visit www.mybusiness.singtel.com
Mint Payments Limited (ASX: MNW) is a leading omni-channel payments solutions provider that utilises bank grade enabled technology and infrastructure on various POS, mobile, tablet devices and online interfaces. Mint Payments has an innovative payments technology and transactions processing platform that integrate business processes to service credit and debit card payments across multiple markets and multiple channels. Headquartered in Sydney, Australia with offices and operations in Singapore and Auckland, Mint Payments delivers simple, fast, secure and flexible payment processing solutions to help businesses and organisations of any size grow.
For more information, please visit www.mintpayments.com
Paul is an engaging and innovative business leader with proven success in transforming enterprises, such as Bottomline Technologies, Manutan Group and Travelex, to deliver sustainable revenue growth and best practice client relationship management. He has experience accomplishing global strategies by empowering teams with a shared vision across numerous industries, including IT software, financial services and retail, throughout the UK, Europe and APAC. Paul's role as CEO will be to take ABSS to the next stage of growth, ensuring it continues to be the leading SME business solutions provider across Asia.
Grant is a highly experienced and motivational sales leader with a wealth of experience within fintech and the wider tech market space from companies such as Bottomline Technologies, Ideal Hardware plc, and Panasonic. Grant brings an extensive knowledge of supplying business’s with financial, payment and collection systems, working with partners such as HSBC, J P Morgan Chase, Barclays, and Worldpay. Having worked with customers from micro SME to large multinational through a variety of sales channels, Grant is well placed to drive our sales expansion across South East Asia.
Movena brings a wide wealth of knowledge and experience to ABSS having held a variety of Finance and Administration leadership roles both locally and overseas in Manufacturing, Telecommunications, Media & Advertising. Her areas of expertise include Financial and Management reporting, process improvements and adoption of best internal controls. Movena is a proven leader with a track record of building strong teams, driving innovation, delivering business results and managing through change. She is passionate about turning around operational efficiency through ABSSs vision, strategy and most importantly people.
Our General Manager for Singapore, Hong Kong and the wider International business, Rhys is a 15-year veteran of the accounting software industry, having held senior management roles with ABSS Ltd spanning China, South East Asia and New Zealand. As a founding shareholder of ABSS and part of the leadership team, Rhys brings a background in technology with a passion for helping small businesses grow and thrive. Rhys is responsible for driving regional relationships with government, financial institutions, enterprise and promoting the small business economy.
At ABSS we are focused on liberating businesses from the burden of day-to-day administration and empowering them to succeed. We achieve this through our people, who are an award winning team and our professional partners located in various countries in Asia.
Working at ABSS means joining a team of professionals that make business life easier in Asia. We are looking to those who are looking for an environment that encourages innovation, team work, having fun and a can-do attitude to join us.
Keen on developing your mind, learning from an award winning team and having fun along the way? Drop us an email with your resume attached. Good Luck!
SMALL and medium-sized enterprises (SMEs) play a significant role in the Singapore economy. They make up 99 per cent of the country's enterprises, employ two-thirds of the workforce, and contribute about of half of the country's gross domestic product.
But the SME sector is facing a unique set of challenges, which could impact its growth and in turn affect the broader economy.
Chief among these challenges is a significant grant reduction from 20,000 in 2015 to 16,300 in 2016 - but the reduced scope is not necessarily a bad thing. In fact, I would hazard a guess and say that it is exactly what the industry needs.
Handing out government grants - for example, to boost research and development efforts - or corporate tax reliefs is one thing, but offering monetary incentives to persuade companies to adopt basic accounting software is counterproductive and does little to change traditional mindsets and processes.
Data shows that SMEs have been slow to take up new tools. A study by the Singapore Business Federation found that 60 per cent of SMEs agree that they need to adapt their business model in light of technological disruptions yet only 24 per cent have taken significant steps.
Here are some simple yet effective things that SMEs can achieve without government intervention:Go digital with cash
I recently had the pleasure of doing business with Clove Bridal Studio, a Singapore-based photography agency that used our marquee accounting solution combined with payments to streamline its financial processes. The benefits were immediate with the company managing to save S$1,000 and 100 man-hours.
However, not every small business is able to make the digital shift so readily. Some still follow traditional bookkeeping processes, while others may make payments electronically but use sub-par technologies.Build a good digital strategy
It is not just in the payments space that small businesses may lose out. At the risk of stating the obvious, a good website and digital presence is critical in such an intensely competitive space. For a digital economy, I still see a lot of companies with really bad websites and content. So many continue to use outdated technology, static web pages and offer no content management.
Consumers have short attention spans, and you want to make the first impression count. The evidence is compelling: studies show that it takes less than two-tenths of a second for someone to form a judgement of your brand based on the website. With so many template-based websites available, it will not cost you an arm and a leg to have a clean-looking website that is mobile friendly, easy to navigate and that rises above the fold.Embrace artificial intelligence
Artificial intelligence (AI) can be intimidating for organisations - but for SMEs, it is downright scary.
In Asia, business is quite process driven and it is not unusual to have five or six people just to input accounting data. And while I am a big proponent of people building companies, I also see the value of moving the more mundane tasks that are prone to human error away to automated solutions.
What AI does (and does well) is to supercharge operational tasks, enabling companies to focus on building the business.
I am not talking about walking into an office and finding robots making coffee, but rather more basic cloud-based accounting solutions that are designed to be used by non-accountants and that offer value-added services such as generating financial reports and tax records.
Ultimately, as AI becomes more acceptable and mainstream, organisations will be forced to compete on product and service quality - and that is what is going to create entrepreneurs, as opposed to "grantrepreneurs".
Maybank Singapore today announced a partnership with Asian Business Software Solutions (ABSS) to empower start-ups and micro SMEs in Singapore with Financio, a new and affordable cloud-based accounting solution that will boost productivity, drive collaboration and help businesses stay on top of their finances.
According to SPRING Singapore, 80% of SMEs are micro-businesses, which typically do not have access or the means to digital tools. In fact, only 64% 1 of SMEs have made some form of technological change or adaptation in their business models. Maybank has also observed that 58% of its SME customers manage their business’ accounting without professional accounting help, based on a poll that the bank conducted last year.
Many of the micro SMEs and start-ups still rely on manual record-keeping or Excel spreadsheets, which may impede their growth as most banks would require financial statements for their credit underwriting. However, 96% indicated that they would consider changing business processes and adopt cloud-based solutions, for better record keeping and increased productivity.
With this partnership, Maybank’s SME customers will gain access to ABSS’ cloud-based and automated accounting software, Financio, which does not require any accounting knowledge to operate. This will be especially helpful to small business owners who need cost effective and automated accounting solutions.
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.
Payments can be facilitated conveniently via Maybank’s Business Internet Banking, allowing companies to better comply with accounting standards and improve their long-term credit worthiness, as well as enjoy ease of record keeping for tax filing purposes. Through ‘Financio Connect’, businesses are also able to network, collaborate, share documents on the platform to further boost their market reach.
“We are delighted to work with Maybank Singapore to support the underserved micro SME community. These companies face challenges such as limited access to capital and manpower shortages, as well as mounting pressure to sustain and grow both domestically and globally. Our strategic partnership delivers an unabridged offering that will enable micro SMEs to save time and money, and focus on delivering value for their customers.”
19 Degree Pte Ltd, a Singapore based firm specialising in aircon installation and services has subscribed to Financio's premium service to manage their financials. Howard Tiong of 19 Degree said:“As a small business, our accounting practice starts and ends with a basic Excel spreadsheet. However, as our business growth started to accelerate, we realised that we could not keep up with this rigorous process manually. Financio has allowed us to streamline our annual filing requirements for IRAS in 2016 which can take up to 250 hours, to just under 60 hours, effectively saving 190 man hours, or 76% of the time spent.” “In addition, a marked trait for Financio is its affordability – it has given us cost-savings of over 98% or S$6,500 a year, which would be spent on hiring a freelance accountant and deploying a different but more expensive accounting software for SMEs. Financio is also able to offer our CEO an overview of our financials at a glance and on the go, and he can now focus his efforts on customers and expanding the business,”
“We started our SME business in 2014, which has remained an integral part of our retail business. We have seen growth of 30% per year in terms of our customer base/accounts and revenue contribution from this portfolio in FY2016.”
“In line with the ambitions of our customers to grow through digitalisation and regional expansion, we believe this partnership is timely and relevant for entrepreneurs who are constantly improving their operating and business models to enhance their competitiveness and productivity.”
In addition, Maybank Singapore and ABSS will be launching a series of workshops tailored for micro SMEs, covering diverse topics such as financial management, data security, regulatory compliance updates and creating best practices for small business owners which they can bring back for their own business. ABSS fully believes in the opportunity for micro SMEs to drive growth in local economies, and is looking to gain 50,000 Financio users in Singapore over the next 12 months.
“Micro SMEs are the economic drivers and job creators in Singapore. We want to ensure they understand how to perform data-driven decisions on financial management and optimise their business operations in this digital economy,” concluded Conway.
KUALA LUMPUR: Financio, a wholly-owned entity within Asian Business Software Solutions Sdn Bhd (ABSS) has signed a strategic agreement with Microsoft to empower micro small medium enterprises (SMEs) in Malaysia and accelerate their digital transformation journey.
K Raman, Managing Director, Microsoft Malaysia signing the strategic partnership with Paul Conway, CEO, Asian Business Software Solutions Sdn Bhd (ABSS) witnessed by Farid Awang, Head of Division, Finance & Account Division, SME Corporation Malaysia in Kuala Lumpur on 17 th Oct, 2017.
Financio is the first cloud accounting application in Malaysia to adopt Microsoft Azure and the Financio-Microsoft partnership provides an end-to-end, scalable integrated cloud solution for microenterprise businesses in digital economy.
“Through Financio, businesses can leverage accounting technology to boost productivity, drive collaboration and stay on top of their finances,” said Paul Conway, CEO, ABSS. He added that Financio is helping small businesses save over 384,000 manhours a year and already deployed by 4,500 small businesses.“Today, Financio is helping small businesses save over 384,000-man hours a year and powering more than 4500 small businesses across Malaysia. We are aiming to increase this number to 125,000 by March 2018, and our partnership with Microsoft will play a crucial role in achieving this target. We are delighted that our customers will now experience Microsoft’s cloud solutions to accelerate their business growth,” added Conway.
Start-ups and micro SMEs can expect to save at least 100-man hours and RM2,000 a year by moving from spreadsheets to accounting automation. Accounting automation takes away most of the bookkeeping process from the business such as double entries, generating reports and GST tax records, allowing business owners and accounting teams to focus on accelerating their business growth.
Financio is free for micro businesses, offering up to 10 invoices monthly, and business owners can upgrade to Financio’s premium features at RM32.95 a month. With Azure, micro SMEs will be able to gain access to trusted Microsoft products that deliver a seamless cloud experience while enjoying the robustness and stability that comes with Financio.
KUALA LUMPUR: Dagang NeXchange Berhad (“DNeX”), through wholly-owned subsidiary Dagang Net Technologies Sdn Bhd, has been appointed as the reseller of Financio, a cloud-based accounting software targeted at start-ups, small business owners and micro small and medium enterprises (“SMEs”).
Under the appointment, Dagang Net will be the reseller of Financio for Malaysia and Indonesia.
Designed for users with little accounting knowledge, Financio is user friendly and can automatically generate financial reports and tax records according to the latest local accounting standards.
Being cloud-based, Financio can easily be accessible from anywhere. Financio is developed by Asian Business Software Solutions Sdn Bhd (“ABSS”), a subsidiary of Censof Holdings Berhad.
A reseller agreement signing was held in Kuala Lumpur today where DNeX was represented by its Executive Deputy Chairman Datuk Samsul Husin who is also Executive Chairman of Dagang Net. Signing on behalf of ABSS was its Chief Executive Officer Mr Paul Conway.
“With Financio, we can increase our portfolio of business-to-business (“B2B”) e-Services offerings to our existing client network as well as expand reach to new markets,” said Datuk Samsul.
He added that Financio serves a relatively untapped market and it meets the unique needs of today’s entrepreneurs and small companies who are looking for a user-friendly accounting software solution to help them grow their businesses.
ABSS is a leading provider of businesss solutions for the SME sector. The company’s flagship product, ABSS is a financial management solution widely used by SMEs in Malaysia, Singapore and Hong Kong. ABSS is a 51 per cent-owned subsidiary of Censof.
About Dagang NeXchange Berhad
Dagang NeXchange Berhad (“DNeX”) is a leading provider of award-winning e-Services for Trade Facilitation and has wealth of knowledge, expertise and operational know-how in the provisioning of e-Services for Trade Facilitation, and IT consultancy and cyber security. DNeX is also making its mark as a reputable player in the oil, gas and energy sector. The company is listed on the Main Market of Bursa Malaysia. For more information on the company, log on to www.dnex.com.my .
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.
Click here to read more: www.nst.com.my/news/2017/03/225308/abss-launches-financio-accounting-software-startups-small-biz
One of the hurdles to success for entrepreneurs, regardless of how viable their business may be, is being able to properly manage the financial side of the business. With the arrival of a new accounting automation software called Financio, things are now a lot easier.
Developed by Asian Business Software Solutions Sdn Bhd (ABSS) with startups, micro and small businesses in mind, Financio is for users with little or no accounting knowledge, to manage their accounts with little or no outside help.
“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 launch of Financio in Kuala Lumpur today.
Financio is designed to be used by non-accountants, it is user friendly and does not require any accounting knowledge to operate. It also allows the sender and recipient of the transaction to communicate and share documents on the same platform. “And because micro and small businesses are crucial to local economies by generating income for families while creating job, products and services ABSS is also offering the basic version of Financio for free, for life, as our contribution to society,” he added.
ABSS and Mint Payments launch ABSS Click to Pay in Singapore – a comprehensive e-invoicing and payments solution aimed at Singapore SMEs.
The solution is now available in Singapore and is due for release in Malaysia next; product to be out across South East Asia.
ABSS and Mint Payments see exponential growth and potential in eCommerce, online and mobile payments in South East Asia.
Asia Business Solution Software Solutions (ABSS), a leading business software provider and Mint Payments, an Australian payments processing technology provider, today announced the launch of ABSS Click to Pay, a comprehensive e-invoicing and payments solution targeted at Small and Medium Enterprises (SMEs).
ABSS Click to Pay provides SMEs with a safe and secure online card payment channel for paying invoices. The solution enables SMEs to click through directly from an e-invoice, enter credit/debit card or bank account transfer details, submit their payment online and receive a tax receipt instantly. This also allows direct card transactions to be processed in real-time, allowing SMEs to effectively manage their cash flow, reducing invoice processing costs and improving the invoice to payment process to achieve cost efficiency.
The launch follows a partnership agreement between ABSS and Mint Payments in March. Under this agreement, ABSS will distribute, license and integrate Mint Payments’ omni-channel payment solutions with ABSS’ ABSS branded SME business software products. Mint Payments’ partnership with NETS also enabled ABSS to be connected to NETS’ extensive payment processing network.
“More than 300,000 SMEs across Asia are already using ABSS as their accounting software of choice and it is the number #1 accounting software for SMEs in Singapore. Our partnership with Mint has enabled ABSS Click to Pay to be integrated with our ABSS software, which aims to help all SME businesses in Asia significantly increase business profitability by receiving payment faster,”
ABSS Click to Pay is currently available in Singapore and will be rolled out across Southeast Asia. The collaboration between Mint Payments, ABSS and NETS seeks to capitalise on the strong growth of eCommerce as well as online and mobile payments. Southeast Asia is also slowly witnessing the shift towards electronic payments, in replacement of cash and cheques, from consumers to corporations.
“With this collaboration, we are delivering a comprehensive omni-channel payment solution to SMEs in Singapore and the wider Asia-Pacific region. ABSS Click to Pay marks the first of a full suite of products that will be made available. Moving forward, we are targeting to launch Singapore’s first unified mPOS solution with NETS, which will also be made available to all ABSS’ merchants,”
“Being a trusted payment partner for merchants in Singapore, this collaboration with Mint and ABSS enables NETS to deliver omni-channel payment solutions that boost business productivity and efficiency for our merchants. This completes the final leg for merchants to automatically link payments into their business management system in a seamless manner.”
For more information visit: https://www.abssasia.com/sg/abss-payments
Asian Business Software Solutions Pte Ltd (ABSS), the exclusive developer and distributor of ABSS branded software for Asia has been appointed as the new Google AdWords Premier SME Partner for Singapore and Malaysia on 1st April 2016.
Google works with only a limited number of Premier SME Partners (PSP) in each market, who show proven ability to help bring Google’s online advertising solutions to small and medium sized businesses (SMEs). Successful partners are chosen for their large existing customer base of SMEs, extensive phone and field based sales force, commitment to provide excellent customer service and an existing operational infrastructure to service thousands of customers.
“The Google AdWords Premier SME Partner Program was created to help small- and medium-sized businesses who don’t have the time or resources to manage their advertising campaigns,”
“Our PSPs like Asian Business Software Solutions (ABSS) offer expertise, experience, and end-to-end customer service so business owners can focus on running their businesses.”
The Premier SME Partner program is the highest level of certification by Google. Partners are highly qualified and have direct access to Google. It takes ongoing, dedicated time to manage advertising on Adwords which SMEs simply don’t have the time or expertise to do themselves. Google Premier SME Partners know online marketing. They provide SME’s with local knowledge, product expertise, and access to Google’s technology to create high-performing advertisements so you can focus on what you know best, your business.
“ABSS are very proud to have been selected as Google’s newest AdWords Premier SME Partner in Singapore and Malaysia, which is a testament to our continued growth and success across Asia. Over 300,000 SMEs throughout Asia are actively using our ABSS branded software to simplify their accounting. Now we can also help our customers successfully promote and grow their business by driving sales through Google’s affordable, targeted and effective online advertising solutions.”
For more information visit: www.abssasia.com
Asian Business Software Solutions Pte. Ltd. (ABSS), a subsidiary of Censof Holdings Berhad (Censof) has entered into a master services agreement with Mint Payments Limited (Mint) a company listed on the Australian Securities Exchange (ASX), to distribute, license and integrate Mint’s omni-channel payment solutions with ABSS’ ABSS branded SME software products.
The exclusive agreement has an initial term of three years and will cover 11 countries throughout South East Asia. Currently, ABSS’s primary markets are Singapore and Malaysia where they are the leading accounting solutions provider with more than 200,000 business customers.
The partnership between ABSS and MINT capitalises on the increasing trend of digitalisation and computerisation in the Asian market and the developing appetite for eCommerce and mobile payments. The region is experiencing a regulatory and structural change to displace cash and increase payment card acceptance, demonstrated by Bank Negara’s target of 800,000 card terminals by 2020 as well as the adoption of Chip and Pin by 1 January 2017. This partnership is the first initiative in the South East Asian market to take advantage of the structural change and places Mint and ABSS’ ABSS customers in a prime position to realize opportunities in the region.
“I believe this is a step in the right direction for ABSS. This partnership will add to our portfolio of products and will enable them to deliver a wide range of business solutions using innovative technology to more than 330,000 businesses and accounting practices in the Asia region. Mint is the leading payments provider and we are delighted to work hand-in-hand with them to transform and modernise business management systems for our customers,”
“Following on from our partnership with ABSS in Australia and New Zealand, we are delighted to have signed with ABSS, the developer of ABSS branded SME software products in the South East Asian region. We look forward to delivering the first comprehensive omni channel payment solution to its leading network of small and medium sized business in the region. This agreement with ABSS is an excellent first step for Mint as we continue to execute our strategy, which includes expanding into key markets in Asia.”
“As we have witnessed in Australia and New Zealand, chip and PIN as well as contactless payments are becoming a necessity. With the rise of physical card and electronic payments in the region, we see similar adoption and growth rates experienced in Australia, being reflected in these South East Asian markets, however, the market size and opportunity will be far greater. The region is expected to account for approximately 20% of mPOS devices and transaction spend worldwide by the next five years, making it the right time for Mint to pursue these markets aggressively.”
For more information visit: www.abssasia.com