FlowAccount first appeared on the AIS The StartUp stage in 2015 when it presented a fascinating accounting solution for small business owners. FlowAccount was developed by brothers, Krisada and Danai Chutinthorn, alongside one of Krisada’s best friends, Worawit Srikhuruwan.
Before they began working on FlowAccount, the three were running their own business, meaning that they already had a clear idea of the kind of issues that small business encountered in their accounting operations due to a lack of expertise in this area. From their first-hand awareness of this need, FlowAccount was developed to provide small businesses just starting out with an accounting system that was easy-to-use but also one which had a complete range of necessary features. FlowAccount is easily applied to company operations so that even small business owners with no prior foundation in accounting are able to begin using it with little hassle. What’s more, FlowAccount also helps small business owners by providing guidance and training on how to use the system itself, as well as useful information on various aspects of the accounting process. In this way, FlowAccount’s users have been able to manage their business operations with greater simplicity, leading to FlowAccount becoming established as one of the most popular accounting systems among small business owners.
In creating a system that is now preferred by a high number of users, FlowAccount’s developers have learnt an important lesson. When developing a new system, you cannot focus only on how to create the most sales. Instead, you also need to look at ensuring the system is as user friendly as possible, and that it has the potential to raise the company profile of its users. In other words, the marketing of the system software is just the beginning.
From FlowAccount to FlowAdvance: If we can ensure success for our customers, we will be ensuring success for ourselves
For the past 3 years, FlowAccount has undergone constant development in order to respond to the needs of small businesses and owners of Startups. Many customers began using FlowAcount from the moment they started their business and it still plays a part in the progress and expansion of their business to this day. Such businesses will often encounter more complications in the way they operate as their employee numbers grow. Also, specialist accounting teams may be set up within companies as their accounting needs increase. With the success of their customers in mind, the original system’s developers decided to develop a new, improved system that could effectively tend to the ever-changing needs of this group of users. However, one aspect that has never changed is the ease-of-use which made the FlowAccount system so popular in the first place. This simplicity has been a major building block underpinning the new services on offer from FlowAdvance, an accounting system designed especially for business expansion.
The development of FlowAdvance has been overseen by the original team that has been developing FlowAccount for the last 3 years. However, the team has been significantly enhanced to incorporate the brightest and most highly skilled associates of the original members, expanding the team’s areas of expertise to include accounting, technology and the provision of various services. Everyone involved in the project believes in the good they are doing in terms of the system’s usefulness and the benefits it can bring to SMEs. Such faith in the project means that the team have been able to continue developing the system to much higher levels, while still providing a service which is highly effective in responding to the unique requirements of its customer base.
The functioning capabilities of FlowAdvance
FlowAdvance was firstly available through its Beta version from the end of April 2018 and it has been well received both in terms of existing customers who are expanding their business and new customers seeking fresh solutions to their accounting needs. Many customers have given feedback to the team, expressing their satisfaction that the system is simple to use and the user interface is easily navigable. What this means is a high level of efficiency in the operations carried out by the business owners working alongside their accountants. Additionally, a large number of FlowAdvance’s customers currently use offline accounting systems and are looking to bring their company into the digital era by changing to FlowAdvance.
The main difference between FlowAccount and FlowAdvance is their target customers. While customers of FlowAccount tend to be StartUps which manage their own operations and a small employee base, FlowAdvance is aimed at businesses which have already firmly established themselves and are in a period of expansion. This means that FlowAdvance’s target customers require a more versatile accounting system which can respond to their business needs more appropriately.
FlowAdvance also has more functions available, such as the accountant function, designed for businesses which have expanded to a level where they employ their own accountant. This function allows for a more simplified working relationship between business owners and their accountants. For example, when a business owner opens up a sales document, the data will automatically be transferred into the system, allowing the accountant to alter the financial statement immediately. Moreover, business owners can access their financial data at all times, giving them the opportunity to view sales figures, receipts and numerous other types of reports, all of which can help to improve company efficiency.
The FlowAdvance system offers a free 30-day trial prior to registration. The trial is accessible through the front page of its website at www.flowadvance.com
If users have any queries, the team is on hand to provide advice on how to get the best out of the system. Also, if anyone wishes to use the system after completing the trial period, there is currently a special monthly price of just 249 Thai Baht.
It has been proven that FlowAccount and FlowAdvance are able to cater to the unique needs of their customers and this has led to famous investment firms from both domestic and international arenas investing in the systems, including Beacon VC (The venture capital arm of Kasikorn Thai Bank), SBI Investments (Japan), Golden Gate Ventures (Singapore) and 500 TukTuks (Thailand).
The definition of the word ‘scale’ from the founder
“Setting up a StartUp is not simply about developing products. It’s also about developing every aspect of your business in parallel with one another. Our business started out small so we emphasized developing products that would appeal to people. That was our biggest goal at the time. However, as customer numbers grew and our business expanded, the work we carried out became a lot more complicated across all areas of the business. This was an opportunity for us to learn many new things about business and it eventually taught us that we needed to develop all areas of the company alongside one another, meaning that everyone in the company became a leader, helping us to evolve continually with a strong belief in our company mission.
Building a company culture that coincided with the company mission statement was a hugely important part of what made long-term expansion possible. Additionally, we never stopped using our much trusted backyard system that gave us the complete range of information necessary to make the most accurate business decisions, while also feeling confident in the way we managed our day-to-day company operations.
A message for those just starting out
For those who are yet to begin their journey, we’d like you to understand that starting your own successful business may take a lot longer than you anticipated and require you to go back to the drawing board numerous times. Please try to make sure that your new business reflects your own personal philosophies as you have the chance to control these factors. Do your best to prove to yourself that you can achieve the goals you initially laid out, even though you may be limited by finances, time constraints or workforce. If there is evidence of your products being beneficial to the customer, doors will be opened in terms of future opportunities, just as our company receiving the AIS The StartUp 2015 award opened doors for us in terms of changing our company landscape in a way that enabled us to develop continually to this day.
For the new generation of thinkers, entrepreneurs, and startups who would like to burst open the doors to exciting opportunities in Thailand just as FlowAccount and FlowAdvance have done, you can apply to send in your findings at www.ais.th/thestartup
