While the economy in Malaysia has just started picking up, it is still not an easy journey for start-ups and small businesses as they figure out the best way to navigate through the new norm. Aside from transitioning business plans to better fit into today’s society, these entrepreneurs are also facing other obstacles while trying to expand their start-up companies.
We spoke to two small business owners who were kind enough to share with us about their business and the challenges they encountered along the way.
Let’s see what the owner of Kay’s Steak & Lobster and Mohammad Aidil Dato’ Alladin, CEO and founder of MyEnergy EcoTech (MEET) have to say:
Kay’s Steak & Lobster
Serving the most tender steaks and succulent grilled lobsters with over 5,000 customers a month at Putra Heights and Ampang is Kay’s Steak & Lobster, a fine casual family restaurant that offers some of the best quality halal meat and seafood imported from Australia, Japan, and US.
This fast-moving business comes with the challenge of keeping the financial and accounting part in place as the owner utilized basic accounting knowledge to create a simple filing system to keep track of the business’s finances. However, this manual way of accounting proved to be labour taxing and took up too much time which could have been spent on growing the business.
These experiences led to overtime working and inefficient time management which could have been solved with a proper online accounting system.
“Financio is so simple to use and it allows me to easily train my staff who do not have any background in accounting. All she needs to do is key in the invoice and sales figure into the system, and voila, a full set of accounting reports are generated including an account payable report for me to view the incurred costs, profits made for the week and month, and the remaining bank balance.”
MyEnergy EcoTech (MEET)
MyEnergy EcoTech (MEET) is an eco-friendly solutions provider aimed to lead Malaysia into the green living sphere by creating awareness and providing energy efficient products for automotive, renewable energy, and waste management to the community.
When it came to the paperwork and accounting in the office, Mohammad Aidil Dato’ Alladin had to apply his fundamental knowledge of accounting which he picked up in his previous company. Before he knew it, he needed a system that could set up a much more extensive accounting transaction and reporting.
It was also exhausting for his start-up team to do all of the manual accounting and maintaining the hard copy documents. He also needed an app that would give him the accessibility to track and check transactions whenever he is on the move.
MEET’s owner also found it time-consuming whenever he needed his team to record expenses, issue invoices, chase for payments, and more from the office instead of him doing it on the go.
After discovering Financio, most processes were automated and they no longer need to worry about missing receipts and documents, as well as paper wastage.
“I was sceptical about this software but after using it for creating quotations and invoices for my clients, I found it relatively easy to manage. Once I have updated the other transactions in the system, it became a smooth and easy task to do daily,” said Mohammad Aidil Dato’ Alladin who was inspired by Elon Musk to start this business.
Effortless & Efficient Accounting For Your Business
Entrepreneurs these days are always on the go and constantly working through their mobile devices to save time and be more responsive to customers. While doing so, they are also facing a set of challenges that require different expertise or tools that could further enhance their company’s systems such as accounting.
With its user-friendly and minimalist interface, Financio is a great cloud accounting software that is easy to use regardless if you are an accountant, sales personnel, or just a regular person with zero accounting background. With as low as RM1.50 per day, Financio helps businesses manage everyday tasks like double-entry accounting records, inventory management, real-time updates of cashflows and bills and more!
Find out more about Financio HERE.