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Tuesday, October 19, 2021

FloBiz – A Combination of Fintech Mindset & Product-Driven Attitude

Introduction

In 2019 FloBiz a new venture startup was introduced by Rahul Raj, Rakesh Yadav and Aditya Naik. They are the main reason for achieving the mission or goal of accelerating the broadening of SMBs with the help of digitization. FloBiz is one of India’s most growing technology platforms mainly for small and medium businesses which are called SMBs. The main focus of the venture is to authorize traditional or regular business practices through digitization. Though SMBs contribute almost 38% to the GDP of India but then also more than 80% SMBs still operate manually for the regular day-to-day responsibilities and are mostly unorganized. All the three aspiring entrepreneurs researched about it and came up with the thought of digitization which is the only key to success, growth and Sustenance for SMBs.

The company launched its most important product which is myBillBook in 2019, to generate more growth of SMBs. The myBillBook is a powerful yet instinctive application that is very simple and easy to use, it looks after the accounting, receivable/payable management, simplify billing and all the day to day functioning for the owners of SMBs to process their operation from anywhere and at any time they want to. The app myBillBook is not only user-friendly but also a very affordable solution for business people and is available on both desktop and mobile phones and is absolutely a secured platform for SMBs owners for the trackIng and transaction of the ongoing business performance. In less than 1.5 years the app has above 50 lakh users who are handling their businesses digitally through the app all over India. 

Targeting Customer

In India, there are more than 60 million SMBs which contribute around 38% of the total GDP of the country. However, almost 80% of the SMBs are still operating according to the traditional method or the offline mode methods for the operation of the business. So the entrepreneurs came up with the creative idea of building a product to solve the necessary needs of these unorganized business sectors of the country through digitization advancement. The main focus of the app MyBillBook is to serve all the SMBs across the country starting from small manufacturers to distributors followed by retailers from larger industries such as electronics, FMCG, pharmaceuticals, hardware, etc.

It is an appropriate software especially for GST registered SMBs where one of the core business activities includes invoicing. This product is also useful for businesses that are looking for digitization to have a better understanding of the financial arrangement. The owner of SMBs who doesn’t have much prior knowledge about accounting can use this software and keep track of all processing of the progress of their businesses on their phone itself. In this app it is very easy to find all the information regarding the business and Every document like transaction books, files or business records are kept securely and safely within the app.

Challenge

After substantial market research, FloBiz established that there was no availability of dedicated software for the owners of the businesses in this sector. The available software was mostly designed for finance professionals or accountants, but none of those was directly useful for the business owners. The need for digitization in India has increased when the government introduced GST. The traditional method or the manual method which were used by all the SMBs increases reconciliation errors, consume time, blur performance visibility and affect strategic decisions for the owners of the business and now with the introduction of the technological advancement app by FloBiz can solve such problems for the SMBs. Moreover, in the market, there is a large credit gap. Businesses are not able to access formal capital due to the deficiency of accurate data, financial apps, collateral requirements, etc. So FloBiz decided to create a solution to build a bridge between the gap and will be responsible for the growth of SMBs with the help of digitization. 

Solution

The FloBiz product named myBillBook is very easy and simple to use at the same time very powerful app for accounting and billing purposes for both desktop and phones. This app provides the facility for the user to keep track of any transaction of the business from any place and any time. The app helps to develop record purchases, bills(non-GST and GST), expenses, manage receivable/payable, and maintain stock directly from their computers or mobile phones. Moreover, the app creates critical reports for the business which helps to make effective decisions for the business for the owners.

Presently the app myBillBook is available in 4 different languages that are Tamil, Gujarati, Hindi and English and soon they will come up with new languages as well. The app provides an option for multi-user functionality so that the user can easily permit their business accounts, partners and other organization staff. Now the app is even updated with multi cash and company and also has features bank management. The app is highly ensured with advanced data security and also has the latest privacy technology and encryption.

Team

FloBiz has a mixed combination of a dedicated team with a fintech mindset and a product-driven attitude. All the problems faced by the SMBs of the country are solved by the team of FloBiz by utmost utilization of technology. The main motive of the company is to bring a revolution in changing the traditional business ways with the new form of digitization for their day-to-day responsibilities of the business to achieve the goals. They focus on delivering innovative ideas for SMB customers to make their business life smooth by using technological advancement.

Conclusion

The craze for digitization among SMBs has increased considerably in the last few years. The main reason for that was the introduction of the GST, the launch of digital payments and also the penetration of invoicing. It is believed that in the next 5-7 years there will be an increase in the number of GST registered SMBs up to 3X to 5X so eventually the demand for the app will be increased and in the next few years they will be successful in making the SMBs of India self-reliant.

Also Read: CredFlow- Is It One of the Fintech Startups in India?

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Kiara Dutta
Kiara Dutta comes from an Engineering background, with a specialization in Information Technology. She has a keen interest and expertise in Web Development, Data Analytics, and Research. She trusts in the process of growth through knowledge and hard work.

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