Issue 30

A Thai startup has developed accounting software that meets its clients’ requirements rather than conforming to an accountant’s rulebook.

Often the secret to business success is realising the gap in the market. This is certainly the case with Kridsada Chutinaton, who developed his FlowAccount software, to simplify accounting for small businesses of one to five people.

“In the market today, most [accounting] programmes are designed for accountants so they are difficult to use, and more appropriate for larger companies,” he says. “The needs of small businesses are different, and they don't need all those functions.”

FlowAccount software is available in both cloud and mobile application formats, and can create tax invoices, compile sales reports and track payments for multiple users. The software can be downloaded for free. According to Chutinaton, about a third of registered users are freelancers, another third are unregistered companies, and the final third registered companies.

“We developed a mobile application to encourage people to work from anywhere they want and to fit their lifestyles,” he says. “[The software] even links with chat applications. So if we start from the user's needs and not the accountant's needs, this is what we get.”

In March, FlowAccount won the Echelon Thailand qualifying round. “The competition is held in 14 countries, such as Vietnam, Malaysia, Indonesia and Singapore,” explains Chutinaton. “On June 23 we will go to compete for the regional winner in the final round in Singapore.”

Chutinaton believes that Thai startups like FlowAccount have come a long way in the past five years. “There are many different kinds of startups, from social media, finance, technological, to applications for stock trading,” he says.

Due to support from both international and Thai investors, such as DTAC, AIS, and TRUE, who act as incubators and provide training and financing in exchange for shares, the scale of startups has increased, according to Chutinaton. “In Thailand mostly the first round of funding is about 1 million baht, compared to only 300,000 baht a few years ago,” he says. “There are also more venture capitals. People who have ideas for startups have more opportunities now.”

Chutinaton believes that the strength of Thai startups lies in the ability to transpose solutions to challenges solved in Thailand, such as cash transactions, to other countries at a comparatively low development cost.

“We don't need to think of new technology. We need to apply the existing technology to answer users’ needs and give them solutions. Thai people have the potential to do that already,” he says.

In the future Chutinaton believes that FlowAccount has a potential outside of the narrow confines of accountancy. “In the long term we have plans to link the programme to banking services, payroll services, and billing for water and electricity,” he says.

Words by Sirinuch Borsub