Using myBillBook FloBiz Intends To Digitise SMBs
"Business owners cannot always manage every little thing in their business. Invoicing and accounting, for example, are an essential part of running any business. However, in this era of accelerated digital adoption, many SMBs are still following the manual route," Rakesh Yadav, Founder and CTO, FloBiz asserts
India is home to more than 60 million small and medium-sized businesses (SMBs), and it's estimated those businesses contribute 30 per cent of GDP to the economy. However, only a small portion of those SMBs are taking advantage of digitisation and many still operate using pen and paper.
Though the past couple of years has been challenging for small and medium businesses (SMBs), some companies have used the pandemic as an opportunity to implement new changes. They have made enormous strides in revenue, productivity, as well as in employee and customer satisfaction. And these changes they made in the past year are for good and here to stay.
According to a recent Salesforce Small and Medium Business Trends report, 82 per cent of these SMBs today, believe the operational shifts they have made will benefit their business in the long run.
What are some of the challenges SMBs in the country face in accounting and billing? How does FloBiz help solve them?
As a small business owner, it’s extremely important to have visibility into all aspects of your business. Everything from inventory shortage or excess to products sold and overall accounting can make or break your ability to succeed. However, business owners cannot always manage every little thing in their business. Invoicing and accounting, for example, are an essential part of running any business. However, in this era of accelerated digital adoption, many SMBs are still following the manual route.
After extensive research across small to medium enterprises conducted by our team at FloBiz, only around 20 per cent of SMBs had embraced digitisation. And hence, transforming the small business economy in India through digitised invoicing, accounting, and automated workflows has become essential in the current time and age to solve SMBs' complex data management needs online, offline and across multiple platforms.
At FloBiz, our aim is to enable the small business economy of the country by developing a deep understanding and empathy for their needs. Our flagship offering — myBillBook — helps SMBs digitise their invoicing, streamline business accounting and automate the workflows of their enterprises. It is a one-stop solution that helps SMBs create professional invoices (GST & non-GST), manage stock, collect payments and automate reminders through smart banking, and generate more than 25 business reports like GSTR, stock and sale summary, party ledger, etc.
What were the technology challenges faced by FloBiz while catering to the SMB segment in the country?
We have identified four key tech challenges that are a common hindrance point for high growth companies like ours.
The first is connectivity. While India has the world’s second-largest internet penetration, many businesses struggled with fluctuations in internet services, outages and latency. This gets particularly complex when multiple people from an enterprise may be all using the app simultaneously while going online and offline.
The second identified challenge is data security. When customers approached us to learn more about myBillBook, they needed their data to be available 100 per cent of the time online and offline, and with certainty that there was no chance their data might leak out to third parties or be compromised in any way.
After data security comes data complexity as the third biggest challenge. Even when you think about creating a simple invoice, there are hundreds of potential fields of data associated with this. Everything from offering discounts, variations on products, different formats and all the individual products - all add to the sheer complexity of data handling and management.
And lastly, with customers working across multiple devices and in a combination of online and offline environments, for myBillBook the fourth and final key challenge was the need to be truly multi-platform. An app that is native to mobile (Android & iOS) but could also work on the web and a plurality of different devices.
What are the growth plans for FloBiz in 2022? And what role will MongoDB play in enabling this growth?
In two years, we have seen massive growth, with more than six million registrations and a million monthly users. But it's still very early in India's transformation and we are confident this will grow 5x in the next 18 to 24 months. This incredible growth is being supported and enabled by the technologists powering FloBiz i.e. MongoDB and the platform they provide us with.
Adopting the platform approach with MongoDB is also helping us improve the speed at which our development team can ship new features and updates.
We have a slew of developments in the pipeline to further delight our SMB customers in the next 12 months. And as we continue to add new features and functionality to myBillBook along with expanding our financial services offering, MongoDB's platform will be the single source of truth for every data point helping us deliver a wave of positive transformation for India's small and medium-sized businesses.
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