Bringing cloud accounting closer to home to help SMBs thrive

0

Finance and compliance experts, WeCorporate Global Consultancy helps local SMBs get a head start in cloud accounting with the right digital solutions

RECOGNIZING a gap in the market, financial experts Adam Teh and Lim Pei Hau have joined forces to create WeCorporate, a global consulting firm that prides itself on its “small business persona” with its “big business capabilities”.

“We started in 2018 in a small SoHo office in Petaling Jaya. “Adam and I wanted to help local small business owners simplify and automate their financial operations. We also observed that with the boom in e-commerce, many traditional businesses were increasingly eager to digitize,” said Hau, Director of WeCorporate.

The firm was launched as a one-stop-shop helping clients with a full range of business advisory services, from business formation with accounting, payroll, tax and financial advice, to regulatory and business migration issues. company. Focusing on start-ups, entrepreneurs and SMEs, the firm helps clients manage complex financial management, compliance and accounting processes, so they can focus on growing their business.

Founders Lim and Teh both studied and worked at Big Four accounting firms in the UK before moving back to Malaysia because they wanted to be closer to home. “Asia is the place to be,” Teh shared.

Teh noted that it was their experience working in the UK that inspired them to start WeCorporate. “We have seen firsthand how cloud accounting solutions and business service offerings can benefit both firms and their clients. When we returned to Malaysia, we realized that the many inefficiencies in the way the company’s administrative work was done could be solved with the help of digitization and automation. »

The duo then embarked on their mission to help companies leverage cloud accounting technology to improve their business and accounting processes. Today, the company serves approximately 800 SMEs and start-ups across Malaysia.

Lim Pei Hau

Make the right choices for growth

In 2020, WeCorporate merged with Singapore-based InCorp Global to expand its footprint and help more businesses in Malaysia set up and grow in Asia.

Malaysian SME clients of the company could now leverage InCorp’s network to expand into Singapore without having to hire another company, speeding up the process. According to Lim, the combined company’s strong network of cross-operations enables it to offer its clients large enterprise capabilities to serve a wider customer base, even as a team of just 30 people in their KL-based office. .

Lim added: “We offer a unique solution for SMEs. This appeals to them because many SMEs find it costly, time-consuming and laborious to engage multiple companies simultaneously to provide adjacent services. We bundle our services, from helping clients register their business, creating business accounts and managing their accounting, streamlining all that work and giving our clients greater efficiency and visibility from the get-go. . »

WeCorporate considers itself lucky to have started its digital transformation in 2019 before the pandemic hit. “When the motion control order (MCO) hit, we didn’t experience any downtime in our operations because everything was already running on the cloud,” Lim said. “We were able to work from home the next day. Digital tools like Xero and Zoom have helped us stay connected and productive and we’ve even managed to see some growth during the pandemic.

Teh added that with the business running in the cloud, they have been able to maintain remote work operations with staff able to work from home, even when they’balik kampung‘ on the outskirts of Kelantan or rural Sabah, while continuing to support their customers in Johor Bahru and Penang. “Cloud accounting offers incredible flexibility, which is great for business continuity.”

Adam TeeAdam Tee

However, there were also some minor challenges. Teh shared, “Although customers are asking to become more digitally savvy, many of them are still set up in the traditional way and use hard copies or paper documents. So there are some issues when it comes to streamlining processes.

“On the bright side, however, our employees are relatively young professionals and quickly adapt to new software such as Xero. So even when dealing with these traditional customers, they can speed things up considerably and spend more time on analytical tasks rather than data entry. »

From Xero

Before Choosing Accounting Software, Teh and Lim Shopped Before Choosing Xero. They knew they wanted to be cloud first and have everything done digitally, so Xero was “an obvious choice”.

“What we love about Xero is their human touch. When we started, we had very few clients. But one of the Xero account managers wanted to drop by to say hello. We weren’t even in a real office at the time and we had to go down to a cafe just to chat!

This experience scarred Lim because “we weren’t as important as we are now,” he says. “But Xero made a point of meeting our needs. Every quarter, Xero’s account manager contacts us to understand how they can help us grow our practice. They go above and beyond by providing not only accounting advice but business advice as well. »

Teh and Lim added that as their business began to grow, Xero continued to support them every step of the way and, through the Xero Partner Program, provided valuable resources and training for help grow their business over the next few years.

One aspect of Xero that Lim particularly likes is the platform’s connection to over 1,000 apps on the Xero App Store, which allows customers to create their own custom cloud solution based on their industry and their unique needs. “On the Xero App Store, we can search for apps that complement Xero. Our Xero Account Manager guides us in recommending the right integrated solutions for us and our customers,” he added.

Additionally, Xero’s multi-currency feature has been particularly helpful to our e-commerce customers who sell products in a global marketplace, such as Hiblendr Sdn Bhd, which retails portable, USB-rechargeable juice blenders. “For businesses that transact in multiple currencies, live exchange rate updates are extremely important to their accounting. It helps business owners understand currency exposure risks in real time for a Quick and informed decision making With the necessary financial data on the Xero platform, our team can also generate custom reports on demand for clients.

Lim added that because everything is in the cloud, there is no downtime. “We never have to worry about missing data or files. Even when personnel change, the transfer required is minimal, as account access can be reassigned to another person who can pick it up from there. There is virtually no data loss.

“Using Xero has also improved our team’s efficiency. Previously, we had to physically go through our bank statements one by one, but with Xero’s direct bank connections, bank transactions are automatically imported into the platform. It saved us a lot of time and provides an up-to-date view of our cash flow every day,” Teh said.

As a partner of Xero, WeCorporate is listed in the Xero Advisor Directory, which has helped increase their brand awareness. “Whenever potential customers search for Xero, our name also appears. This has helped us increase our brand visibility,” Teh added.

Speaking about their plans for the future, Lim said, “We aim to strengthen our presence in Malaysia and help more SMEs realize the benefits of cloud accounting. By adopting Xero, we can scale faster because there are no limitations on our data storage or software capabilities.”

For more information about Xero, click here.

Share.

Comments are closed.