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Transforming Accounting Services with IoT: A Case Study on Centrio HQ
Technology Category
- Networks & Connectivity - Gateways
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Cement
- Finance & Insurance
Use Cases
- Building Automation & Control
- Time Sensitive Networking
Services
- Cloud Planning, Design & Implementation Services
- System Integration
The Challenge
Centrio HQ, a Malaysian app, was founded to address the challenges faced by Small and Medium Enterprises (SMEs) in managing their accounting processes. The traditional accounting process was often filled with tedious and unorganized paperwork, making it difficult for businesses to keep track of their transactions, taxation, and audits. The process was also time-consuming, with businesses having to mail paper documents back and forth and communicate across various platforms such as SMS, WhatsApp, and emails. The founders of Centrio HQ, YL Chow and his partner, realized the need for a digital solution that could streamline these processes and make accounting services more efficient and affordable for SMEs.
About The Customer
Centrio HQ primarily serves Small and Medium Enterprises (SMEs) in Malaysia. These businesses often struggle with traditional accounting processes, which involve tedious and unorganized paperwork. They also face challenges in managing their business transactions, taxation, and audits due to scattered communications across various platforms. Centrio HQ's digital accounting services provide these businesses with a seamless and efficient solution, enabling them to focus on running their businesses instead of worrying about accounting. The platform's simple and transparent pricing also makes it an affordable option for SMEs.
The Solution
Centrio HQ is a virtual accountant app that provides seamless accounting services entirely on the cloud. The platform allows users to engage and experience accounting services in a fuss-free manner. Users can sign up for a plan on the platform, access their dedicated CentrioHQ dashboard, and start uploading documents such as bills, receipts, and bank statements for processing. The information on each document is then extracted via AI-driven OCR technology for speed and accuracy. The platform also provides a live chat feature for clients to communicate with their account manager and a dedicated query dashboard for requesting additional documents or clarifications. Every month or quarter, clients receive financial statements and reports informing them of their business' financial position. The dashboard also provides crucial financial information such as revenue, operating costs, accounts receivables/payables, etc.
Operational Impact
Quantitative Benefit
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