The most cumbersome administrative task that bootstrapping entrepreneurs grapple with is accounting. Typically, most attention is on building the company, scaling and improvising its offerings, leaving little room to prioritise financial management. Hence, it is no surprise that many recent reports have indicated that 82% of small businesses fail due to poor cash flow management.
It is often an uphill battle for small entrepreneurs to manage a healthy cashflow. Many resort to rudimentary accounting practices that inadvertently puts their business at risk. While there are accounting software options available to SMEs, it comes at a cost and requires a certain degree of financial competency to utilise it.
Empathetic to the struggle of these entrepreneurs is MD Abul Kalam Azad, the founder and CEO of MyPaaa, a Malaysian-based Startup that is striving to develop a superapp for SMEs that can perform bookkeeping and a range of other business and lifestyle demands through a smartphone. With a self-explanatory tagline – Do all in MyPaaa, this superapp also aims to connect local business providers to customers and vice versa.
“The initial idea of MyPaaa was born out of multiple insights that there is a demand for mobile bookkeeping. We have developed just that, allowing users to perform complex accounting tasks right from their smartphones. Then, one led to another, where we created a Mobile POS System that allows SMEs to track their transactions, create invoices, advertise their products, and accept online orders. MyPaa is en route to becoming a one-stop app for SMEs and the end users,” explained MD Abul Kalam Azad.
Going Over and Above
MyPaaa also acts as a bridge between merchants and their customers. Gaining inspiration from the Yellow Page, the superapp aims to assist enterprises to grow their customer base and engage with potential customers who live within the proximity of the business.
“Unlike other services, MyPaaa does not charge merchant commission, which allows merchants to keep 100% of their profits. Instead, MyPaaa only charges a minimal monthly subscription,” claimed Kalam Azad.
Another unique features of MyPaaa includes a vehicle management system, allowing vehicle owners to rent out their car or users to rent a car. This is not limited to automobiles but also tractors for farm work, thus creating two-way opportunities for the customers and vehicle owners to benefit from the superapp.
There is also a Doctor Appointment Management System, allowing users to have video consultations with their physicians, as well as to obtain drug prescriptions. This is particularly useful for foreign workers to have medical consultation with their regular doctor from their native country.
A Genuine Sacrifice for Passion
According to Kalam Azad, the majority of the MyPaaa team have given up their day jobs to pursue the development of this superapp. “At one point when we were low in cash, we resorted to borrowing money from our family and friends to fund this endeavour,” said Kalam Azad, who is confident his team is determined to succeed and will not be deterred by setbacks.
The MyPaaa team aspires to make its superapp a ‘must-have’, incorporating business and lifestyle needs in a neatly packaged mobile application. In the near future, MyPaaa plans to integrate blockchain technology to its superapp and this move is expected to give the company an edge to expand to Thailand, Singapore and Indonesia.
by Mas Izzati Hanis & Hardip Singh Rekhraj
This article is contributed by Venturous PR, a student-led communications agency from Taylor’s University, School of Media & Communication (SOMAC). As an entrepreneurial sandbox for senior PR undergraduates, Venturous PR strives to make innovative communication solutions accessible to Startups and SMEs. The project is part of Business Today’s social engagement initiative with PR students to promote ethical journalism. This Startup is part of MDEC’s Malaysia Digital Hub Community, which provides impactful intervention to facilitate growth of local tech companies.