KBank teams with FlowAccount to simplify payroll management for SMEs

Stocks and Financial Services Press Releases Thursday November 14, 2019 10:49
Bangkok--14 Nov--KASIKORNBANK

KASIKORNBANK (KBank) has joined forces with FlowAccount, an accounting management startup, to launch FlowAccount x KBank Payroll to help SMEs with a small staff to gain access to payroll services. With this initiative, KBank is the first bank in Thailand to offer payroll services to small business operators through this simple, convenient and secure system. Interested SME entrepreneurs can sign up for the service with no application or annual fee.

Ms. Kitiya Rerkpooritat, KBank First Senior Vice President, noted that a large number of SME operators presently have no access to payroll services, which are generally designed for large companies with more than 50 employees. In addition, such services often have a complicated application process. To eliminate these pain points, KBank has specifically designed FlowAccount x KBank Payroll for small business operators with only a handful of staff members.

This collaboration is part of K SME's commitment to nurture small and medium-sized companies by providing them access to payroll management services, while making the application process swift and convenient. Document preparation is simple and easy for running payroll. Related transactions are secure. Companies can rest assured that their data will be safeguarded. Interested SME businesses can apply for the service at www.flowaccount.com. Apply today to receive free application and annual fees.

Mr. Kridsada Chutinaton, CEO of FlowAccount Co., Ltd., said that KBank has a long history and experience of working closely with SME business operators. FlowAccount also aims to develop accounting services for entrepreneurs who are just starting out. One of the key issues for any company, whether small, medium or large, is how to manage their payroll. This service will save small entrepreneurs time at the end of each month, which is their busiest period. Thanks to a new payroll method run through an accounting system that is directly connected to KBank's system, the process of account management and payroll will run quickly and smoothly. Therefore, SME entrepreneurs can be confident in preparing salary data, calculating taxes, and paying salaries through a single accounting system.

Mr. Thanapong Na Ranong, Managing Director of Beacon Venture Capital, KBank's venture capital arm, said that the company has focused on creating new services to meet the needs of small businesses in Thailand since investing in FlowAccount in 2017. At the same time, the company made sure that its investment would strengthen KBank's business while also meeting the needs of KBank's clients. FlowAccount can achieve such objectives because tens of thousands of new SMEs have found it to be practical in supplementing their own limited accounting resources.

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