Bizzi's automation technology replaces 50% to more than 80% of manual work of the Accounting department. Thanks to that, the Accounting - Finance department will only spend time doing important tasks such as analysis and forecasting, and will be upgraded to become a business partner of the enterprise.
Mr. Vu Trong Nghia - co-founder, CEO of lean cost management platform Bizzi share with PharmaDi about the journey of automating the Accounting - Finance department for businesses in general and for companies distributing and retailing pharmaceuticals and health care products in particular.
Bizzi and the Trend of Automation of Accounting and Finance
* PharmaDi: Why should businesses, especially distribution and retail businesses, use Bizzi on their digital transformation journey?
Mr. Vu Trong Nghia: Many surveys show that manual tasks take up 50% of the Accounting department's time, but they still have to do other tasks. Bizzi frees them from at least 50% of manual work time, even up to 80%, so they have time to focus on important tasks like reporting, analysis, fraud risk control, errors…
Now executives expect the Accounting and Finance department to become a true business partner of the enterprise. That is, they need to give advice and forecasts, not just do paperwork.
Therefore, the first reason businesses should use Bizzi is operational. For today's retail businesses, the operations of the Accounting - Finance department still have many manual steps, especially the stages related to receivables and payables. It is easy for information errors to occur, leading to tax risks. If retail chains want to expand store scale, they have to invest more in human resources, causing operating costs to increase.
Therefore, the need for solutions to automate and simplify the receivable and payable process is huge.
The second reason is the cash flow story. Retail chains need to keep cash flow, accounts receivable - payable, the number of days to pay suppliers or the number of days of sales - collecting money very short. In general, to keep the "cash cycle" as short as possible and see their cash flow in real time, they are forced to convert digitally.
The third reason is the profit story. For the retail industry, profit margins are often very low and there is a lot of competition, requiring cost optimization. To do that, the business owner or operator must see which costs are ineffective. Bizzi helps businesses see costs before, during and after they are incurred, so they can control each department and each cost unit.
For example, for large pharmacy chains like Pharmacity - a Bizzi customer, to import goods, they will have to process a huge amount of input invoices. Bizzi will help automate this step. Specifically, Bizzi's robot (applying RPA - Robotic Process Automation technology) will automatically download invoices from suppliers, check whether the information is valid or not, then automatically check with orders and warehousing, ensuring the accuracy of imported goods...
At that time, the accounting department just started the payment process. Thanks to automation, costs for accounting operations related to processing and checking invoices will also be at least 50% lower than before.
In addition to Pharmacity, many of Bizzi's current customers are pharmaceutical, pharmaceutical - cosmetic, personal care and health care businesses such as Guardian, Medicare, Zuellig Pharma, DKSH...
* What are the steps to use Bizzi? Where should a business or pharmacy start?
For businesses or pharmacies with few stores or operations that are not too complicated, using Bizzi is very easy. Just need an email account to log in to Bizzi.vn and create an account for immediate use within 5 minutes. It doesn't take much time to learn.
As for pharmacy chains that are growing rapidly and have complex operating processes, pharmacy owners need to identify the problems that must be solved in the operating process. Which stage, which department of the Accounting - Finance department is having problems? At that time, Bizzi will evaluate the current status and analyze to advise on appropriate solutions and investment levels.
* Do businesses need to "destroy and rebuild" the old management system to use Bizzi?
Bizzi's strength is that it can be easily integrated with systems. Because Bizzi has an open application programming interface (open API) available to connect flexibly and easily with warehouse management systems, ERP systems, online accounting software..., and at the same time connect to banks. customers to pay invoices, receive payments and automatically reconcile invoices.
It can be said that Bizzi's most important keyword is "automation". Bizzi is not accounting software, but a solution that attaches to core systems to automate and simplify the operating process from start to finish for accounting operations. In general, what used to be done manually by accountants is now done by robots.
* How is the usage cost issue calculated by Bizzi?
Depending on the size of the business, Bizzi will charge according to the invoice package that the business processes monthly or annually. On average, for both output and input invoices, the processing price is only about 700 VND/invoice. This number is much cheaper, sometimes only 1/3 of the cost when accountants do it manually.
* Pharmaceutical businesses or pharmacies in Vietnam have diverse scales, which scale is Bizzi's solution most suitable for?
Bizzi's solutions are suitable for all sizes, from a single pharmacy to a chain of several hundred stores.
There are small pharmacies or small stores, but if the owner wants to manage finances and system properly from the beginning, they still prioritize early application of technology. Because the cost is sometimes cheaper than drinking a glass of milk tea.
Besides, digital transformation is necessary, if not mandatory. When managing input and output electronic invoices in one place, checking all information for reasonableness and validity, and managing it systematically and methodically, businesses will reduce the risk of encountering related problems. to future taxes.
There are many newly opened businesses that only have to process about 10 invoices per month so they have not deployed technology. But imagine, a business only manages invoices on email, uploads to online storage services, hires outside accounting services..., a few years later the invoices become more and more, change accounting services or If the accountant is absent, invoices and documents are easily lost in many places. By controlling and digitizing, Bizzi helps minimize such risks from the start.
In general, with issues related to legal compliance, business owners should do it as soon as possible to avoid unnecessary risks.
* Among Bizzi's more than 100 major customers, there are many brands that are retail chains of health care products and pharmaceuticals. What differences do you see in this field compared to other fields?
Currently, Bizzi is the number 1 input invoice automation solution in terms of market share in the retail industry, especially modern retail chains (MT - Modern Trade channel). Bizzi serves a variety of industries, from convenience stores to hypermarkets, mother and baby store chains, electronics and phone store chains... These include Circle K, GS25, Guardian, Medicare, Pharmacity, WinMart, Emart, MM Mega Market…
In particular, chains related to pharmaceuticals have almost no differences in invoice processing and invoice reconciliation operations. There are a few specificities such as processing pharmaceutical batch information, pharmaceutical expiration dates... but Bizzi has experience handling it for many parties.
* At the end of 2021, Bizzi received pre-series A investment capital from Money Forward (Japan), Do Ventures (Vietnam) and Qualgro (Singapore), after only 2 years of establishment. According to you, what is the attraction that made Bizzi convince these investors to spend 3 million USD?
Digital transformation and automation in the finance and accounting sector is a major trend in the world, and has been happening on every continent. Bizzi is considered a pioneer company promoting this trend in Vietnam. I think that is the factor that attracts a lot of attention from investment funds.
* Thank you, sir. Wishing Bizzi every success!
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