There are still many small and medium enterprises (SMEs) in Indonesia that ignore prudent financial management. This is the result of the old tradition of using pen and paper to invoice their customers that involves lots of paperwork and is very time consuming to track and reconcile.
As a consequence, many SMEs lose track of their cash flow and risk failing. Paper.id is trying to solve this problem by providing the first invoicing platform that is integrated with payment and financial reports in Indonesia.
Paper.id aims to help SMEs manage their order-to-pay processes and generate reports instantly.
Micro SMEs in Indonesia are still using traditional methods such as pen and paper or Microsoft Excel to generate invoices. We want to replace those and in this digital era, SMEs need to be educated to understand their cash flow and business performance with a system that is easy to use.
Paper.id allows users to create an electronic invoice through a desktop and mobile app. It also offers free invoicing and accounting tools.
Complete with a reminder system, Paper.id users will not miss payments or lose track of their receivables.Paper.id also integrates various payment methods with automated reconciliations such as bank transfers and virtual accounts. It is currently working on a collaboration with Bank Negara Indonesia’s (BNI) payment gateway, ‘Yap!’, which will be officially on board in the second quarter of this year.
Paper.id currently has over 5,000 users mainly from the distribution, retail, and services industries across Java, Sumatra, Kalimantan, and Sulawesi. It has generated more than 30,000 invoices, and seen 658% growth since last year.
Started in 2016 and launched in August 2017, Paper.id received an undisclosed amount of seed funding from Golden Gate Ventures. The funds will be use to boost development, operations and marketing.
Paper.id is targeting 100,000 users by the end of 2019 and aims to be able to provide loans for SMEs as well as invoicing tools.
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