A significant number of companies are challenged by the drop in sales during the downturn. To survive this crisis, all the necessary steps have been implemented for the company. At the same time, clients' needs are taken into account with necessary support provided during this difficult time. This crisis reminds us to always be prepared for uncertain times.
"One of the fundamental problems, facing 3 million SMEs in Thailand, is the limited access to funding for liquidity and expansion. With deeper analysis, we discover that these SMEs do not have necessary financial information to support the financing process. They lack a reliable accounting system.
PEAK has been established five years ago with the mission to transform Thai SMEs with accurate financial data. Through our cloud based- easy to use online accounting platforms, we help entrepreneurs keep track of their core financial indicators such as revenue, expenses and earnings. Furthermore, our system provides information on the movement of inventory, the aging report of account receivables and cash flow forecast for the next 30-day, with the automated alerts on the essential business data.
Although accounting software may be one of the essential requirements for businesses, we could not escape the effect of the economic disruption triggered by the COVID-19. In March, revenue dropped by 28% as our paying customers were converting to free accounts. Since many of our clients are in consulting, advertising and tour operations, we have taken several actions to help the company weather the uncertainty ahead.
Firstly, we do all we can to preserve cash, particularly reducing unnecessary expenses from suspending management salary to re-negotiating office rental. Secondly, we monitor the situation closely and offer solutions to meet the clients’ needs. For instance, we launched a new service package with essential features such as weekly or monthly cash flow reporting and tax filing. Thirdly, we offer credit extension to our long-standing customers during this time. Finally and most importantly, we have prepared for the worst, exploring soft loans or other possible financing options in the event of future needs.
After the darkest moment , there is always lights. The positive side of the situation is that people start considering working from home and focusing on efficiency. Cloud accounting software is the enabler for that. It will be one of the major trend to help their operation and business continuity."