Moodah Develops Financial Records Application, Targets SMEs Affected by the Pandemic

The increasing number of confirmed Covid-19 positive cases in Indonesia shows that there are no signs that this country will be free from the shackles of the virus. This has the potential to bring the SME sector down even further if it does not begin to adapt to existing changes. One solution that is currently being offered to assist the adaptation of these SME activists is an application financial records.

One of the applications that recently launched is mood. Arini Astari, as Co-Founder conveyed the fact that 78% of SMEs that went bankrupt in the first year were because the majority of them still unbankableand unorganized business and household finances. So even though the sales look good, the earnings are not transparent.

"With background we para founders coming from ERP consultant, we believe we can use the solutions we previously developed for big corporates"We simplify it to suit the needs of MSMEs and help them start organizing their financial reports without having to study accounting," said Arini.

Moodah is an expansion product of Rubyh.co, a software house Indonesia focused on providing high quality software solutions for technology related problems. After three years of existence, the team decided to explore a new product, namely an inventory management system. In 2018, Moodah was formed, fronted by Arini Astari, Muhammad Irfan, and Alexander Sie To.

The features offered by Moodah are quite simple, namely recording transactions, making financial reports, and managing debt/receivables. MSMEs only need to enter expenses and income, then the application will make financial reports that are in accordance with SAK EMKM.

By having clear financial reports, MSME actors can make decisions faster and better. This financial report can also be their capital to apply for a loan. His team also added that SMEs using Moodah reported an increase in net profit of up to 125%.

"Currently we are focusing on friends who have been affected by the pandemic and have started selling independently online or offline. The Moodah bookkeeping application can be enjoyed by MSMEs for free, but we also offer premium features that can be purchased by users," added Arini.

During its operation, Moodah has collaborated with many parties, especially the government, such as Jakpreneur, BUMN Creative House, KADIN, and other community developers. In the last three months, Arini also conveyed the high enthusiasm of SMEs which was shown by the increase in application users by up to 86%.

Last October, Moodah was also selected as one of the candidates to join the program Startup Studio Indonesia. This is an intensive program organized by the Indonesian Ministry of Communication and Information for early-stage startups to accelerate their business scale.

"The Startup Studio program really helps us to focus on solutions to the problems we are trying to solve. We are given 1:1 sessions with para founders which is already series B up, so we can sharing experience and very relatable," said Arin.

Financial recording services themselves are getting the attention of many investors. This is shown by several platforms that have successfully received funding this year, you name it Cash book, BookStore, as well Creditbook. Previously, Moodah had also participated in the MOX accelerator program by SOSV, a venture capital company headquartered in the United States, and succeeded in obtaining funding pre seed in February 2020.

Regarding the impact of the pandemic, Arini also said that her team is now more focused and focused on achieving targets, and is more motivated to help the SME sector, of which 47% of the books have closed.

"We always try to see the positive side of an event. We see that the movement of MSMEs towards digital is becoming faster because in order to survive during the pandemic, MSMEs must switch to digital. online," explained Arin.

Currently, Moodah is also facilitating MSMEs from holding trainings online to launching a billing feature using WhatsApp. Users can also make direct payments using digital wallets, such as GoPay, OVO, and DANA, as well as bank transfers (virtual accounts).