Fintech Makes Accounting Easier for Small Firms

EghtesadOnline: Established in early 2018, Iranian startup "Finto" is an online payroll management system, promoting workplace transparency.

News ID: ۷۸۳۱۳۲

01 July 2018

Farabi Accelerator developed by Shahid Beheshti University has provided financial and mentorship support to the fledgling fintech firm.

Finto is an online salary and payment system, an insurance and tax portfolio management tool as well as a platform for paying personnel remunerations online.

According to local startup news agency Shanbepress, Finto is a suitable option for small businesses that neither keep ledgers nor pay bookkeepers, Financial Tribune reported.

Offering 24/7 services and utilizing a user-friendly interface, the system can keep up with the changing labor laws and social security regulations.

"What distinguishes us from other platforms is that the rest of accounting systems mostly integrate complicated algorithms, and charge higher fees in exchange for their services," Finto's director Mohammad Abbas Yazdi was quoted as saying in an interview with way2pay.ir.

>How It Works

Here are the steps users should take in order to employ Finto services.

The online platform enables them to define the business and submit personnel information; upload the list of salaries based on decided daily wages; view or print out employee salary bills; pay salaries online; calculate insurance and tax fees; create insurance portfolios to be later uploaded on the Social Security Organization's database; create tax portfolios to be later uploaded on the tax authority's database; make insurance and tax lists to be handed to related organizations.

Employees and employers may both sign in on the website, and access their personal data, marking a stepping stone in the road to greater workplace transparency.

Finto offers a one-month free trial period to firms, giving them a proper chance to make sure that this is the platform they need.

Iranian fintech startup event Finstars 2018 featured Finto among many other firms.