Riyadh: VoM, a Saudi Arabian cloud-based accounting, and e-invoicing platform has announced the closure of a $670K Pre-Seed funding round (2.5M Saudi riyals), led by a group of angel investors. VoM was established in KSA in the last quarter of 2020.
The platform aims to provide the “Value of Money” to small companies by facilitating the management of their financial data, and for individuals to be able to easily manage their business even if they do not have an accounting background. The platform helps owners of SMEs manage their financial affairs on their own without the need for a professional full-time accountant.
Other features include the ability to link clients to a POS in various geographical locations, connecting the platform directly to e-commerce businesses, providing the customer with cloud security, issuing a variety of financial reports, calculating taxes, and issuing exchanges.
Michael Aswad, CEO of VoM commented, “We are thrilled with the support from our angel investors who truly believe in the importance of cloud accounting in a world where big data and automation is important for small and large companies alike. Businesses need quick solutions to manage their daily activities and we will strive to meet their accounting requirements and organize their data in the simplest and most efficient way possible.”
The General Authority for Zakat and Tax (GAZT) recently announced its intention to impose (electronic invoicing) on all commercial establishments by December 2021. The VOM accounting platform is one of the Saudi companies taking part in providing this service.