Binery is a Cyberport start-up that provides a cost-effective tech-based solution “to liberate businesses from their accounting woes”.
Leveraging on technologies such as OCR, NER (Named Entity Recognition), and deep learning, Binery provides business owners with the tools to automate mundane bookkeeping tasks. For example, users can upload a photo of any receipt and Binery will automatically add the expenses to their books, helping them reallocate their time to other more pressing matters.
Users will also have full access to a world-leading accounting software because Binery’s solution is powered by Xero (Binery is a Xero Gold Partner). This includes tracking their income and expenses as well as gaining real-time insights into their financials and business performance via a self-developed dashboard. More than that, Binery’s in-house qualified accountants are available for accounting and financial advice when users need it.
Binery’s co-founders Haywood Shum and Calvin Lui said they founded the company to allow business owners to focus on their key business activities rather than administrative tasks. They also want to help SMEs with digital transformation.
To that end, Binery is also in strategic partnerships with the likes of Airwallex (a foreign currency payments company), Qupital (a fellow Cyberport FinTech start-up), Bowtie (a virtual insurer), and many others to provide more tools for businesses to digitalise and streamline their workflows.
Since its inception in May 2020, Binery has expanded its operations and currently has users in nine countries globally. It has raised over US$1 million in funding from international investors and was named the “Emerging Accounting Partner of the Year – Hong Kong” at Xero Awards Asia 2021.
The start-up now plans to grow its teams, acquire more customers in existing markets, and enhance its software features. It also hopes to assist traditional accounting firms in digitalising their bookkeeping services.
