For Denis Andrei Valcu, setting up his own business was a dream and a passion — so he did it. The company he set up, RoyalKey, is an ecommerce business specialising in selling software to gamers. They supply the gaming community with Microsoft Office packs, Windows 10 Operating System, Antivirus software — the software that creates the support system for the gaming experience. Thanks to their focus on offering the best possible price and dedication to their audience, RoyalKey gets most of their business through gaming channels, honing their reputation as a go-to for gamers’ software needs. “I love what I do, so it never feels like work. That’s why I’m starting at this early age”, says Denis Andrei Valcu, who’s 26.
Among all the struggles of a young entrepreneur, market fit and shop launch were not the most challenging issues. What Valcu did not plan for was the admin hassle. Bookkeeping and accounting work was eating up hours of time. Instead of focusing on growing revenue, Valcu was dealing with data entry.
I spent 3-4 hours everyday recording transactions and entering it into my books. There was a lot of manual data entry.Denis Andrei Valcu,Founder & CEO, Royal Key
The entrepreneur realised that he was missing out on the chance to scale his company, so he started looking to outsource the accounting and admin tasks. That’s when he realised that many solutions were not fit for an ecommerce business at all. They offered packages depending on the number of transactions, something that made zero sense for Valcu’s business model. The accounting plans of most of the companies in the market were just too expensive for his new company.
That’s when Osome came into the picture. Valcu needed an accounting partner that would match his size and understand his struggles. Unlike other accounting companies, Osome offered plans based on the company’s revenue, not transactions’ number. RoyalKey fit into the bracket for companies making up to HK$300,000 a month. The cost of Osome’s Rocking accounting plan was HK$1,600 a month. Valcu opted for an annual plan, getting 2 months for free and pushung the monthly cost further down to HK$1,334.
The plan included daily bookkeeping, so Valcu freed all the time he had to invest into data entry. Anytime Valcu had a question, he just sent it to the chat instead of spending time on Google research. The team also prepared and filed all the government reports, sending them to Valcu to review and approve. He now didn’t have to think about the deadlines or worry if he did everything right or would have to face fines.
That freed Valcu’s schedule and his mind. He now had time and creative capacity to explore other areas of growth in his company. He decided to boost return visits and start nurturing the customer community. The new reward program he has launched already started attracting additional revenue.
I can now focus on a reward program for my customers instead of focusing on accounting.Denis Andrei Valcu, Founder & CEO, Royal Key
Advice for Entrepreneurs Out There
Many people think that starting a business will make them rich. However, entrepreneurship is not easy at all. For those who are thinking of starting a business in this field, RoyalKey’s founder shares his findings. ”One single piece of advice - persevere and just start doing the job. Even if you fail, you will fail better and learn something from it. Just don’t give up.”
When it comes to running your own business, it is not easy to juggle everything from marketing to bookkeeping and accounting – we get it. Fortunately, you don’t have to struggle with everything on your own! Work with a trusted partner who will take care of all your administrative needs, such as Osome. Try out our bookkeeping and accounting services today and experience the difference yourself.