The paper aims to examine the effects of mechanical losses on the performance of a bioinspired flapping-wing micro aerial vehicle (FWMAV) and ways to mitigate them by introducing a novel electromechanical model. The mathematical model captures the effect of a DC gear motor, slider-crank, flapping-wings aerodynamics, and frictional losses. The aerodynamic loads are obtained using a quasi-steady flow model. The parameters of the flight mechanism are estimated using published experimental data which are also used to validate the mathematical model. Incorporating the flapping mechanism friction losses into the mathematical model enables capturing the physics of the problem with higher accuracy, which is not possible with simpler models. It also makes it possible to estimate the aerodynamic energetic requirements. Moreover, the model enabled evaluations of the effects of adding bioinspired elastic elements on the efficiency of the system. Although it is established through experimental studies that the addition of a bioinspired elastic element can improve system efficiency and increase lift generation, the existing mathematical models fail to model and predict such effects. It has been demonstrated that the addition of an elastic element can reduce friction losses in the system by decreasing the internal forces. Optimised parameters for a FWMAV incorporating elastic elements are also obtained.