Why bookkeeping is vital to small business financial success?

Most successful business owners understand the importance of tracking every financial transaction made in connection to their business. This is the essence of bookkeeping.

However, what disappoints small business owners in Kenya is the reality that most bookkeeping service providers available to African businesses are intended to serve the business environments in North America and Europe, as most were developed in these regions. Therefore, they serve the nuances of how a business operates in these regions. As a result, they often do not satisfactorily capture the distinctions of how enterprises run within the African, more specifically, the Kenyan context. This rigidity encourages small businesses to use complementary systems to capture those peculiarities, which tends to be frustrating. Why? Because financial data is documented across different platforms and it becomes tiresome to consolidate them. When one system does not meet the bookkeeping needs, another is added to supplement it, spreading financial information across more than one bookkeeping tool. It becomes a headache to monitor cashflows or to access financial records at once and get a true reflection of how the business is performing.

It is tiring.

Some small business owners have invoices all over the place, and every week, the number of scattered receipts, purchase orders, quotations and invoices get bigger and bigger. At some point, most of the time and energy used in the business is devoted to tracking transactions, which is not efficient for the business. This time would be put to better use engaging prospects, working on sales and marketing strategies and improving on the products and services.

Many business owners know that without accurate transaction records it is difficult to manage the business cash flow, assess the financial state of their business, make evidence-based decisions, generate accurate financial reports and file taxes. As a result, a dilemma ensues: should you ignore bookkeeping and make decisions blindly or, suffer the tedious process associated with tracking every single invoice and receipt generated by the business? None of these seems an appealing option, especially to business owners who do not have an accounting or finance background.

With Qoba, it does not have to be this difficult.

Qoba recognizes that larger businesses can develop bookkeeping systems while most small businesses often assume that they do not have the money to deploy a comprehensive bookkeeping system tailored to small business needs. Small businesses also need quality, and lack of access to capital should not lead to an insufficient bookkeeping system. Whether you are a first-time start-up founder or a small business owner trying to organize the business’ finances, Qoba has a low-cost bookkeeping solution tailored to your needs. Qoba’s system comes ready with a Point of Sale (POS) system which can be integrated into any devices your business uses to capture records of financial transactions that occur. This versatile POS system enables business owners to turn laptops, tablets or mobile phones into a POS system which allows flexibility when recording transactions, meaning they can be done in person or on the go. Additionally, the system automates several bookkeeping processes such as classifying expenses, generating invoices and producing reports to reduce the time invested in bookkeeping. The system is tailored to meet the needs of Kenyan Medium, Small and Microenterprise businesses’ needs, integrating the business’ pay bill or till number with the Qoba system. It then presents all this data on one platform so that you can assess your financial performance at once and in one place. This consolidation of all financial transactions onto one platform means that as a business owner, you can have an accurate reflection of the performance of the business.

Using Qoba means that the time used to conduct bookkeeping decreases and can be re-allocated to more profit-generating endeavours. Moreover, you can conduct better bank reconciliation, build vital reports to help assess the business success, store financial records more securely and access your financial transaction records online and offline.

These are just a few of the benefits that accrue from signing up to Qoba’s bookkeeping system for as little as KES 18,000 per year. If you are ready to secure the financial future of your business, reach out today!

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