Simplebks Launches Accounting Solution For SMEs

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Simplebks Launches Accounting Solution For SMEs

Simplebks is an all-in-one online accounting and business management solution for MSMEs in Nigeria. Business owners and their staff can now record daily transactions easily, generate on-demand, critical financial reports, monitor their business from anywhere, manage inventory, issue invoices and get paid faster as well as gain insights for better decision making.

Businesses in many verticals do not keep proper financial records of their business. Those who do only bring in accountants at the end of a period. There are over 41.5 million SMEs in Nigeria (96% of businesses) and 95% of these do not have access to formal financing while only 0.3% of total banking credit was availed to small businesses.

According to a report shared by PwC, 80% of small businesses fail in Nigeria within the first 5 years. Lack of proper bookkeeping is the 2nd biggest cause of business failure while the first is access to finance.

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To access finance, businesses are required to provide financial records/statements which most businesses do not have. Businesses do not also see the importance of records till they need access to finance. For the MSMEs in Nigeria, access to affordable finance is regarded as the major challenge and whilst Fintechs have come in to meet this gap, a vast majority are doing so at high-interest rates due to lack of data and the risk associated with the sector.

Simplebks solution is built to help business owners record their transactions with ease through multiple channels, provide financial reports (Income statement, Statement of Financial Position and Cashflow) and provide linkages to Fintechs & Commercial Banks to access finance. This tool helps businesses generate their financial report and this can be presented and verified by financiers. It is robust to allow SMEs to record/integrate with their sales or payment channels to ensure full capture of all their business transactions even without manual input and generate on-demand financial reports.

With Simplebks Entrepreneurs can,

  • Easily record daily transactions
  • Generate financial statements & analysis on-demand
  • Issue invoices and get paid faster
  • Monitor & Manage Inventory seamlessly
  • Deploy Point-of-Sale for your physical store
  • Manage debtors/creditors
  • Multiple User roles/Multiple branches
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Simplebks is an easy-to-use accounting tool designed for entrepreneurs that increases your chances of access to finance with its autogenerated financial report.

Sign up on www.simplebks.com

#AccountingMadeEasy! 💛

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