Most entrepreneurs can tell you how much they sold, but far fewer can confidently reveal profit or loss, a gap Regina King’ori has spent years trying to close.
The founder and CEO of audit and consultancy firm, RWK Africa, says one of the biggest challenges engulfing small businesses is not lack of ambition or customers but poor book keeping.
Working closely with entrepreneurs whom top audit firms have shunned, she repeatedly saw business owners struggle to track cash flows, stock movements, expenses and profitability.
This void gave birth to MyAccurate Books, an accounting app for small businesses and non-accountants to aid in tracking sales, expenses, inventory and business performance.
"Even if you’re a class eight leaver or you didn’t finish Class Eight, you can know how to do a receipt, how to do an expense, and how to even prompt somebody to pay you."
“It is very easy. Even if you’re a class eight leaver or you didn’t finish Class Eight, you can know how to do a receipt, how to do an expense, and how to even prompt somebody to pay you,” explains Dr King’ori.
The tool has recorded more than 10,000 downloads and is actively used by more than 2,000 businesses.
The app also incorporates mobile money and tax compliance features, aiding small traders to be compliant as the Kenya Revenue Authority (KRA) races to weed out tax evaders and boost revenue.
“We have done the eTIMS integration. One of the things is that eTIMS is unable to go to the informal sector; it is a bit complex for them. But with the integration, at a click of a button, when you’re doing your receipt, you also have your eTIMS invoice,” says Regina.
Her free training and mentorship have won praise at the World Bank and KRA. Her outreach plans, she says, have reached more than 100,000 entrepreneurs.
Through her Skill Up Mentorship Program, she has worked with more than 10,000 individuals keen on starting business.
–Kabui Mwangi