Small traders to get free record keeping system

A financial platform that allows small business operators to formalize their businesses is now operational in Kenya, offering free and simplified financial management processes.

Dubbed Bizzyn, the cloud-based financial management software offers a comprehensive suite of tools and features to simplify financial management processes, including bookkeeping, inventory management, invoicing, expense tracking, and financial reporting. 

By providing an all-in-one solution, the startup helps businesses streamline their financial workflows, improve accuracy, and save time and money, allowing them to focus on growing their operations.

In an exclusive interview with the Star Newspaper, Bizzyn founder Jason Kettmann said that 97 per cent of small businesses in Africa can’t access credit due to poor record keeping, as financial institutions deem them not serious.

“This is where we come in. By providing an all-in-one solution, Bizzyn helps businesses streamline their financial workflows, improve accuracy, and save time and money, allowing them to focus on growing their operations,’’ Kettmann said.

“Bizzyn’s genius is that it not only provides businesses with a view of their cash flow and financial data, but it also allows users to find financial data and use it to secure loans from banks and other financial institutions.”

 Unlike other sophisticated innovations, Kettmann says the platform does not require complex technology skills. “We made this to support kiosk owners with limited education. We are also available to offer free technical support for our users.”

 Since its initial launch in Tanzania in 2022, the platform has gained traction among SMBs in Africa looking for a cost-effective and user-friendly financial management solution. It has expanded to Nigeria and Malawi.

“We have ambitious expansion plans to reach more African markets and potentially expand to other emerging markets with similar business challenges. Bizzyn generates revenue through subscription-based pricing models, offering different tiers to cater to the varying needs.”

 The accounting system is coming at a time when studies show MSEs kept sketchy incomplete records, largely unprofessionally done, with non-conceivable contents and patterns.

 The accounting record was poorly done because of a lack of accounting knowledge and for the fear of the cost of hiring professional accountants.

According to the Micro and Small Enterprise Authority (MSEA), a state agency supporting small businesses in Kenya, record keeping is the foundation on which a compliance programme needs to be anchored on stages that ought to be put in place to capture the documentation and events, which happen throughout a transaction.

 “Keeping documents is essential for the thriving of different firms. A detailed recordkeeping mechanism allows business owners to create precise and prompt financial reports that reveal the firm's achievements and present state,’’ MSEA CEO Henry Rithaa highlights in one of the agency’s journals.

 He adds a correct record of the firm's financial performance is a driver to monitor performance in other certain areas. “Keeping records is key for the successful performance of a firm.”

 A survey by Walden University titled Financial Recordkeeping for Small Businesses shows that good record-keeping practices are essential because they help companies comply with various laws in various countries.

 It adds that 80 per cent of small businesses with sound records are likely to secure credit from a financial institution as it is a clear indicator of focus and accountability.

 MSEA indicates that less than 10 per cent of small businesses in the country keep details of their stock inventories and financial records.