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Many small businesses struggle to maintain a steady grip of the bulk financial details that go with their everyday operations. It’s especially difficult for them if there’s no one on their typically small staff with the right expertise to handle the complicated matters that swirl around account balances, multiple entries, and a dizzying litany of numbers.

Accountinghub exists to lift SMEs out of this misery. It’s bringing affordable tech-driven accounting solutions to small scale enterprises which are either unable to use the services of a full-time accountant or are looking to enjoy the benefits of cloud-based bookkeeping for a fraction of what bigger companies have to pay for it.

Its founder, Chioma Ifeanyi-Eze, came upon the idea for a virtual bookkeeping service when she was confronted with the enormous gap between accounting service provision and SMEs in Nigeria – just under ten thousand accounting firms exist in a country of well over 40 million businesses. This gulf was feeding a widespread resignation among small-time ventures to using inefficient financial data management practices. And it was sinking many of them.

With its online accounting shop, Accountinghub makes first-rate bookkeeping accessible for small business owners wherever they are. That’s a sharp contrast to trying to get a qualified accountant referred to them- a cumbersome, time guzzling alternative. The shop also offers alternative service packages and allows businesses to choose one that meets their specific needs. This combination of choice and ease of access makes the platform appealing to the contemporary enterprise.

These achievements have thrust Accountinghub to the limelight. In 2017, it was named among the country’s Top 100 emerging SMEs in a public voting based selection process organized by Connect Nigeria and Union Bank. That recognition is one of a number of accolades won by the company in just over three years of its existence.    

There’s a widespread concern that accounting processes are tedious. It’s what puts a lot of would-be faithful record-keeping businesspeople from their financial books. Accountinghub takes care of this concern in a number of ways. First, it remotely trains users of its accounting systems and helps them fix issues that arise along the way. Their social media pages also offer simple useful tips and guides for doing the books properly.

Apart from its regular bookkeeping and accounting systems, the platform also helps with taxes and payroll, stocktaking, and provides consultancy services.

Since commencing operations, Accountinghub has automated accounting systems for over 250 companies, trained over 2,000 business owners in basic bookkeeping and tax compliance, and equipped at least 40 persons with expert bookkeeping skills. It’s able to install its automated systems for businesses in 24 hours; at the moment, it records over 6,000 financial transactions daily.

The Accountinghub team plans to extend its services to 2,000 businesses in the near future. Work on this has been in progress for a while; they’re deploying process engineering and devising ways to step up their operations to serve a much larger number of clients.

Featured image source: Accountinghub

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This article was first published on 21st February 2019


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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