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Bookkeeping and accounting are vital parts of a business, especially one that doesn’t want to go bankrupt. Employing an unreliable bookkeeping system will cause business owners not to know whether their business is making profits, when to purchase a new asset, and when to expand the business.

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Most business owners lack proper bookkeeping knowledge in business and one of the most important financial decisions a business owner can make is to decide how the business books are going to be kept and managed.

Bookkeeping helps with keeping track of day-to-day business transactions. It is about keeping track of sales, purchases, payments, and receipts, working on the design maintenance, review of internal business processes, collating and recording financial data on a day-to-day basis, and storing this information in a standard way. Businesses can document daily transactions in two ways,

Paper-based bookkeeping system: The tools needed for bookkeeping includes sharp pencils, regular notebooks, and ultra-fine-point pens. The notebooks are divided into columns depending on the parts of the business you want to record. It can house columns like the Invoice number, product, quantity, unit price, total amount, total balance, outstanding balance. etc. The invoice number is needed to be able to track the transaction to the invoice or receipt.

Computer-based bookkeeping system: This refers to the use of computer applications to keep track of day-to-day transactions. It is faster, more reliable, and easy to use. It also makes recording business transactions easy.

Businesses in Nigeria have remained offline for the better part of the last ten years, using paper-based ledgers. Due to illiteracy, most of them still depend on using pen and paper or ledgers for bookkeeping and storing important information. Some even go to the extent of keeping information offhand. All these inefficiencies, asides from being time-consuming also lead to errors. It affects cash flow and finance, which is why most small businesses in the country fizzle out eventually.

The perfect solution to the inefficiencies of the paper-based ledger is the kippa application which is an easy, reliable, and efficient online ledger. Kippa, a Nigerian fintech startup, is giving business owners an easy-to-use finance management app while reducing their chances of bankruptcy. It was founded in February 2021 by Kennedy Ekezie, Duke Ekezie, and Jephthah Uche. Kippa was invented to fit the Nigerian market by attempting to improve the life cycle of small businesses in Nigeria. Kippa had raised $3.2 million pre-seed in November 2021, with its financial management application to help scale the platform and create other offerings.

Kippa works on Android, iOS, Macbooks, and personal computers. It also allows users to earn using the Kippa sign-up, Kippa login, Kippa referral code, Kippa invitation code, Kippa money, Kippa Africa, Kippa withdrawal, Kippa free money, Kippa points, and Kippa registration. Kippa’s growth has been speedy since its launch. The bookkeeping and finance app claims to have grown an average of 126 percent month-on-month and recorded more than $300 million across over 200,000 businesses. These results have also impressed investors so much that Kippa got $3.2 million pre-seed.

The kippa application helps businesses to do the following:

  • Inventory: It helps businesses Keep track of stock. Get updates when running out of stock and automatically get product supplies from suppliers right from the app.
  • Invoices: One can also customize and send invoices directly to customers. This will reduce the cost of printing invoices.
  • Reminders: It has an online invoice generator that helps collect money from debtors 3 times faster. keeping track using Kippa’s free SMS & WhatsApp reminders, businesses get money back from their debtors 3 times faster.
  • Bookkeeping: The app is used to record sales and expenses, credit and debit transactions for trusted customers.
  • Financial reports: This helps to generate reports of the business and monitor the financial health of the business.

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kippa application has the following advantages:
  • It is Free, Safe, and Secure. The account book is secured using App Lock.
  • It helps businesses to record sales and expenses every day.
  • Businesses can download the PDF Reports of their financial transactions using the application.
  • Helps businesses to manage multiple shops within one app.
  • Sends free automatic payment reminders to your customer.
  • Business owners can use one Kippa account on Multiple Phones.
  • Send WhatsApp payment reminders to customers.
  • Free SMS updates to your customers on every transaction.
  • Get Rewards from Kippa every time you use the application.
  • Easy Backup & restore Kippa data. Simple and easy-to-use design to manage your record-keeping.

Africa’s internet economy is growing faster than ever, and there are now more businesses online. Many of them now use social media to promote their businesses but beyond marketing products, these online businesses still do most of their work offline since they cannot use digital alternatives. Many of them still use pen and paper for financial accounting and Some do not have financial records and only depend on their memory.

In part, this is because most accounting apps are either too expensive for them or too sophisticated. Problems like this contribute to the high rate of business failure in Nigeria. This is the reason for the development of kippa to serve small businesses and to save them from financial ruin through its simple easy to use interface.

Another problem preventing small businesses from using kippa is that digital adoption is still the dominant challenge of small businesses. Many of these small business owners who own mobile phones only use it for WhatsApp and Facebook while Some of them are getting smartphones for the first time and others don’t even have. The main issue is not even digital adoption, but how to use it as a vehicle to accelerate solutions. Entrepreneurs need easy-to-use and affordable finance tools to run their businesses. So adopting kippa is a perfect solution for these businesses to account for the finances of their business.

Featured Image Source: Disrupt Africa
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This article was first published on 24th February 2022


I am an accomplished content creator and recently delved into technical writing. I enjoy using my skills to contribute to the exciting technological advances and create awareness of evolving technological trends in Nigeria.

Comments (4)

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