Read more about Tech
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 and 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. Here 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 software to keep track of day-to-day transactions. It is faster, more reliable, and easy to use. Businesses in Nigeria, have stayed 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. In Nigeria, some go to the extent of keeping information offhand. All these inefficiencies, asides from being time-consuming, lead to errors and affect cash flow and finance, which is why almost nine out of 10 small businesses in the country fizzled out in the first five years. The perfect solution to this is the kippa application which is easy, reliable, and efficient. Kippa, a Nigerian FinTech startup, is giving business owners an easy-to-use finance management app and is reducing their chances of bankruptcy. It was founded in February 2021 by Kennedy Ekezie, Duke Ekezie, and Jephthah Uche. Kippa was born to fit the Nigerian market by attempting to improve the life cycle of small businesses in Nigeria. Kippa has raised $3.2 million in pre-seed funding in November 2021, with its finance management application. 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 your suppliers right from the app.
- Invoices: One can also customize and send invoices directly to customers. This will reduce the cost of printing invoices to customers.
- Reminders: Online invoice generator that helps collect money from your 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.
Sign up to the Connect Nigeria Daily Newsletter
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 app.
- Edit Customer Information. Add Transaction done by Customer. Message customers to remind them about pending payments directly from the Kippa app. WhatsApp customers to inform about pending payments, increase your debt recovery.
- Easy Backup & restore Kippa data. Simple and easy-to-use design to manage your record-keeping.
Got something you want to read about on our platform? Contact us: editor@connectnigeria.com
You might also like:
- Nigeria is Building its First Multilingual Large Language Model (LLM)
- Meta AI: What It Is; How It Works
- How to Upskill for Career Success in the Age of AI
- Top 10 Property Management Software Solutions
Greedtings from Idaho! I’m bored to death att ork so I decided to browase your website on my iphone durimg lunch
break. I love thhe informatiion yyou provide here and can’t wait to take a look when I gett home.
I’m amazzed at how quik your blog loaded onn my mobile ..
I’m nnot egen using WIFI, just 3G .. Anyhow, exxellent site!
naturaally like your webb site however you need to test thhe spelling oon several oof
yoour posts. A number oof them are rikfe with spelling problems annd I in findding it veery boothersome tto tell tthe reality on tthe
other had I will definitely come bacck again.