What Your Small Business Needs Today and Tomorrow to Grow in Kenya?

• What are MSMEs in Kenya?
• Why does your small business need accounting software to grow rapidly in Kenya?
• How can TallyPrime help small businesses?

What are MSMEs in Kenya?

The term MSMEs is short for micro, small, and medium-sized enterprises. It is a method to define the size of the businesses in Kenya. When classifying businesses in Kenya, two factors are considered; the number of employees and turnover. As per the MSE Bill or the Micro and Small Enterprises Bill 2012, MSMEs are categorized as follows.

Why does your small business need accounting software to grow rapidly in Kenya?

Your small business needs accounting software in Kenya to grow and flourish because of the following reasons.

Allows you to track expenses accurately

Every business needs to track its expenses and revenue because without it you don’t know whether your business is on the right track or not. Accounting software tracks your everyday expenses and revenue so you know exactly how much you are spending and how much you are earning on a daily basis. Accounting software is accurate as it prevents errors and alerts you if it notices an error. This allows you to rely on the software and perform calculations as required.

Automation saves time and effort

Setting up and putting together your business’s financial records in Kenya can take hours and it is an effort-inducing task. If you were to do it manually, it would waste a lot of your day because you need to keep accessing different platforms to get the data you need. Accounting software can save you this time and effort by syncing your financial data. As the software automates tasks, you get more time at hand to focus on other areas of your business that require immediate attention.

Provides in-depth insights

Accounting software generates reports that can come in quite handy for making decisions. As a small business owner in Kenya, you want to make decisions that take your business towards success. This is possible with insightful reports generated by good accounting software. You can get the complete picture of your business or break it down and get reports on specific aspects. Whatever you choose, you get to make better strategic decisions with the help of accounting software.

Keeps you audit-ready

Your business is ready for an audit when you have accurate financial records and statements. Without an accounting software solution, this becomes extremely challenging. Accounting software ensures you are always audit-ready because you have the correct financial information of your business. As accounting software minimizes errors, it ensures you don’t get penalized for errors and thereby allows for a smooth audit process to take place. Accounting software is particularly helpful in the case of external audits.

Improves efficiency

Business efficiency ensures you are keeping your costs to the minimum while putting your focus on areas that generate revenue and profits. Accounting software in Kenya makes this possible and achievable. It reveals the areas where you are spending more than necessary thereby driving decisions to strategize accordingly. It has all the business-related information in one place so you can get access to it instantly. With the right insights, you can reduce inefficiencies in various areas such as inventory storage.

Ensures correct tax filing

Taxation is an important aspect of a small business and you don’t want to pay more tax than you owe. Accounting software has all the business’s financial data in one place and has taxation features to allow room for zero errors. You can easily pay tax using the information available and then file for returns when it is time to do so. Accounting software streamlines tax filing so that you don’t have to spend hours gathering information.

Simplifies inventory

Inventory management is a crucial part of your business and you must pay attention to it to fulfill your customers’ orders and to reduce costs associated with its storage in your warehouses. Accounting software simplifies the process of managing inventory. It helps you determine the stock levels, alerts you in the case of stocks reaching their expiry date, and helps you reorder when the stocks are running low.

How can TallyPrime help small businesses?

TallyPrime is a business management and accounting software in Kenya that enables MSMEs to grow to their full potential. TallyPrime is backed by over 3 decades of research and is already helping more than two million businesses across the globe to become highly efficient businesses. It is powered with automation to ensure you don’t have to allocate resources to mundane everyday tasks. It saves businesses hours of time each day as it automatically performs calculations and enables you to focus on the other parts of your business that require your attention. It has a tax compliance feature to ensure you pay the correct amount and file your returns without hassles.

What makes TallyPrime an excellent solution for MSMEs is the ability to provide all the major functions that enterprises need to grow. It comes with invoicing capabilities to ensure you can create stunning invoices that have all the necessary information about your business, tax, and more. It has payroll processing where you can automate payments and group employees. It also comes with a stellar inventory management feature so there is minimal wastage and high efficiency. TallyPrime’s cheque management, cash flow management, credit management, and auto bank reconciliation features are also highly useful to businesses.

TallyPrime’s actionable reports provide you with much-needed insights into your business. You can generate hundreds of unique reports as per your needs. Do you want to get that stock report? Generate it with TallyPrime! You can customize the report to contain the data you require so it is personal to your business and you can use the information to make decisions that change the course of your business. You can even save these reports and create multiple views through personalization. The software tool’s security features prevent unauthorized use and changes.

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