BookAid was launched to meet the needs of small businesses struggling to monitor their cash flow, and keep financial records up to date.
The startup provides bookkeeping and accounting support service to small businesses.
According to the Bookaid team, “we understand tracking and sorting your business books and accounting can seem like a horrid task. We also understand you are on a budget. Our mission is to help businesses and NGOs keep up to date accounting records according to international standards by providing book keeping and accounting support services.”
To begin using the platform, users sign up by choosing and purchasing your preferred plan, then the Bookaid team setup an accounting system customized to the business’ need.
Businesses owners can also keep their accounts on the platform regularly updated by regularly sending in records of daily business transactions, including revenue, purchases, receipts and expenses to the Bookaid team, who in turn post and update.
At the end of the month, Bookaid sends business owners an accounting reports – profit and loss, cash-flow and balance sheet, with data on how the business has faired financial. They also provide free accounts audit at the end of the year. In addition to these, Bookaid provide business intelligence and advisory services to businesses, giving them a guide on how to control costs, improve business process and grow profit.
With tons of small businesses springing up everyday, and accounting/bookkeeping being an everyday business need, BookAid sure has the potential to thrive in Nigeria. However, it has a number of competitors to deal with, including accountinghub.com.ng, and its success would be dependent on how innovative the team can get.