Kenya’s Accounting Software Eyes Regional Market

Kenya’s first ever cloud accounting software is set to dominate the regional market having consolidated the local market-share, and garnered several awards in just a year since its launch.

The software has a bookkeeping section, sales records, petty cash management, profit and balance sheet reports. It also allows subscribers to log in and invoice their clients by email or print while adding VAT records automatically.

Michael Pedersen the lead developer and MD at Pluspeople Kenya says Uhasibu is a win for accountants and SMEs not only because it adheres to East African financial regulations but because its functionalities are simple and entirely the cloud.

Uhasibu is proving to be effective for Kenyan SMEs where accounting applications are hardly available. SMEs looking to save on software licenses and expensive hardware also find the software useful.

The software manufacturer has set out a five-year vision that will see its product dominate the regional market and soar way above their 10 percent market-share.

As global SMEs move to cloud, Pedersen is confident that they have succeeded in establishing significant impact on the market. A 2011 research conducted by Tecala, an Australia research agency, indicated that more than 75% of the SMEs surveyed would have shifted to the cloud fully, to concentrate on their core businesses leaving accounting processes for accounting solutions like Uhasibu, Xero, Quickbooks, Intuit, Economic and Liquid Accounting.

Uhasibu won US $ 5,000 funding from the Pivot 25 awards last year. The software also emerged as the winners in the Mobile Business and Enterprise category at the Pivot 25 mobile app competition and as the best innovator at the just concluded AITEC Banking and Mobile Money COMESA Conference. Uhasibu is also expecting the Tandaa Grant from the ICT board they recently applied for.

At present, Uhasibu subscribers are approaching 7,000 VAT registered firms.

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