Florence owns and manages a small curios shop in the Northern Part of Nairobi, a small market called Toi Market. Her shop, called Ideal curios, is cash-only and sometimes sells on credit. Before Patika, She had to make reconciliations on a daily basis on how much she has sold and how much she is owed by customers; she would do this every day on a physical book. The business turns over $3,200 every month, and she makes $1000 to support herself and her family. She dreams of becoming a bigger business, where everyone in her community comes to buy their regular African house decorations and African wear.
When doing these business record reconciliations; she would sometimes misplace her book, the book would sometimes get rained on, she has children who would tear the pages of the book for reasons unknown to her; and most importantly, she would oftentimes make a few mistakes in reconciliations which lead to having false figures on profits made, debt owed and what’s available on her stock.
All these challenges with using physical books for tracking sales, recording debt and stock-taking are now a thing of the past since she started using Patika, Patika is available at the touch of a button right on her mobile device; she doesn’t need data to make the entries as Patika has features which update these records synchronously when she loads data to her sim card.
There are around 10 million micro and small businesses like this in East Africa. The majority of these shops are informal, unbanked, and often times sale on credit to their customers. Most of these shops have inefficient tools they use for bookkeeping; bad bookkeeping can have negative effects on how one conducts their business. For instance, they’ll end up paying their debts late, resulting in higher interest rates, fewer payment terms, loss of credit, and interference together with their credit score or reports.
To avoid this, Patika helps these micro and small business owners to track all their income from their businesses, and most importantly, track debts owed to them by customers and debts they owe to suppliers.
This bad management of business records for these businesses can lead people like Florence to lose access to good suppliers and vendors, because paying their debts early is a show of respect to that business relationship. Consequently, they may start losing sales as well. On top of that, a slowdown in their business may shy away their clients and customers might find themselves looking elsewhere to satisfy their requirements.
To record all of their financial transactions daily, business owners like Florence would need access to workable bookkeeping & debt tracking processes and systems. At Patika, we have built tools to help these micro and small business owners to monitor all things that affect their cash flow in one application.
Our team has developed reliable bookkeeping and debt tracking features within Patika App that meet their individual business needs. To make bookkeeping easier, painless, and manageable.
Hundreds of thousands of small businesses in Africa have untapped growth potential. We’ve seen how access to innovative technology solutions and financial services can be a gamechanger — key in unlocking full productivity and potential.
By going digital with Patika, micro and small business owners will see a ripple effect of positive change: faster turnover, greater revenue, stronger livelihoods, and the creation of more jobs as these businesses grow.