Why Are Over 1000 SMEs in Kenya Failing Every Day?

The Kenyan economy thrives on the wheels of Small Medium Enterprises (SMEs). Statistics from the Kenya National Statistics (KNBS) show that the SME sector employs at least 86 percent of the Kenyan population and contributes about 45.5 percent to the country’s gross domestic product.

However, despite the importance of the sector to the economy, stats show that at least 450,000 SMEs shut down in Kenya each year. This means that at least 30,000 of them are shutting down each month and at least 1,000 of them die daily.

Some of the factors that have been cited as major contributors to the collapse of many SMEs include poor management, inability to manage and account for funds including bookkeeping and accounting, and inadequate access to credit among others.

It is on the premise of helping businesses manage and keep records of their financial soundness that TallyPrime was developed. This is a software that every business needs to wade through any financial and recordkeeping turmoil.

ALSO READ: Maize Flour Price to Increase Over Grain Shortage

With TallyPrime, businesses are able to generate VAT-compliant invoices with ease, file VAT returns hassle-free, save crucial time with pre-designed ledgers and stock groups and avoid human errors, and suggest a corrective course of action.

For any business, data is king. A business that is not able to generate and manage easily accessible data is as good as dead. TallyPrime helps businesses securely access business data anytime, anywhere using a web browser.

What is more, the platform helps businesses get critical business information at their fingertips with powerful and personalized business reports. It also helps businesses to automatically reconcile their books of accounts with your bank statements.

“Stay on top of your inventory with various reports such as stock aging analysis, outstanding management, payment performance, and more. With the new ‘Go To’ feature, you can move from an invoice creation screen to any report and come back to where you started – without losing data or progress,” said Tally Solutions in a statement.

Sign up here to get to know more about TallyPrime from an expert.