MYAccounts is the world's first Mobile Money ready accounting system built and priced for the SME. MYAccounts is a social impact project focused on empowering SMEs in Africa with skills and tools to survive and thrive with an overall objective of organic transformational economic development on the African continent.
Only about 30% of African SMEs survive to year 3 of operations. In our research, we identified cash control as one of the biggest issues contributing to this. SMEs don't have a clear understanding of business cash flows and separation between business and personal assets especially cash. We set out to address this issue using a skills and tools approach.
The tool is a basic accounting platform called MYAccounts which is accessible on Web, Tablet (Windows/Android) and Mobile (Windows/Android/SMS/USSD). Using MYAccounts, SMEs are now able to post transactions to an accounting system and view basic reports regardless of their hardware or provider, using their mobile phones as POS and for other transactions.
SMEs can also make and receive mobile payments and have these payments reconciled to cash/bank, inventory, branch/salesman as well as generate source documents such as receipts, delivery notes, invoices and vouchers in real time, both physically and in the cloud.
SME can also comply with the E-Tax systems governments in sub-Saharan Africa have adopted that have largely caught them out. Without skills and tools to submit tax returns on time, SMEs are left vulnerable to non-compliance as well as to fraudsters and quack accountants offering quick fixes. MYAccounts automates tax returns for SMEs by generating reports for upload in the tax authority required format.
The overall objective is to achieve Organic Transformational Economic Development (OTED) by demystifying accounting and empowering the African SME with affordable, accessible accounting tools coupled with practical learning business skills programs. The SME holds the key to real economic development in Africa by creating employment opportunities for millions of Africans, contributing significantly to Tax revenue for governments and providing market and distribution outlets for Africa's growing manufacturing sector.
-Project team 40% recruited
-Development work at about 70% of MVP
-Registered over 2,000 merchants for a pilot in Uganda and Rwanda (not yet active)
-Initiated contact and development plans with Government of Uganda through the Uganda Revenue Authority for integration with e-tax systems
-Initiated contact and development plans with Government of Rwanda through the Rwanda Revenue Authority for integration with e-tax systems
-Intitated contact and mobile money API integration with MTN Rwanda
-Intitated contact and mobile money API integration with MTN Uganda
-Intitated contact and mobile money API integration with Airtel Rwanda
-Intitated contact and mobile money API integration with Airtel Uganda
-Raised $100,000 from Bill Melinda Gates Foundation Global Challenge Explorations round 14
-Raised $s from Microsoft Innovation Grant Round 2 (not allowed to disclose full amount)
-Raised about $71,000 from organic revenue from Enterprise clients in Uganda and Rwanda
-Final stages of deal to deploy MYAccounts as ERP for distributors for Inyange Industries Ltd (Rwanda)
-Power BI integration initiated
-UI and UX consultancy and review with Microsoft expert volunteer completed July 2015
-Partnered with nfrnds.com for USSD integration to enalbe bottom of the pyramid access
-Partnerships with CPA firms in Uganda for provision of business consultacny and accounting support for our family of merchants
-Initiated contact with Institute of Certified Public Accountants to embedd MYAccounts in the practical learning curriculum for CPA students.
-Initiated contact and about to agree final fees and work plans for comprehensive security audit and security standards certification (Aug 2015)
-Started production of product videos
-Generated significant traffic and attention to ourselves online and in local press
How does your innovation work?
The tool is a basic accounting plaftform called MYAccounts which is accessible on Web, Tablet (Windows/Android) and Mobile (Windows/Android/SMS/USSD). Using MYAccounts, SMEs are now able to post transactions to an accouting system and view basic reports regardless of their hardware or provider, using their mobile phones as POS and for other transactions.
Mobile Money payments and collections are now reconciled to merchant financial statements, with source documents (reciept, voucher, invoice, delivery note etc) automatically generated in real time.
Tax submissions are automated with integration to e-tax systems of various governemnts. Merchants automatically create the complex tax submission files for submission to e-tax systems.
MYAccounts gives FMCG manufacturers and distributors real time visibility over down the line activity for improved resource planning and decision making.
What Evidence do you have that your Innovation works?
-Large and growing number of SME users in Uganda and the region
-Piloted by East African Brewries with their distribution partners in Uganda
-Won Microsoft Innovation Grant 2nd Round
-Won Bill Melinda Gates Global Challenges Grant
-Won Private Sector Foundation Uganda Matching Grant
What is your strategy for expanding use of your innovation?
-Government integration for e-Tax simplification and automation for merchants
-Partnerships with CPA firms as primary tool for their business support activities (automated processes allows CPA firms to grow without impairing service delivery)
-Partnerships with FMCG manufacturers and distributors for real time visibility and automation of offsite processes for resource planning and decision making.
-Aggresive door to door onboarding and recruitment strategy with foot soldiers on the ground.
-Product videos and informercials for communication about product and its benefits to various
-Online marketing coupled with social media marketing
-Print, Radio and TV advertising
-Partnerships with Banks and other financial institutions with SMEs as key merchant groups
-Workshops and Training programs for SMEs to enhance business skills and knowledge
-Comprehensive marketing and advertising
-Comprehensive support strucutres (accounting and technical system support)
-Generation of significant mobile money transactions