Odibooks, a fintech startup in Kenya, has created an accounting application that allows small and medium-sized enterprises (SMEs) to manage and automate all their corporate financial activities.
Maxwell Odira with Erick Odudo launched Odibooks in February. Odibooks is an online accounting platform for small and medium-sized enterprises (SMEs) in East Africa. It assists businesses with various duties, such as orders and invoices administration, financial reports and management of inventories.
Odibooks eliminate the need for businesses to apply to Safaricom for M-Pesa API access by providing their customers with automated invoices. They can use their existing M-Pesa Paybill, bank account or M-Pesa Till Number, to receive payments from their customers.
“Small and Medium Enterprises also have automatic payments for expenses and bills through M-Pesa,” Odira said. This is true if their vendors accept bank payments to Paybill numbers, Kenyan banks, and Till numbers. Odibooks make it easier to handle taxes and give you ready-to-submit Excel tax reports.
Small and medium-sized enterprises also have the choice of automated programming reminders to be triggered if the quantity of an item’s inventory gets to a predetermined threshold. This makes replenishing supplies much more effortless.
Following the successful onboarding of a large number of businesses, the privately funded company is now actively pursuing the raising of its initial funding round to expand its business activities. In Kenya, it has already been put into operation, and within the next 12 months, it is expected to launch in Tanzania, Uganda and Rwanda.