When asked about his motivation behind the establishment of Built Accounting, 2018 TEF Alumna and Co-founder, Edward Neequaye narrated the story of how he had encountered a large number of young people outside a betting company in a small village of Karaga, in the Northern region of Ghana. “What if these youth can be trained to offer useful services with the support of their internet and smartphones?” he thought to himself.
Built Accounting is a Ghanian company that aims at training African youth and offering them digital tools needed to provide low-cost book-keeping services to small businesses. Through his business, Edward is addressing two major challenges faced by young people and businesses in Africa – access to job opportunities and access to credit for SMEs.
By leveraging digital infrastructure, Built Accounting offers services that enables small businesses to run smoothly and more effectively. With the Built Accounting Software, small businesses can manage their cash flow, accept payments from customers and even pay their staff salaries.
Since its inception, Built Accounting has impacted over 5,000 small businesses in Ghana through its business training programs and business development services. Its direct beneficiaries have gone on to mobilize over $480,000 in credit, generating $2.5 million in incremental revenue and creating over 500 new jobs for the youth.
According to recent research by the African Development Bank, only 20% of African SMEs have a line of credit, a major concern in Africa’s entrepreneurship ecosystem. Edward is actively mitigating this challenge through his business, Built Accounting. The impact of the business is in two folds as it not only equips young people with relevant skills to gain work experience and earn an income, it also allows for SMEs to get adequate financial records that enable them easy access to financial services.
With the Built Accounting software, customers can generate their personalised invoices, track and organise their expenses, run their payroll, manage their inventory and generate easy-to-understand reports that details al of their financial activities.