Qoyod accounting program unveiled to foster productivity of Saudi start-up businesses

Qoyod accounting program unveiled to foster productivity of Saudi start-up businesses

Abdullah AlDayel

RIYADH — A Saudi technical start-up based in Riyadh launched a unique accounting platform in the MENA region, exclusively for entrepreneurs and non-accountants. The platform is aimed towards start-up businesses and small to medium enterprises and aims to raise relevant competencies with productivity tools in order to ensure their continuity and competition in their markets, by giving them insights and reducing their operational costs.

Qoyod, one of the main projects that are incubated by Badir Program for Technology Incubators, offers the owners of small to medium enterprises several easy-to-use services, principally the management of customers and suppliers, the issue of invoices to customers, and the provision of price offers professionally. The system also offers other services like the issue of purchase orders, stock management, point of sales service, API service, in addition to features of powers and approvals management by users regarding all transactions and reports available in the system which support the different operating systems.

Abdullah AlDayel, founder and CEO of Qoyod, said that the new platform – available in both Arabic and English language – provides entrepreneurs with the latest tools in the Fin-tech industry ensuring they have the right set of tools enables them to manage their business financially using cutting edge technologies in a modern yet in an easy to use and simplified manner. Beneficiaries business owners can subscribe to a wide range of packages and utilize the available accounting services offered by this platform, on a monthly or annual basis.” He added: “One of the features of the platform is that the users do not need to install it on their own devices, since they can access the platform through the computer or the smart phones using their username and password.”

He noted that Qoyod platform provides a special service as well for eligible accountants to contribute with their experience whether on a part time or full time basis to be an effective part of the community for assisting entrepreneurs succeed, as required on demand by entrepreneurs, which in return creates job opportunities for Saudi accountants. He further said the idea of creating Qoyod platform came up as the existing accounting software are perceived to be difficult, in addition to that, it is hard to validate the experience of the recruited accountants when the entrepreneur decides to hire someone for the job, and that the existing software do not accommodate their current technical projects.

Qoyod platform offers three bundles of services to entrepreneurs, starting with the free bundle of services aimed for start-up businesses, which allows entrepreneurs creating up to 100 sale invoices using a single user; this goes in hand with utilizing all of Qoyod’s remaining features and services without any limitations. Qoyod’s second bundle of services includes an unlimited number of users and issuing unlimited number of invoices. The third bundle is aimed towards start-up businesses with showrooms or outlets providing them with an exclusive Point of Sale application available through either a mobile application or PC, so all transactions can be synchronized immediately back to their account.

One of the main features of Qoyod is providing accounting systems in a smart and easy way, and issuing financial reports for all accounting operations, and recognizing the financial position of the company at any time through the follow-up dashboard, which gives a holistic summary for all current accounting transactions, in addition to controlling the level of access to the data and information by assigning the appropriate access privileges to your workforce.

Qoyod was one of the main projects that were discussed last week at an investment gathering organized by KACST - represented by Badir - which aims to help and support the entrepreneurs in the Kingdom to find funding for their projects. The event was attended by a number of investors and entrepreneurs who have promising investment opportunities. — SG