Three Youth Entrepreneurs Find Niche In Cloud Accounting
Pauline Dikuelo | Monday September 3, 2018 18:00
The company, NGBO, offers an online cloud based accounting for SME’s, tax scribe, other services including secretarial services, tax registrations and de-registration, VAT/Tax waivers, appeals, submissions and fillings.
In an interview with Monitor Business, Ntshekang said that the idea started during their tertiary days where they brainstormed ideas on what to do upon completion of their studies.“We were always talking about starting our business during our breaks at school because we were aware of the unemployment rate.
We brainstormed ideas, studied the industry and finally agreed to start our own accounting firm based on our background,” she said. Upon completion, the determined trio then registered their business embracing themselves to join the industry that is dominated by the big four international accounting firms.
Currently the company is managing accounting, taxes and finances of 20 SMEs in retail, hospitality, construction, automotive, tourism, health and beauty as well as logistics industries. According to Kgosi, they did not bother with the big four as they realised that big companies did not cater for the small and medium size enterprises (SMEs), who have little resources to engage them.
He said to be more competitive; they then decided to embrace technology by offering online accounting basically giving easy access to one’s office and real time financial data conveniently. “We saw a gap in the market after realising that the big four accounting firms’ concentration is on well established companies leaving SMEs out. We grabbed that opportunity and the reception has been amazing,” he said.
The trio were fortunate to get funded by the Ministry of Youth Empowerment, Sport and Cultural Development last year, two years later after registering their company. When touching on the benefits of cloud accounting, he said that after downloading an accounting app, a user can always track their updated financials at their convenience which are also automatically stored in the cloud.
“Cloud accounting is one of those tool that can assist in streamlining your processes. As an SME, administration functions such as accounting are incredibly important but unfortunately time consuming,” he said.
Earlier this year, MJBO won an award at the youth business expo after scooping position three.