Accounting platform for entrepreneurs launched in KSA

Abdullah Al-Dayel, founder and CEO of Qoyod.
Updated 09 June 2017

Accounting platform for entrepreneurs launched in KSA

RIYADH: An accounting platform for entrepreneurs and small-business owners in the Arab world has been launched through an initiative of King Abdulaziz City for Science and Technology (KACST).
The platform, part of KACST’s Badir Technology Incubator Program, is aimed at startup businesses and small and medium enterprises. It is designed to help boost productivity and competition by giving businesses insights and reducing their operational costs.
Dubbed “Qoyod,” the platform helps business owners manage customers and suppliers, issue invoices and purchase orders, and help with stock management and point-of-sale service.
“The new platform is available in both Arabic and English language, and provides entrepreneurs with the latest tools in the fintech industry. Ensuring they have the right set of tools enables them to manage their business financially using cutting-edge technologies, in a modern yet easy-to-use and simplified manner,” said Abdullah Al-Dayel, founder and CEO of Qoyod.
He added that business owners can subscribe to different packages on a monthly or annual basis.
“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 smartphones using their username and password,” Al-Dayel said.
He said the idea for Qoyod came about because the existing accounting software is perceived to be difficult, while it is hard to validate the experience of recruited accountants.
Qoyod offers three bundles of services to entrepreneurs, starting with the free package aimed at startup businesses, which allows entrepreneurs to create up to 100 sale invoices with a single user.
Its second bundle of services includes an unlimited number of users issuing an unlimited number of invoices. The third bundle is aimed at startup businesses with showrooms or outlets, and includes a point-of-sale application available through either mobile application or PC, so all transactions can be synchronized immediately.
Qoyod was one of the main projects to be discussed last week at an investment gathering organized by KACST and represented by Badir, which aims to help entrepreneurs in the Kingdom find funding for projects.


Five Saudi officials accused of corruption sentenced to jail, fined SR9m

Updated 16 sec ago

Five Saudi officials accused of corruption sentenced to jail, fined SR9m

  • The prosecution found 300 items of evidence against the defendants
  • Funds in their personal bank accounts were seized

RIYADH: Five officials accused of financial and administrative corruption in Saudi Arabia have been given a 32 year collective prison sentence by the Kingdom's public prosecution office and were fined a total of SR9 million, Saudi Press Agency (SPA) reported on Friday. 

The prosecution found 300 items of evidence against the defendants and funds in their personal bank accounts were seized.

One of the officials was accused of receiving bribes, committing forgery, and exploiting his position to achieve personal favors. He was given a 12 year jail sentence and fined more than SR1 million.

Charges against the defendants included wasting public funds, unjust enrichment, and selling government property.