Chopmoney, a digital bookkeeping application, is seeking to help small businesses in Ghana improve their record-keeping by making it easier to track sales, expenses, and customer debts on their mobile phones.

The application offers an alternative to handwritten records, allowing business owners to record daily transactions and generate invoices without having to work through complicated accounting processes.

For a provision shop owner or market trader, keeping proper records can be difficult when serving customers, buying stock and attending to suppliers all fall on the same person. Some transactions are written down immediately. Others are left until the close of business, when the owner must rely on memory to put the figures together.

The challenge becomes more pronounced when customers buy on credit or make part-payment. A business may be making sales, but without an accurate record of expenses and unpaid balances, the owner may struggle to determine how much money is available to keep it running.

Chopmoney is designed to bring these records together, giving owners a clearer picture of their day-to-day business finances.

Rather than searching through several pages of a notebook, users can record a sale, enter an expense or check a customer's outstanding balance through the application. Its invoicing feature also allows businesses to provide customers with a clear record of amounts due.

For businesses that regularly sell on credit, keeping track of repayments is particularly important. An owner needs to know not only who owes the business, but also how much has been paid and what remains outstanding.

Keeping those records up to date can make follow-ups more straightforward and reduce disagreements arising from incomplete entries or forgotten payments.

Beyond collecting debts, proper bookkeeping helps business owners assess whether sales are covering the cost of running the enterprise. Money received during the day may still be needed to replace stock, pay suppliers or meet transport and other operating expenses.

Having these details available can support decisions on restocking, managing costs and setting money aside for upcoming payments.

The application also uses artificial intelligence (AI) to analyse business performance and explain the results in plain language. Its AI business summary helps owners understand how the business has performed compared with previous periods.

The aim is to make the figures useful to owners who may not have accounting training. Rather than looking at totals alone, they can use the explanations to understand changes in sales and spending, and consider how outstanding customer payments are affecting the business.

The importance of record-keeping also extends to access to finance. In a report published by MyJoyOnline on October 6, GCB Bank's Head of Micro and Small Enterprises, Cedric McAddy, identified poor record-keeping and inadequate documentation as challenges facing businesses seeking funding from financial institutions.

Consistent business records can help owners explain their financial position when seeking support, although access to credit remains subject to each lender's requirements.

For Chopmoney, the focus is on making the basic task of keeping those records more manageable. A business owner does not have to wait until the end of the week to begin putting sales and expenses in order. Transactions can be recorded as they occur and reviewed as part of the daily routine.

The usefulness of the application will, however, depend on how consistently it is used. Missing sales, unrecorded expenses and outdated customer balances will still leave gaps, whether the records are kept in a notebook or on a phone.

For small businesses looking to move from handwritten accounts to digital records, Chopmoney offers a practical starting point. Its value lies in helping owners keep track of the money coming into the business, the money going out and the payments yet to be received.

Business owners can find out more at www.mychopmoney.com or download ChopMoney: Bookkeeping & Sales on the Google Play Store for Android devices.