Qoyod Company Profile

Background

Qoyod is a cloud-based accounting software provider headquartered in Riyadh, Saudi Arabia. Established in 2016 by Abdullah Aldayel, the company aims to empower small and medium-sized enterprises (SMEs) by offering comprehensive financial management tools. Qoyod's mission is to streamline accounting processes, enabling businesses to manage their finances efficiently and make informed decisions.

Key Strategic Focus

Qoyod focuses on delivering an intuitive and secure online accounting platform tailored for SMEs. The software encompasses features such as:

Invoicing and Expense Tracking: Facilitates the creation and management of invoices and expenses.

Inventory Management: Allows businesses to monitor stock levels and manage product inventories.

Point of Sale (POS) Services: Integrates sales transactions directly into the accounting system.

API Services: Provides seamless integration with other business applications.

User Permissions and Approvals: Enables role-based access control and approval workflows.

By offering these features, Qoyod addresses the unique challenges faced by SMEs, promoting operational efficiency and compliance with local regulations.

Financials and Funding

Since its inception, Qoyod has demonstrated significant financial growth:

Revenue: In 2024, the company reported revenues of $12 million, a substantial increase from $6.1 million in 2023 and $2.3 million in 2021.

Funding: In December 2020, Qoyod secured $2.1 million in a Series A funding round led by Merak Capital, with participation from other investors. This investment was intended to enhance product offerings and expand market reach.

Technological Platform and Innovation

Qoyod's platform is distinguished by its user-friendly interface and robust security measures. Key technological aspects include:

Cloud-Based Architecture: Ensures accessibility from any internet-connected device without the need for local installations.

Compliance with ZATCA: Accredited by the Zakat, Tax and Customs Authority (ZATCA), facilitating swift activation of electronic invoicing in under five minutes.

Integration Capabilities: Offers API services for seamless integration with various business tools and systems.

Leadership Team

Abdullah Aldayel: Founder and Chief Executive Officer. Under his leadership, Qoyod has experienced substantial growth and established itself as a leading accounting solution in the region.

Competitor Profile

Market Insights and Dynamics

The global accounting software market is projected to grow from $6.4 billion to $10.5 billion by 2027, with a compound annual growth rate (CAGR) of 7.4%. In Saudi Arabia, the direct market exceeds $500 million, growing at over 13% annually.

Competitor Analysis

Key competitors in the accounting software domain include:

FreshBooks: A cloud-based accounting software offering invoicing, expense tracking, and project management tools. Founded in 2003, it serves over 305,000 customers globally.

Zoho: Provides a suite of cloud-based business management applications, including accounting, CRM, and project management. Established in 1996, Zoho serves millions of users worldwide.

Strategic Collaborations and Partnerships

Qoyod has formed strategic partnerships to enhance its service offerings:

ZATCA Accreditation: Recognized by the Zakat, Tax and Customs Authority as a main provider for the "Fatoora" electronic invoicing project, aligning with national initiatives to digitize financial transactions.

Operational Insights

Qoyod's competitive advantages include:

Localized Solutions: Tailors its platform to meet the specific needs of the Saudi market, ensuring compliance with local regulations and cultural nuances.

User-Centric Design: Focuses on providing an intuitive interface that simplifies accounting processes for SMEs.

Scalability: Offers flexible packages that cater to businesses of varying sizes, allowing for scalability as companies grow.

Strategic Opportunities and Future Directions

Looking ahead, Qoyod plans to:

Expand Product Offerings: Introduce new features that connect business owners to complementary financial products and services.

Regional Expansion: Extend its reach to neighboring countries, leveraging its localized approach to address regional market needs.

Enhance Technological Capabilities: Invest in advanced technologies to further streamline accounting processes and improve user experience.

Contact Information

For more information about Qoyod and its services, please visit their official website: www.qoyod.com

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