About the client
Wafeq is up-to-date and easy-to-use software that meets every finance-related need associated with the accounting of SMEs in the Middle East. Established in 2019, Wafeq is cloud-based accounting and e-invoicing software designed for business owners and accountants. It allows users to send invoices, quotes, and purchase orders, manage inventory and payroll, and generate more than 30 types of financial reports to help businesses run more efficiently.
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Business Context
Previously, Wafeq was accessible only through its web-based platform. However, in a competitive market and a mobile-first environment, this resulted in a limited customer value proposition and made the need for a mobile accounting app critical.
Challenges
By turning to Andersen's team for a mobile accounting app, the customer sought to strengthen their market positioning while ensuring a sustainable business model. A well-designed app would drive profitability by increasing user engagement rates and expanding revenue streams. Additionally, regulatory compliance, particularly with AML and KYC requirements, also demanded our significant expertise.
Scalability, performance, and security were also critical. The app needed to handle growing user and transaction volumes. That necessitated a close focus on infrastructure-related issues and ongoing optimization. Poor optimization could lead to slow performance and system failures, harming business growth. To top it off, financial data security was paramount.
About the project
The project's goal was to craft a mobile accounting app that would exceed the limits of a simple mobile invoice app. The solution needed to handle invoices and purchase orders, control inventories, deal with payroll issues, and generate more than 30 types of financial reports.
For the customer, accomplishing this project meant that they would overcome such web-specific limitations as restricted reach due to the lack of a mobile solution, making it difficult to attract and retain users who prefer mobile-first experiences. Accessibility would also improve, as the app would allow users to work offline or in areas with poor internet connectivity, which was previously impossible with a web-only platform. Additionally, a dedicated mobile app would provide a smoother, more intuitive user experience compared to mobile browsers that can be clunky and less responsive. In addition to usability, the mobile app would unlock new features by leveraging device-specific capabilities.
App functionality
The solution Andersen has built offers the following functions:
- Purchases and claims: managing bills, purchase orders, and expenses in one place;
- Payroll and employees: running payroll and allowing employees to submit expense claims;
- VAT return: automatically generating VAT return;
- Inventory tracking: monitoring stock levels and booking Cost of Goods Sold;
- Customers and suppliers: keeping track of outstanding debts and liabilities;
- Reports and insights: generating detailed single or consolidated reports for a holistic view of one's finances.
Solution
As a result of Andersen's involvement, the mobile accounting app for iOS was developed on time and within budget. It complements and enhances the functionality and capabilities of the web version, guaranteeing a seamless UX for business operations.
Project results
Thanks to our contribution, the customer achieved the following:
- Entered the mobile app market, attracting a broader user base;
- Strengthened its brand by aligning with modern fintech standards;
- Expanded its reach, overcoming web-only limitations and increasing engagement.
Let's talk about your IT needs
What happens next?
An expert contacts you after having analyzed your requirements;
If needed, we sign an NDA to ensure the highest privacy level;
We submit a comprehensive project proposal with estimates, timelines, CVs, etc.
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