Abstract:
SMEs are considered the backbone of developing economies, one of the main reasons
why the alarming SME failure rate should be addressed. Based of research carried out
it was identified that the reason for the failure of these SMEs is fact that they do not
utilize proper financial management techniques due to the lack of knowledge on these
matters. The main financial management reasons for their failure is that they do not
follow proper financial planning, they have bad capital management skill, accounts and
record keeping knowledge is lacking in many of the SMEs. One of the main reasons
for SME failure is due lack of funds, banks are reluctant to provide loans to these SMEs
are they are do not have proper knowledge to manage these loans and they misuse it.
On the other hand, SMEs lack the knowledge on how to obtain loans. This project tries
to identify the issues faced by lack of financial education in SME owners and come up
with a platform to educate them regarding the important aspects of financial
management. Literature was consulted to validate the need for an application to educate
SMEs on financial management. Furthermore, interviews and questionnaires were used
gather requirement from stakeholder. From the gathered requirement the Financeras
was designed and developed to help SME owner better understand financial
management. It a platform for SME owners to educated themselves on financial
management aspects from both course and experts. From evaluation carried out by
SME owners and experts the solution was deemed important and well suited for SMEs"
