Lean x Wafeq: A Fintech Success Story (5 entities in 5 months)
Wafeq has helped many businesses with accounting. We are proud of every one of our customers, be it small businesses, corporations, or startups. Today, we would like to introduce Lean, one of our cherished partners, who were kind enough to share their experience with Wafeq in a short interview—read on to see what one of the leading fintech startups of the Middle East had to say about us.
About Lean And Their Services (building the infrastructure for fintech in the Middle East)
Statista stated that according to forecasts for 2024, the total revenue of the global fintech sector will grow to 188 billion U.S. dollars, and in 2022 there were more than 465 fintech companies in the Middle East.
This massive market demand promises an excellent future for Lean, and its APIs enable companies to build and launch cutting-edge financial products in the Middle East. When it comes to launching any kind of fintech solution in the MENA region, Lean is the go-to platform for developers and companies of all kinds, no matter the solution.
With demonstrated success and an impeccable track record, Lean is here to facilitate the Middle East's fintech revolution. We at Wafeq are both excited and honored that we are trusted with the accounting of such an impressive organization.
Lean’s Partnership With Wafeq
Without further ado, let’s see what Lean had to say about Wafeq. We asked Jannat Shah Rajan, Head of Finance at Lean.
“Our experience was good from the get-go. We love the ease that Wafeq brought to our accounting; our daily tasks, be it any situation, are now smooth and frictionless.”
— Jannat Shah Rajan
She also added: "In just a few months, Lean went from one to 5 entities on Wafeq, migrating away from Xero and spreadsheets, and setting up new instances on Wafeq."
How Wafeq Helps Achieve Lean’s Vision
With that said, let’s take a look at how Wafeq helps Lean achieve its vision. Our accounting software’s features are one thing, however, there is more that we do to ensure success, namely:
- Advanced Cloud accounting services
- Data controlling and Privacy
- Scale your accounting with your operations
- Collect and implement feedback
Advanced Cloud accounting services
Lean's client base is growing every day, and this needs a robust cloud accounting system, as Jannat described, to manage their finance and keep track of all the transactions, tax returns, quotes, payroll, and e-invoicing compliant with tax authorities' requirements.
Data controlling and Privacy
Through our interview with Jannat, she made it clear that Wafeq recognizes that data is one of the most valuable assets nowadays, Collect and harness it the right way, and we’re off to a head start compared to your competition.
"You have complete and clear control over your financial and other related data. With just a few clicks, you can reach all the vital information you need in various creative and functional forms." as per Jannat.
Wafeq’s scalability allows every user—Lean included—to scale and put more pressure on the accounting infrastructure without worrying about its performance.
Jannat stated, "When I started, it was only one Lean entity managed by Wafeq, and after about 5 months, we migrated 5 entities to Wafeq, and we managed to control all their bookkeeping with Wafeq."
The Importance Of Feedback
When we asked Jannat about her favorite part about dealing with Wafeq, she said, "listening to my feedback and responding to it at a fast pace.".
Our client’s satisfaction is paramount, and so we are committed to continuously improving Wafeq. Based on your feedback, we focus on the areas that need refreshing the most and that ultimately take your experience to the next level.
How AI And Accounting Will Come Together
Change is the only constant in tech, and so Wafeq is also changing every day—for the better. With the rise of AI and the ever-growing importance of concepts such as machine learning, we at Wafeq are starting to see a bright future where machines and humans work in synergy to achieve results that we never thought were possible.
While AI will not replace the human workforce entirely from one day to another, there are certain tasks that will likely be passed onto machines in the coming years.
These include data input, financial report creation, and the compilation of financial statements, such as the balance sheet, the income statement, and the cash flow statement.
Will AI Fully Replace Accountants?
While Artificial Intelligence will take over some roles, it is less likely to take full control of the more subjective tasks that require critical thinking and involve non-objective interpretation.
A great example of the above is financial report analysis, which could vary from person to person due to subjective opinions and conclusions.
Read more about The Best Ways Of Using ChatGPT For Business.
Wafeq is here to make accounting easier and more efficient for businesses of all kinds. Lean is one of the many partners who trusted Wafeq with their accounting, and we are thrilled to help them achieve their vision.
Our goal is to help every business in the Middle East easily master accounting, and we want yours to be our next partner—reach out now, and let’s get started today.