The founders of Knack had the shared experience that as a business grows, so do the demands on the entrepreneurs’ time and the need to control staff and manage cash flow.
Knack is a SaaS solution that helps street-smart entrepreneurs control all aspects of their contracting/services business and focuses on the things that drive profit.
Most (if not all) cloud-based software solutions aimed at the SME market are too focused on financial accounting and don't offer much value when it comes to cost and management accounting and business decision-making.
Existing solutions keep a record of what you earned (income) and what you spent (expenses), what you invested in (assets), what you borrowed (liabilities) and it produces financial reports for you on that historic information. It is written by accountants, for accountants to give you a rear-view picture of your business financial situation.
On the other hand, a cost and management accounting solution is ideal for users, not only in manufacturing industries but also in any value-add service industry. One of the founders set out to build an integrated cloud-based solution that would solve his business problems.
In April 2020 South Africa shut its borders to international travel and put the country into a national lockdown effectively shutting business operations down. The other co-founder, Craig, felt that this would give him the opportunity to revisit his project of trying to design the solution that he had struggled to find for so many years. He noted that Knack had many of the business features that he was looking for, but the design and functionality at that time needed some improvements.
As it turned out, the timing was perfect, and the original founder was keen to get some financial and accounting input to transform Knack into a global software solution achieving the deceptively simple goal of making service-based businesses more effective and efficient.
The two founders shared a vision to build Knack into a business management platform, in the cloud, designed to help street-smart entrepreneurs make the best business decisions and improve profitability.
Within the next few months, they set out to get a minimum viable product out to market before year-end. What you now see before you is that product, re-launched just before the end of 2020. Stripe approved and activated our ability to sell subscriptions during January 2021 and within days we had new companies signed up and six months later, the original clients were still happily paying their subscriptions.
We believe that there is an enormous growing demand for a solution like Knack especially as more businesses move to work-from-home. The project management, time, and task controls that Knack already has built-in it makes it especially attractive.
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