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Top 9 Free Accounting Software for Small Businesses in Nigeria

FREE ACCOUNTING SOFTWARE

Top 9 Free Accounting Software for Small Businesses in Nigeria

Skytrend Consulting Ltd is an accounting software solution expert incorporated in Nigeria. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT!

If you’re an entrepreneur running a business, you understand how important it is to stay on top of finances. Cash flow, taxes, and managing finances are some of the biggest challenges businesses face. Knowing who owes you and if you owe a supplier or creditor is crucial to success.

If you’re running a small business, accounting software can help you manage your finances easily and accurately.

While Excel and Google Sheets can be a great place to start with accounting, they lack double entry features which is crucial to financial reporting. And inputting financial information can be a time-consuming manual process using them.

Luckily, there are some great accounting software solutions available to manage your business finances. And – better yet – they’re free. Skytrend Consulting Ltd brings you the top 9.

1. Wave Accounting Software

Best for Sole proprietors & small businesses

Wave offers extensive features for free & they’re free forever. It’s a web-based software, and information is automatically backed up in the cloud. It allows you manage accounts receivable, generate financial statements, and manage cash & bank accts.

Through this option, you’ll also be able to add unlimited income tracking, expense tracking. Plus, you’ll be able to invoice and scan receipts for free as well.

It doesn’t however allow you track accts payable – the money a business owes its suppliers or vendors.

2. ZipBooks Accounting Software

ZipBooks is another top free accounting software for small businesses to consider. It offers all the crucial features of an accounting software—reports, bank syncing, billing, expense management, and invoicing—in one free account.

ZipBooks is a web-based software solution offering a free plan called ZipBooks Starter for small businesses

It offers basic bookkeeping functionality and profit & loss and balance sheet reporting. ZipBooks includes invoicing and quote menus – and you can accept payment via mastercard.

There’s a limit of one user and one connected bank account with the starter plan.

3. SlickPie Accounting Software

Best for Small businesses with little experience in bookkeeping

SlickPie is an easy-to-use free accounting software for those who lack bookkeeping experience.

A huge perk of SlickPie is its automation features, which include auto-recurring invoices and a built-in app called MagicBot that allows you to add invoices and receipts. You can also manage accounts payable by manually entering bills and marking them paid.

One feature that this free accounting software seems to be lacking is reports—the SlickPie website doesn’t highlight any built-in reporting capabilities. If you’re hoping to extract valuable, high-level insights from your accounting software, then you might want to consider options other than SlickPie.

4. Zoho Invoice Accounting software

If you’re looking for the best free accounting software to automate your invoicing workflows, then Zoho Invoice will be a top option. With the free version of Zoho Invoice, you’ll be able to invoice up to five customers and automate five workflows through a single account. You’ll also be able to customize and brand invoice templates, track expenses, and interact with customers through a client portal. Not to mention, you can run integrated time tracking for yourself and employees for project billing.

And if you need to add users, you won’t necessarily need to jump up to the next tier of Zoho Invoice, which would cost you $9 per month. You can simply add another user for $2 a month or $20 a year.

5. GnuCash Accounting software

Best for Sole proprietors & small businesses, the accounting software offers a free desktop solution for your small business. To access this free accounting software option, all you have to do is go to the GnuCash site and download it for free—simple as that. Though GnuCash doubles as a personal and small business accounting software, it offers small business-specific features customer and vendor tracking, job costing, and invoicing.

GnuCash can be downloaded for Linux, Microsoft Windows, and Mac OS X. It handles multiple languages and currencies. And GnuCash tracks accounts receivable and accounts payable. It also offers few payroll features.

6. NCH Express Accounting Software

Another free desktop accounting software option to consider is NCH Express Accounts. The free version of this accounting software can support the accounting needs of small businesses with fewer than five employees. Through this free accounting software for small businesses, you’ll be able to access and generate 20 crucial financial reports and analyze revenues by customer, team member, or item. You’ll also be able to manage accounts receivable and payable easily through this software.

7. CloudBooks Accounting Software

The free version of CloudBooks offers cloud storage and email support and it’s best for freelancers and small businesses

It has invoicing features but limits you to one client and five invoices. In order to get the unlimited invoicing features, a paid account will be necessary.

The free version offers unlimited users and you can create projects or jobs, perform integrated time tracking, track expenses, and provide estimates.

8. Akaunting Accounting Software

Akaunting has a full suite of online accounting services in one tool. This application can be used on any device, and has an easy-to-use interface.

This option offers many of the most necessary features that a small business accounting software should. Within this technology, you’ll be able to invoice, sync accounts, track expenses, set up recurring bills, manage customers, and manage vendors.

However, to access more advanced features like online payments, for example, you’ll have to download third-party apps that will cost you a yearly fee on top of whatever fees you have to pay for this third-party account.

Its invoicing can be sent across-currencies, expense tracking, client portals, and multi-company functionality so you can manage the financials of multiple businesses on one platform.

9. Sunrise Accounting Software

Sunrise provides free bookkeeping software for small businesses. Users can easily search and categorize their business expenses, send customized invoices, and receive online and recurring payments.

Their self service plan is free and allows users to send unlimited invoices, process unlimited transactions, and run cash flow reports.

Free Accounting Software or Paid For: Which Option?

Free accounting software is a great way to manage your business finances and simplify your financial processes.

However if you opt for a free accounting software for your small business, you’ll likely be missing out on a few things that other paid accounting software options offer. And, in some cases, the features that free software doesn’t offer could end up saving your business money. All in, more powerful accounting software often ends up paying for itself, so be careful to weigh the potential costs that you could incur—be it bookkeeping backup or tax fines—from using free accounting software.

What Next For Your Small Business?

Over 30 companies on our clients’ list cannot be wrong. Do you need an accounting software for your business? Call or Whatsapp 0803 385 7245 or 0803 239 3958 NOW! And get all your questions answered.

We have never turned down a client implementation due to cost or budget reasons. We are your partners in success.

10 Benefits of Using An Accounting Software To Manage Your Financial Processes
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Below are 10 Associated benefits to be derived from engaging our accounting software experts to implement an automated system for your business.

Once an accounting software is implemented by any of our expert, the following functions automatically:

1. The software manages the company’s payments, collections, receivables, cash and bank balances.

2. The accounting software helps you to gain insight with periodic reporting for turnover, costs, profit, and cash flow management and budget figures of your business.

3. The software helps you Get a high-level view of your key business and financial metrics.

4. The software eradicate or reduces to the barest minimum errors and when made helps you detect and correct them. It also easily reveal, deter fraud with screen-level security and a clear audit trail

5. The software allows you to work more efficiently with customers, vendors, and completely manages the inventory management centers. If you’re into production and sales of goods.

6. The software Save cash and reduce costs using “what if” scenarios and your real-time financial information.

7. The accounting software Periodically produce income and expenditure reports and balance sheet for the business and he’ll you analyse financial trend at a glance.

8. The software Helps to reinforce the internal control system of your organisation and block all potential avenues for fraud, pilferage and thefts.

9. The software manages your entire payroll and employee system. It produces your payroll at the end of the month with a additions and deductions automatically analysed.

10. The software has access limit for every single user depending on what aspect of the business and finance they’re approved to manage. It has a Central admin who supervises every single financial activity of each user.

Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

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Accounting Software Expert in Nigeria: Skytrend Consulting Ltd

accounting software expert

Accounting Software Expert in Nigeria: Skytrend Consulting Ltd

Skytrend Consulting Ltd is an accounting software expert company incorporated in Nigeria. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are indeed the EXPERT!

Our Services
Our services are tailored towards getting your businesses and finances more organized and more productive using accounting software solutions with robust core financing and customizable business management features that save you time and money.

1. Accounting Software Sales And Installation

Skytrend Consulting helps to install accounting software and solution for your business organizations whether product or service oriented. Our software solutions are easy to use, and quite simplified even with or without the basic accounting skills.​

2. Accounting Software Solution Training

Our services include training programs that build staff capacities on appropriately and effectively using the newly installed accounting solution to manage the organization’s financial processes and procedures.

We ensure to train your staff on how to use the software solution. Whether they have accounting background or not, our training bridges the gap and simplifies the process.

If you invest time and money on training up, employees will be better equipped to handle their daily financial responsibilities. This will also make it easier for employees to train new hires on the system, and to assist one another with software questions and issues.

3. Accounting Systems Set Up and Implementation

Our accounting systems set up and implementation services include instituting a proper accounting system for your business, deploying a custom made software solution to all your service products and financial recording processes.

We implement accounting software solutions for our clients based on their line of business services. Our wide range of knowledge spans across different industries such as hospitality, manufacturing, goods and services, construction, NGOs, schools and other forms of businesses.

More, once implemented, your labour intensive accounting task becomes automated, it accelerate tax preparation, manages customers and vendors and reduce the risk of human error in the workplace which eliminates critical bottlenecks such as inaccurate audit information.

We will work with you to evaluate existing internal processes and explore how they can be enhanced or improved upon with the help of our software solutions.

Our implementation involves basically:

i. Evaluation and strengthening of existing system of internal control if existent and creating a new one if non-existent; blocking all areas of potential frauds and losses, stock wastage and advances pilfering.

ii. Implementation of appropriate accounting software solution to your business financial systems.

iii. Entire setting up of a proper accounting system that includes charts of accounts appropriate for the organization, maintenance and updating of customers and vendors records, and setting up of a proper inventory recording and management systems.

In effects, our implementation will achieve the following objectives:

Help to manage the company’s payments, collections, receivables, cash and bank balances by the use of the automated solution.

Gain insight with custom reporting for budgeting, cash flow management, and bench-marking.

Get a high-level view of your key metrics.

Track stock inventory movement and balances, plan purchases, or expand service offerings.

Reduce errors and deter fraud with screen-level security and a clear audit trail

Work more efficiently with customer, vendor, and inventory management centers

Save cash and reduce costs using “what if” scenarios and your real-time financial information.

Periodically produce income and expenditure reports for the business and analyse financial trend at a glance.

4. Accounting Staff Outsourcing & HR Services

We provide accounting outsourcing services for our clients. We can manage your entire accounting department and help you have a broad overview of what the figures are saying and their implication for your business growth.

We also hire staff for our clients. We have a robust database of qualified and professionally certified accountants in different areas across the country that can meet the demands of our clients at the nick of time.

We encourage employees to submit their CVs with us and potential clients and organizations seeking to hire top quality staff to equally register with us on need basis.

5. Financial Consultancy and Retainership

We help our clients identify how they can make the most of the market position they have established in the past and decide where to take their business next. We revisit and update our clients’ business plan with their new strategy in mind and make sure they introduce new business opportunities and developments. We advise our clients on statutory payments such as taxes, govt levies, and on systems audits and controls. We provide oversight functions on accounting and audits department to reinforce regime of tight internal controls

If you would like to engage us on consultancy or retainership basis, feel free to contact us: 0803 385 7245, 0803 239 3958, 0913, 903 4249. Our email is info@skytrendconsulting.com. Our website is www.skytrendconsulting.com. We are also on facebook, twitter, linkedin and whatsapp.

10 Associated benefits to be derived from engaging our accounting software experts

Once an accounting software is implemented by any of our expert, the following processes functions automatically:

1. The software manages the company’s payments, collections, receivables, cash and bank balances.

2. The accounting software helps you to gain insight with periodic reporting for turnover, costs, profit, and cash flow management and budget figures of your business.

3. The software helps you Get a high-level view of your key business and financial metrics.

4. The software eradicate or reduces to the barest minimum errors and when made helps you detect and correct them. It also easily reveal, deter fraud with screen-level security and a clear audit trail

5. The software allows you to work more efficiently with customers, vendors, and completely manages the inventory management centers. If you’re into production and sales of goods.

6. The software Save cash and reduce costs using “what if” scenarios and your real-time financial information.

7. The accounting software Periodically produce income and expenditure reports and balance sheet for the business and he’ll you analyse financial trend at a glance.

8. The software Helps to reinforce the internal control system of your organisation and block all potential avenues for fraud, pilferage and thefts.

9. The software manages your entire payroll and employee system. It produces your payroll at the end of the month with a additions and deductions automatically analysed.

10. The software has access limit for every single user depending on what aspect of the business and finance they’re approved to manage. It has a Central admin who supervises every single financial activity of each user.

Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! SAGE 50 ACCOUNTING SOFTWARE: 8 KEY BENEFITS FOR YOUR BUSINESS

READ ALSO! SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

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QuickBooks Accounting software solution: All you need to know

quickbooks

QuickBooks Accounting software solution: All you need to know

QuickBooks is an accounting software solution developed and marketed by Intuit for small and medium-scale businesses, which offers desktop accounting applications as well as cloud-based versions. Like any standard accounting software, it accepts business payments, customers’ receivables, manages customers and vendors’ ledgers, manages and pays bills, and perform human resources and payroll functions.

The software comes in different variants such as products you can use online, products for Macs as well as for Windows, products for small businesses such as Quickbooks Pro and QuickBooks enterprise that performs ERP functions for larger companies that want to mount QuickBooks on a server for multiple staff members to use.

Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA. After the success of Quicken for individual financial management, the company developed similar services for small business owners.

The initial Quicken software did not function as a “double-entry” accounting package. The initial release of QuickBooks was the DOS version that was based on the Quicken codebase. The Windows and Mac versions shared a different codebase that was based on In-House Accountant, which Intuit had acquired.

The software was popular among small business owners who had no formal accounting training. As such, the software soon claimed up to 85 percent of the US small business accounting software market. It continued to command the vast majority of this market as of 2013.

Professional accountants, however, were not satisfied with early versions of the system, citing poor security controls, such as no audit trail, as well as non-conformity with traditional accounting standards.

Intuit sought to bridge the gap with these accounting professionals, eventually providing full audit trail capabilities, double-entry accounting functions and increased functions. By 2000, Intuit had developed Basic and Pro versions of the software and, in 2003, started offering industry-specific versions, with workflow processes and reports designed for each of these business types along with terminology associated with the trades.

Options now include versions for manufacturers, wholesalers, professional service firms, contractors, non-profit entities and retailers, in addition to one specifically designed for professional accounting firms who service multiple small business clients. In May 2002 Intuit launched QuickBooks Enterprise Solutions for medium-sized businesses.

Also there are QuickBooks Desktop Pro version, Premier Version, Accountant Version and Enterprise Version.

On September 22, 2014, Intuit announced the release of QuickBooks 2015 with improved income tracker, pinned notes, improved registration process and insights on homepage.

In September 2015, Intuit released QuickBooks 2016 with new features such as batch transaction, bill tracking, continuous feed label printer support, batch delete/void transactions etc.

In September 2016, Intuit released QuickBooks 2017 with automated reports, smart search and improved viewing of report filters among other things.

In 2017, Intuit released QuickBooks 2018 to give its users a better experience such as mobile inventory barcode scanning, multi-monitor support, search in the chart of accounts, mobile inventory scanning etc.

On September 17, 2018, Intuit announced the release of QuickBooks 2019 which includes history tracker for customer invoices, ability to transfer credits between other jobs of the same customer, payroll adjustment feature, and more.

On September 16, 2019, QuickBooks 2020 was unveiled with the aim to improve the reliability and experience of using the software. It comes with new features such as batch invoices to customers, automatic payment reminders, collapse and expand columns, easy QuickBooks version update etc.

Editions of QuickBooks Desktop accounting software

There are 4 basic desktop editions of QuickBooks accounting software solution

QuickBooks Pro
QuickBook Premier
QuickBook Accountant
QuickBook Enterprise

It’s important to note that each edition of QuickBooks includes tools to keep track of your business finances, including invoicing, tracking vendors and customers and monitoring cash and bank balances. Different editions, though, address different needs.

1. QuickBooks Pro:
Designed for those whose business is “up and running,” such as small businesses that are at the foetal stage.

For startup businesses that are just getting the ball rolling, this is the version QuickBooks suggests. When you set up the software, it provides tips to help you get started and will walk you through importing contacts from an email account or Excel file. Up to three employees can use the software at one time, you can export reports to Excel and it allows you to download bank transactions as well. In addition, instant reports help new users save time while learning the system.

The software provides a variety of features geared towards assisting users to manage all of their accounting tasks, such as accounts payable, accounts receivable, reconciliation, payroll as well as financial reporting. Costing at $299.99 in 2016, it offers a variety of advantages small business owners can obtain from making use of QuickBooks Pro.

QuickBooks Pro is a simple, deceptively robust, and powerful solution that solves everyday small-business accounting needs.

Many business accountants can lift QuickBooks Pro beyond its fundamental boundaries with plenty of workarounds, and even a mid-market company could use Pro for 80% of its daily needs.

But, even without a dedicated accountant operating it, a QuickBooks Pro account can offer the following capabilities:

Three simultaneous users in a data file
Receivables and revenue: invoices, credit memos, statements, sales receipts, receive payments, estimate to invoice
Payables and expenditures: purchase orders, item receipts, pay bills
Job costing
Inventory part tracking
Time and mileage tracking
Banking activities: deposits, checks, credit card charges, credits, bank charges, interest, paychecks, online banking, bank reconciliation
Collect and pay sales tax
Multiple currencies
Price levels as fixed percentages
Reports like budgets, operational reporting, and financial reporting

2. QuickBooks Premier:
This edition is marketed for those whose business is “established and expanding,” offering features like customized sales reports not available in Pro.

This version is well-suited for the business that is not only established but is growing as well. It enables you to modify reports to your specific industry and type of business, such as contractor, retail or nonprofit. Track your inventory, produce profitability reports and find out what it will cost to complete your current project all in one location. You can also track change orders, create bills at custom intervals during a project and tailor how you monitor time and costs.

QuickBooks Premier is sold in six different editions: General Business, Contractor, Manufacturing and Wholesale, Nonprofit, Professional Services and Retail. While they all share features common to all QuickBooks editions, each edition of Premier adds special tools suited to a particular field. Contractor, for example, adds “job costs by vendor” and “cost to complete job” reports, while Professional Services includes the ability to, among other things, transfer unbilled time and expenses to customized invoices.

QuickBooks Premier offers the following features that Pro doesn’t:

Five simultaneous users in a data file
Sales orders/backorder tracking, current availability tracking, sales order to PO to invoice
Unit of measure, build assembly, inventory center
Job costing: estimate to PO, change order tracking, view unbilled time and expense from one window, batch invoice time and expense
Reporting: balance sheet by class, previous reconciliation reports, forecasting, business planner, industry-specific reporting
Per item price levels
Billing rate levels
Reversing journal entries
Filter sales order and purchase order reports based on current availability
Closing date exception report

3. QuickBooks Accountant:
This is different from both of these, and is designed for tracking accounts for multiple businesses.

It offers several features that allow you to manage your business accounts. You can email journal entries to clients, copy data from Excel, manage two company files at once, and create and customize financial statements. In other words, while QuickBooks Premier helps you keep track of finances for your own business, QuickBooks Accountant gives you the tools you need to keep books for others.

4. QuickBooks Enterprise:

QuickBooks Enterprise software offers end-to-end accounting solutions without the need for ERP implementation. Designed for growing businesses and non-profit organizations, QuickBooks Enterprise provides a dedicated accounting platform to integrate tasks like payroll, payables, inventory tracking, and more into.

Despite being a stand-alone system, QuickBooks Enterprise offers advanced features and functionalities that can be tailored according to the type of industry your business caters to, notably manufacturing, wholesalers, and construction segments. Some of these more complex processes and features include advanced pricing, payroll, and inventory tracking. Also added are more data capacity, more sophisticated inventory management, and multiple entities support along with the same feature set consolidation and same navigational scheme and user interface found in other Intuit’s products.

As the most complete version, QuickBooks Enterprise Solutions is geared toward the well-developed business that needs advanced inventory management, the ability to create complex reports and increased options for employees’ permissions within the software. While it is certainly the most costly version of QuickBooks, it also provides features and tools not available in any other edition and can easily adapt to meet the needs of a growing and changing business. Below are essential features of QuickBooks Enterprise

QuickBooks Online Accounting Software

Last but not least, if you want to stick with the QuickBooks brand—but you want a more accessible accounting software—then consider QuickBooks Online over QuickBooks Desktop Pro and Premier. Just like Xero accounting software, QuickBooks Online is a cloud-based accounting software that is priced on a monthly basis. The versions of QuickBooks Online—Simple Start, Essentials, and Plus—will cost $25 a month, $40 a month, and $70 a month, respectively.

Skytrend Consulting is  an accounting software solutions company. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT!

Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! SAGE 50 ACCOUNTING SOFTWARE: 8 KEY BENEFITS FOR YOUR BUSINESS

READ ALSO! SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

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Nigeria raked in N23.8bn VAT from oil and gas sector in 1st quarter — NBS

VAT

Nigeria raked in N23.8bn VAT from oil and gas sector in 1st quarter — NBS

The Federal government of Nigeria has raked in N23.84bn in Value Added Tax (VAT) from the oil and gas sector in the first quarter of 2021.

The sector comprises the upstream, midstream and downstream sub-sectors.

Nigeria recorded a total of N496.39bn in VAT for Q1 2021, representing a 9.17 per cent increase QoQ and a 52.93 per cent increase YoY.

This is according to the National Bureau of Statistics (NBS) latest report on Statistics’ Sectoral Distribution of VAT report for Q1 2021.

The oil producing sector recorded the highest remittances of VAT at N15.80bn while the gas sector recorded the lowest remittances totalling N1.27bn. Generally, there was positive growth across the sector due to an increase in economic activities as the COVID-19 pandemic eased.

Offshore operations representing the exploration of oil recorded N1.59bn in Q1, a quarter-on-quarter increase of 11.40 per cent from Q4 2020, during which N1.42bn was recorded.

It also recorded a year-on-year increase of 167.91 per cent from Q1 2020’s N592.1m value.

Oil production generated N15.80bn, representing a QoQ increase of 14.23 per cent from N13.83bn and a YoY increase of 68.87 per cent from Q1 2020’s N9.35bn.

Petrochemical and petroleum refining brought in N2.17bn, representing an 11.73 per cent QoQ increase from Q4 2020’s N1.94bn, and a 65.47 per cent YoY increase from N1.32bn in Q1 2020.

Skytrend Consulting is  an accounting software solutions company. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT!

Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! SAGE 50 ACCOUNTING SOFTWARE: 8 KEY BENEFITS FOR YOUR BUSINESS

READ ALSO! SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

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Vacancy announcement: Dispatch Bikers for a food delivery company

bikers

Vacancy announcement: Dispatch Bikers for a food delivery company

SKYTREND CONSULTING is announcing vacancy for the post of Dispatch Bikers, for a fast growing lifestyle and food delivery company located at the heart of Allen Avenue, Ikeja, Lagos State, Nigeria.

To apply for this vacancy, FILL THE APPLICATION FORM BELOW THIS ARTICLE AND UPLOAD YOUR CV within one week of this announcement.

Application closes 1st April, 2021.

Applicants must have good understanding of Lagos metropolis and be experienced in driving commecial bikes.

Skytrend Consulting is  an accounting software solutions company. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT! Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! SAGE 50 ACCOUNTING SOFTWARE: 8 KEY BENEFITS FOR YOUR BUSINESS

READ ALSO! SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

Sage 50 accounting Vs Sage 100 Evolution ERP — What you must know

sage 100 evolution

Sage 50 accounting Vs Sage 100 Evolution ERP — What you must know

An accounting software is a computer program that allows automation of financial records and processes and assists accountants, store managers and business owners in maintaining, posting and reporting an organization’s financial transactions within a functional system.

A good accounting software solution should contain modules such as customers, vendors/suppliers, sales ledger, purchases ledger, accounts receivable, accounts payable, journal, payroll, fixed asset direct cost (cost of sales) and indirect cost (administrative expenses), assets, liability, trial balance, general ledger, trial balance, income statement, inventory management, balance sheet, etc. Basically it functions as a complete accounting information system.

Sage 100 Evolution is a cost-effective Enterprise Resource Planning (ERP) software with a complete accounting and business management solution for small and medium sized businesses with an advanced operating environment.

The software, like many other popular ERP solutions includes very rich features and fully integrated modules, divided into several segments for different business areas. It allows businesses to maximize operational efficiencies, enhance business intelligence and drive productivity.

Sage 50 and Sage 100 are popular choices with businesses everywhere. However, they differ quite a bit regarding the features and functionalities they can bring to your workplace and what you can achieve through their use in your business.

If you have just started your business, it is likely that you would find Sage 50 a capable accounting solution that meets all your needs and provides you with a way forward.
However, if you are at a stage of expansion or going into the mid-market phase, you might find some of the inherent limitations of Sage 50 a little counter-intuitive. In such cases, Sage 100 ERP can definitely be a meaningful upgrade for you.

Let us take at how these solutions differ and what this can mean for your business.

Fundamental Difference Between Sage 50 and Sage 100 ERP
Sage 50 is offered as a plug-and-play accounting solution for small businesses and startups. The solution incorporates several important accounting features and functionalities while also providing different kinds of reports you can use to bolster your business decisions. It also includes basic inventory management capabilities.

This makes Sage 50 a particularly good solution if you operate out of a single office location and would not be affected by desktop-based functionality.

On the other hand, Sage 100 is a fully-features ERP or Enterprise Resource Planning solution for businesses on the path of growth. The solution, like many other popular ERP solutions, is divided into several modules for different business areas.

Accounting and inventory management, also found in Sage 50, are just two of these modules.

Apart from these, you also have modules for project management, HR management, purchasing and supply management, sales, customer management, manufacturing, business intelligence, and reporting to name a few.

Now that the fundamental difference between these solutions has been established, let us take a deeper dive.

Features and Functionality
The main area where Sage 50 and Sage 100 differ greatly is in terms of features and functionality. Sage 50 is an accounting solution that is meant for small businesses, preferably to be used by one organization that has relatively simple accounting needs and operates out of one office location.

Support for integrations and multiple users is limited and you would need to use other tools if you want to incorporate additional business areas and roles. In fact, using Sage 50 to deal with multi-user, multi-access business environments can be quite difficult.

Sage 100, on account of being a fully-featured ERP solution, contains many added features and functionality that can allow you to apply it to multiple business verticals like retail, distribution, and manufacturing.

Several internal and external processes, like purchasing management and payroll management, can be capably handled by the solution while it retains all the accounting capabilities of Sage 50 and extends it greatly with superior reporting.

Scalability
While offering some scaling, Sage 50 can become severely limited for expanding businesses quickly. The native performance and a visible end-to-end value chain inherent to Sage 50 cannot measure up to full ERP suites like Sage 100.

Sage 50 is meant to work with a limited number of users and the pricing of the product is also calculated for a certain number of users. If you need visibility and access for an increasing number of users, Sage 50 is likely to hit a wall sooner rather than later.

After a certain level of growth and expansion, your business can outgrow the scalability and functionality offered by Sage 50.

Sage 100, being an ERP solution, brings native support to be visible, accessible, and operable by multiple users simultaneously right out of the box. The flexibility on offer can enable you to apply Sage 100 to your current state of business and keep modifying and evolving it as your business scales up.

Customization and Integrations
Any software solution that you apply to an important business process needs to be capable of a degree of customization. In this regard, Sage 50 is quite basic. The core functionality can be extended in a few ways with dedicated Sage add-ons and there are limited integration options.
However, these are not designed to completely transform your Sage 50 installation to an enterprise-level solution.

Sage 100 natively supports a variety of business verticals with its many modules. This means that areas like inventory management, business intelligence management and payroll management can be natively handled by the solution without the need for third-party integrations.

Moreover, you can use a whole array of existing integrations and even pay for custom-built integrations created using the Sage source code. This means that Sage 100 can be deployed as a real enterprise solution for any kind and size of business.

In Conclusion
While Sage 50 and Sage 100 differ in many areas, either can be useful for your business depending on the stage of development your business is currently in and the expectations you have from the software solution.

For a smaller company or a startup that is just looking for an intuitive accounting solution, Sage 50 can be a very capable purchase that justifies its cost ably. However, if you are looking for faster, smoother, feature-rich operation that allows you to customize the software according to your needs, Sage 100 ERP is definitely the way to go.

If you are looking to expand your business and work with bigger customers and partners, it can be said that an upgrade to Sage 100 ERP can definitely be an overall positive for your business, allowing you to create a more inclusive, robust, and efficient workflow.

Extracted from medium.com

Skytrend Consulting is  an accounting software solutions company. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT! Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! SAGE 50 ACCOUNTING SOFTWARE: 8 KEY BENEFITS FOR YOUR BUSINESS

READ ALSO! SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

Sage 100 Evolution ERP accounting software: All you need to know

SAGE 100 EVOLUTION

Sage 100 Evolution ERP accounting software: All you need to know

Sage 100 Evolution is a cost-effective Enterprise Resource Planning (ERP) software with a complete accounting and business management solution made specifically for small and medium sized businesses with an advanced operating environment, moving on the path of growth.

The software, like many other popular ERP solutions includes very rich features and fully integrated modules, divided into several segments for different business areas. It allows businesses to maximize operational efficiencies, enhance business intelligence and drive productivity.

Sage 100 Evolution manages all operational aspects of your business. It enables you to control your financials as well as relationships with your customers, suppliers, and employees. Developed within the Sage 100 Evolution Framework, all components and modules are fully integrated. And they share a common interface, providing you with a consistent user experience.

Data integrity is assured with Microsoft® SQL Server, and all your data is secured in a central database. As a core management system, Sage 100 Evolution is feature-rich, and its add-on modules make it a truly revolutionary Business Management Solution.

WHAT ARE THE 8 KEY FEATURES OF SAGE 100 EVOLUTION ERP?

1. Boost operational efficiency with an easy to use integrated solution

As companies continue to grow and evolve, so do their complexities. Sage 100 Evolution empowers companies to meet changing business needs with a comprehensive business management platform, designed to give you the most complete and accurate view of your business both from a financial and operational perspective.

The software provides the tools and capabilities to enhance business intelligence and meet complex financial requirements at any level.

2. Get accurate and real-time financial and accounting information at anytime

Sage 100 Evolution enhances your finance processes and business performance by the following capabilities:

*Date driven system that allows you to post transactions to any period at any time
*Ability to control who can open and close accounting periods
*Create and store unlimited financial accounting periods
*Print cheques of any bank in your own customized format
*Maintain multiple sets of companies with their own chart of accounts

3. Gain meaningful business insights with simplified reporting and dashboards
This is made possible by the following:

*Top Selling Items highlight your best performers, giving quantities sold and sales values
*Dashboard Sales History graph gives you detailed information by clicking on a bar in the chart.
*Add or remove dashboard widgets to display only the details most relevant to your business
*Key performance indicators to check sales performance and outstanding payments

4. Secure your data with advanced user permissions

*Add, remove or edit a specific user’s ability to perform certain functions
*Avoid unauthorized access to your data by setting permissions for each user, limiting what can be viewed and changed

5. Manage projects efficiently and profitably

*Link reporting groups to various cost codes
*Enhanced budget creation per project
*Income statements per project
*Allocate expenses and income per transaction per project

6. Control costs and simplify your purchase order process

*Reserve stock quantities for future delivery and forecast orders
*Create purchase orders automatically using the reorder fields on the inventory records
*Create quotes and convert into sales orders once confirmed
*Merge multiple orders into a single invoice
*Print picking slips and delivery notes
*Allocate sales representatives to each document or even to individual document lines
*Create financial lines and post non-stock amounts directly to the GL accounts

7. Make faster, better decisions with powerful business intelligence and reporting

*Get a snapshot view of your data with graphs, charts and slicers that make it easy to see what’s going on in your business
*Retain report formats for future use
*Flexible drill-down capabilities to get detailed analysis of transactions
*Generate reports instantly without the need to pull data manually from different sources
*Easily use Microsoft Excel Pivot Tables for further insights

8. Effectively manage inventory and operations across multiple locations

*Get complete control and visibility of your inventory
*Create inventory groups to sort and filter inventory items
*Maintain multiple units of measure and specify a buying and selling unit for each inventory item using Unit of Measure
*Factor costs like duty, brokerage, freight and insurance into your inventory cost and cost of sales using Import Cost Allocations
*Control pricing by only allowing a minimum gross profit value per inventory item
*Update your stock levels upon delivery of goods without even receiving the actual supplier invoice
*Serialized individual inventory items and keep track of them by their history using Serial Number Tracking
*Maintain multiple selling prices per inventory item or inventory group and per customer/supplier or customer/supplier group using Pricing Matrix.

7 MAJOR BENEFITS OF USING SAGE 100 EVOLUTION ERP

1. Cost-effective solution built on the latest technology

Sage 100 Evolution ERP helps organizations take control of all business operations without the need of a full-scale ERP solution. It doesn’t require lengthy deploy times, intricate configuration and a consultant always on site, making it a cost-effective solution for managing your business.

2. Simple, easy to use features

Sage 100 Evolution ERP boasts of a modernized interfaced, process flows, quick links to reports, a recently used section, the ability to copy and paste directly to and from Excel, and many more features designed to enhance your business processes making for a more efficient and productive working environment.

3. Take control of all business operations

With Sage 100 Evolution, you can control every aspect of your business, from inventory and finances to supplier engagements and customer relationships, allowing you to make informed decisions at every step, based on the data at hand.

4. Get a holistic picture of your business

The Sage 100 Evolution dashboard display is an intuitive and simple way of identifying and monitoring key factors of the organisation, ensuring that they perform at a level that ensures achievement of business objectives.

5. Additional functionality through add-ons

Sage 100 Evolution comes with a range of standard add-on modules like Sage Intelligence Reporting which makes customizing and distributing reports simple and easy, as well as CRM and Point of Sale, making it a robust and scalable business management solution that can be tailored according to your business needs.

6. Full integration means one reliable management experience

Sage 100 Evolution is powered by Microsoft SQL Express that results in a consistent user interface.

7. Unique transformational capabilities

Sage 100 Evolution allows for unique multi-currency transaction, multi warehousing and unlimited financial accounting periods.

It has a powerful performance and business management dashboard that help you make faster, better decisions. Also comes with a Central Data Search. It has a flexible Reports in Graph and chart, and can be Integrated with Microsoft Outlook.

TASK MODULES

The following task modules are available in Sage 100 Evolution ERP

General Ledger
Evolution CRM Standard
Point of Sale
Sage Online Tools
Multi Warehousing
Accounts Receivable
Account Payable
Cashbook
Import Cash Allocation
Inventory Control
Invoicing
Project Tracking
Report Writer & Stationery Customisation
Sales and Purchase Order Entry
System Audit Manager
Delivery Manager
Bank Manager
Mobility (limited to 5 users)

ADD-ON MODULES

Sage 100 Evolution ERP comes with a range of standard add-on modules like Sage Intelligence Reporting and many others which makes customizing and distributing reports simple and easy. Some of these include the following:

*Sage 100 Mobile: Allows you to access Sage on your mobiles and tablets

*Sage 100 Bill of Materials: Allows you to create assembly sheets for manufacturing & assembling.

*Sage 100 Job costing: Invoice job to customers with inventory, time, other expenses and link to a project.

*Sage 100 Fixed Assets: Manage unlimited number of fixed assets, depreciation, capex budgets and orders etc.

BASE MODULES OF SAGE 100 EVOLUTION ERP

1. The System Manager
The System Manager is the control center for the entire Sage 100 Evolution application. It is the system’s user interface. Featuring a System Tree for navigation, it also controls the system environment and set up, online help and multilevel password security. Sage 100 Evolution delivers enhanced efficiency, productivity and security to any business.

2. The General Ledger
The General Ledger is the heart of the financial function of your company. All processing you do eventually reflects in the General ledger. The system has no tedious month or year-ends. The system is date –driven, allowing you to post transactions to any period at any time. Note, however, that you can block periods that are complete, thereby preventing operators from accessing them in error. The system stores five years of financial information.

3. Report Writer
The Report Writer module allows you to customize standard reports per user as well as stationery layouts per user. It integrates into every module in the Sage 100 range. You can change layouts, add and remove fields and perform additional calculations or subtotals. You can even write your own SQL script for advanced reporting. The system includes a tutorial program that will guide you through the process of report writing.

4. Project Tracking
This module allows you to allocate income or expense transactions to particular projects. You can then filter reports on a project basis and create an income statement per project. Create master and sub projects and allocate budgets against each project to manage profitability.

5. Receivables and Payables
Sage 100 gives you instant access to customer and supplier balances, overdue totals and sales/purchases history. Drill down features and reports are available when you need a more detailed analysis of customer/ supplier transactions.

6. Sales & Purchase Order Entry
You can maintain and control outstanding orders, processed orders and back orders. This module integrates fully into Sage 50’s Inventory, Receivables and Payables modules.

If you are finding it difficult to get an integrated and holistic view of your business, may be it is time to make the move to Sage 100 Evolution ERP. This revolutionalised software brings all the aspects of your operating environment together, Sage 100 Evolution is an end-to-end Business Management Solution that gives you the ability to control your financial situation as well as your relationships with your customers, suppliers and employees.

Skytrend Consulting is  an accounting software solutions company. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT! Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! SAGE 50 ACCOUNTING SOFTWARE: 8 KEY BENEFITS FOR YOUR BUSINESS

READ ALSO! SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

10 Key benefits of implementing accounting software solution for your organization

ACCOUNTING software

10 Key benefits of implementing accounting software solution for your organization

What is an accounting software?
An accounting software is a computer program that allows automation of financial records and processes and assists accountants, store managers and business owners in maintaining, posting and reporting an organization’s financial transactions within a functional system.

A good accounting software solution contains modules and menus such as customers, vendors/suppliers, sales ledger, purchases ledger, accounts receivable, accounts payable, journal, payroll, fixed asset direct cost (cost of sales) and indirect cost (administrative expenses), assets, liability, trial balance, general ledger, trial balance, income statement, inventory management, balance sheet, etc. Basically it functions as a complete accounting information system.

With it, you can maintain and manage customers and vendors, generate and post ledger accounts, record/post daily transactions, generate reports, create purchases and sale orders and invoices, manage and track stock levels, bill customers, complete inventory management and monitor cash and bank account movement and balances.
Although many companies are aware of automated accounting systems that uses software solutions, some still prefer the traditional way of managing their books which is of course very cumbersome.

So, what are the differences between a traditional accounting system and an automated accounting system?

Traditional Accounting VS Automated Accounting
Traditional accounting is a process of managing books and various accounting transactions manually without the help of a software solution. In traditional accounting, the role of accountants becomes crucial because they’re the ones that have to record, calculate, and create complete, error-free financial statements manually.

What are the features of Traditional accounting system?

1.It takes more than one person to perform all those tasks since they’re done manually.

2. The processes are usually very tedious, cumbersome and tasking, because it involves numerous file works and paper writing.

3. It breeds inaccurate and incomplete reporting.

4. It gives room for fraud and financial malpractice. Cash book and bank account are liable to frauds and errors because it’s manually maintained.

5. Inadvertent human errors are inevitable in traditional accounting. This is why many companies have to switch to automated accounting systems.

Automated accounting still involves the role of humans to enter data, but most if not all processes are automated, especially maintaining, posting and reporting. With an automated accounting system, human error can be minimized to be barest minimum so that the accuracy level is way higher than that of conventional accounting.

Below are 10 key benefits of using accounting software solution for any profit or not-for-profit organization.

1. Invoicing and billing

Invoicing and billing are indispensable business functions and the main source of cash flowing into your business. Managing invoices on paper is tedious, time-consuming and error-prone. When you have recurring orders, it is not feasible to create physical invoices for each time your client buys from you. It is also difficult to track invoices and remind customers of pending payments without automated software.

Accounting software addresses these issues effectively, and provides you with features that make invoicing easy. You can create recurring profiles for regular customer orders and schedule invoices to be sent out automatically every time that order is placed. You can also include payment terms and conditions to your invoices to give your customers a heads-up regarding payments. Accounting apps allow you to automate your payment reminders. You can set up reminders based on invoice due dates or expected payment dates and the software will send them to your customers automatically. With an accounting app, you can track all your unpaid invoices, remind customers to make sure they pay on time, and prevent accidental missing payments.

2. Online payments

The next step after invoicing your clients is getting paid. Collecting payments can be overwhelming if clients are not offered a proper system for making them.

You can integrate your accounting system with various online payment gateways that offer clients a swift and secure means of paying you. Payment gateways make records of payments you receive and update them under the corresponding invoice in your accounting system automatically. They also offer clients various methods of payments like credit and debit cards, and online bank transfers.

With clients around the globe, your business must be ready to handle all kinds of currencies. Online payment gateways connected to your accounting software can support multiple currencies and let you accept payments in your customers’ currency while still doing your accounting in your own currency. This removes discrepancies and extra calculations when it comes to foreign transactions.

3. Saves Time and Costs

Bookkeeping is known as a very time-consuming task because there are plenty of transactions to record and count. However, with an accounting system, all the procedures can be automated so that they can be finished quickly. Your company does not need additional accountants to perform bookkeeping and other tasks so that you can save on your company’s costs for other important needs.

4. Provides easy monitoring of financial information system

An accounting system makes it easy for stakeholders to monitor the company’s financial position more comprehensively. Management can keep track of expenses and revenues as well as profits and losses across different business units and departments. Any good accounting software solution should be able to generate cash flow forecasts and budgeting. You can see all your company’s financial information in a single view through a financial dashboard.

5. Expenses and Cost of Sales tracking

Tracking expenses and cost of sales are vital for getting a grip on your cash flow. Accounting software helps you keep tabs on your expenses and categorize them to get a clear picture of where your money is going. You can also use accounting software to upload expense receipts, scan them, and record information from the scanned receipts automatically. This removes the need to store paper receipts and the risk of losing them. Accounting software makes it easier to bill customers for the expenses you incur on their behalf.

6. Minimizes Errors and deter frauds

Manual accounting systems have a higher risk of errors and high probability of fraud, because in order to ensure accuracy you have to depend on the accountant’s precision. However, with an accounting software, the calculation process is automated. Errors like duplicate data can also be detected and eliminated. Accountants don’t need to spend a lot of time correcting data and can focus more on tasks that really need their skills. It also makes it very easily to detect fraud and therefore deter it because all cash movements and balances can be easily monitored through the system.

7. Facilitates Asset & Inventory Management

A good accounting system incorporate your company’s fixed and current asset and makes inventory management seamless. This means that it must enable you to manage your assets and inventory well. Sage 50 Peachtree accounting solution for example has a fixed asset implementation that allows you to automatically calculate asset and asset depreciation, and monitor your asset movement.

Inventory management on the other hand is a key part of your business. Good inventory management is a prerequisite to ensuring sufficient stock and providing better customer service. It involves recording item information, tracking items, and generating reports.

When you receive an order for items, you can use your accounting software to create a sales order, convert it into an invoice after approval, and associate the appropriate taxes with it. You can track stock and set reorder levels for your goods to receive automated emails and place timely orders, so that you don’t run out of stock. You can also generate inventory specific reports to gain better insight and manage inventory more efficiently.

8. Bank reconciliation

Bank reconciliation is the core accounting feature of a business, and accounting software streamlines it. Connecting your bank account to accounting software directly lets you fetch statements from bank feeds automatically into your accounts. You can set up custom criteria and bank rules in your accounting software to categorize and match imported bank transactions automatically. Once your transactions are matched, you just need to verify and confirm them to reconcile your accounts. With simplified bank reconciliation, accounting software helps keep your business audit-ready throughout the year.

9. Tax compliance

A good accounting app is designed to adhere to your local tax regulations and make working with taxes easier. When you have to work with multiple tax rates, accounting software can make calculating taxes faster, and help you apply the right tax to your transactions more accurately. It can also give you a better understanding of your taxes by generating tax summary reports to help you stay organized and ready for tax time.

10. Report generation

As a business owner, you need to check your business’ growth periodically and make the right decisions to ensure your organization’s good health. Accounting reports help you understand your business’ financial trends and analyze growth patterns. However, generating reports in spreadsheets is very demanding as you need to consolidate data and enter formulas manually to create each report. Accounting software generates reports automatically, saving you time, stress and effort.

A good accounting software provides reports that enables business owner and stakeholders make better informed financial decisions for the company. They will be able to find out what processes and departments cost the most, which costs can be reduced, and so on. They can also decide whether the company is financially ready to invest, expand, hire more employees, try new marketing strategies, and so on.

Web-based accounting software gives users the convenience of tracking their company’s financial information and reports and performing accounting tasks from anywhere. Users only need an internet connection to be able to use the app through a web browser.

In addition, web-based accounting software can also be used on any mobile device, including smartphones and tablets. With granted access rights (which can be set by admins), users can view financial statements or carry out various desired processes anytime and anywhere.

There are 3 crucial financial statements that an organization must produce and report:

1. Cash flow statement.

2. Income Statement (Profit and loss statement)

3. Balance sheet. (Statement of Financial Position)

Accounting software has built-in reporting features that analyze cash flow and help businesses stay on top of it. You can generate profit and loss statements and balance sheet reports to help you understand the key financial aspects of your business, draw conclusions, and make informed decisions to steer your business in the right direction.

Besides the three important financial statements, an accounting software solution also automatically compiles information on other key aspects of your business like sales, purchases, taxes, inventory, jobs and projects. All of this data helps you generate instant reports, make quick decisions, and maintain good business health.

Skytrend Consulting is  an accounting software solutions company. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT! Need an accounting software for your business? Hotline: Call or Whatsapp 0803 385 7245 or 0803 239 3958. You can also send us an email at info@skytrendconsulting.com

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! SAGE 50 ACCOUNTING SOFTWARE: 8 KEY BENEFITS FOR YOUR BUSINESS

READ ALSO! SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

10 Key benefits of implementing accounting software solution for any business

accounting software solution

10 Key benefits of implementing accounting software solution for any business

What is an accounting software?
An accounting software is a computer program that allows automation of financial records and processes and assists accountants, store managers and business owners in maintaining, posting and reporting an organization’s financial transactions within a functional system.

A good accounting software solution contains modules and menus such as customers, vendors/suppliers, sales ledger, purchases ledger, accounts receivable, accounts payable, journal, payroll, fixed asset direct cost (cost of sales) and indirect cost (administrative expenses), assets, liability, trial balance, general ledger, trial balance, income statement, inventory management, balance sheet, etc. Basically it functions as a complete accounting information system.

With it, you can maintain and manage customers and vendors, generate and post ledger accounts, record/post daily transactions, generate reports, create purchases and sale orders and invoices, manage and track stock levels, bill customers, complete inventory management and monitor cash and bank account movement and balances.
Although many companies are aware of automated accounting systems that uses software solutions, some still prefer the traditional way of managing their books which is of course very cumbersome.

So, what are the differences between a traditional accounting system and an automated accounting system?

Traditional Accounting VS Automated Accounting
Traditional accounting is a process of managing books and various accounting transactions manually without the help of a software solution. In traditional accounting, the role of accountants becomes crucial because they’re the ones that have to record, calculate, and create complete, error-free financial statements manually.

What are the features of Traditional accounting system?

  1. It takes more than one person to perform all those tasks since they’re done manually.

2. The processes are usually very tedious, cumbersome and tasking, because it involves numerous file works and paper writing.

3. It breeds inaccurate and incomplete reporting.

4. It gives room for fraud and financial malpractice. Cash book and bank account are liable to frauds and errors because it’s manually maintained.

5. Inadvertent human errors are inevitable in traditional accounting. This is why many companies have to switch to automated accounting systems.

Automated accounting still involves the role of humans to enter data, but most if not all processes are automated, especially maintaining, posting and reporting. With an automated accounting system, human error can be minimized to be barest minimum so that the accuracy level is way higher than that of conventional accounting.

Below are 10 key benefits of using accounting software solution for your business

1. Invoicing and billing

Invoicing and billing are indispensable business functions and the main source of cash flowing into your business. Managing invoices on paper is tedious, time-consuming and error-prone. When you have recurring orders, it is not feasible to create physical invoices for each time your client buys from you. It is also difficult to track invoices and remind customers of pending payments without automated software.

Accounting software addresses these issues effectively, and provides you with features that make invoicing easy. You can create recurring profiles for regular customer orders and schedule invoices to be sent out automatically every time that order is placed. You can also include payment terms and conditions to your invoices to give your customers a heads-up regarding payments. Accounting apps allow you to automate your payment reminders. You can set up reminders based on invoice due dates or expected payment dates and the software will send them to your customers automatically. With an accounting app, you can track all your unpaid invoices, remind customers to make sure they pay on time, and prevent accidental missing payments.

2. Online payments

The next step after invoicing your clients is getting paid. Collecting payments can be overwhelming if clients are not offered a proper system for making them.

You can integrate your accounting system with various online payment gateways that offer clients a swift and secure means of paying you. Payment gateways make records of payments you receive and update them under the corresponding invoice in your accounting system automatically. They also offer clients various methods of payments like credit and debit cards, and online bank transfers.

With clients around the globe, your business must be ready to handle all kinds of currencies. Online payment gateways connected to your accounting software can support multiple currencies and let you accept payments in your customers’ currency while still doing your accounting in your own currency. This removes discrepancies and extra calculations when it comes to foreign transactions.

3. Saves Time and Costs

Bookkeeping is known as a very time-consuming task because there are plenty of transactions to record and count. However, with an accounting system, all the procedures can be automated so that they can be finished quickly. Your company does not need additional accountants to perform bookkeeping and other tasks so that you can save on your company’s costs for other important needs.

4. Provides easy monitoring of financial information system

An accounting system makes it easy for stakeholders to monitor the company’s financial position more comprehensively. Management can keep track of expenses and revenues as well as profits and losses across different business units and departments. Any good accounting software solution should be able to generate cash flow forecasts and budgeting. You can see all your company’s financial information in a single view through a financial dashboard.

5. Expenses and Cost of Sales tracking

Tracking expenses and cost of sales are vital for getting a grip on your cash flow. Accounting software helps you keep tabs on your expenses and categorize them to get a clear picture of where your money is going. You can also use accounting software to upload expense receipts, scan them, and record information from the scanned receipts automatically. This removes the need to store paper receipts and the risk of losing them. Accounting software makes it easier to bill customers for the expenses you incur on their behalf.

6. Minimizes Errors and deter frauds

Manual accounting systems have a higher risk of errors and high probability of fraud, because in order to ensure accuracy you have to depend on the accountant’s precision. However, with an accounting software, the calculation process is automated. Errors like duplicate data can also be detected and eliminated. Accountants don’t need to spend a lot of time correcting data and can focus more on tasks that really need their skills. It also makes it very easily to detect fraud and therefore deter it because all cash movements and balances can be easily monitored through the system.

7. Facilitates Asset & Inventory Management

A good accounting system incorporate your company’s fixed and current asset and makes inventory management seamless. This means that it must enable you to manage your assets and inventory well. Sage 50 Peachtree accounting solution for example has a fixed asset implementation module that allows you to automatically calculate asset and asset depreciation, and monitor your asset movement in terms of purchases, depletion, disposals etc.

Inventory management on the other hand is a key part of your business. Good inventory management is a prerequisite to ensuring sufficient stock and providing better customer service. It involves recording item information, tracking items, and generating reports.

When you receive an order for items, you can use your accounting software to create a sales order, convert it into an invoice after approval, and associate the appropriate taxes with it. You can track stock and set reorder levels for your goods to receive automated emails and place timely orders, so that you don’t run out of stock. You can also generate inventory specific reports to gain better insight and manage inventory more efficiently.

8. Bank reconciliation

Bank reconciliation is the core accounting feature of a business, and accounting software streamlines it. Connecting your bank account to accounting software directly lets you fetch statements from bank feeds automatically into your accounts. You can set up custom criteria and bank rules in your accounting software to categorize and match imported bank transactions automatically. Once your transactions are matched, you just need to verify and confirm them to reconcile your accounts. With simplified bank reconciliation, accounting software helps keep your business audit-ready throughout the year.

9. Tax compliance

A good accounting software is designed to adhere to your local, state and federal tax regulations and make working with taxes easier. When you have to work with multiple tax rates, accounting software can make calculating taxes faster, and help you apply the right tax to your transactions more accurately. It can also give you a better understanding of your taxes by generating tax summary reports to help you stay organized and ready for tax time.

10. Report generation

As a business owner, you need to check your business’ growth periodically and make the right decisions to ensure your organization’s good health. Accounting reports help you understand your business’ financial trends and analyze growth patterns. However, generating reports in spreadsheets is very demanding as you need to consolidate data and enter formulas manually to create each report. Accounting software generates reports automatically, saving you time, stress and effort.

A good accounting software provides reports that enables business owner and stakeholders make better informed financial decisions for the company. They will be able to find out what processes and departments cost the most, which costs can be reduced, and so on. They can also decide whether the company is financially ready to invest, expand, hire more employees, try new marketing strategies, and so on.

Web-based accounting software gives users the convenience of tracking their company’s financial information and reports and performing accounting tasks from anywhere. Users only need an internet connection to be able to use the app through a web browser.

In addition, web-based accounting software can also be used on any mobile device, including smartphones and tablets. With granted access rights (which can be set by admins), users can view financial statements or carry out various desired processes anytime and anywhere.

There are 3 crucial financial statements that an organization must know:

1. Cash flow statement.

2. Income Statement (Profit and loss statement)

3. Balance sheet. (Statement of Financial Position)

Accounting software has built-in reporting features that analyze cash flow and help businesses stay on top of it. You can generate profit and loss statements and balance sheet reports to help you understand the key financial aspects of your business, draw conclusions, and make informed decisions to steer your business in the right direction.

Besides the three important financial statements, an accounting software solution also automatically compiles information on other key aspects of your business like sales, purchases, taxes, inventory, jobs and projects. All of this data helps you generate instant reports, make quick decisions, and maintain good business health.

Skytrend Consulting an accounting software solutions company. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT! Need an accounting software for your business? Hotline: Call or Whatsapp 0803 3857245 or 0803 239 3958

If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

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Busy Accounting Software solution: 10 frequently asked questions

BUSY ACCOUNTING SOFTWARE

Busy Accounting Software solution: 10 frequently asked questions

  1. How do you use BUSY accounting software?

You can use BUSY Accounting Software to manage your complete business operations and processes which includes:

Financial Accounting (Multi-Currency)
Inventory Management (Multi-location)
Production / Bill of Material
Sales / Purchase Quotations
Sales / Purchase Order Processing
Fully User-configurable Invoicing
User-configurable Documents / Letters
User-configurable Columns in Reports
Invoicing & Reports
MIS Reports & Analysis
Mobile Application

2. What is contra and journal entry in BUSY software?
BUSY is an accounting software where you can record and manage business accounting.

A Contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts.

A Journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company’s debit and credit balances. The Journal entry can consist of several recordings, each of which is either a debit or a credit.

3. How do I import Excel data into BUSY software?
Import data through excel in the software is a very easy to use and user friendly. To use this feature, the user needs to input the business data column-wise in excel and then map the same columns with BUSY import fields.

4. Can we take backup of BUSY data?
With the software, you need to create back-up of your business data on a regular basis. So, if in case your existing data gets corrupted or lost, you have an option to easily recover it.

5. How do I add a printer to BUSY software?​
To add a printer, you need to follow these steps:

Step 1: Make sure that a printer driver is installed on your desktop or laptop.
Step 2: Open the Accounting Software
Step 3: Login into the company you have created
Step 4: Go to Administration in the menu
Step 5: Scroll down to configuration
Step 6: Go inside hardware configuration
Step 7: Select default printer driver then save it.

6. How to change font in BUSY software?
BUSY Accounting Software comes with a fixed on-screen font size. Besides, BUSY has a provision where user can modify the font size of invoice / documents at the time of printing.

7. How to open data in BUSY software?
To open a data in BUSY Accounting Software you need to follow these steps:

Step 1: Run BUSY exe. on your system
Step 2: Then click on company menu
Step 3: Select company/data from given list
Step 4: Enter user name & password (optional)

8. How to add signature and digital signature in BUSY software?
There are two ways of adding signature in BUSY Accounting Software:

Add signature image on invoice printing through document designing.
Use Third party paid Add-On to apply DSC (Digital Signature Certificate) on invoice and documents.

9. How can we freeze data in BUSY accounting software?
Follow the below mentioned steps:

Open Company
Go to Administration
Scroll dow to Utilities
Inside utilities go to Data Freezing
Then select Full or Partial

10. Do I need to pay anything to explore BUSY software ?
You can experience the power of BUSY by downloading its 30 days trial

Skytrend Consulting an accounting software solutions company. When it comes to implementing suitable and cost effective accounting software solutions for your business, we are the EXPERT! Need an accounting software for your business? Hotline: Call or Whatsapp 0803 3857245 or 0803 239 3958

If you also have an article or review on financial implementation or an accounting solution you want us to publish, send to blog@skytrendconsulting.com.

READ ALSO! Accounting software implementation: 5 key stages in a new accounting system

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! SAGE 50 ACCOUNTING SOFTWARE: 8 KEY BENEFITS FOR YOUR BUSINESS

READ ALSO! SAGE 50 PEACHTREE ACCOUNTING SOFTWARE – ALL YOU NEED TO KNOW

READ ALSO! BBNaija Dorathy Launches Lingerie Line, Says Priority Is Making Busty Women Look Good

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu