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Rivers makes history as Governor signs landmark VAT collection bill into law: FIRS set for showdown

The Rivers State Governor, Mr. Nyesom Wike signs into law bills on Value Added Tax (VAT) collection. It’s named the Valued Added Tax Law No. 4 of 2021

The governor speaks shortly after signing the bills into law at the Government House, Port Harcourt, says that the judgment of the Federal High Court sitting in Port Harcourt had sufficiently addressed the illegality perpetrated by the Federal Inland Revenue Services (FIRS) on behalf of the Federal Government in the collection of VAT in States.

The signed bill was recently passed by the Rivers State House of Assembly.

Governor Wike says when agencies of the federal government are allowed to illegally demand and collect taxes meant for the state government to collect, they strangulate the state financially and turn them to be beggars.

He said: “But we (Rivers State) are standing on the part of history as representatives of the state to have taken the bull by the horn to challenge the illegality of the Federal Government through the Federal inland Revenue Services (FIRS).

“Of course, we are all aware that the states have already been strangulated. Most states depend on allocation from the federation account. States have been turned to beggars. Hardly will any day pass that you won’t see one state or the other going to Abuja to beg for one fund or the other.”

He said no campaign of calumny or blackmail on the part of Federal Inland Revenue Service (FIRS) would make what is illegal become legal. He dismissed the FIRS’s propaganda that 30 states will suffer if some states are allowed to collect VAT.

Wike pointed out that his concern is on establishing whose duty it is to collect VAT and the constitutionality of such position before talking about who is going to suffer or not.

He said: “In this Rivers State, we awarded contract to companies and within the last month, we paid over N30billion to the contractors and 7.5% will now be deducted from that and to be given to FIRS.

“Now, look at 7.5 per cent of N30 billion of contracts we awarded to companies in Rivers State, you will be talking about almost N3billion only from that source. Now, at the end of the month, Rivers State government has never received more than N2 billion from VAT. So, I have contributed more through the award of contract and you are giving me less. What’s the justification for it?”

The governor said that there are plans already for FIRS to introduce Road Tax and this is likely to take away more duties from the states, and further emasculate them financially.

“Which are the roads? Are they the roads the state government is paying for or the roads federal government has constructed? So, at the end of the day, they have taken over the functions of the state government and the state is left with nothing.”

The governor regretted that the state governments have been so emasculated that they could barely survive without monthly revenue received from Federation Accounts Allocation Committee (FAAC).

He stressed that the overbearing attitude of the federal government, impinged on attaining financial autonomy for the legislature and the judiciary since the states were not allowed to collect due revenues as specified by the country’s constitution.

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.

Skytrend Consulting unveils Accounting Software XPERT

Skytrend Consulting unveils Accounting Software XPERT

Skytrend Consulting Ltd, has unveiled Accounting Software Xpert, a business directory that will act as a melting point for all accounting software professionals and organizations in Nigeria.

According to the Chief Executive Officer and Principal Partner of Skytrend Consulting Ltd, Mr Femi Adeoya, “Accounting Software Xpert will become a convergence of business directory for all accounting software companies in Nigeria. It’s aimed to be the joining forces for all Accounting software practitioners both individuals and organizations that are either currently practicing or about to start practicing.

Adeoya adds further that ASX seeks to bring together in one single platform all the news, development and contact point for all accounting software experts and professionals in Nigeria.

According to Adeoya, the platform will be strictly for accounting software professionals who are professionally qualified accountants and seeking to digitalize accounting profession across businesses in Nigeria. “We will showcase each business registered with us, their names, contacts, competencies and their clients base with continuous updates,” he says.

The accounting software Boss adds that ASX will provide clients with a pull of qualified and practicing accounting software experts and professionals in Nigeria.

For more information, prospects should call or Whatsapp 0803 385 7245 or 0803 239 3958

Skytrend Consulting Ltd is a leading Accounting Software Solutions Company based in Lagos. The organization is an accounting software expert, when it comes to implementing suitable and cost effective value driven accounting software solutions for different categories and forms of organizations.

With head office at No 7 Obokun Close, Off Allen Avenue, Ikeja, Lagos, Skytrend Consulting has implemented successfully accounting software solutions for every categories of business, ranging from manufacturing to hospitality, educational, consulting, religious, Not for profit organizations, schools, cafe, lounges, hospitals etc.

Some of our clients include the following:

· Ariflad Hotel and Suites Ogba, Lagos
· PRM Africa, Bamisile Street, Allen, Lagos
· Grace Academy, Magboro, Ogun State
· Hotel 1960 Ltd, Ikeja, Lagos
· Idea Supermarket, Aja, Lagos
· Spaces for Youth, Development & Social Change, Ikeja, Lagos
· Alluring View Hotel, Toyin Street, Ikeja, Lagos
· Prince of Anthony Hotel, Anthony Village, Lagos
· Ikeja Local Govt, Ikeja, Lagos
· Ronchess Global Resources Ltd, allen Avenue ikeja lagos
· Eagles Park, Hotel, Allen Avenue, Ikeja
· Avail international consult ltd (AICL) Ogba Lagos
· Integrated howdy Konzult Ltd, Ogba, Lagos
· Marketing Mix And Company Ltd
· Coastwise Limited
· Continent Hotel, Akure, Ondo State
· Power Café, Oba Akran,Lagos
· First Baptist Church, Lagos Island, Lagos
· Island Builders Baptist School, Lagos Island, Lagos
· Dechoppers Food, Allen Avenue, Lagos
· Freedom Park Restaurant, Freedom Park, Lagos

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.

 

Top 13 accounting software for small businesses in Nigeria

Top 13 accounting software for small businesses in Nigeria

Skytrend Consulting is an accounting software solution company incorporated in Nigeria in 2013. When it comes to implementing budget friendly and effective accounting software for small businesses, we are the EXPERT!

No matter how small or big your business is, managing its financial side can be frustrating. Thanks to the digital evolution, you can overcome that stress and have the best accounting software solution for your business do all the heavy finacial recording and task for you. Once you find your top accounting software among all what’s out there, you will be able to do away with Excel nd google spreadsheets and get into the world of proper accounting and double entry principle.

How Does Accounting Software Work?
Once a business’ bank accounts and credit cards are synced with the accounting software, transactions will appear in a queue and can be classified into the categories found on the business’ chart of accounts. After selecting the proper category, transactions begin to populate the business’ financial statements. Business owners can run a financial report in seconds to review profitability, compare revenue and costs, check bank and loan balances, and predict tax liabilities. Having quick access to this financial information gives business owners the power to make important decisions.

Additionally, many accounting software allows third-party application integrations. For example, if a business owner uses a point of sale (POS) system to capture sales transactions, the POS system could potentially integrate with the accounting software to record specific transactions, sales tax liabilities, sales by subcategories, and more. In a service-based business, a time tracking application could integrate with the accounting software to add labor to a client invoice.

There are many different types of accounting software available for small businesses, with varying capabilities and price tags. Generally, the type of industry and number of employees are two factors that can help a small business owner begin to choose the accounting software that is appropriate.

If accounting isn’t your strength or even if it is and you want to save time, read on to see which accounting software is right for your small business.

  1. FreshBooks

FreshBooks has long been the best accounting software for small business and the freelancing space. With FreshBooks, you can manage all the financial operations from a single dashboard.

You will definitely like the user-friendly interface. To take the functionality to another level, they prioritized integrations.

You can use it with platforms including PayPal, WordPress, Mailchimp, Zendesk and more.

FreshBooks’ features include:

Payment reminders
Recurring invoices with customizable options including due dates and discounts
Online credit card payments
Multi-currency and language billing
Automatic tax calculations for sales tax
Tax-friendly expense categories
Remembered vendors
Time tracking with a Chrome browser extension
Bank deposits, recurring payments, and auto bills with bank integration
Tax help integrations with tax apps, estimates, deductions, and filing tools
Easily integrates with other products including Goggle Workspace and Gusto

  1. QuickBooks

QuickBooks is an accounting software developed and marketed by Intuit. Its latest cloud-based release was in 2019, but it also offers separate desktop options you can purchase and download. Its products are typically geared toward small and medium-sized businesses, and over seven million businesses use this software.

Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed. All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.

QuickBooks features include:

Mobile access
Track income and expenses
Capture and organize receipts
Payroll processing
Send estimates
Track sales and sales tax
Shopify and PayPal integration
Connect bank/credit card accounts
Manage accounts receivable
Invoice and accept payments
30-day free trial
Multiple users (up to 25)
Receipt capture

  1. SAP

SAP, an acronym for System, Application and Products is one of the leading business software providers in the world. It is an integrated enterprise system mostly used by big companies. It can also be used by small and medium-sized businesses.

The software is one of the leading solution for your small business. SAP which is abbreviation for System, Application and Products, has gone on to establish itself as the fourth largest in the world.

The beauty of SAP is that it can be thoroughly customised – with codes and social departmental designations – to fit a specific company. It is even better in the sense that it allows you account for not only money but physical goods too.

Keeping inventory, raising product orders and reservations and managing/ manipulating stock are just some areas where SAP finds application in the industrial sphere. For a well-rounded accounting software, this delivers everytime.

The software helps you manage your sales tax, finances and account reports. Not only does it manage your finances but also physical goods. It can be used to keep track of inventory, raise product order, manage reservations and stock. SAP can also be used to manage relationships with customers and potential customers. The interesting thing about SAP software is that it can be customized to fit a specific company needs.

  1. Xero

Xero is another top accounting software solution for small businesses. This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.

Pros
Cloud-based

Mobile app

Payroll integration with Gusto

Third-party app marketplace

Simple inventory management

Cons
Limited reporting

Fees charged for ACH payments

Limited customer service

Xero was founded in 2006 in New Zealand and now has over two million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,000 employees and is growing rapidly in the U.S., as well.

Features of Xero include

Send invoices, track them, see when the client sees them
Inventory tracking
Reconcile bank transactions
800+ business apps
Connect to your bank
Exceptional online support
Track payroll
Pay your bills via Xero
Mobile app
Multi-currency
Calculate sales tax

  1. Zoho Books

Zoho Books is a simple yet scalable accounting software for those who are self-employed and those who want to start a small business. This makes it a unique option on our list of the best accounting software for small business.

Payroll offering is limited in this option, though. Zoho Books offers an excellent cloud accounting for micro-businesses. It is easy to use and budget-friendly. Features are limited, but you can use additional Zoho tools (like Zoho CRM) to boost the functionality as your business grows. Or, you can opt for the complete, all-in-one solution called Zoho One.

Features of Zoho Books include:

Create invoices in seconds
Send payment reminders
Give customers online payment options
Upload expense receipts
Track inventory
Bank reconciliation
Invoice templates
14-days free trial
Operates in multiple languages
Stripe compatible
Project billing
Time tracking
Create, edit, and manage your customer and supplier contacts

  1. AccountEdge Pro

AccountEdge Pro is desktop accounting software for small businesses founded in 1989 and has developed new features and enhancements over the years. If you need to access your finances on the go or from your smartphone, you can use their cloud-based app or their hosting platform. It’s geared toward small to medium-sized businesses, has a basic version and a pro version, and offers comprehensive accounting solutions full of customizations.

We chose AccountEdge Pro as our best accounting software for experienced accountants because of its robust features and reporting capability. It’s a bit more complex than some of the other software, so this software works best if you’re already familiar with accounting terminology.

AccountEdge Pro’s features include:

Bank feeds with integration
Direct deposit
Inventory management
Payment processing
Turn quotes into invoices
Customer and vendor management
Full-service payroll
Free accountant copy
Data sync with company files

  1. Wave

Wave is a powerful accounting solution for small businesses and individual contractors. It places significant emphasis on ease of use and synchronicity —letting you link your bank accounts, track your expenses, and balance your books without any trouble. It also lines up with Wave’s additional resources, providing you with an all-in-one solution if you opt to invest in its other products.

The accounting software was founded in Toronto in 2009 and provides software and financial services for small businesses. It’s an invoicing and accounting software that also has credit card processing and payroll services. It’s cloud-based, easy to use, and can be used by business owners with no accounting or bookkeeping experience. All of your data is backed up for extra security, and you can connect your bank accounts to sync your expenses at any time from anywhere.

Wave accounting software and invoicing services are free. Keep in mind that payroll services and credit card processing have charges associated with them, so not all of the features are free, and the free features aren’t as robust as some of the other software options. However, it’s great for new businesses, especially those working with an accountant or another software.

Wave Accounting’s features include:

Unlimited income and expense tracking
Track sales tax on income and expenses
Double-entry system
Multiple users
Dashboard with easy-to-read financials
Organize income and expenses into tax categories
Reports including profit and loss statements and cashflow

  1. ZipBooks

ZipBooks is a freemium cloud accounting software for small business owners.

You can use it for free if you’re okay with the limitations. But the good news is that the paid plans are quite affordable as well.

With the free version, you can send invoices, manage suppliers/customers and accept digital payments. They have sophisticated features in the premium version for small and mid-sized business owners.

Features of ZipBooks include:

Send unlimited invoices
Manage unlimited vendors and customers
Connect a bank account
Accept payments via Square and PayPal
Payroll processing
Automated reminders (premium)
Dedicated bookkeeper (premium)
Time tracking (premium)
Account reconciling (premium)

  1. Sage 50 accounting software

Sage 50 Accounting Software has become industry standard in the evolving business of accounting solution implementation. This is because it’s very simplified, easy to learn and use even by non accountants.
The solution is easily customizable for many types of business organizations such as hotels, restaurants, bar, manufacturing, consultancy businesses, trading businesses, schools etc.
The software helps organizations achieve more by simplifying everyday tasks so you can get more work done, helps you get to your data faster and provides tools to help increase organizational efficiency and financial recording accuracy.

Specifically the software has features to set out your charts of accounts as a hotel, and implement a workable system that gives you daily, weekly, monthly reports of your business and finances.
With the software, you can easily determine your turnover, direct & indirect cost, profitability (both gross and net) separately and combined from room sales, restaurant sales, bar sales, and other additional lines of income such as swimming pool, gym and laundry. This will let you easily determine if your hotel is making profit or not and how much. It will also deliver to you which dept is making the greatest sales and costs attributable to such department.

  1. Sage Business Cloud accounting

Sage Business Cloud Accounting which is an upgraded version of sage 50 previously known as Sage One, is designed specifically for small businesses. Sage Business Cloud has a platform for accounting, payroll enterprise management, customer sales history, expense management, project accounting, compliance management capabilities and much more.

It is a global brand that offers online accounting and business services for small businesses. It was founded in 1981 in Newcastle, England, as a way to develop estimating and accounting software specifically for small businesses.

With Sage, you can spend less time on administrative tasks. The software sends invoices, tracks payments and expenses, and calculates what you owe come tax season. Time-tracking and collaboration tools are two things you won’t get with Sage, and payroll is a separate product.

Sage also works well for medium-sized businesses. If your small business is more mature than most — and you can afford to spend a little extra on your accounting software — take a look at Sage50cloud.

Sage Business Cloud Accounting’s features include:

Manage business finances and cash flow
Accept and receive payments
Create and send invoices
Manage payroll
Available on all devices so you can check your financials on the go
Integrate with your financial institution and other apps including AutoEntry, Zync, and more
Tax compliance tools
Dashboard view with easy-to-read financial reports and analysis
Inventory control
Forecast cash flow
Share access with your accountant in real-time on any device
Add-ons such as human resources management and estimating

  1. Tally

Tally is Indian made. It provides you with great error detection and correction capabilities. Other functionalities provided by tally includes accounting, finance, inventory, sales, purchase, point-of-sales, manufacturing, payroll, Inventory control, discount, collection reports generated and branch management.

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

Tally contain a platform which carries out accounting aspect support task such as voucher management, bank account integration and payment reminder letters. It also have a sales module platform that records receivables, payables, billing, Invoicing etc. This software is also made up of Shortcut Keys.

  1. Busy Accounting

Busy Accounting software helps your accounting team to work with great precision and order. It is best suited for small and medium businesses especially those into FMCG, Retail, Trading, Manufacturing, Distribution and Service as it helps them manage their business efficiently. It also supports accounting processes such configurable Invoicing, Financial Accounting (Multi-Currency), multi-Company Accounting, Payroll Management Sales / Purchase Quotations, multi-branch management and more. Tax management is one of its key functionalities.

  1. Godaddy accounting software

Established in Baltimore, Maryland, in 1997, GoDaddy is a big name in the web hosting and website creation space, but it also offers accounting software for small businesses. It has tools to automate and organize your bookkeeping and accounting solutions and requires no prior accounting knowledge. You can automatically create and send invoices, accept online payments, and view business reports.

GoDaddy accounting software is purpose made for e-commerce business, so you can get started in a few minutes, and it syncs to Amazon, Etsy, eBay, PayPal, and more. Keep in mind that GoDaddy is great for online sellers, but may fall short if you’re a small business looking for comprehensive accounting solutions including automation, tax forms, and payroll.

GoDaddy’s features include:

Syncing with online retailers
Online payment processing
Track sales and expenses
Create and send invoices
Recurring invoices
View business reports including profit and loss

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.

 

QuickBooks Enterprise: An accounting software with CRM functionalities

QuickBooks Enterprise: An accounting software with CRM functionalities

Skytrend Consulting is an accounting software solution company incorporated in Nigeria in 2013. When it comes to implementing budget friendly and effective accounting software for small and medium scale businesses, we are the EXPERT!

QuickBooks Enterprise is a financial services software that 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.

As the most complete version from Intuit, 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.

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.

Find below other essential features of QuickBooks Enterprise.

Scale with confidence
Not only does Enterprise let you scale from 1 to 40 users* who can all work at the same time, it lets you assign user permissions so staff only have access to the data they need to do their job. Set up new users quickly with 14 predefined user roles. Protect confidentiality by only allowing users to view, edit, or delete specific employees, vendors, or data.

Make better inventory decisions
Help automate your inventory and order management systems with Advanced Inventory.* With our end-to-end pick, pack, and ship functionality, you can manage your entire sales order fulfillment process from start to finish from one central dashboard.

Pay employees fast right inside QuickBooks
Payroll is fully integrated into QuickBooks. No spreadsheets or double checking because your bookkeeping and payroll data is in the same place. Quickly pay employees with printed checks, direct deposit, or both. And with Assisted Payroll, we’ll manage your federal and state payroll taxes and filings for you—guaranteed on-time, accurate, and penalty-free.

Gain powerful insights into your business
Get a deep understanding of your business with over 200 built-in, customizable reports tailored to your industry. Plus, with Advanced Reporting* you can create your own reports based on your specific business needs. If the data is in QuickBooks, you can report on it.

Get paid faster and easier
With QuickBooks Payments, you’ll see money in your pocket more quickly. Enterprise automatically updates and sends payments directly to the bank, so you’ll always know what your bottom line is. And now you can automatically add, match, and record ACH and credit transactions initiated within QuickBooks, including payments received via e-invoice.

Simplify the complexity of pricing
Advanced Pricing lets you control, customize, and automate your pricing to help improve your bottom line, save time, reduce errors, and serve customers better. Easily change prices when you need to, and make exceptions as needed. Just set the price rules and Advanced Pricing does the calculations for you.

Access Enterprise remotely* from any device
QuickBooks Enterprise with Hosting* lets you manage your business from wherever you are. Your data is stored securely in the cloud, not at your office, giving your team access whenever and wherever they need it on a Mac, PC, or tablet. And you can rest assured your data is protected by state-of-the-art security.

Time tracking helps reduce errors and increases productivity
QuickBooks Time Elite* helps you deliver work on time and under budget. Take advantage of mobile time tracking from any device.* Compare budgeted vs. actual hours, assign jobs, and track progress. Plus, managers and clients can easily sign-off on completed timesheets and projects right from the mobile app with our digital signature capture.

Automate more workflows with the Salesforce CRM connector
The Salesforce CRM connector* syncs QuickBooks to Salesforce to reduce duplicate data entry. With one source of data between sales and support, you’ll serve customers better, generate sales orders and invoices automatically to get paid faster, and have more visibility into your entire sales pipeline.

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.

 

Top 13 Accounting software for small and medium scale businesses

Top 13 accounting software for small and medium scale businesses

Skytrend Consulting is an accounting software solution company incorporated in Nigeria in 2013. When it comes to implementing budget friendly and effective accounting software for small businesses, we are the EXPERT!

No matter how small or big your business is, managing its financial side can be frustrating. Thanks to the digital evolution, you can overcome that stress and have the best accounting software solution for your business do all the heavy finacial recording and task for you. Once you find your top accounting software among all what’s out there, you will be able to do away with Excel nd google spreadsheets and get into the world of proper accounting and double entry principle.

How Does Accounting Software Work?
Once a business’ bank accounts and credit cards are synced with the accounting software, transactions will appear in a queue and can be classified into the categories found on the business’ chart of accounts. After selecting the proper category, transactions begin to populate the business’ financial statements. Business owners can run a financial report in seconds to review profitability, compare revenue and costs, check bank and loan balances, and predict tax liabilities. Having quick access to this financial information gives business owners the power to make important decisions.

Additionally, many accounting software allows third-party application integrations. For example, if a business owner uses a point of sale (POS) system to capture sales transactions, the POS system could potentially integrate with the accounting software to record specific transactions, sales tax liabilities, sales by subcategories, and more. In a service-based business, a time tracking application could integrate with the accounting software to add labor to a client invoice.

There are many different types of accounting software available for small businesses, with varying capabilities and price tags. Generally, the type of industry and number of employees are two factors that can help a small business owner begin to choose the accounting software that is appropriate.

If accounting isn’t your strength or even if it is and you want to save time, read on to see which accounting software is right for your small business.

  1. FreshBooks

FreshBooks has long been the best accounting software for small business and the freelancing space. With FreshBooks, you can manage all the financial operations from a single dashboard.

You will definitely like the user-friendly interface. To take the functionality to another level, they prioritized integrations.

You can use it with platforms including PayPal, WordPress, Mailchimp, Zendesk and more.

FreshBooks’ features include:

Payment reminders
Recurring invoices with customizable options including due dates and discounts
Online credit card payments
Multi-currency and language billing
Automatic tax calculations for sales tax
Tax-friendly expense categories
Remembered vendors
Time tracking with a Chrome browser extension
Bank deposits, recurring payments, and auto bills with bank integration
Tax help integrations with tax apps, estimates, deductions, and filing tools
Easily integrates with other products including Goggle Workspace and Gusto

  1. QuickBooks

QuickBooks is an accounting software developed and marketed by Intuit. Its latest cloud-based release was in 2019, but it also offers separate desktop options you can purchase and download. Its products are typically geared toward small and medium-sized businesses, and over seven million businesses use this software.

Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed. All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.

QuickBooks features include:

Mobile access
Track income and expenses
Capture and organize receipts
Payroll processing
Send estimates
Track sales and sales tax
Shopify and PayPal integration
Connect bank/credit card accounts
Manage accounts receivable
Invoice and accept payments
30-day free trial
Multiple users (up to 25)
Receipt capture

  1. SAP

SAP, an acronym for System, Application and Products is one of the leading business software providers in the world. It is an integrated enterprise system mostly used by big companies. It can also be used by small and medium-sized businesses.

The software is one of the leading solution for your small business. SAP which is abbreviation for System, Application and Products, has gone on to establish itself as the fourth largest in the world.

The beauty of SAP is that it can be thoroughly customised – with codes and social departmental designations – to fit a specific company. It is even better in the sense that it allows you account for not only money but physical goods too.

Keeping inventory, raising product orders and reservations and managing/ manipulating stock are just some areas where SAP finds application in the industrial sphere. For a well-rounded accounting software, this delivers everytime.

The software helps you manage your sales tax, finances and account reports. Not only does it manage your finances but also physical goods. It can be used to keep track of inventory, raise product order, manage reservations and stock. SAP can also be used to manage relationships with customers and potential customers. The interesting thing about SAP software is that it can be customized to fit a specific company needs.

  1. Xero

Xero is another top accounting software solution for small businesses. This software has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.

Pros
Cloud-based

Mobile app

Payroll integration with Gusto

Third-party app marketplace

Simple inventory management

Cons
Limited reporting

Fees charged for ACH payments

Limited customer service

Xero was founded in 2006 in New Zealand and now has over two million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,000 employees and is growing rapidly in the U.S., as well.

Features of Xero include

Send invoices, track them, see when the client sees them
Inventory tracking
Reconcile bank transactions
800+ business apps
Connect to your bank
Exceptional online support
Track payroll
Pay your bills via Xero
Mobile app
Multi-currency
Calculate sales tax

  1. Zoho Books

Zoho Books is a simple yet scalable accounting software for those who are self-employed and those who want to start a small business. This makes it a unique option on our list of the best accounting software for small business.

Payroll offering is limited in this option, though. Zoho Books offers an excellent cloud accounting for micro-businesses. It is easy to use and budget-friendly. Features are limited, but you can use additional Zoho tools (like Zoho CRM) to boost the functionality as your business grows. Or, you can opt for the complete, all-in-one solution called Zoho One.

Features of Zoho Books include:

Create invoices in seconds
Send payment reminders
Give customers online payment options
Upload expense receipts
Track inventory
Bank reconciliation
Invoice templates
14-days free trial
Operates in multiple languages
Stripe compatible
Project billing
Time tracking
Create, edit, and manage your customer and supplier contacts

  1. AccountEdge Pro

AccountEdge Pro is desktop accounting software for small businesses founded in 1989 and has developed new features and enhancements over the years. If you need to access your finances on the go or from your smartphone, you can use their cloud-based app or their hosting platform. It’s geared toward small to medium-sized businesses, has a basic version and a pro version, and offers comprehensive accounting solutions full of customizations.

We chose AccountEdge Pro as our best accounting software for experienced accountants because of its robust features and reporting capability. It’s a bit more complex than some of the other software, so this software works best if you’re already familiar with accounting terminology.

AccountEdge Pro’s features include:

Bank feeds with integration
Direct deposit
Inventory management
Payment processing
Turn quotes into invoices
Customer and vendor management
Full-service payroll
Free accountant copy
Data sync with company files

  1. Wave

Wave is a powerful accounting solution for small businesses and individual contractors. It places significant emphasis on ease of use and synchronicity —letting you link your bank accounts, track your expenses, and balance your books without any trouble. It also lines up with Wave’s additional resources, providing you with an all-in-one solution if you opt to invest in its other products.

The accounting software was founded in Toronto in 2009 and provides software and financial services for small businesses. It’s an invoicing and accounting software that also has credit card processing and payroll services. It’s cloud-based, easy to use, and can be used by business owners with no accounting or bookkeeping experience. All of your data is backed up for extra security, and you can connect your bank accounts to sync your expenses at any time from anywhere.

Wave accounting software and invoicing services are free. Keep in mind that payroll services and credit card processing have charges associated with them, so not all of the features are free, and the free features aren’t as robust as some of the other software options. However, it’s great for new businesses, especially those working with an accountant or another software.

Wave Accounting’s features include:

Unlimited income and expense tracking
Track sales tax on income and expenses
Double-entry system
Multiple users
Dashboard with easy-to-read financials
Organize income and expenses into tax categories
Reports including profit and loss statements and cashflow

  1. ZipBooks

ZipBooks is a freemium cloud accounting software for small business owners.

You can use it for free if you’re okay with the limitations. But the good news is that the paid plans are quite affordable as well.

With the free version, you can send invoices, manage suppliers/customers and accept digital payments. They have sophisticated features in the premium version for small and mid-sized business owners.

Features of ZipBooks include:

Send unlimited invoices
Manage unlimited vendors and customers
Connect a bank account
Accept payments via Square and PayPal
Payroll processing
Automated reminders (premium)
Dedicated bookkeeper (premium)
Time tracking (premium)
Account reconciling (premium)

  1. Sage 50 accounting software

Sage 50 Accounting Software has become industry standard in the evolving business of accounting solution implementation. This is because it’s very simplified, easy to learn and use even by non accountants.
The solution is easily customizable for many types of business organizations such as hotels, restaurants, bar, manufacturing, consultancy businesses, trading businesses, schools etc.
The software helps organizations achieve more by simplifying everyday tasks so you can get more work done, helps you get to your data faster and provides tools to help increase organizational efficiency and financial recording accuracy.
Specifically the software has features to set out your charts of accounts as a hotel, and implement a workable system that gives you daily, weekly, monthly reports of your business and finances.
With the software, you can easily determine your turnover, direct & indirect cost, profitability (both gross and net) separately and combined from room sales, restaurant sales, bar sales, and other additional lines of income such as swimming pool, gym and laundry. This will let you easily determine if your hotel is making profit or not and how much. It will also deliver to you which dept is making the greatest sales and costs attributable to such department.

  1. Sage Business Cloud accounting

Sage Business Cloud Accounting which is an upgraded version of sage 50 previously known as Sage One, is designed specifically for small businesses. Sage Business Cloud has a platform for accounting, payroll enterprise management, customer sales history, expense management, project accounting, compliance management capabilities and much more.

It is a global brand that offers online accounting and business services for small businesses. It was founded in 1981 in Newcastle, England, as a way to develop estimating and accounting software specifically for small businesses.

With Sage, you can spend less time on administrative tasks. The software sends invoices, tracks payments and expenses, and calculates what you owe come tax season. Time-tracking and collaboration tools are two things you won’t get with Sage, and payroll is a separate product.

Sage also works well for medium-sized businesses. If your small business is more mature than most — and you can afford to spend a little extra on your accounting software — take a look at Sage50cloud.

Sage Business Cloud Accounting’s features include:

Manage business finances and cash flow
Accept and receive payments
Create and send invoices
Manage payroll
Available on all devices so you can check your financials on the go
Integrate with your financial institution and other apps including AutoEntry, Zync, and more
Tax compliance tools
Dashboard view with easy-to-read financial reports and analysis
Inventory control
Forecast cash flow
Share access with your accountant in real-time on any device
Add-ons such as human resources management and estimating

  1. Tally

Tally is Indian made. It provides you with great error detection and correction capabilities. Other functionalities provided by tally includes accounting, finance, inventory, sales, purchase, point-of-sales, manufacturing, payroll, Inventory control, discount, collection reports generated and branch management.

Tally contain a platform which carries out accounting aspect support task such as voucher management, bank account integration and payment reminder letters. It also have a sales module platform that records receivables, payables, billing, Invoicing etc. This software is also made up of Shortcut Keys.

  1. Busy Accounting

Busy Accounting software helps your accounting team to work with great precision and order. It is best suited for small and medium businesses especially those into FMCG, Retail, Trading, Manufacturing, Distribution and Service as it helps them manage their business efficiently. It also supports accounting processes such configurable Invoicing, Financial Accounting (Multi-Currency), multi-Company Accounting, Payroll Management Sales / Purchase Quotations, multi-branch management and more. Tax management is one of its key functionalities.

  1. Godaddy accounting software

Established in Baltimore, Maryland, in 1997, GoDaddy is a big name in the web hosting and website creation space, but it also offers accounting software for small businesses. It has tools to automate and organize your bookkeeping and accounting solutions and requires no prior accounting knowledge. You can automatically create and send invoices, accept online payments, and view business reports.

GoDaddy accounting software is purpose made for e-commerce business, so you can get started in a few minutes, and it syncs to Amazon, Etsy, eBay, PayPal, and more. Keep in mind that GoDaddy is great for online sellers, but may fall short if you’re a small business looking for comprehensive accounting solutions including automation, tax forms, and payroll.

GoDaddy’s features include:

Syncing with online retailers
Online payment processing
Track sales and expenses
Create and send invoices
Recurring invoices
View business reports including profit and loss

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.

 

Management Accounting Theory: Concept of Transfer Pricing

Management Accounting Theory: Concept of Transfer Pricing

Skytrend Consulting is an accounting software solution company incorporated in Nigeria in 2013. When it comes to implementing budget friendly and effective accounting software solutions for small and medium scale businesses, we are the EXPERT!

Many companies find it mutually beneficial to transfer products to another department or a subsidiary. Instead of charging regular retail price for the products, the accountants for the transferring and receiving centers agree on a transfer price. In order for the transaction to be beneficial to both parties, the transfer price must be higher than the incremental cost of creating the product but lower than the current market price.

What Is Transfer Pricing?
Transfer Pricing is a topic under Management Accounting Theory, a Masters level course in Accounting. It is an accounting practice that represents the price that one division in a company charges another division for goods and services provided.

According to Investopedia, a leading research journal in accounting and business, Transfer Pricing is the price at which one subsidiary, or upstream division, of a company, sells goods and services to another subsidiary, or downstream division. Goods and services can include labor, components, parts used in production, and general consulting services.

Transfer pricing allows for the establishment of prices for the goods and services exchanged between a subsidiary, an affiliate, or commonly controlled companies that are part of the same larger enterprise. Transfer pricing can lead to tax savings for corporations, though tax authorities may contest their claims.

The concept is based on market prices in charging another division, subsidiary, or holding company for services rendered. However, companies have used inter-company transfer pricing to reduce the tax burden of the parent company. Companies charge a higher price to divisions in high-tax countries (reducing profit) while charging a lower price (increasing profits) for divisions in low-tax countries.

The Internal Revenue Service (IRS) states that transfer pricing should be the same between intercompany transactions that would have otherwise occurred had the company done the transaction outside the company.

Transfer Price and Management Accounting Theory
Transfer prices affect three management accounting areas.

First, transfer prices determine costs and revenues among transacting divisions, affecting the performance of each division.

Second, transfer prices affect division managers’ incentives to sell goods either internally or externally. If the transfer price is too low, the upstream division may refuse to sell its goods to the downstream division, potentially impairing the company’s profit-maximizing goal.

Finally, transfer prices are especially important when products are sold across international borders. The transfer prices affect the company’s tax liabilities if different jurisdictions have different tax rates.

How Transfer Pricing Works
Transfer pricing is an accounting and taxation practice that allows for pricing transactions internally within businesses and between subsidiaries that operate under common control or ownership. The transfer pricing practice extends to cross-border transactions as well as domestic ones.

Investopedia also states that transfer pricing is used to determine the cost to charge another division, subsidiary, or holding company for services rendered. Typically, transfer prices are priced based on the going market price for that good or service. Transfer pricing can also be applied to intellectual property such as research, patents, and royalties.

It states further that Multinational companies (MNC) are legally allowed to use the transfer pricing method for allocating earnings among their various subsidiary and affiliate companies that are part of the parent organization. However, companies at times can also use (or misuse) this practice by altering their taxable income, thus reducing their overall taxes. The transfer pricing mechanism is a way that companies can shift tax liabilities to low-cost tax jurisdictions.

Transfer Pricing and How It Affect Taxes
Transfer prices play a large role in determining the overall organization’s tax bill. If the downstream division is located in a Country or State with a higher tax rate compared to the upstream division, there is an incentive for the overall organization to make the transfer price as high as possible. This results in a lower overall tax bill for the entire organization.

However, there is a limit to what extent multinational organizations can overprice their goods and services for internal sales purposes. A host of complicated tax laws in different countries limit the ability to manipulate transfer prices.

To better understand how transfer pricing impacts a company’s tax bill, let’s consider the following scenario. Let’s say that an automobile manufacturer has two divisions: Division A, which manufactures software while Division B manufactures cars.

Division A sells the software to other carmakers as well as its parent company. Division B pays Division A for the software, typically at the prevailing market price that Division A charges other carmakers.

Let’s say that Division A decides to charge a lower price to Division B instead of using the market price. As a result, Division A’s sales or revenues are lower because of the lower pricing. On the other hand, Division B’s costs of goods sold (COGS) are lower, increasing the division’s profits. In short, Division A’s revenues are lower by the same amount as Division B’s cost savings—so there’s no financial impact on the overall organization.

However, let’s say that Division A is in a higher tax country than Division B. The overall company can save on taxes by making Division A less profitable and Division B more profitable. By making Division A charge lower prices and pass those savings onto Division B, boosting its profits through a lower COGS, Division B will be taxed at a lower rate. In other words, Division A’s decision not to charge market pricing to Division B allows the overall company to evade taxes.

In short, by charging above or below the market price, companies can use transfer pricing to transfer profits and costs to other divisions internally to reduce their tax burden. Tax authorities have strict rules regarding transfer pricing to attempt to prevent companies from using it to avoid taxes.

Transfer Pricing and the IRS
The IRS states that transfer pricing should be the same between intercompany transactions that would have otherwise occurred, had the company done the transaction with a party or customer outside the company. According to the IRS website, transfer pricing is defined as follows:

“The regulations under section 482 generally provide that prices charged by one affiliate to another, in an intercompany transaction involving the transfer of goods, services, or intangibles, yield results that are consistent with the results that would have been realized if uncontrolled taxpayers had engaged in the same transaction under the same circumstances. 1
As a result, the financial reporting of transfer pricing has strict guidelines and is closely watched by tax authorities. Extensive documentation is often required by auditors and regulators. If the transfer value is done incorrectly or inappropriately, the financial statements may need to be restated, and fees or penalties could be applied.”

However, there is much debate and ambiguity surrounding how transfer pricing between divisions should be accounted for and which division should take the brunt of the tax burden.

Minimum Transfer Price and Tax Regulations
For accounting purposes, large corporations will evaluate their divisions separately for profit and loss. When these different divisions conduct business with one another, the minimum transfer price for a particular good will usually be close to the prevailing market rate for that good. That means that the division selling a good to another division will charge an amount equal to what they could achieve by selling to retail customers.

However, in some instances, companies will attempt to increase or decrease the transfer costs between divisions in order to lower the amount they pay in taxes. This deliberate manipulation of costs is more likely to occur when the divisions are located in different countries where one country is a tax haven and has a much lower tax rate than the other.

Obviously, the tax authorities in countries with higher tax rates frown upon this practice as it means lost revenue for them. Thus, these countries have strict regulations to prevent companies from using transfer pricing as a tax avoidance strategy.

Regulators look at the company’s financial statements to ensure their transfer pricing is in line with current market pricing. In general, these regulations attempt to ensure companies abide by arm’s length practices, which prevents collusion between divisions within the company to misstate transfer prices.

How Transfer Prices Are Determined
Transfer prices can be determined under the market-based, cost-based, or negotiated method. Under the market-based method, the transfer price is based on the observable market price for similar goods and services.

Under the cost-based method, the transfer price is determined based on the production cost plus a markup if the upstream division wishes to earn a profit on internal sales.

The negotiatiated method is applicable when divisions’ managers use a transfer price that is mutually beneficial for each division.

The transfer price impacts the performance of both subsidiaries that transact with one another. A price that is too low disincentivizes an upstream division from selling to a downstream division as it results in lower revenues. A price that is too high disincentives the downstream division from buying from the upstream division, as costs are too high.

Arriving at a fair transfer price is not only beneficial to both subsidiaries but allows a company to reach profit maximization, as well as allowing a company to possibly take advantage of favorable tax setups.

PRACTICAL: How to Calculate Transfer Pricing

Calculate the minimum transfer price for the firm transferring the product. The minimum transfer price equals the incremental cost to create one product. The incremental price includes direct labor, direct material and direct overhead costs but excludes the expenses the transferring center would have incurred whether or not it made the product. In other words, the minimum transfer price should be the additional cash outflows the company incurs by making the transferred product.

Find the maximum transfer price for the product. In general, the maximum transfer price for a product is the price a firm would have to pay for the product on the open market. Reference accounting records to calculate the average price the company has paid in the past for the same quantity of the transferred item. Alternatively, get quotes from one or two suppliers for the same quantity of the transferred goods.

Set the transfer price per item between the minimum and maximum price calculated. Add a percentage profit or include fixed project costs to arrive at a transfer price suitable for both parties. If the price is set below the minimum price, the transferring center will take a loss at the expense of the receiving firm. Conversely, the receiving center won’t benefit if the transfer price is set above the maximum.

Multiply the transfer price per item by the quantity of items transferred to arrive at the total transfer price. For example, say that a product has a transfer price of N1,500, and 100 items are transferred. The total transfer price is N1,500 multiplied by 100, or N150,000.

Record the transfer price as an intracompany expense to the receiving center and as intracompany revenue and cost of goods sold to the transferring center. For example, say that the item priced at N1500 cost N1000 to produce. The receiving firm debits the item asset account and credits intracompany expense for N150,000. The transferring firm debits cash for N150,000 and credits sales revenue for N150,000. It then debits cost of goods sold for N100,000 and credits the inventory account for N100,000.

References:

  1. Investopadia.com
  2. Bizfluent.com
  3. Accaglobal.com

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.

 

Top 9 Free Accounting Software for Small Businesses in Nigeria

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.

 

Accounting Software Expert in Nigeria: Skytrend Consulting Ltd

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.

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QuickBooks Accounting software solution: All you need to know

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.

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

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.

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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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