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Busy Accounting Software solution: 10 frequently asked questions

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Femi Adeoya

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March 7, 2021

2

Busy Accounting Software solution: 10 frequently asked questions

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.

Busy Accounting Software solution : 6 key implementation facts for your business

Skytrend Consulting Blog

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March 7, 2021

0

Busy Accounting Software solution : 6 key implementation facts for your business

Busy Accounting Software solution is an integrated business accounting and management software for Micro, Small and Medium Enterprises (MSMEs). The solution was developed in India in 1993 and reported to have sold over 360,000 licenses in over 20 countries. It is said to be the leading business accounting software in India, South Asia, Middle East Asia and parts of Africa.

The software records and processes business accounting transactions within functional modules such as Financial Accounting (Multi-Currency), Inventory Management (Multi-location), Production / Bill of Material for manufacturing businesses, Sales / Purchase Quotations/invoicing, payroll, Sales / Purchase Order Processing, Fully User-configurable Invoicing, User-configurable Documents and Columns in Reports, and provides a basis for the business Management Information Systems (MIS).

The software is thought to be used by mostly MSMEs since it was developed in 1993, by helping them manage not just their accounts but also other business management processes like Inventory / Invoicing / Taxation / Orders / Payroll and much more.

Being a horizontal product, BUSY can be used in almost all types of Business Segments and Industry Verticals like Retail, Manufacturing, Trading, Distribution, and Services.

BUSY is sold and supported through its network of over 500 Channel Partners, thousands of Resellers and Solution Partners all across India and abroad.

6 Key implementation facts about Busy accounting software

Below are 6 key facts you should know when implementing Busy accounting software solution for your business.

1. Financial Accounting
Starting from Vouchers to Ledgers to Trial Balance & Balance Sheet, everything is available at the click of a button. Add another layer of controls with the help of Sub Ledgers & Cost

2. Inventory Management
Manage your inventory with additional details like Batch No. (with expiry), Serial
Nos., Parameters (Colour, Size, Style etc.). Maintain multiple go-downs & locations smoothly.

3. Configurable Invoicing
Create Goods and Services Tax (GST) compliant professional invoices as per business requirements easily. Maintain Party / Itemwise & Datewise Item Prices.

4. Operations Management
Manage all your business operations like Quotation / Order/ Invoicing / Receivable /Payable along with Payroll & Customer Support swiftly.

5. Mobile App
Stay connected with your business data anywhere / anytime directly on your
Mobile Phone. Timely access to data can help you in making informed business decisions.

6. Simplified Usage
The software is simple and easy to use (doesn’t require accounting knowledge). Highly flexible to accommodate diverse business needs and scalable as per your growing business needs.

What are the versions or editions of Busy accounting software?

To feed the diverse business needs of the Small and Medium Businesses, BUSY Accounting Software is offered in four different editions namely, Express, Basic, Standard and Enterprise, for businesses of different size and style.

1. Express
Express edition is 100% free accounting software with limited but sufficient functionalities for those who are in the nascent stage of their business and have a minimal operational requirement.

2. Basic
Basic comes with minimal set of features covering Invoicing, Accounting, Basic Inventory and Statutory Reports. It is meant for shopkeepers and small businesses whose main requirement is invoicing, book keeping and compliance.

3. Standard
Standard edition comes with a host of advanced features and is meant for medium level businesses. It has all the features of Basic edition plus a lot of other business management features like Order / Quotation / Challan Management, Multiple Units of Items, Item Barcode / POS Billing, Direct SMS / Email facility and much more. These features are purely business management features and are meant to enhance business productivity.

4. Enterprise Edition
Enterprise is meant for companies which are larger in size and normally have multiple branches/locations or a lot of users using BUSY. It has all the features of Standard edition plus a lot other enterprise features like Multi-Branch / Location Management, Enquiry / Support Management, Voucher Approval System, Payroll Management, exhaustive checks and controls and much more required in a distributed environment for collaborative working.

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 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.

Manufacturing businesses got N570bn loan from banks in 2020 — Apex Bank

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Femi Adeoya

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March 6, 2021

14

Manufacturing businesses got N570bn loan from banks in 2020 — Apex Bank

Nigeria’s Apex Bank says manufacturing businesses in the country got a total loan of N570bn from banks in 2020 due to the economic meltdown occasioned by the dreaded COVID-19 pandemic.

Nigerian banks’ credit to the manufacturing sector rose to N3.19tn as of December 2020 from N2.62tn at the end of 2019, the Central Bank says in its sectoral analysis of banks’ credit. .

The sector received the second biggest share of the credit from the banks after the oil and gas sector, which got N5.18tn as of December 2020.

“The manufacturing sector, which is the engine of sustainable growth, is still struggling with the debilitating impact of the pandemic and is yet to recuperate,” the Director-General, Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir, had said in January.

MAN, in a January report, revealed that most manufacturers said commercial banks’ double digits lending rates were discouraging productivity in the sector.

We are 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

Sage 50 Quantum Accounting Software: 6 benefits to your manufacturing business

Skytrend Consulting Blog

Femi Adeoya

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March 5, 2021

0

Sage 50 Quantum Accounting Software: 6 benefits to your manufacturing business

An effective accounting solution is one of the keys to a more developed and longer-lasting business. So when you’re having trouble finalizing financial decisions because of inaccurate reports or the absence of efficient accounting software, it’s time to move forward and use Sage 50 (Peachtree) accounting software.

Sage 50 Quantum Accounting software is a multifunctional and value-priced business management and accounting solution. It helps small to medium-sized enterprises understand and monitor their business performance well through accurate financial reports and automatic audit trails.

Sage 50 Quantum accounting software is particularly custom built and useful for manufacturing, construction and multi-level businesses.

1. Improved customer management, 2. Customised for Manufacturing businesses. 3. Iventory management solutions. 4. Customizable reporting. 5. Employee and workflow management. 6. A user-friendly interface, etc are just some of the features of Sage 50 Quantum Peachtree software. You will be informed in real time of all your purchases, sales details, and other financial transactions that are crucial to your business.

Warning signs that signal the need to move up to a more powerful, flexible solution:

Own multiple companies that require some financial consolidation
Store your voluminous inventory in many locations
Have thousands of customers and vendors, and process thousands or hundreds of thousands of transactions every year
Spending too much time trying to get Excel to run the spreadsheets you need
Have had to cobble together numerous applications to accomplish everything
Have become a global business
Sweat over security
Spend too much time implementing manual processes

Need anytime, anywhere access
If you’re using Sage 50 Pro or Sage 50 Complete (two of the most popular low-end accounting products in the U.S.), you can move up and still stay within the same product family, which makes upgrading exceedingly easy. Sage 50 Quantum Accounting (formerly Peachtree Quantum Accounting), could be the logical next step.

We are 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.

Accounting for manufacturing businesses: 6 key stages in the implementation process

Skytrend Consulting Blog

Femi Adeoya

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March 5, 2021

0

Accounting for manufacturing businesses: 6 key stages in the implementation process

What Is A Manufacturing Account?
A manufacturing account is an account in the general ledger of a businesses which summarizes the manufacturing costs of finished goods during an accounting period.

Such accounts are prepared by the manufacturing concerns for the purpose of finding out the cost of production of the goods manufactured and the profit that has been made by manufacturing department.

For a manufacturing business the manufacturing account needs to be prepared before completing the trading, profit and loss accounts.

The major objective of preparing a Manufacturing Account is to determine the specific costs associated with finished goods produced.

The cost of finished goods manufactured can then be entered in the Trading, Profit and Loss Account, otherwise called Income State, as the equivalent of purchases for a purely trading company in order to determine the cost of goods sold and gross profit.

This helps in improving the cost optimization and effectiveness of manufacturing activities.

What Are The Broad Components of Manufacturing Costs?
Manufacturing cost fall into three broad components: materials, labour, and overhead.
Therefore to calculate total manufacturing cost, you sum up the three different cost components: costs of direct materials, direct labour and manufacturing overheads. Expressed as a formula, that’s: Total manufacturing cost = Direct materials + Direct labour + Manufacturing overheads.

The difference between Trading Account and Manufacturing Account is, the trading account gives the Gross profit made by the company whereas the Manufacturing account derives the cost of finished goods produced by the company.

Stages In Accounting Implementation For Manufacturing Business
Accounting for a manufacturing business deals with inventory valuation and the cost of goods sold. These concepts or stages are uncommon in other types of entities, or are handled at a more simplified level.

A manufacturing business must use a certain amount of raw materials, work-in-process, and finished goods as part of its production processes, and any ending balances must be properly valued for recognition on the company balance sheet. This valuation requires the following activities or stages.

1. Direct cost assignment.
Costs are assigned to inventory using either a standard costing, weighted-average cost, First In First Out (FIFO) or Last In First Out (LIFO.)

2. Overhead cost assignment.
Factory overhead costs must be aggregated into cost component and then allocated to the number of units produced during a reporting period, which increases the recorded cost of inventory. The number of cost components should be minimized to reduce the amount of allocation work by the accountant.

3. Impairment testing.
Also known as the lower of cost or market rule, this activity involves ascertaining whether the amount at which inventory items are recorded is higher than their current market values. If so, the inventory must be written down to the market values. This task may be completed at relatively long intervals, such as at the end of each annual reporting period.

4. Cost of goods sold recognition.
At its most basic level, the cost of goods sold is simply beginning inventory, plus purchases, minus ending inventory. Thus, the derivation of the cost of goods sold is really driven by the accuracy of the inventory valuation procedures that were just described. In addition, any abnormal costs incurred, such as excessive scrap, are not recorded in inventory, but instead are charged directly to the cost of goods sold. This calls for a detailed scrap tracking procedure. Also, costs may be assigned to specific jobs (known as job costing) and then charged to the cost of goods sold when the inventory items in those jobs are sold to customers.

5. Derivation of Cost of Raw Materials Consumed
The formula for deriving cost of raw materials consumed for an accounting period for a manufacturing business can be summarised as follows:
Cost of Raw Materials Consumed = Raw material purchases + Beginning raw material inventory – Ending raw material inventory = Cost of Raw materials consumed

6. Derivation of Cost Of Goods Manufactured
Cost of Goods Manufactured = Cost of Raw materials consumed + Direct labor + Direct expenses + Beginning WIP inventory – Ending WIP inventory + Manufacturing Overhead =

Definition of Terms
Direct labor is the gross wage cost of all the labor associated with manufacturing products. The labor included must relate to those employees who are directly working on the products being produced. As with materials it must be possible to easily identify, track or count the labor to a particular unit of production.

Direct expenses are costs other than direct materials or labor which can be directly associated with units of production. An example of a direct cost would be a royalty cost paid on each product.

The adjustment for work in process inventory is necessary as the purpose of the account is to show the manufacturing cost of goods completed during the accounting period regardless of when they started in production.

Manufacturing overhead is all the other costs necessary to run the manufacturing operation but which cannot be directly associated with the product such as indirect labor, indirect materials, and other indirect manufacturing costs.

How To Prepare Manufacturing Account
The main objective of preparing a manufacturing account is to determine the actual cost of goods available for sales otherwise called finished goods.

The account is simply prepared by closing the temporary cost accounts and adjusting the raw materials (RM) and the work in process (WIP) inventory accounts using a closing journal entry. Each cost account is closed and the balances transferred to the manufacturing account.

Work-in-progress (WIP) inventory is a production and supply-chain management term used to describe partially finished goods awaiting completion. WIP inventory is a component of the inventory asset account on the balance sheet. These costs are subsequently transferred to the finished goods account and eventually to the cost of sales now becoming a component of the income statement.

Manufacturing, trading, profit and loss account is maintained by all manufacturing organisations to help in the formation of final accounts of such businesses.

Manufacturing overhead account is calculated by the addition of indirect factory expenses like machine repairs, depreciation, insurance, factory supply, electricity, etc. Non-manufacturing entities or what is called trading entities are generally involved in the purchase and also sales of goods at a profit.

Features of A Manufacturing account
All the expenses relating to manufacturing goods are debited.

It shows only the figures of materials consumed instead of showing the figure of opening stock, purchase and closing stock separately.

Opening stock of Work in Progress (WIP) is debited and closing stock of WIP is credited to manufacturing account.

The amount received from the sale of scrap is credited to manufacturing account.

The balance in the manufacturing account is the cost of production or manufacturing profit depending on the type of manufacturing account prepared.

Importance of manufacturing account
It ascertains the cost of goods manufactured.
It shows the profit or loss earned by a manufacturing department.
It provides a basis for fixing the price of a product.
It helps the management to evaluate the performance of the manufacturing department.
It helps to control manufacturing cost.

FAQ (Frequently Asked Questions)
1. What are the Features of Manufacturing Account?

Ans) Some of the important features of manufacturing account are:

All the expenses are debited that are related to manufacturing goods.

The figure of opening stock, purchase and closing stock is not shown separately. Instead, it only shows the figures of materials consumed.

The opening stock of work in progress is debited to manufacturing account while the closing stock of work in progress is credited.

The sale of scrap amount gets credited to manufacturing account.

Depending on the manufacturing account prepared, the manufacturing account balance is either the cost of production or the manufacturing profit.

2. What is the Difference Between a Trading Account and Manufacturing Account?

Ans) The financial statement which considers all the elements of cost, income and expenditure is known to be the trading account. It determines the profitability of the company. On the other hand, manufacturing account determines the expenses that are incurred for manufacturing a product.

In a financial year, the trading account gives the verdict of profit or loss in a company while manufacturing account denotes the cost of the product manufactured.

The information of manufacturing account gets featured in trading account while manufacturing account consists of the expenditure caused by the product manufactured.

A trading account helps in the creation of the final balance sheet of a company. Manufacturing account details the requirement for creating a trading account.

Direct revenue and expenses are displayed in the trading account. Operating expenditure for product manufacturing gets displayed in manufacturing account.

You can reach us on telephone/whatsapp message on 08033857245 or 0803 239 3958. You can also send us an email info@skytrendconsulting.com

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

Sage 50 Peachtree Accounting Software – All you need to know

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Femi Adeoya

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March 3, 2021

1

Sage 50 Peachtree Accounting Software – All you need to know

What are the differences between the Sage 50 products?

Sage 50 Accounting software solution serves the needs of customers, including those automating their accounting for the first time, to seasoned, advanced users needing to consolidate financials for multiple companies. Please see attached for product comparism for Sage 50 Complete, Premium and Quantum Accounting software.

What Special Industry Solutions are offered by Sage 50?

Apart from the regular solutions of Sage 50 Complete, Sage 50 Premium & Sage 50 Quantum Accounting software, Sage 50 product line also offers specific solutions for Construction, Distribution, Manufacturing, and Nonprofits.

As my business grows, can Sage scale to meet my needs?

Sage offers solutions that will serve your needs throughout the life cycle of your company. Start with the Sage 50 solution that meets your needs and budget today, and as your requirements grow, upgrade to the next level of software when the time is right. Sage can truly support you through all phases of your business.

Why should I choose Sage 50 over QuickBooks?

Sage 50 offers superior quality and service, including robust functionality in inventory, job costing, time and billing, and fixed assets. Built-in accounting controls and detailed security provide the accuracy and control needed to run your business, giving you the peace of mind you deserve.

Additionally when you choose Sage 50 you can get direct access to our US-based technical support.

Can I convert from QuickBooks®?

Sage 50 Accounting offers an easy conversion wizard only for QuickBooks* to walk you through the steps, allowing you to get up and running in no time. Sage 50 supports conversions from QuickBooks 2007 – 2011 Pro through Enterprise.

*Excludes conversion of QuickBooks individual payroll transactions. For additional information on conversion limitations, please visit www.Sage50Accounting.com/qb

Getting Started with Sage 50:

What features are available in Sage 50 Accounting 2013 to get me started quickly?

All products come with a New Company Setup Wizard to walk you through the steps of setting up your accounting, as well as in-product tips and screen-level help, which tells you what info you should have on hand prior to setting up Sage 50.

Once I have Sage 50 Accounting 2013, how do I know what features are available and how to use them?

Our “What’s New in Sage 50” screens will walk you through all the new features in Sage 50 Accounting2013, plus tell you how to use them. This feature automatically displays when you first launch the product, and also has a link in the Help file so you can access it whenever you need it.

How many companies can I consolidate?

Provided that your companies have the same chart of account IDs, Sage 50 allows you to run up to 20 customized Financial Statements in consolidated format.

Support Questions:

What is the maximum number of users supported by Sage 50?

For our Sage 50 Complete, Premium Accounting and Industry Solutions products, you have the option to support up to 5 licensed, named users.* Sage 50 Quantum Accounting 2013 offers you the opportunity to support 5, 10, 15, 20, 30 or even 40 licensed, named users**.

*For multi-user access, you must purchase one single-user box per named user or one Multi-user Edition for up to five licensed, named users. **Multi User licenses available in of packs of 5, 10, 15, 20, 30 or 40. A maximum of 40 licensed, named users is allowed. Only the first 40 named users selected in the user maintenance screen are considered licensed, named users.

How many years will the Multi-Year* Reporting feature go back?

With an upgrade to Sage 50 Accounting 2013 or an earlier product, you will be able to see ‘real-time’ financial statement information from your current open 2 years plus 1 closed year, all within Sage 50. Once you upgrade to Sage 50 Accounting 2013, your historical information will begin to build year over year. Sage 50 Accounting 2013 and previous versions have no restrictions on how far back you can report for transactional data like sales order reporting, only for financial statements, account balances, and payroll reports.

*Upon upgrading to Sage 50 Accounting 2013, 3 years of converted Sage 50 Financial Statement data and account balance data on General Ledger reports will be readily accessible, as well as data for future closed years.

Within the Multi-Year* reporting feature, will the data being viewed in my closed year be altered?

No, one of the advantages of Sage 50 is that we lock-down all closed year information. This feature will allow you to see the information without concern of changes occurring.

*Upon upgrading to Sage 50 2013, 3 years of converted Peachtree Financial Statement data and account balance data on General Ledger reports will be readily accessible, as well as data for future closed years.

Sage 50 Add-on Services:

Does Sage 50 offer the ability to access my data remotely?

Yes, with Sage 50 Remote Access* powered by GoToMyPC®, you will be able to access your Sage 50 data from any other computer with Internet access any where in the world.

*Additional fees, internet access and credit card required. Subject to third party terms and conditions. Price is subject to change.

Sage 50 Other Questions:

Do I have to pay any yearly maintenance fee after buying Sage 50 (Peachtree)?
No, you do not pay any yearly maintenance fee. You only need to pay for one-time Sage 50 (Peachtree) software license. We provide Sage 50 (Peachtree) set-up, training and support, which we charge only when you require these services.They are not compulsory.

Do I need to know accounting to use Sage 50 (Peachtree)?
No, you do not need to know accounting to do data entry in Sage 50 (Peachtree). We can set up Sage 50 (Peachtree) for you, then train you how to use it. Our accountants can review and adjust your accounts after your data entry.

For how long can I use Sage 50 (Peachtree)?
You can use Sage 50 (Peachtree) for several years. You may wish to upgrade to latest version of Sage 50 (Peachtree) when it offers new features which you need, or when your new operating system does not allow export from your older version of Sage 50 (Peachtree) reports to xls file.

Can I use Sage 50 (Peachtree) for more than 1 company?
Yes, you can create up to 20 companies in Sage 50 (Peachtree)

What modules does Sage 50 (Peachtree) have?
Sage 50 (Peachtree) has integrated modules including general ledger, sales and receivables, purchases and payables, inventory, financial management, Job/ project management, payroll, system security and fixed assets.

How many standard reports does Sage 50 (Peachtree) have?
Sage 50 (Peachtree) has more than 150 standard reports. You can use Financial Wizard to build your own financial reports. Sage 50 (Peachtree) Premium includes Crystal Report Writer which provides enhanced and advance reporting.

Does Sage 50 (Peachtree) provide audit trails?
Yes, Sage 50 (Peachtree), except for Sage 50 (Peachtree) Pro, provide audit trails.

Can I view online reports after data entry?
Yes, you can set to post transactions on real time or batch basis.

How long has Sage 50 (Peachtree) been in the market?
Sage 50 (Peachtree) has been established for more than 40 years.

How often are enhancements to Sage 50 (Peachtree)?
Sage 50 (Peachtree) is enhanced every year – new release is available every year

Where is Sage 50 (Peachtree) made?
Sage 50 (Peachtree) is made in USA

Can I export Sage 50 (Peachtree) reports to Excel xls file?
Yes, you can export Sage 50 (Peachtree) reports to Excel xls file.

Can I import data into Sage 50 (Peachtree)?
Yes, you can import data in CSV format into Sage 50 (Peachtree).

What are the benefits of using multi-user version of Sage 50 (Peachtree)?
Up to 5 users (Sage 50 Complete & Premium), and up to 40 users (Sage 50 Quantum) can enter data into Sage 50 (Peachtree) common database at the same time

Can Sage 50 read earlier versions of Peachtree files?
Yes, when you upgrade to Sage 50 software, data conversion from Peachtree software is automatic provided you are on the same or higher product range, and Peachtree is in Windows version. E.g., Sage 50 Complete can read files from Peachtree Complete, but Sage 50 Pro cannot read files from Peachtree Complete, since Pro is a lower version

Can Sage 50 take Billion digits in its Amount and Inventory fields?
Yes, Sage 50 software can take Trillions (14 digits) and not just Billions in its Amount and Inventory fields. Upgrading to Sage 50 will solve all your former Peachtree Millions (9 digits) Amount field and Inventory field limitations.
You can reach us on telephone/whatsapp message on 08033857245 or 0803 239 3958. You can also send us an email info@skytrendconsulting.com

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

Sage 50 Accounting Software: 8 key benefits for your business

Femi Adeoya

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March 2, 2021

0

Sage 50 Accounting Software: 8 key benefits for your business

Definition of an accounting software
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.

The software solution contains modules such as customers, vendors and suppliers, sales ledger, purchases ledger, accounts receivable, accounts payable, journal, payroll, direct cost (cost of sales) and indirect cost (administrative expenses), assets, liability, trial balance, general ledger, etc. Basically it functions as an accounting information system.

With it, you can record transactions, generate reports, manage customer and vendor contacts, create purchase and sale orders and invoices, manage and track stock levels, bill customers, and monitor cash and bank account movement and balances.

How does Sage 50 Peachtree Accounting Software Works?
Sage 50 Accounting Software solution contains all the definition and functions of a good accounting software as given above when properly implemented and staff effectively trained.

It is easy to use and designed to automate financial transactions of business organizations as most accounting software do. Whether you are managing a trading company, hotel, manufacturing company, consultancy business, school, logistics company or a service oriented business, the software can be customized to fit your specific business needs.

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 up your charts of accounts for your business, 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, track and maintain inventory, cash and bank balances, to mention just a few.

7 key benefits of using Sage 50 Accounting software for your business

1. Manage the company’s payments, collections, receivables, cash and bank balances by the use of the automated solution.

2. Gain insight with periodic reporting for turnover, costs, profit, and cash flow management.

3. Get a high-level view of your key business and financial metrics.

4. Reduce errors and easily reveal, deter fraud with screen-level security and a clear audit trail

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

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

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

8. Help to reinforce the internal control system of your organisation

About Skytrend Consulting?
Skytrend Consulting Ltd is an expert in accounting software solution implementation.

We have our head office at No 7 Obokun Close, Off Allen Avenue, Ikeja, Lagos. While our South West zonal office is located at Ado Ekiti. 6 Surulere Street, Off Road 1, Nova Road, Adebayo, Ado- Ekiti, Ekiti State.

When it comes to implementing suitable and cost effective value driven accounting software solutions for businesses, we are the EXPERT! And we have been doing this for over 10 years.

Our job is focused towards analyzing turnover, optimizing cost, facilitating business growth and improving steady profitability with the use of tailored and well tested accounting solutions that identify and build on the strength of our clients’ organisations.

Our testimonials from the different clients and businesses we have worked for and currently using our solutions, speak volume on the value our services have added to their business.

You can reach us on telephone/whatsapp message on 08033857245 or 0803 239 3958. You can also send us an email info@skytrendconsulting.com

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

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

Skytrend Consulting Blog

Femi Adeoya

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February 24, 2021

0

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

What is an accounting software?

Skytrend Consulting defines “An accounting software as a business solution that records, analyzes and reports accounting transactions with a view to providing management information system from which business owners, decision makers or accountants can monitor financial processes, generate reports and make informed decisions.

Its essential feature is an interactive financial dashboard with a series of charts of accounts or general ledgers for handling double-entry bookkeeping. Common features to these accounting softwares include:

Monitoring turnover
Tracking direct and indirect costs
Tracking inventory movement and management
Automated invoicing
Receipt capturing
Monitoring and controlling vendors and creditors
Tracking profitability
Analytics for budgeting and revenue tracking
Financial reporting
Tracking Accounts payable/Receivables

Below are the 5 steps in a successful implementation of your new accounting software solution:

1. Analyze, Plan and Understand – Start at the beginning. The first step in the implementation process should begin with a thorough review of your business requirements and processes, to identify what is working well and which aspects of your business that may need improvement and refinement. These business requirements will then be mapped into your project plan, which will drive the remainder of the implementation.

2. Design, Develop and Build – Using the project plan produced in Step 1, the implementation team will next proceed to customize the accounting software into an accounting process that fits your orgazation. This will involve creation of ledger accounts, vendors, customers, bank and cash balances, fixed assets, employees, payroll, etc.

3. Training – This includes teaching your staff the best practices and procedures to deliver the required functionality. Results from the training period need to be reviewed and a sign-off should be secured, stating that the progress made to date is acceptable and in line with the overall goals of the implementation.

4. Implement and Go-Live – Working from the knowledge obtained in Steps 2 and 3, your new accounting system should now be complete. Your legacy data is migrated a final time to the new system and all of the experience and resources of the project team are on-site and ready to make the final transition to the new system.

5. Ongoing Support – With the successful launch of your new system, your financial consultant should now continue to provide on-going support. This can be delivered through a help-desk, along with the application of any new updates. Many financial consulting companies provide after implementation support services in the process of executing your daily accounting tasks.

As these 5 implementation steps are carried out, beginning with a broad-based and all-encompassing perspective of both your internal and external operating environments, the focus of the implementation project is then continuously narrowed to produce exactly the system that is required to meet and exceed the business objectives that have been defined.

Need an accounting software solution to run your business and understand the METRICS behind the figures? Call or Whatsapp us on 0803 239 3958.

You have an article or review on any accounting software solution or related financial services you want us to publish, send to blog@skytrendconsulting.com.

REVEALED: Why Nigeria is restricting cryptocurrency, digital money

Skytrend Consulting Blog

Femi Adeoya

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February 6, 2021

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REVEALED: Why Nigeria is restricting cryptocurrency, digital money

Nigeria’s central bank ordered deposit-taking banks and other financial institutions to immediately close accounts transacting in or operating cryptocurrency exchanges, saying such deals are “prohibited.”

Failure to comply with the directive will result in “severe regulatory sanctions,” according to a circular sent to financial institutions on Friday and published on the central bank’s website.

The country’s Securities and Exchange Commission said in September it would regulate trade in digital currencies to provide protection for investors and to ensure that transactions are transparent.

The tough stance by the central bank of Africa’s largest economy comes after protests in October against the excesses of the police’s Special Anti-Robbery Squad, known as SARS, which saw organizers accepting Bitcoins for funding after the government allegedly blocked local payment platforms for collecting donations.

“There’s a direct line that can be drawn from the EndSARS protests — which carried on partly with funding from cryptocurrency even though CBN restricted several accounts — to these latest regulations,” said Joachim MacEbong, a senior analyst at SBM Intelligence in Lagos. “This latest instruction will end up making the case for cryptocurrency adoption better than any other argument. One promises freedom, while the status quo only reinforces restrictions.”

But professionals in the crypto space do not believe the panic will last, or it will have any impact on crypto adoption.

Nigeria-based software and blockchain engineer Tosin Olugbenga told CoinDesk the CBN may have issued the directive because of the bitcoin price run of 2020 and growing interest in cryptocurrencies worldwide is causing Nigerians to convert their earnings to crypto.

“They’re moving money from naira to crypto. That is what the CBN sees and has taken issue with. It is not banning crypto trading. It’s just telling financial institutions not to allow their platforms to be used to buy or sell crypto on exchanges like binance,” Olugbenga said.

Olugbenga added that most crypto transactions in Nigeria happen on peer-to-peer exchanges, so once the panic dies down trading will continue as usual.

“The news has caused a panic in the crypto space, especially for new crypto investors, but the true essence of crypto is decentralization. [The] majority of crypto trades that occur in Nigeria are peer-to-peer,” Aronu Ugochukwu, chief executive officer of DeFi platform Xend Finance, told CoinDesk via an email.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

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