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Will Accountants Be Replaced by Computers?

Accounting and Auditing may in the next few years be disrupted by emerging innovations such as robot process automation (Bots) and mechanical robotics   (Daniela Rus, “The Robots are Coming,” Foreign Affairs, July/August 2015)

 The use of computers for business operations has come to stay. In fact, computers have already become ever-present in our world of business today, and in the near future mechanical robotics will as well be seen sitting in the chairs, in our offices.  

The debate about whether or not machines will replace accountants in the near future is the result of the sudden increase in demand for various business software solutions like Sage Evolution Premium and SAP Business One for business operations the world over.   

 

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Accounting Software experts argue that the profession stands on the cusp of technological development however conservative accountants disagree and argue that programs like VIP Premier Payroll & other sophisticated tax systems work quite well, but have no ability to make deep decisions especially when confronted with unstructured data.  

Valid arguments they are!  Maybe in the near future, we will see fewer accountants of one type and more of the other. ‘If history tells us anything, there were speculations of job losses when spreadsheets and computers were introduced into the accounting  process, but instead we saw significant growth of jobs in the accounting departments. It is certain that how we perform the work and the skillsets will change, but this will create new opportunities.

The future of accounting hinges on outputs and not inputs. Business owners will invest in any legitimate resources that can enhance the bottom-line results even if it’s just simple software.    

 

SAP Business One - All platforms

 

 

Over the past 10 years, a lot of businesses have shifted from manual accounting processes to automated operations. For instance, the advent of Sage one accounting, VIP Payroll and SAP Business One, is saving companies more money while doing more work. No need to hire more accountants. But as with any transition, there will be a distribution of adoption, so some people will scream saying that their jobs are at risk, but more likely is that they got blindsided and failed to invest new skills. 

“To be on the safer side means rising to the change and embracing the transition with a smile – invest in tech skills and stay open for the opportunities that come along with this evolution”     

 

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I believe that development in technology has only brought even greater opportunities to accountants.  Despite the smart business operations performed by a computer, a company will also need a brain which can devise strategies required to bolster its financial growth.

 The onus, therefore, lies on accountants to be agile, versatile and open to changes. They will need to fasten their belts and fly even higher.      

 Be open to tech knowledge in accounting. Enroll in our flagship programme:   Practical Accounting Training.  

 

2018 PAT Poster

 

 

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Don’t work too hard, work smart – SAP Business One

SAP Business One will put you into action
Don’t work too hard, work smart

SAP Post - lady tired

 

Our customers say it is less expensive but highly effective. SAP Business One is trusted by over 55, 000 companies in 150 countries. It is the best thing happening to businesses now – boosting the bottom-line performance of small and midsize enterprises, from accounting and purchasing to supply chain and CRM.  

SAP Business One - All platformsSAP Business One

is recommended for those who wish to position their small or midsize enterprise on the frontline of today’s competitive world of business. It is affordable, reliable, easy to implement and carefully designed to give you maximum satisfaction.
Your competitors are working hard but SAP Business One (SAP B1) makes you work smarter instead of working your energies out. It is streamlined to automate your business management processes. Inside SAP B1 architecture are features that allow you to:

1) Capture all your business information in a single, scalable system.
2) Give employees on-the-go access to the software via an intuitive mobile App.
3) Deploy on-premise or in the cloud in as little as two to eight weeks.
4) Provide best answers to your most pressing questions with an Integrated Business Intelligence (IBI).

 

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SAP Business One

was designed to give startups an opportunity to catch up faster with giants, by providing them with the means to gain greater insight into business, to make perfect business decisions.
Established in 1972, SAP is the world’s third largest independent software manufacturer with partners all over the world. Multisoft Solutions Limited a total business management software solutions provider remains one of the trusted partners in Ghana.

 

SAP & Multisoft Solutions

 

If you desire to be in total control of your business and manage your metrics for optimum outputs SAP Business One is here for your good.

Read more
Request a Free Demo from Multisoft Solutions Limited, a Silver Partner of SAP.

 

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The Role of Technology in Reinventing a New Era for Accountants

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Summary of Research Carried out by IMA, ACCA and the Accountancy futures academy (Nov 2013)

The accounting profession is in the midst of a technology revolution, with cloud computing, mobile devices, social media, Big Data and Payment tools making the most impact.  Our discussion for this morning will be centered on five out of the ten game changers identified in a survey carried out by ACCA and IMA.

The report on the survey is titled DIGITAL DARWINISM: THRIVING IN THE FACE OF TECHNOLOGY CHANGE

 According to Charles Darwin’s On the Origin of Species, it is not the strongest of the species that survives, nor the most intelligent, but the one that is most adaptable to change.

 As trusted advisers to business, accountants and finance professionals are expected to lead, not follow. The profession has historically been quick to identify and then exploit the potential of emerging technologies: from the earliest known records of commerce, to the earliest commercial computer systems. Accountants’ enthusiastic use of the first programmable computer and widespread adoption of the spreadsheet helped to turn accountancy into the profession it is today. Embracing emerging technologies will turn it into the profession it aspires to be tomorrow.

Whiles discussing these trends, we must all be mindful of the fact that the cost of connectivity will continue to go down due to better platforms like 4G as against 3G and also the release of frequency being used by analog TV and Radio.

ACKNOWLEDGEMENTS

I will like to acknowledge the research team IMA, ACCA and the Accountancy futures academy for carrying out this research.  I will also like to acknowledge Chris Gentle (Partner and head of research Deloitte) for writing the foreword to the research.

According to Chris Gentle  “ As we head deeper into the 21st century, it is already clear that developments in digital technologies are going to affect the world even more radically over the next 20 years than in the last 20 years.

Technology has already made business global. We can collaborate and share information as quickly and easily with business contacts on the other side of the world as with colleagues at the other side of the building.

As new digital technologies emerge and converge they will reshape lifestyles and business activities, how economies develop, and how countries are governed, in revolutionary ways. The future will not be like the past and we will all need to adapt. Accountants and finance professionals must be open to the changes created by cloud computing, mobile devices, payment gateways and social platforms, and face up to the demands of cybercrime and enhanced compliance request.

Research Findings

Eight-seven percent of the accountants surveyed said that their companies could be doing more to leverage technology, but fewer than 15% said they were very confident in the ability of their companies to understand and manage emerging technologies.

The survey found that most companies do not have a written plan for emerging technologies. Only 4% of small companies (fewer than 200 employees) have such plans, compared with 35% of midsize companies (201–500 employees) and 46% of large companies (500 or more employees).

Companies are far from adopting, or preparing to adopt, new technologies. For example, 90% of large firms either already have implemented or will implement social media and smartphones within three years. Also quickly becoming part of the technology foundation for large companies are cloud and software as a service (84%) and tablets (74%).

Smartphones top the list for midsize companies (71%) and small companies (62%), with the cloud ranking second for both (67% for midsize companies and 46% for small companies).

Cloud and mobile

Cloud computing and the use of smartphones and tablets are tightly intertwined.  The survey identified the following as potential benefits from cloud computing:

  • The ability to work anytime, anywhere;
  • The ability to serve clients in any location;
  • Improved security and backup procedures;
  • Improved collaboration with clients and supplier.

 

Mobile devices, of course, are ideal for connecting to cloud-based services when out of the office, a scenario becoming increasingly common in the accounting profession. More than 80% of accountants reported that they do at least some work outside the office, with the number of hours worked ranging from an average of 5.8 for accountants at midsize companies to 8.6 for accountants at large companies (accountants at small companies averaged 6.5 hours out of the office).

The most-cited reason for working out of the office was client/supplier visits, both local and out of town. Also popular was doing work from a home office. The use of mobile devices with the cloud creates opportunities for accountants to provide faster and more efficient client service.

In addition to improved client service, the top reasons for adopting mobile devices include increased productivity and improved work/life benefits.

Eighty-five percent of accountant’s at large companies reported using a smartphone, a note book , or both, compared with 71% at midsize and 50% at small. A plurality of accountants use smartphones but not notebooks , and the survey participants were much more likely to use both a smartphone and notebook  than just a notebook. Accountants at large companies use the most mobile apps, an average of 5.4 each, compared with 4.3 at midsize and 2.3 at small.

 

Social media

Accountant’s in large companies spend nearly 7 hours a week, on average, using social media for personal activity and 5.6 hours for professional purposes. At midsize firms, the averages were 3.8 hours and 2.9 hours, respectively, compared with 3.3 and 1.8 at small firms.

LinkedIn ranked as the most popular social media tool for professional use. Following is a ranking of the most popular social media services for individual accountants:

  • LinkedIn (68% among large firms, 74% among midsize firms, 70% among small firms);
  • Facebook (64%, 50%, 61%);
  • Twitter (42%, 21%, 9%);
  • Professional online communities (28%, 19%, 16%); and
  • Blogs (23%, 10%, 12%).

At the company level, Facebook is the most popular social media tool among midsize firms and tied with LinkedIn for the top spot among large firms. LinkedIn is the preferred social media choice of small firms, but only slightly ahead of having a firm presence in professional online communities.

The professional benefits of social media cited most often by survey participants include:

  • Knowledge sharing;
  • Interacting with other professionals in accounting;
  • Generating new business;
  • Finding new clients; and
  • Interacting with other professionals who can support the business.

Big Data

Data analysis skills appear to be a huge potential growth area for accountants, 67% of whom in the survey said that they expect Big Data to impact the accounting profession.

Why is Big Data such a big deal? One reason, the study reported, is the astronomical increase in the amount of information being produced, a growth fueled in part by social media.

“There’s no question that social media is contributing to the demand for better data analytics,” the study reported. “Facebook has more than 1 billion users and Twitter can easily exceed more than 400 million tweets in a given day. That’s a lot of data, but only a limited amount is relevant.

“The biggest challenge companies have today is how to mine all that data to better and more profitably serve their customers,” the report said. This challenge can create opportunities for accountants. The role of data scientist is a natural fit for the accounting profession  and plays right into one of their strongest skills.

Payment Systems

Traditional notions and concepts of money and currency are fading. The use of cash is diminishing, cheques are being phased out and use of debit cards, pre-paid cards and the myriad of alternative electronic payment platforms is increasing. Banks increasingly provide their services online; statutory payments are increasingly made electronically; payment options using mobile phones are proliferating; there are many ways to make and accept payments for goods and services and to access start-up and working capital finance and trade finance instruments.

Virtual currency

There are virtual ‘digital currencies’ such as Bitcoin, Linden Dollars and Ripple in today’s marketplace. A virtual currency has a value in real-world currency and/or can be used to buy goods and services. The Linden Dollar is the unit of trade in the virtual world , where players can use it to buy and sell goods. In addition, Linden Dollars are a centralized virtual currency with a central repository, and it can be converted to and from real-world currencies.

Skills needed for next decade

Rank Skill Standard Score
1 Knowledge of data extraction tools in the mining of business intelligence 75
2 Use of tools that support data modeling and analysis 72
3 Knowledge management skills 59
4 Project management skills 57
5 Change management skills 57
6 Knowledge of new approaches to funding and product development 57
7 Ability to use technology to attract, develop and manage talent 57
8 Knowledge of emerging payment platforms 56

Conclusion

Accountants and finance professionals have a significant role to play in the increasingly connected and interconnected ecosystem that will emerge as  technologies in this report come together to create the ‘new normal’.

The internet and cloud-based resources are reshaping various aspects of business. : from the way we finance, resource and develop new and existing enterprises, to the way we create, buy and sell products and services. Nothing in the future is certain, and the unforeseen interactions between these technologies promise to be both interesting and challenging.

 Summary of findings

Technologies Key impacts and implications What we have to do as accountants

Mobile /Cloud

Big data

Cyber security

Payment systems

Educational technologies

Social technologies

·         Faster and easier access to technology resources

·         A more connected world and workforce

·         Opportunity to automate more business processes and services

·         De-skilling of the accountancy profession

·         Vast amounts of data

·         Enhanced compliance and decision-making

·         New ethical challenges relating to data gathering and analysis

·         Challenges to data security and sovereignty

·         Challenges to traditional role of the profession

·         Expectation of access to accounting  resources 24/7, on any device, anywhere

·         Separation of skill and expertise from professionals

·         Explore new ways of establishing costs

·         Prepare for changing working patterns

·         Assess risks and address security

·         Plan timing for adoption and implementation

·         Develop change management skills

·         Enhance data analysis and interpretation skills

·         Recruit digital natives

 

·         Use technology to add value

·         Anticipate new regulation

·         Learn enough to know which questions to ask to gain insights

·         Adapt to meet changing business needs

·         Manage expectations of internal and external customers

 

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We are Hiring!

A reputable Company with specialty in providing Business Software to a variety of clients ranging from SME’s to large corporate is seeking to recruit a Marketing officer.

REQUIREMENTS:

  • A good  DEGREE in Marketing plus  a Certificate in a Professional Marketing program.
  • At least two years’ experience selling software solutions.
  • Good ICT skills.
  • Fluent in English, knowledge in French is an advantage.
  • Must have completed National Service in August 2015 and not earlier.
  • Not more than 26 years.
  • Good interpersonal skills.
  • A good composure under pressure.
  • An assertive personality will be an advantage.

 

JOB DESCRIPTIONS: 

  • Understanding customers’ specific business needs and applying product knowledge to meet those needs.
  • Cold-calling in order to create interest in products and services, generate new business leads and arrange meetings;
  • Identifying and develop new business through networking.
  • Marketing and promoting a portfolio of products.
  • Maintaining awareness and keeping abreast with new software offering from our suppliers.
  • Developing effective sales plans using the firms sales methodology.
  • Networking with existing customers in order to maintain links and promote additional Sales.

 

TO APPLY

Send CV and an application expressing your interest in the above mentioned vacancy.

Send application and CV to isjob.apply@gmail.com

The closing date is 24th November 2017.

Only short listed applicants would be contacted.

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Employment Opportunity

A reputable Company distributing ERP Solutions is recruiting Business technology advisors and Implementers.

Applicants must have interest in ICT, database concepts, computerized business applications, project management tools and good people skills.

WHAT WE LOOK FOR

  • Not more than 24 years.
  • Good interpersonal skills.
  • A good composure under pressure.
  • Good ICT skills with experience in basic programming.
  • Willingness to pursue a career in Business Management Systems.
  • Must have completed National Service in August 2017 and  not earlier.
  • A good Degree in accounting or Computerized accounting  will be an advantage.

WHAT WE OFFER

  • We offer good remuneration.
  • A structured training program covering the core knowledge required in our business.
  • An interaction with a variety of clients.

TO APPLY

Send your CV and a five year career plan to isjob.apply@gmail.com

The closing date is 24th November, 2017.

Only short listed applicants would be contacted.

 

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Multisoft Solutions Partners with SAP

Our vision has been to be a one stop shop for Software developers and users of Business Management software solutions. We are a consortium of highly skilled professional accountants with vast array of experience in the software space. Our areas of specialization is drawn from our team of qualified accountants, payroll/tax consultants, database administrators and software developers. Anchored on our vision is our desire to leverage across all facets of our skills to deliver turn-key solutions to our clients.

Over the years, we have built formidable partnership with the best in the industry. We believe that working together and sharing expertise with our local and foreign counterparts puts us ahead of our competitors in terms of providing “rest-assured” solutions to our clients.

We have established ourselves as the best accounting and payroll software vendor and implementation partner in our sub-region and gained international recognition.

WHY WE PARTNERED WITH SAP

SAP is the acknowledged market leader in enterprise application software, they are revered for their robust solutions across industries and various localizations. The SAP solutions portfolio supports core business areas such as Finance and Products, as well as Customer and Supplier management.

Among the vast portfolio that SAP offers, Multisoft Solutions is focused on SAP Business One ®. The SAP Business One application offers an affordable solution that is capable of running the entire business, from accounting and financials, purchasing and inventory, sales and customer relationships and project management, to operations and human resources.

SAP Business One® offers…

A Complete and Customizable Solution  

SAP Business One is a single, integrated solution that provides clear visibility into your entire business and complete control over every aspect of your operations.

Every business is different, and we acknowledge that! SAP Business One is designed with flexibility in mind. Whether deployed on premise or in the cloud, you can access SAP Business One at anytime, anywhere via any mobile device.

What’s more? SAP Business One offers real time reports in dual currency. Which means your ledgers would be kept “sacrosanct” in their respective currencies. Say good-bye to conversion difference “wahala”.

Your employees can start using it from day one. As your business grows, you can customize and extend SAP Business One to meet your evolving needs.

A 3600 view of your business

SAP Business One provides powerful analytic and reporting tools. It includes a complimentary and fully integrated version of SAP Crystal Reports® for SAP Business One, so you can gather data from multiple sources and generate timely and accurate reports based on company-wide data. Integrated with Microsoft Office, SAP Crystal Reports lets you choose from a variety of report formats and control access to information displayed.

Industry-specific solutions for your expanding business

Take advantage of the extensive industry functionality, best practices and processes built into SAP Business One. As your business grows, you can extend SAP Business One to meet your specific  industry challenges using the Business One Studio ®, software development kit, or over 500 add-on solutions built by  partner developers.

Consumer Products & Inventory

Consumer Products & Inventory

Meet customer demand and develop new revenue streams with SAP Business One for industrial manufacturing industry. Shrink supply chain costs, accelerate cycle times, minimize scrap and re-work and ultimately speed time to profit.

Manufacturing & BOM

 

Professional Services

Deliver consistent, high-value services to your clients with SAP Business One for Professional services and consulting firms. Improve resource planning, project management, billing and more.

Retail

Give your customers the products, information and personalized shopping experience they want – across any channel with SAP Business One for retail. Harness real-time customer and POS insights, engage shoppers, and optimize everything from merchandising to your supply chain.

Wholesale distribution 

SAP Business One for wholesale distribution offers improvement in everything from demand planning to inventory and supply chain management, with flexibility.

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Succession Planning for Family Owned Businesses

Succession planning for family owned businesses seemed to be ignored! Has contemporary HR addressed the succession planning challenges facing family owned businesses??

Contrary to popular belief, there is ample evidence that family businesses perform better than non-family businesses. In fact, ongoing research has shown that family businesses don’t only outperform non-family run competitors but they are also better managed.

Regardless of its size, the family business shares a number of significant qualities that bring special benefits to the community and economy in which they operate. For example, they tend to be more labour intensive and less capital intensive which results in a higher capacity for job creation with less employment volatility.

Other benefit of the family structure are:

  • Innovation can be achieved at relatively lower costs because it uses  internal sources of capital andreinvestment of profits
  • Foster entrepreneurial instinct at the family level as they often act as incubators for new companies.
  • Family businesses also take a longer-term view of their strategy and are less concerned with short-term shareholder value, which holds them in good stead during tough economic times.

But despite all of these positive characteristics, why do Ghanaian family owned businesses follow the founder to the grave, are there any lessons to be learnt?

While the answer is not as easy as one would hope, succession planning for family businesses is a critical factor to the future success of them. The ultimate challenge to the founding family is its ability to ensure continuity of the business into the next generation, and at the same time retaining the collaborative harmonious family relationships.

Change, and in particular succession, is driven by the biological clock. In addition, factors such as leadership, management and departure or exit style of the founder, the size of the business, its structures and conflict management procedures all impact on the succession process.

Succession planning for family owned businesses is a journey that must be planned. It must address both the transfer of business ownership and management continuity. This is hardly the case in Ghana, we see the transfer of ownership without any conscious effort at ensuring the continuity of the business.

Some of the key characteristics of the family businesses structure that need to be modified to allow for a smooth and successful generational transition include:

  • The highly centralized decision-making system of family owned business must be replaced by a culture supported by formal policies and procedures; there must be an accepted way of doing things.
  • The entity must diversify its dependence on one or two key individuals for its survival and growth. In most cases, founders  stuff their kith and kin in the board so much that they dilute the board’s effectiveness , resulting in weak infrastructure that directly affects decision making
  • Succession planning must be embedded into the day to day running of the business and must not be relegated to the tail end.
  • Structural defects within the family (divorce, polygamy and unwarranted familial pressures)usually impact the operations of the second generation. It is the duty of the founder to address these defects before passing on the reins else it endanger the continuity of the business.
  • Our inheritance system makes it even more difficult for an entrepreneur to choose a heir to carry the business forward. Under the paternal system of inheritance, the business is handed over to the eldest child or the child of the eldest wife. Under the maternal system; it is the founder’s sister’s eldest child. These may not always be the best choices, as the individual may not have the ability, education or skills to successfully lead the business into its next stage.
  • A final dimension is the influence from Son-in-laws and daughter-in-laws, this group have a strong influence on the chosen successor but may not hold the same values and morals that have served the family well.

A famous saying about family owned business is that “Father, founder of the company, son rich, and grandson poor). The founder works and builds a business, the son takes it over and is poorly prepared to manage and make it grow but enjoys the wealth, and the grandson inherits a dead business and empty bank account.

The succession planning for family owned businesses is a process that should ideally be seriously underway by the time the business leader is in his or her late forties or early fifties, and the children in their mid to late twenties. As you get older, your influence will naturally wane.

Yes, it takes time and resources to complete this process but it could mean the difference between a thriving business that continues to bless you and future generation, or a sad statistical footnote. It’s important to remember that it is never too early to start the succession planning for family owned businesses.

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Why Small Businesses Must Take Accounting Seriously

It is said that “Accounting is the language of business”.  And this why small businesses must take accounting seriously! Well, since accounting is the language of business, then it means if you can’t speak the language of accounting then you should not start a business or even dream of owning or running a business!

It’s quite amazing that most entrepreneurs have the zeal and passion to do business as a result of the skills they have acquired for a particular activity or the availability of capital at their disposal. Unfortunately most of them are not able to use financial information to make business decisions.  To most, the acquisition and manipulation of financial data is seen as a burdensome!

In an article published by All Business Editors on “Top 10 Reasons Why Small Businesses Fail,” three out of 10 reasons small businesses fail has to do with accounting and financial management: “Failure to Track your Expenses, Overspending and Lack of Reserved Capital.”

This again underscores the fact the reason why small businesses must take accounting seriously and invest in accounting training programs. As the business grows there is a need to invest in accounting software that takes out technicalities from accounting and financial management processes.

To make life simple and allow business owners the space to concentrate on running and delivering of their services, owners must invest in tools that will help track and manage the following:

  • Where your cash is going so you can management it better
  • Who you owe and who owes you
  • Understand your customers buying pattern
  • What stuff is selling the best , to who and where
  • Your banking relationship
  • Your month end tax nightmare.

These are just a few out of the many reasons why small businesses must take accounting seriously  if they really want to survive, grow and thrive in the business world. If you need formal training in accounting and financial management for your small business, kindly send an email to training@multisoftgh.com for more information and registration details.

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Sage One Accounting

The evolution of today’s business world requires prompt, reliable, advanced, and modern technology. It has become essential and prudent for decision makers to have access to their business information wherever and whenever.

Multisoft Solutions is honored to introduce the most cost effective solution on the market to help manage financial information of corporate entities such as yours. Sage One Accounting is a simpler and flexible accounting  solution that provides you with insight you need at reduced cost.

Sage One Accounting can offer you the following;

  • Get more done, in less time: Accomplish much more, much faster—check on inventory, take orders, approve expenses, or pull up-to-the-minute reports—and make informed decisions on the spot.
  • Get the insight you need, when you need it: Evaluate risks and monitor performance in real-time with user dashboards, self-service business intelligence, and reporting tools.
  • Go where your business takes you: Access data on mobile devices, check inventory, take customer orders, make purchases, and view key performance indicators on the go.
  • Easy to use and cost effective: integrate your business processes at remote branches and Head office into one common system.

We will be glad to have an appointment with you to further discuss the Sage One Accounting our solutions among others. To reach us kindly call;  + 233 0302235149 or email: scgbd@multisoftgh.com   or view software features on www.Sageone.com

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4 Ways to Manage Small Business Accounting

There are basically four ways to manage small business accounting system! Once your business is up and running, you must focus on managing cash flow and the financials of the business or else the ship will begin to sink!

When business begins to grow—new customers coming in, orders come from various places, deliveries become plenty, many customer issues to handle— many entrepreneurs and business managers become engrossed in the day-to-day operations and the running of the business.

Too much success as well as too much failure can destroy a business. Once business is growing, the managers and CEO must begin to plan and develop systems to manage that growth or else the business will shrink to death.

One of the critical areas to plan and manage is business accounting cycle. Basically, there are four ways to manage small business accounting!

Doing It Yourself

At the early stages of the business, you’re the business. You manage the sales, marketing, operations, customer service and the accounts of the business. How skilled and organized you are in these areas will help you do it much better.

If you have basic business accounting knowledge and skills, you may do it yourself manually. However you need training if you’re weak and can’t manage or understand the essence of accounting in your business.

Multisoft Training Services offers accounting training to entrepreneurs, business owners and managers who are in this stage of their business development process.

Subcontracting to an Accounting Firm

As your business grows, you will need a professional to help in checking the accuracy of your business accounting figures and also help design the accounting system. At this stage, it is wise to find a credible and established accounting firm that will coach, guide and help you.

An accounting firm will take the headache out of the daily book keeping chores and process your accounting data into useful financial information and also assist with the interpretation of the figures for decision making.

Let’s help your business succeed! Subcontract your accounting to Multisoft Solutions Ltd.

Hiring an Accountant

Once the business grows, the accounting transactions will become enormous, making it difficult for the business owner or business partners to manage. At this stage, you’ll be replacing the accounting firm with a qualified accountant or bookkeeper. If you choose to use bookkeepers, then it is advisable to retain the accounting firm in a supervisory role.

The accounting firm together with your accountant/bookkeeper will act as the Accounts & Financial Department of your growing business empire.

Investing Accounting Software

At each of the above stages, it is important to support your team with the right accounting tools. Wrong tools will hinder the team’s performance and result in inaccurate data and reports.  Accounting firms are likely to come along with their own tools and may also walk away with the tools when their contract comes to an end.

To stay in control and hedge against frequent change of the accounting tool, it may be a good idea to own your own business accounting software. It is synonymous to buying a car and hiring the driver.

Sage One Accounting Software for Small Businesses and Start-up Companies

Business accounting software helps your accountant to do the work with ease, faster and with greater accuracy. With Sage Business Accounting System, you can get a lot done accurately and in less time.This is not obviously the last step in the four ways to manage small business accounting but rather a step that complements each of the first three. As your business grows, you’ll have to invest in more sophisticated accounting software.

Kindly contact Multisoft Solutions Office for a free consultation on the right tool for each of the three stages.

Management Information Systems