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A Letter to the Giants

Multisoft Solutions have been in the industry for over a decade and partnered with the giants in the software development industry! We have settled on tried and tested recognized international brands… Sage, IQ Retail and SAP respectively.

Sage, you are the first and faithful wife I cannot let go! We have been in this relationship for a number of years and most especially you came at the time when I needed you the most. Just as it is in other relationships, ours is no different, we agree to disagree and eventually make up.

Sage has a wide range of robust Accounting & ERP and Payroll & HR solutions for all markets segments. Powerful reporting and integration tools! Thank you for the commitment… and yeah let me whisper this into your ears “I know I am your preferred in Ghana if not West Africa” and I don’t take this privilege lightly neither will I be complacent least somebody from nowhere will dare to take it … *winks*

Wow! So yeah that’s to tell you how strong our partnership with Sage is. Multisoft Solutions is currently the only Business Partner in Ghana who is certified, sell, implement, train, and provide support on all Sage regional and international products but one.  We are your one stop software shop!

This time around the retailer approached me….  yeah it’s a robust POS system with back end accounting functionality. You will be amazed with how IQ Retail will manage your inventory just as it is doing in our relationship. I am your first Business Partner in Ghana and you have equipped me to take over the Retail and hospitality markets in Ghana. It has been smooth with you since our engagement and I certain to bridge the gap between accountants and accounting software in the above retail market. Thank You for the interest!

Okay, it’s getting interesting; Multisoft Solutions has gained international recognition most especially from the South African software development channel. Partners have experienced our credit worthiness in addition to our software expertise.

MULTISOFT SOLUTIONS is recommended!!!

Hmmm… SAP Business One finally… Hi there! Welcome to the Multisoft Solutions family. I am assuring you of a great relationship. I have promised to recommend the right solution to my clients, hence, I believe we have a common interest. SAP Business One is known for premium quality solutions over the decades.

SAP Business One is a robust software solution operating on Microsoft SQL/ SAPHANA databases. The solution is packaged with a double ledger accounting functionality to aid in dual currency reporting. I am available to service you with an SAP B1 software at a moderate fee. Send demo request to info@multisoftgh.com for further engagements.

 

So now Multisoft Solutions is expanding its business partnership and have gained silver business partner status with SAP. The two have agreed to work together to deliver premium quality service to its clientele asMultisoft Solutions is noted for.

Written by:

Pearl Dadzie,

I am the Business Development Executive for Multisoft Solutions and I have been tasked to ensure everybody wins!!!

 

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5 Common Accounting Challenges Confronting SME’s in Ghana

Image: Business Day Ghana

The focus of all small and medium sized (SME) business owners and managers in Ghana is to grow and expand their businesses. The focus is always on getting more customers, making more money and expanding operations.

By being single mindedly focused on the marketing, sales and the operations of the business, many chief executives and business managers lose sight of the accounts and finance of the company! They are being engolved with many accounting challenges.

We all understand that businesses are not in business to keep books—obviously to make money—but by not keeping the books properly; you will be out of business. This means in as much as you want to promote your products, make sales and generate profits, you need to watch the bottom line, or else your company will be exerting efforts in futility.

SME’s in Ghana face different kinds of accounting challenges, some minimal and others enormous. Always remember that “Cash is king”. Cash is the fuel that runs your business empire. That means you must always keep track of your cash and cash records well.

Let us now look at the 5 most common accounting challenges confronting SMEs in Ghana.

Challenge # 1: Doing Everything

One of the accounting challenges that many micro and small business owners face is doing everything themselves. When you first start a business, you’re responsible for everything and you do everything from marketing, sales, operations, financing, and customer service to accounting.

You are a jack of all trades, master at none. But before you realize, your business begins to grow—it begins to soar and smiles beam on your face. You don’t have time to keep your books up to date. Without accurate, real-time bookkeeping, you don’t have the tools to know how your business is truly performing.

You need to develop an accounting system and hire accounting experts to help you. Paying an accounting firm a minimal fee to help you put your accounting together may seem expensive at the beginning. However, it is worth the investment and will yield a higher return!

Challenge # 2: Mingling Personal and Business Expenses/Funds Together

This is basically one of the pitfalls of SMEs. Many SME business owners and managers think that because they have shares in the company then they can use business funds for their personal needs. Many SME business owners are unable to separate personal transactions from the business transactions.

You must understand that your business is a separate legal entity from you. The fact that you work in the company does not mean the business and you are the same. SME business owners must pay themselves and also bear in mind that they are not the only one with a stake in the business. Remember there are employees, suppliers and the tax man too!

The way to avoid this mistake is to separate the business account from your personal account, you must also separate your personal expenses from that of the business.

Challenge # 3: Improper Record Keeping & Wrong Categorization of Accounts

This is another area where SMEs miss it. Many SMEs either keep no records or keep improper records. In business everything is important, so keep all business records—small or big. All business records must be kept in appropriate books of entry. Then at the end of every business period, you reconcile the books with the bank statement in order to ensure accuracy of accounts. This is why it is necessary to consult a professional accounting firm to set up the accounting systems for your business.

Many SMEs assume that profit is the same as cash flow, they treat employee compensation in the same way they treat a contractor’s compensation. They categorize accounting transactions wrongly, don’t differentiate accrual accounting from cash accounting and also neglect the reconciliation of ledger balances.

As a business grows, the dynamics of its accounting system will inevitably change. The system that is in use when the business is a startup will likely become outdated within a year or sooner. There are several reasons why this might happen, including but not limited to: the hiring of more employees, business expansion, increased customer base, and industry-specific needs.

As the business grows, the changes occurring will impact how your accounting system works, and it is important to recognize when your accounting software or system requires updating. To ensure that your books are being managed efficiently, upgrades may be necessary to reflect these changes.

This is one of the core reasons Multisoft Solutions provides basic accounting training to SME business owners, managers and junior accounting professionals of companies –to ensure that you do not only start right but also progress in the right direction.

Challenge # 4: Not Budgeting

Budgeting and forecasting are one of the essential business tasks every business must take. It is amazing how many business managers make large financial commitments without any proper budgeting. Many businesses begin projects and aren’t able to complete because they have not plan and budget ahead!

It’s very important to budget for each business day, week, month, quarter and the year, this is the only sure way of avoiding future cash flow problems.

Challenge # 5: Not Backing Up Accounting Data

We live in the world of surprises—negative and positive surprises. Your job as a business manager and business owner is to assume the best and plan for the worst. One way to plan for the worst in your business is to back up your business data.

Anything can happen to your manual accounting books; it can be stolen, destroyed by flood, it can be in flames through fire outbreaks or manipulated by fraudsters. These are unpredictable occurrences but surely do occur. Investing in proper backups is the only sure way of hedging and preventing such losses.

Why spend money on local backup systems when you can invest in cloud business management software.  Backups and security of the data become the responsibility of the provider.  You can take comfort in the fact that good providers have huge datacenters that take periodic backup of the entire data. Your account is always secured even if a natural disaster or misfortune happens at your business office or to your manual accounting books.

By avoiding these accounting challenges, SMEs in Ghana can grow their business and also manage their finances properly!

Which of the above accounting challenges are you facing in your business? How is it affecting your business growth? What are your views on the 5 most common accounting challenges facing SMEs in Ghana?Share your business challenges and contact Multisoft Solutions (email: info@multisoftgh.com or call +233-302235149) forr help!

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Why Payroll is One Function You Should Outsource

Business consultants have long advocated outsourcing non-core functions.
A non-core function is one that is not a profit center (meaning, you don’t charge customers for it). A non-core function may be essential, but doesn’t differentiate your business strategically from competitors. In most businesses, administrative and back-office activities such as payroll processing are non-core functions.

As such, they are potential candidates for outsourcing.

But the question business owners and managers want answered is:  what do you actually gain from outsourcing payroll? Is it worth all the time and effort to investigate and identify appropriate outsourced service providers?  Then there’s the work involved to transitioning the function outside to the third party service.  Do the benefits of outsourcing outweigh that effort?

Below are several long-term advantages to be gained from outsourcing your payroll to Multisoft Solutions:

Ideally, outsourcing achieves ten main goals:

  • It allows resources to focus more on your core business.
  • It gives you access to more technology and expertise to perform payroll well.
  • It reduces your costs.
  • It ensures confidentiality.
  • It ensures compliance & Avoid GRA Penalties.
  • Outsourcing cuts complexity.
  • Aids effective management decision making.
  • Alleviate Pain & Free Up Time.
  • Leverage outside Payroll Expertise.
  • Avoid Payroll Knowledge Walking Out the Door.

 

Let’s examine each of these benefits in more detail, and what they mean.

1. Focus Better on Your Core Business

Payroll is one of those critical functions that may not directly increase revenue.  But carried out poorly, it can put your business in a world of hurt. And most of all, it can sap internal time and attention away from core activities.

Businesses have to comply with a wide range of laws when it comes to employees — from income tax, to labour law. It takes considerable time and attention to detail to deal with them.

There are the obvious legal requirements, such as tax and SSNIT reporting and remittance.  There are requirements around withholding taxes from the employee’s pay, and also calculating the employer’s portion of taxes.  In some cases there are electronic filing requirements. You need to also know when to file — at the GRA and SSNIT offices.

Taxes, though, are just the start. Then there may be new-hire and terminated staff reporting requirements, and workers compensation structuring.

2. Get Access to Expertise and Technology

Another reason to outsource is to get access to expertise and technology.
Compliance with the pensions Act and the tax legislation can be a time consuming task that diverts resources from core activities to non- core activities. To diversify this risk, businesses outsource their payroll functions so they can concentrate on the core activities. It can also be complicated by the difficulties in understanding the tax implications of the various compensation items in an employment contract.

Just as important as expertise is new technology. Employers today rely on technology to operate more efficiently.  As a business grows, employers have more employee records to keep and also need more reporting.  Lack of technology becomes a hindrance to scaling for growth of the business.

Employees also expect technology.  Employees today want options like direct deposit and self-service access to their payroll information.  Employers that aren’t able to provide such options may be at a competitive disadvantage.

On top of that, the explosion of mobile device usage is ushering in a new level of technology expectation.  Mobile use is still nascent when it comes to payroll, but it’s growing at a rapid rate.
While employers are using mobile devices to look at certain reports and look up information, such as how much money they need to have in the bank on payroll dates, Employees also use mobile apps to check their own records.


3. Cost Reduction

Outsourcing can also assist with cutting costs and limiting risks. On average, businesses are overpaying employees by about 4 percent because of differences between the employee’s time and an accurate time record.

We offer customized payroll services, with the potential to save your business 50% of costs as compared to an in-house payroll.

When we take responsibility for processing your payroll, you no longer have to purchase and install your own payroll software. In addition, the associated costs of annual license fees, consulting fees, training and seminars will be avoided, and it also saves on the cost of employing a payroll administrator.


4. Ensuring confidentiality

It is crucial that payroll data is well protected, breaches can have disastrous effects on any business, and it is important that strict internal controls are put in place to prevent them. One of the big advantages of outsourcing payroll is that the information resides outside the company and is thus less likely to be hacked.


5. Ensuring compliance & Avoid GRA Penalties

It is vital that an organization’s payroll system comply with legal frameworks as well as other industry-specific requirements. There has been increased pressure on companies to adhere to’ good corporate governance’ and there is a high price to pay for non-compliance

The GRA has confirmed that, one out of every five organizations pay a penalty for non-compliance either as a result of late filing or wrongful calculations of taxes.

Most payroll outsource service providers guarantee tax refunds arising from noncompliance , ensuring that there will be no penalties and when they occur, take responsibility for the penalty. In many instances, this cost saving immediately justifies  payroll outsourcing .

 .
6. Outsourcing cuts complexity


 Legislation governing payroll is becoming more complex with every passing month and it is becoming increasingly difficult to fully comply with all the requirements.

The resources required to effectively run a compliant payroll operation are therefore often beyond the financial capabilities of many companies, and even those that can afford it find the task too complex.

 7. Alleviate Pain & Free Up Time

Payroll is a headache in the best case and a nightmare in the worst case. Business owners that outsource payroll eliminate a tiresome source of personal pain. Payroll processing is a time-consuming process. Outsourcing payroll can free up staff time to pursue more important value-added and revenue-generating activities.

9. Leverage outside Payroll Expertise

Most business owners and controllers don’t have time to keep up with constantly changing regulations, withholding rates, and government forms. By outsourcing payroll, businesses can take advantage of expertise that is not available in-house.

10. Avoid Payroll Knowledge Walking Out of the Door 

If your payroll schedule officer or controller gets a new job, they will walk out of the door with their knowledge of the payroll process and how you do it. Using an outside service eliminates that business risk.

Tips for Choosing an Outsourced Payroll Provider

If you’re considering outsourcing, it’s a given that you look at these three typical points:

  • price
  • service
  • reputation

However when it comes to payroll, there are other points to consider, too:

Security and Reliability of the Provider

You’re giving your payroll provider the names, addresses, social security numbers, and bank account numbers of your employees. You’re giving a power of attorney to make filings on your behalf.
Go with a provider that is financially strong with good controls in place.

Otherwise, you could find your company in a bind..

Track Record Serving Businesses like Yours

Does the payroll provider have a strong track record of serving businesses your size? Is the provider experienced in your industry?

Complementary Service Offerings

Consider the broader services you may need as your business grows, such as assistance with HR Services and benefits accounting.  Will the payroll company be able to provide these?

Regulatory Compliance Capabilities

Does the payroll provider have the resources to keep up with the burgeoning laws and regulations around employment, labour issues and taxes?

Technology

Evaluate the payroll company’s technology, including its mobile readiness. Is the company investing in new technology? Can they keep up with technology as demand grows from the employer and employee?

Accountant Interfaces

Can your accountant get easy access to your payroll and related records for purposes of reconciliations and tax filings?

Our service coverage includes:

  • Pay computations – determines gross and net pays and other deductions
  • Generation of payslips and transfer details
  • Generation and filing of all payroll related statutory returns
  • Generation of payroll related management reports
  • Advisory on tax implications of remuneration packages
  • Responding to queries from the GRA
  • HR document management
  • The all new Employee Self Service experience

In conclusion, payroll is often regarded as a cog within the wheel of business. However, it’s rarely a glitch-free system. It is complex, fraught with challenges and, although it does not contribute directly to the bottom line, it is indispensable.

Summary of Service Offering

 

 

Contact us today:

+233-(0)302-235-149
info@multisoftgh.com/ bss@multisoftgh.com
www.multisoftgh.com

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Why “Cheap” Payroll Software is Usually More Expensive

 “Good work ain’t cheap, cheap work ain’t good.” –Norman Sailor Jerry Collins

In a buying decision, we all have a tendency to apply a higher weighting to the price factor than to quality.  Occasionally we can get away with the cheaper price, but more often than not, it can get us in trouble, especially big ticket items like automobiles, houses and software.

FREE EBOOK: 20 Cash Management Tips from Fast Growing Companies

I recently received a call from a highly respected client –a complete A-lister in their area of expertise informing me of their decision to go in for a cheap local payroll software instead of renewing their Sage payroll license. As I write, the project is six months late, out of scope and out of budget.

In an effort to be budget-conscious, this client decided they could no longer afford a seasoned pro and hired a much less experienced (but enthusiastic) individual to do the job. In their mind, it would probably take a little longer, but, hey, it was cheaper!

Well, things have spiraled out of control, and they find themselves at the verge of losing key accounts and not an inch closer to where they needed the development of the new software to be. To twist the knife, resources expended on the project could have been used in raking in more clients.

With all best intentions, this investor had just paid a huge amount of money to a cheap provider probably with no returns. Good news, they are still on Sage but has learnt this experience the hard way. Sadly, this story is a common one!

We want to share with you why buying cheap softwares can ultimately cost you more.

First and foremost, there is always an eventual cost to company for non-compliance. Most companies are being slapped with fines for unfulfilled tax liabilities. These cheap software’s are most often not certified as being tax complaint and do not have a research team backing them to ensure continuous compliance. They will often rely on you to tell them what is changing and where these changes are taking place.

While businesses typically strive to stay updated with regulatory changes that may occur, too often the overwhelming amount of information leads to compliance gaps. Most payroll software giants like Sage have a whole legislative team who are experts and always up to date with income tax changes for every country. This is mostly not the case with cheap payroll software developers.

Secondly, a research conducted shows that most cheap payroll software developers either outsource the development process or use poorly remunerated staff resulting in high labour turnover. This goes a long way to affect the quality of the product and the after sales support.

Technically, it takes approximately 6 to 12 months to know all the functionalities of a payroll software in order to render the necessary support to your clients. Not getting the needed support from the right person could be very time consuming, frustrating and could eventually impact quality. It is always better to deal with suppliers with good staff retention rates and solid control over your historic support issues.

Thirdly, a research carried out by Nathan P. Kropp, Philip Koopman and Daniel Siewiorek past students of Carnegie Mellon University revealed that most cheap software are very vulnerable to attacks by viruses and hackers. Viruses can wipe out all your data without a trace while hackers can tap into your database and get away with confidential information. This also makes it easy for users to manipulate figures and hence use dubious means to make extra money from the weakness of the software.

Cheap payroll software developers do not have the resources to fund the cost of regular penetration testing that will give you the comfort against these vulnerabilities. A business could lose a lot of money if these acts go unnoticed.

Fourthly, the absence of annual renewal cost makes these payroll look cheap. The absence of annual renewal cost means the software would not see any upgrade nor further enhancement to the features of the software in subsequent years. This makes the software a “monster” and eventually obsolete rendering it difficult and less exciting to use. No new statutory reports (tax, tier1 and 2) would be implemented to reflect the changing trends, this means users would have to spend a lot of time manually producing such reports in excel. This human interface could cause a lot of omissions and fraud.

In conclusion, if you are in the business of processing payroll always insist on using quality, tried and tested payroll software such as Sage Payroll Software. Insisting on quality means you would be equipped to work more efficiently, safely and enjoying the support of dedicated and experienced consultants.

“If you’re running a business and—for whatever reason—you decide that an arbitrary markup of your merchandise/cutting corners on quality is OK, you can bet that customers will find somewhere else to spend their money.” Frances Cole Jones

Sage Payroll and HR Software offers you the power to drive your business within a single integrated package

Ease of use

  • Faster, easier processing through our real-time design
  • Colour-coded mandatory fields that make it easy to add new employees

Smooth capturing of employee information

  • Link employees to departments, projects, sites, cost centers, etc., for costing
  • Make electronic payments to third parties and garnishees
  • Attach photographs to employee records
  • Process-driven system that follows a systematic HR approach
  • Streamlines HR processes with paperless employee tools
  • Convenience of on-screen payslips
  • Online payslip capturing or bulk input (batch processing)
  • View the payslip in real-time and adjust the net salary while you process
  • Do net-up calculations with dummy payslips

User-friendly reporting

  • Powerful, user-friendly report-writing tool and standard industry reports
  • Report writing tool for statutory, standard, and company-specific reports
  • Company-specific reports written especially to suit your business.
  • Unlimited telephone and email support

Your payroll department will value the  high levels of efficiency and security. HR will really appreciate its range of smart tools.

And your top executives will prize how it cuts administrative costs, and the actionable insights it brings to strategic decision making.

Our system also integrates with time and attendant softwares.

For more information please contact us:

+233-(0)302-235-149/ +233 (0)244 263353

info@multisoftgh.com/ payroll@multisoftgh.com

www.multisoftgh.com

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The Three Ways to Manage the Payroll Accounts of Your Staff

As they say, “Business is all about people. And your people are your most important asset.” Managing the people who work for you is one of the most challenging activities in business, talk less of their payroll. If this intrigues you, we want to talk look at the three ways to manage the payroll account of your staff!

A business owner must develop a very effective compensation system that rewards employees and encourages high levels of productivity. To be effective, the system must be accurate, reliable and consistent in its handling of the compensation processes and calculations.   If you don’t manage your staff’s payroll well—you know what will happen to you!

Multisoft Solutions Limited has played a frontline role in the rollout of such systems and has over the last decade, helped hundreds of Ghanaian business resolve the challenge of payroll accounting.

If you are new to the terminology, you might be asking, “So what is payroll accounting?”

Payroll accounting is the specific accounting discipline concerned with the calculation and disbursement of compensation for employees covering salaries, overtime, bonuses and allowances that have been earned by its employees and withholding the appropriate statutory deductions   such as PAYE taxes and Social Security deductions.

Image: Pay Chex

There are four -jobs you need to accomplish when “doing payroll”:

  •        Calculating the earning
  •        Calculating the deductions
  •        Paying the employees
  •         Filing the statutory returns, PAYE and SSNIT

1) Calculating the earnings: Do you summarize and pay them every week, fortnightly or every month?  This part of the job requires you to add up employees’ hours and value it at the contract rate and where there is overtime at the overtime rate.

2) Calculating the statutory deduction: When doing payroll, you need to deduct the correct amount of taxes based on the legislative instruments enforce during that pay period. The government needs taxes to pay for critical services.

3) Paying the employees:  You can pay cash, cheques or electronic transfer.

4) Filing Tax and SSNIT Forms: The returns to government are supported by PAYE return forms   and you’re required to fill and submit all of these forms in a timely manner.

Does this look cumbersome?

Yes it does, there are basically 3 ways to manage the payroll accounts of your staff:

  •        Managing the payroll accounts manually
  •        Investing in a payroll accounts software
  •        Subcontracting to a payroll accounts management firm

Managing the Payroll Accounts Manually

 

One of the ways by which small-to-medium enterprises manage their payroll is by doing it manually. It is often referred to as “table top payroll.” The staff signs and their money is given to them by cash, no deductions and no filings.

This form of payroll management can lead a business into trouble, you can never outwit the long arm of the law.   But you know what? It is amazing the number of companies in Ghana still hooked up to this way despite the enormous exposure!

Investing in a Payroll Accounts Software

Payroll accounts software packages make the process of calculating payroll for employees and withholding of taxes a simple process. The software can also be used to automate the process of making electronic funds transfers from the payroll account to the bank accounts of the employees.

In order to ensure efficiency and accuracy for the long term, your company has to be very careful in selecting payroll management software. “Cheap” payroll software can be expensive for the long term!

Consider Reading: Why “Cheap” Payroll-Software is Usually More Expensive

Subcontracting to a Payroll Accounts Management Firm

One of the best ways to run business smoothly is to identify what you can do well and then outsource your weakness to firms that can do it better. This will enable you to be the best in what you do!

When it comes to payroll management, you can also outsource your payroll function to a credible firm to manage for you. This will enable you to concentrate on the most important things such as managing and leading your team to achieve your business goals and objectives.

Consider Reading this if you want to subcontract your payroll: Why Payroll Is One Function You Should Outsource.

Which is your choice now? Which of the “3 Ways to Manage the Payroll Account of Your Staff” are you using? Are you also planning on upgrading and developing your payroll management system?

For more information please contact us:

+233-(0)302-235-149 / +233 (0)244 263353

info@multisoftgh.com/payroll@multisoftgh.com

www.multisoftgh.com

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Top 10 Factors that Cause Business Failures in Ghana

When businesses fail, people lose their jobs, taxes decrease, the economy goes down, crime rate goes high and the citizens of the country suffer.

As a leading business management software provider to Ghanaian businesses, we at Multisoft Solutions Limited  want to discuss what we consider to be the 10 factors that cause business failures in Ghana!

Well, before we look at the top 10 causes, let us look at what is meant by business failure.

According to the thelawdistionary.org, a company has failed if it is unable to make profit or to bring in enough revenue to cover its expenses.

Now, let us look at the top 10 factors that cause business failures in Ghana.

#1: Starting Business for the Wrong Reasons

The core mission for a business must be to solve a problem or meet a need for a target group of people! When your business meets your customer’s needs and meets them well, then your business will flourish and be successful!

Building a business is hard and you need a higher purpose and passion to drive you and keep you going when the going gets tough. Starting a business solely because you have excess cash or because others are doing same is a wrong reason to start a business.

There is a higher chance of success when you develop your business around your interest or what comes naturally to you.

#2: Having No Driving Core Values or Concrete Mission Statement

The core values of a business are the guiding principles and fundamental beliefs that drive the operation of the business. The core values and the mission tell exactly why the business exists and what it exists to do. The core value of the business also spells out the business ethics that governs all business dealings.

 “It’s not enough to be busy, so are the ants. The question is, what are we busy about?” – Henry David Thoreau

It is amazing how some businesses in Ghana just do factors without any clear guiding principle and still expect to do well!

#3: Lack of Planning

Deriving from the quote “failure to plan is planning to fail”, the entrepreneur’s inability to develop both short term and long term plans for the business is one of the top 10 causes of business failures. There must be a clear strategic plan governing the operation of the business!

Failure to set SMART (specific, measurable, attainable, realistic and time bound) goals and objectives for all areas of the business and holding people including yourself  accountable for these goals.  Without this focus, factors will be done unsystematically with no specific way of measuring results leading to business failures.

#4: Leadership Failure

Businesses fail because of poor leadership. John C. Maxwell, the leadership expert said, “Everything rises and falls on leadership!” Business leadership is very important!

To thrive, the leadership or management of the business must constantly make the right operational, financial and marketing decisions.

#5: No Differentiation or Competitive Advantage

It is not enough to have a great product; you must have a great competitive advantage!, These are the  unique value propositions that sets your business apart from the competition.

It is also important to understand the competition so you can know what to do to get the upper hand! Failure to understand the competition will lead to business failure.

#6: Neglecting Customer’s Needs

Every business owner will tell you that the customer is #1 but it is only a small percentage that act that way. Businesses that fail are those that lose touch with their customers.

Get to your customers and find out if they love your products or services, get to know their likes and dislikes and solicit their recommendations. All these will help you to deliver the best and give you a competitive advantage in your field!

#7: Inability to recover from our mistakes.

It is true that mistakes are usually painful and can lead to losses. Yet, you will scarcely do business without making mistakes. So the key is for you to learn from your mistakes and keep moving forward!

However, businesses that fail, do so because they fail to recover from their business mistakes. The cumulative mistake results in excessive burden ultimately leading to business failure.!

#8: Poor Record Management

Records management is the organization, storage and archiving of documents, both electronic and paper. Record management systems especially accounting records are not always the core functions of businesses and organizations, yet these systems are crucial to the proper running of a company. Poor records management has very negative effects, both legally and financially.

 

Management decisions are made with reference to company records. This means that without the proper records, an organization risks making unfounded decisions resulting in losses, corruption and mismanagement and ultimately business failure. Good records are directly linked to increased transparency and effective corporate governance.

Considering a good accounting software for your business? Try SageOne Accounting software.

#9: Poor Location

The location of a business is very important to the progress and growth of the business. In this era, a business is disadvantaged if it has only a physical location and even  more disadvantaged if it’s physical location is far from its customers.

Take advantage of the internet system and locate your business on it. In this way you will be globally located and thus accessible by the whole world.

# 10: No Profit & Personal Use of Business Funds

Profit allows growth! A business is doomed to failure if  there is little to no profits and yet high expenses. Aside this, your business is not your personal bank account. Failure to separate your personal account from your business account and manage your business finances well through proper accounting practices will lead to the end of your business.

Here you are with the top 10 factors that cause business failures in Ghana. Kindly share your comments below!

It is the goal of Multisoft Solutions Limited to enhance and ensure the growth of small-to-medium enterprises in Ghana and abroad whilst partnering the larger corporates to achieve the desired business objectives. Thus we provide the best business management, accounting, payroll, taxation and various kinds of business software to ensure business success.

Contact us today:

+233-(0)302-235-149
info@multisoftgh.com/ bss@multisoftgh.com
www.multisoftgh.com

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The Recorded Telephone Call

 

*Do you use spreadsheets or other manual systems to store and track sales correspondence?

*Have you tried getting your team to adopt a unified system to manage your prospects but ran into difficulty?

*Do you have a way of transferring prospects from the leads generating team to sales team besides email or paper?

*If one of the sales reps left tomorrow, would you be able to easily access the sales contacts, deals and deal history they were working on?

*How do you ensure prospects are receiving timely follow-ups?

*How do you receive reminders to follow up with sales contacts?

The list goes on and on and on……………….

Well, I am unable to know what your answer to the above questions are but if you answered yes to any of the above questions, then send a mail to sales@multisoftgh.com and we will provide a lasting solution to your customer relationship management challenges.

Allow me to walk you through a typical sales call over the telephone with a prospect in order to appreciate the challenges of the traditional pen and paper technique!

Take a look at the sales call …

 

+233 302 235 149 ringing…………..

“Thank You for calling Multisoft Solutions, my name is Pearl Dadzie. How may I assist you today?”

Caller: “I hope you are doing great?”

Pearl Dadzie: “Yes, I am doing well and thanks for asking.”

Caller:  Pearl I read your last article dubbed A LETTER TO THE GIANTS and I realized Multisoft Solutions  is a business partner to Sage, SAP, IQ Retail and you provide Business Management, Human Resource and Payroll software solutions.

Caller: I actually need a system to help manage my client database right from my first engagement to invoicing and to after sales services. My organization is into software business and we have a huge database.

He giggles and says…..well, not in your kind of software business. Of course Multisoft Solutions is in partnership with the “ Giants” … but we are into microfinance software! So stay easy! The industry knows you are in the lead. I replied with a smile, 17 years of practical experience has brought us this far!

I am happy to inform you that we have a Customer Relationship Management (CRM) systems which is user-friendly and designed to manage your interactions with clients and all other business partners.Pearl Dadzie:  Once again thank you for calling Multisoft Solutions , we really appreciate the endorsements. We dedicate our success to all our cherished clients and well-wishers. I am looking forward to you coming onboard by the end of our interaction.

Sir, you will agree with me that it is very expensive to retain a customer and of course “the fragile complexities” associated with it makes this responsibility very tiring but with a robust CRM systems delivered by our partners, you can easily control the activities around your business.  Our systems will help you collaborate better, stay Informed, integrate with all parties and make communication visible at all levels.

Bear in mind Sir, that these systems come loaded with features such as sales force automation, call center automation, location based services, marketing automation etc.  Our CRM systems integrate with your core business management systems and help control activities around Inventory, Account Receivable/Payable, Cashbook, Bank Reconciliation and other key accounting areas.

Caller: I will like to request for a demo, how soon can your pre-sales team be available for a demo presentation?

Pearl Dadzie:  Our pre-sales team is on standby, kindly allow me a minute to take down a few details:

  • Can you please provide your contact details?
  • Do you have multiple locations?
  • Do you require a Web Solution?
  • How many users would you want on the software?

Pearl Dadzie: Any further inquiries Sir?

Caller: None for now, Pearl.

Pearl Dadzie: We will get back to you with the date and time. Once again thank you for calling Multisoft. Bye

Caller: bye

“Dear Reader, can you trust a pen and paper approach over such a long conversation?  Kindly send your comments to sales@multisoftgh.com ”

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