Keeping track of your finance is one of the most important parts of business management and Invoicing ranks as number one. An effective invoicing system lets you monitor your customers, track payments and their outstanding balances. Besides, you current and future cash flow forecast upon which decisions are taken is based on what your customers have paid and what they are expected to pay.
Summary of Invoice Template:
- Name of customers
- Contact details
- Product sold or services rendered
- Amount and VAT charges
- Expected payment period
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Running a business in this digital era and managing your accounting system manually are two uncorrelated activities you can’t combine and expect the best.
As more businesses and customers become connected on a real-time to carry out transactions you cannot at the same time, afford to omit a sale, purchase or bank transactions in your book and expect to take a timely decision.
If you are a small and medium sized businesses looking for the best accounting software, here are key factors to look at before buying one.
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- Are you a new or existing business?
- Do you have opening balances to set-up – account receivables, account payables, VAT payables, inventory on hand and value, bank balances and cash in hand, fixed asset balances, other current assets, and liabilities.
- Can you afford the cost of running on the cloud?
- Do you run multiple or single location business?
- What industry is your business classified under?
- Do you withhold tax from vendors?
These are basic questions that will help you compare and select the best accounting software for your business.
You can connect us for a guide on the best accounting software for your business.
Whether you are just planning to start a business, already running a new business or own a thriving business, you will agree with me that accurate bookkeeping is the most difficult side of a business especially when you have bunch of invoices to enter, expenses to track, inventory to manage, tax to calculate on every sale made, assets to take account of and sync your data across account heads to determine your profit or loss trends. No wonder business owners have resort to automation as an alternative to manual recording.
By automating and integrating your various accounting system, you have a better time to take timely decisions that will move your business to the next growth stage.
Do you need an accounting software for your business? Call 08105090001, 08084219399
Benefits of Accounting Software:
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A Software for large, medium and small scale organisations/enterprise (A Payroll Software with a Difference)
Living in the digital era and managing your business payroll manually is unnecessary and inefficient especially when you have salaries to process for a good number of staff, tax payable to compute, deductions and employee’s liabilities to calculate.
Currently, there are numerous payroll software solutions available in Nigeria to assist business owners in this particular task. To help you address your specific payroll concerns, I will be sharing simple features of a good payroll:
1. Employee Information
- Employee personal details, contact details, qualification, Emergency details, guarantor details e.t.c
- Employee Payment method
- Employee transfer, promotion and separation
- Employee history record and lots more
2. Time Management (Attendance + Shift)
- Attendance Calendar management
- Real-time data from Biometric/Swipe card device/ Face recognition system
- Attendance month setup to take into account the cut-off provision- pay salary on date 1st of every month e.t.c
- Attendance can be imported from excel sheet
- Employee shift rotation facility
- Flexible and regular shift types with night shift functionality
- Dynamic off-day/ week-off setup according to state, Branch, Employee Grade/Cadre or Employee specific
- Timing policies for a grace period, late hours, working hours e.t.c
- Set any working day to not – working day and vice versa in case of riots e.t.c
- Employee overtime management
3. Payroll Processing
- Leave management
- Loan and Advance management
- Loan and Advance EMI deduction automatic and displayed in salary slip
- Loan rescheduling, stop payment and settlement options
- Interest on loan calculation if required
- Allowance Earning/deduction can be defined
- Dynamic salary formula creation
- On attendance and non – attendance pay heads
- Salaries reprocess and posting features
A good Payroll Management Software can also help businesses in their recruitment:
- A Web-based automated system for the recruitment process
- It helps your recruiters and recruitment Managers to easily manage the candidate resumes, posts jobs to various sources, shortlist eligible candidates, manage candidate Interviews and send offer letters
- HR/Admin can decide the interview panel for each recruitment process individually and rating for each process with interview date and time.
Payroll Software come handy in training management in the following ways:
- All details regarding the training to be conducted viz. date, time venue, budget, Candidates participating, alert to each participant irrespective of a branch, department etc can be decided here.
- Training Calendar that shows all the upcoming training scheduled
- If training is conducted by external/internal source then the details of the external/internal source can be entered here.
- Employee feedback
- Shows history of all training conducted and score of each participant/s and lots more.
6. Performance Management system
- Key result area and key performance indicator defined
- KRA Evaluation setting
- HOD and Employee appraisal score
- Competence report and lots more
7. Statutory deduction
- Automatic calculation of PAYE deductions in accordance with PITA as amended by 2011 Amendment act.
- Employers and employee pension contribution deduction
- NSITF, GLI, NHF and other statutory deduction.
Payroll Software also provides Employee and Manager Self-service such that employee can:
- Apply for Leave
- Employee Asset requisition
- Make Loan/Advance requisition
- Submit suggestions
- Submit survey, feedback, self-evaluation e.t.c
- View training calendar
- View Employee profile information
- Download salary slip
- View attendance details
- View Leave application approval/rejection and Leave Balances
For more information – contact us at email@example.com
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QuickBooks Certification Prep Training & Exam
The QuickBooks Certification prep training for graduates & executives has been designed and will be taught by QuickBooks Online Advanced Certified ProAdvisors. The course will help prepare you for the QuickBooks Online Certification exam, but participation in this course does not guarantee the attendee will pass the exam.
The training will conclude at approximately 3:00pm, allowing 2 hours for the exam.
Our Recommended Store for Genuine Accounting Software:
QuickBooks: View Price Offers & Order Online
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