How Serviced Apartment Owners Can Use QuickBooks To Manage Cashflow

Are you looking for a Serviced apartment management & reservation software? here are useful tips on how to find the right solution and why QuickBooks accounting software is the best.

A serviced apartment business is one that is fully furnished and available for short or long term stay – it’s slightly different from a hotel; in addition to the similar services offered by hotels and guest houses; amenities like TV, bathroom, bedroom, you have a kitchen to cook your meal if you like. It’s actually a great choice for business travellers who are staying for a longer time and are looking for a home away from home.

For startups running a serviced apartment business and are interested in automating their business and accounting system while focusing on growth and sustainability of their business, this guide will help you understand how implementing an accounting software will drive efficiency and improve productivity. You may also refer to my previous article on accounting software for hotels in Nigeria; it contains similar deliverables just that I will be expanding the idea by discussing steps to track the performance of serviced apartment.

In setting up an accounting software for your serviced apartment, you need to ask certain questions before deciding on the best financial application to deploy:

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The Simple Way To Implement Accounting Software For Bureau De Change

How I setup QuickBooks for Bureau De Change – Learn the simple way to deploy financial software solution for currency exchangers on the cloud or desktop

What makes a great financial software consultant is not the excellent knowledge of accounting and finance but exceptional skills in understanding clients’ IT needs and customising an existing low-cost off the shelf software to deliver the right solution while making them happier. This is the reason BigResources Solutions is the leading accounting software partner in Nigeria – we have deployed QuickBooks more compared to other accounting software. 

QuickBooks is not only simple to use but the flexibility in building a custom chart of accounts, tweaking certain account types, redesigning windows and seeing the result of your customization instantly makes it one of the best accounting software used in Nigeria.  One sector where I have demonstrated a high level of competence in QuickBooks customization is in financial service; currency exchange business popular known as a bureau de change. 

Although I have initially posted a general article on accounting software for bureau de change, this review is more detailed as I will be using what implementing QuickBooks for a local bureau de change in Lagos was like, to help you get yours right.

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What Setting Up QuickBooks For Poultry Farmers Looks Like

Learn from my onsite experience; how to deploy QuickBooks software solutions for Poultry farm production and inventory management.

Running a poultry farming is not as straight forward as other general retail or manufacturing business where you only buy and resell products.  It’s a business run by people or entrepreneurs who are willing to invest their time, money and energy at the initial stage, exercise patient, grow and employ more staff as the farm expands.

For growth-oriented managers who are concerned about cash flow and how resources are utilised, I will be sharing tips on how I deployed QuickBooks accounting software for their line of business with takeaways. Poultry farming is one of the areas I don’t implement accounting software the same way I have always done in other lines of sectors – real diligence is required to take account balances from manual to software automation.

Poultry farming is one of the areas I don’t just implement accounting software the same way I have always done in other lines of sectors – real diligence is required to take livestock and relevant account balances from manual to software automation.

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How I Implemented QuickBooks Desktop On The Cloud (WakaNow Travels)

Wakanow.com Travels is one of the fastest growing travel agency in Nigeria. As at when I updated this post, the company had just announced their official presence in Kenya and the UK, a move it embarked on to provide exceptional local travel packages to her growing customers in these countries. 

Wakanow started 8 years and has since grown to become a successful travel and tour startup in Africa. The company’s travel and booking platform are connected to Amadeus – the world’s biggest internal and local reservation system. 

Wakanow offers GDS and non-GDS booking services; you can book travel via the company’s website directly from Amadeus and pay using a debit or credit card or walk into Wakanow travel centres to make a booking and pay cash.

Before the news about Kenya and the UK office opening, the company’s management approached my former company for QuickBooks with a detailed request on what their expectations were.

Continue reading “How I Implemented QuickBooks Desktop On The Cloud (WakaNow Travels)”

How We Deployed QuickBooks In An Oil & Gas Company

Learn more from our implementation experience in the oil and gas sector; a simple guide to deploying accounting software for petroleum companies.

This article is an expanded review of a previous post on accounting software for a petrol station. Following our implementation of QuickBooks accounting software in an oil and gas company, we will be adding more details and what you should know about setting up QuickBooks in the Oil and Gas sector.

Ordinarily, you may think that such oil and gas implementation job requires a bespoke or customised software designed specifically for the oil industry but that’s not the case. We have been using QuickBooks to help our clients organise their books and improve their accounting system for over 4 years, so, it’s quite flexible for us to find a way around to make oil & gas set easy.

Customising QuickBooks for an industry like this is not new, we have successfully implemented this software in a more complex environment like micro-credit and financing, manufacturing and real estate.

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Implementing Accounting Software For Your Fitness Centre

This article contains tips on how to implement an accounting software for fitness centres or gym equipment management business.

Fitness is an evergreen business niche that attracts low, middle or high-income customers every day; a growth that is not unconnected to the need to live healthier, longer by burning fats and eating the right diet.

I have a client in this niche whose sales trend is upwardly growing by 40-50% annually, with no sign of slowing down, people walk in to buy a treadmill, sit-up, the bench, dumbbells, stationary bike, and so on. While some of these customers make cash purchases for personal or family use, others request in bulk for their new or emerging fitness business centre. As more money flows into the fitness industry, there is an urgent need for accountants, CFOs and business owners managing gym centres to accurately account for every penny that comes in and flow so that they can easily measure growth in real time; income, expenses, profit or loss, top customers, etc.

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Accounting Software For Sachet Water Companies

As a business owner or finance office in charge of managing finance for a  bottled or sachet water company (pure-water), key areas you may be interesting in more than anything are how to accurately track sachet water productions, quantity produced, the number of bags distributed to customers or resellers, amount returned and the cash collected by salesmen on a daily basis.

Sachet water business, at times, can be frustrating if you don’t have an effective accounting system that will monitor cash flows, expenses and report the actual stock movements – you may even lose more than you are gaining, especially when your staff are not trustworthy.

In implementing an accounting software for your sachet water company, here is a brief demo on how we can customise QuickBooks Premier for your business: we choose Premier because it comes with a manufacturing feature; a built-in function that assembles your raw materials into finished product – so if you had bought nylon, paid for factory materials or dug a borehole that supplies water, the software can accurately monitor all cost incurred as bill of materials – which is the cost of production.

For companies that have multiple warehouses or store in which stocks are transferred from the main production unit to other stores where salesmen can pick them up for distribution, QuickBooks Enterprise is highly recommended.

How QuickBooks can work for a sachet water business:

  • QuickBooks has an inventory feature that lets you set-up all factory materials needed to produce bags of sachet water including cost incurred, quantity produced and available for sale units.
  • You can run transfer to track all stock distributions to various outlets or locations by inputting “quantity transferred to or fro” at cost price.
  • For sales, you can use the sales receipt to track all bags sold for the day and amount collected which should automatically reduce the quantity on hand at the specific selling location.
  • All cost incurred on selling and distributions can also be recorded as cost of sales to ascertain the actual profit on sales.
  • Salaries and wages paid to salesmen, including office expenses can also be recorded.
  • QuickBooks banking window lets you track your bank accounts, cash transfers, cheque payments, charges and reconcile differences between the bank statement and cash book balances at the end of the month.
  • For payroll, you can track all bonus, deductions and PAYEE using journal entries.
  • QuickBooks also has a reporting window that reveals the actual position and trend of your business on a real time – profit or loss, statement of financial position, cash flow, sales, expenses and more.

For inquiries on how we can set you up with QuickBooks or for further questions on areas you want us to address, contact us on 08105090001, 08084219399 or mail info@accountingsoftware.com.ng

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What QuickBooks Software Will Do For Your Business

QuickBooks is an Accounting Software that makes your accounting tasks easier, simpler and effective. It is designed to eliminate the complex and difficult process of managing your cash flow and make decision making faster and better.

There are three versions of QuickBooks Desktop Licences – Pro, Premier & Enterprise Edition – and 3 versions of QuickBooks Online – Simple Start, Essential, & Online Plus

QuickBooks Pro and Premier are one-time licence software, no yearly subscription fee while Enterprise Edition is available as one-off license (with no advanced inventory) or subscription.

The online versions, Simple Start, Essential or Online Plus, are subscription based.


QuickBooks is affordable and easy to deploy, just call our support centre for help: 0810-509-0001, 0808-421-9399 or mail to info@accountingsoftware.com.ng


Why You Should Buy QuickBooks For Your Business

  • Suitable for retail, wholesale, distribution, manufacturing, real estate, travel, oil & gas, medical centres, IT product resellers, hotels, micro-credit, cooperatives, legal firms, auto dealers, school, consulting services, NGO, event managers, and any other business type – as long as they earn, spend money and manage money.

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Accounting Software For Private Equity Firms

Private equity firms are private finance firms that invest in high-growth and profitable businesses – They mobilize fund from selected individual or corporate bodies, buy equity shares in small – medium firms ranging from 5% to 20% with the purpose of enjoying steady return on investment for a certain period or selling their investment at a premium.

This article is not about private equity firms but shares useful tips on how a typical accounting software customised for private equity firms should work – using QuickBooks

Investment in shares

In QuickBooks, you can create all the existing equity holding of a firm as an asset (Investment) and add their current value of the shares as an opening balance.

Here is a sample snapshot of how your equity holding:

Accounting Software For Private Equity Firms

 

 

 

 

 

 

 

You can also effect changes in the value of your equity holding on a monthly or annual basis and track unrealised profit or loss via “General Journal Entry”

Sales of Equity Shares

On the sale of equity share in a company, QuickBooks can also track the value of transactions (part or outright disposal) and record cash received (direct credit or cash). You can do this via the “General Journal Entry Window”

Finally, dividend earned which could be reinvested or received as cash is not left out – You can use the “General Journal Entry Window” to treat the transaction.

For more guide, read tips on accounting treatment for trading stock here.

If you have questions or need us to present a demo on how QuickBooks can work for your private equity firm or hedge fund, contact us on 0810-509-0001, 0808-421-9399 or send a demo request to info@accountingsoftware.com.ng

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Accounting Software For Courier Company

Courier companies are serviced based businesses that help clients or customers deliver parcels, documents or goods to different locations. A good example of a courier company in Nigeria is FEDEX, one of the world’s leading logistics companies serving million of individuals and corporate customers.

In this guide, I will be sharing tips on how accounting software can simply automate your business processes and make daily tasks effective:

  • You have a customer dashboard designed to manage your client’s information and show their transaction history. If you maintain an individual account that tracks all transactions – payments and invoices – specific to each client, an accounting software will accurately reveal the current status of your customers – receivables, recent payments, the latest invoice issued and cumulative transaction value.

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Understanding QuickBooks Software & the Right Version for your Business

Our QuickBooks Accounting software, which comes with genuine licenses, product numbers and validation code, lets you run your business efficiently. You can opt for the one-off desktop version or subscribe to the online version depending on your needs.

While the desktop version is installed on your computer system, you can as well have it on multi-user platforms where we will network your laptop PCs to a central server or selected administrator system. The Cloud version is managed by QuickBooks which gives you seamless and unrestricted access to your data file, even from your mobile or tablet via QuickBooks mobile app.

To help you understand the desktop version better, here are the different QuickBooks desktop software and their features.

QuickBooks Desktop Accounting Software for Small Businesses In Nigeria

QuickBooks Pro

1 – QuickBooks Pro

QuickBooks Pro helps small & mid-sized businesses to manage inventory purchases and sales through purchase orders. The maximum current users allowable on QuickBooks Pro is 3.

These tools are there to make your life easier and give you control over your accounts.

  • Lead Centre:
    Enter follow-up notes for sales lead and contacts that can be converted to customers.
  • QuickBooks Calendar
    · View daily/weekly and monthly reminders/to-do notes and transaction that is due.
    · Easily print your calendar for staff meetings.
  • Customers/Payment/Company snapshots
    · Customise your own dashboard to view important customer information, overdue payments and general company performance.
  • Customer collection centre
    · Take control of overdue invoices by making use of the new collection Centre
    · Select and email overdue invoices in batches with the click of a button.
  • Report Centre
    · Tag your favourites report for future use and run them at ease with the options to export to Excel or PDF.
  • Customer and supplier Centre
    · View customer balances and transactions at a glance for all customers or suppliers.
    Reconciling your VAT, performing bank reconciliation and balancing your books are simple with QuickBooks Pro.

Don’t know the right software for your business, you can contact us for support and advice

For pricing plan, installation, set-up and training, call these lines: 0810-509-0001, 08084219399 – send a mail to info@accountingsoftware.com.ng

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Features & Cost of Warehouse Management Software For SMEs

For small business owners who imports, manufacture or distribute products on daily basis, it’s a known fact that one of the biggest challenges confronting them is an effective warehouse and inventory management processes. SMEs in the pharmaceutical, supermarket or chain store, wholesale or retail sector knows what I am talking about.

To buttress my point, I will be sharing how this almost ruined a client in the health and fitness business (Name withheld). They are a well-known fitness equipment distributor supplying over 100+ treadmills, sit-up bench, stationery bike and dumbells to small and mid-size gym centres across Nigeria.

One major challenge the owner shared with me was inventory variances – inaccurate stock report against actual quantity – they couldn’t track the actual quantity of products in the store because the warehouse is big and situated in 5 different locations in 5 states which even paved way for the store managers to sideline certain product, sell secretly and replace with worn out stocks.

Besides, how often and effectively do you think the fitness business owner can travel/monitor each of the five warehouses in five different states? This is a challenge he would have addressed easily if there was an inventory or warehouse management software solution properly implemented at each unit.

The key point is that as you foresee future growth or expansion or foretell the complexity of managing inventories in the warehouse – single or multiple locations, the first step to take is to install an accounting software with warehouse management feature.

What are the features of a warehouse management software – QuickBooks Enterprise Solutions

A small to medium business looking for a warehouse management software should consider the following as a basic guide to selecting the right solution:

  • It should have a single or multi-warehousing feature so that as you expand to construct or buy establish your store or outlets in more places, the software should be flexible enough to add a new location to your existing list.
  • On product, a great software doesn’t only keep the record of the name but also provide fields to enter manufacturer’s ID and bar code details to avoid replacement or theft.
  • It should be given multiple users concurrent access to the central data file so that each stock keeper can work from a different location or at times, you can have one warehouse with multiple store managers.
  • Accountability is very important – every transaction, both inventory receipt or delivery note raised for inventory issue to clients or customers, should be traceable to a user, which is only visible to the admin.
  • The software should also track warehouse transfers – transfer of inventory from one store to another with a record reflecting real stock status in each location – quantity on hand as the close of business day and value in local currency.
  • For control purpose, your inventory software should have a “Physical Stock Worksheet”; a feature that tracks what’s actually on hand and the expected balance.
  • A Daily, weekly and monthly report is also a must – so you can track your inventory movement without being physically present in all locations.
  • The accounting side of your inventory software is also important, though optional but I recommend you opt for a financial software that has accounting functions and inventory management so you can monitor your overall business performance.

While these tips will help you understand the real features of an inventory management software, you can view our online store for pricing and set-up services.

But if you still have more questions on specific inventory challenges you may want us to address first, send a mail to info@accountingsoftware.com.ng

Accounting For Payday Loans & Cash Advance

Accounting For Payday Loans – Journal Entries For Payday Loan, Cash Advance & Interest Receivable With Provision For Bad Debts

Payday Loan is a type of cash advance offered to individuals or employees looking for emergency cash to finance short-term needs. It is a convenience way to raise cash as it comes with convenient terms like interest, repayment period etc.

Accounting Entries For PayDay Loan

When you advance a loan to customers, CR your bank account and DR payday loan receivable account with the amount disbursed as a loan. The interest income on the loan should also be accounted for, hence, DR payday loan receivable account and CRinterest income account with the interest portion of the loan.

On receipt of part or outright payment, DR your bank account and CR payday loan receivable account.

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Accounting Entries For Foreign Exchange Transactions

Accounting Entries For Foreign Exchange Transactions – Journals For Forex Purchases, Fluctuation, Gain or Loss, Hedge, Revaluation & Currency Sales 

A foreign exchange transaction occurs when you pay a supplier or receive payment from a customer in a currency different from your home currency or a currency your financials are reported in. In such transaction, you need to factor in the prevailing exchange rate your reporting currency is, to the foreign currencies for seamless conversion to be easy.

When treating foreign exchange transactions in your book, you need to account for either gain or loss arising from forex conversions – which could be exchange rate gain/loss or unrealised profit/loss – while the exchange rate gain or loss report lets you track all income earned or loss incurred on business transactions, unrealized profit or loss arises when there is a change in the value of your foreign currency portfolio, which could be cash in hand or bank.

Let’s discuss the accounting entries for foreign exchange transactions.

Foreign Purchases Transactions

When you make payment for goods supplied or services rendered by a foreign supplier, CR your bank account and DR the inventory account or DR expenses account (for services) by multiplying the foreign currency value by the current exchange rate.

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Mortgage-Backed Securities Explained & Accounting Entries

A mortgage-backed security is a term that became popular during the global market crash of 2008 that dragged big financial institutions like Lever brothers, and Fannie Mae under.

How do Mortgage-backed securities work?

Let’s paint a scenario to explain what this term means to a layman – Assuming you want to buy a house and would like a certain percentage of the cost to be financed by mortgage or home equity from ABC bank. ABC bank paid the money into your savings account after accepting the terms of payment – you agree to repay the loan (with interest) within a certain period.

To ABC bank, the mortgage loan portfolio (which comprises the principal and interest payment receivable over a set schedule) is an asset which will be treatment under “Loan & Advances” in the statement of financial position.

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Accounting For Subscriptions Revenue – Membership, Software or Magazine

Accounting For Subscriptions Revenue – Learn Journal Entries For Membership, Software or Magazine or Digital Subscription Receivables & Receipts

Let’s say you run a subscription –based business where members or customers make an upfront payment into your account to enjoy a particular product or service for a specified period, you need to understand that it is different from a one-time sale of a product. In accounting, recognising the full amount paid as an income will definitely be an error as you can only recognise revenue for services rendered not from advanced payment.

Here are steps to treat subscription revenue using a scenario.

A newspaper company publishes a magazine on latest technology innovations disruption ideas. Members pay on a monthly, quarterly or yearly basis to get latest publications.  If a long time subscriber decides to pay $1000 for 10-month issues, what are the relevant accounting entries in the books of account?

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Accounting Entries For Loan Receivables & Payables

Accounting Entries For Loan Receivables & Payables – Learn How To Treat Loan Notes, Interest Payments, Provision, Write Off & Convertible Loan QuickBooks

A loan is a debt instrument provided by an entity to another entity known as the borrower at an agreed interest rate, evidenced by a promissory note which specifies the principal sum, interest rate charged by the lender and period of repayment.

In treating Loan disbursement in your books of account, there are two sided entries to note: from an issuer’s perspective and a receiver’s angle. When it’s the latter the loan is payable but on the former, you tag it receivable.

Accounting Treatment For Loan Receivables

When you issue a loan note to a borrower, it is treated as an asset, which, if receivable under a year, is a current asset. In your book, CR your bank account, and DR asset account – Note receivable – with the amount advanced to the borrower.

On receipt of an agreed interest from the Notes, you DR your bank account and CR the interest income account ( to the income statement)

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Accounting Treatment For Insurance Premium, Claim & Brokerage

Accounting Treatment For Insurance Premium – Learn The Journal Entries For Insurance Premium Income Paid In Advance, Payment, Claim Settlement & Brokerage Fees or Commission

As a business owner who is concerned about the risk of loss, insurance is designed to secure your business against future occurrences that might lead to loss of asset or properties due to an unforeseen event. Hence, you are expected to pay an agreed premium on a monthly or annual basis.

Since the amount calculated as a premium to cover the risk involved is paid to an insurance company prior to the prior covered, you will definitely be wrong if the full figure is expensed to a profit or loss account. In other words, that amount should be treated as prepayment which is a current asset.

Here are accounting entries for insurance premium paid, insurance claim, insurance compensation, insurance premium income and brokerage fees.

Insurance Premium Paid

DR the ‘Insurance Prepaid” account and CR “the bank account with the actual amount paid to the insurance company.

DR the “Insurance Expenses” account and CR “Insurance Prepaid” account with the amount written for the month.

The idea here is that the insurance premium is amortised for the period covered and expenses on a monthly basis till the value is written off to the profit or loss account.

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Accounting Treatment For Debt Securities – Treasury Bills & Bond Investment

Accounting Treatment For Debt Securities – Treasury Bills & Bond Investment – Journal Entries For Treasury Stock & Bond Purchases at Discount or Premium From Government.

A business with excess cash can, as an alternative to bank savings, decide to invest in a short or long term securities which guarantee a fixed return on quarterly, semi-annual or annual basis. One of such securities could be debt or equity. In this accounting treatment, we will share tips on how to record investment in debt securities – treasury bill and bond investment. While treasury bills is a short-term debt security issued (above or below the face value) by the government to raise finance for the capital project with maturity less than a year, bond investment is a long-term debt instrument with coupon rate and maturity up to 20-30 years.

These two debt securities are popular among corporate investors because they are regarded as risk-free investment backed by the credit of the government.

Return on T-Bill Vs Return on Bond Investment

In calculating the interest on investment in treasury bills, you compare the face value and purchase price. It is sometimes referred to as a “discount”. To recognise interest income consecutively over the life of a Treasury bills the interest method should be used. The interest method is used to amortize the discount or premium and recognize interest income. The interest rate used in calculating the return on this debt security is the prevailing rate of similar securities, other known as “effective interest rate”. This is different from the computation of interest earned on bond securities where you calculate the known coupon rate against the purchase price.

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Accounting For Structured Settlements & Annuity Company

Accounting For Structured Settlements & Annuity Company  – Learn The Journal Entries For Structured Settlement Annuities Purchaser From A Life Insurance Company

According to Wikipedia, “A structured settlement is a negotiated financial or insurance arrangement whereby a claimant agrees to resolve a personal injury tort claim by receiving some part of the settlement in the form of periodic payments on an agreed schedule, rather than as a lump sum.”

Let’s paint a scenario here: Mike was injured in an Auto accident which he filed a suit in court asking for compensation. After hearing, he was awarded $390,000 as compensation receivable from the other driver, the cash of $390k, when paid into his account, is tax-free; not subject to tax deductions. But if he decides to invest the money in a fixed deposit account, earnings on that principal is subject to tax.

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Accounting Treatment Of Trading Stock or Private Equity Fund

Accounting Treatment Of Trading stock or Private Equity Fund In QuickBooks – Journal Entries For Share Purchased, Dividend, Disposal or Sales Of Shares, & Revaluation of Shares

Trading stock or investing in shares is an activity that involves buying a share of a company’s capital with the purpose of being a part owner of the business. The reward for share purchases or private equity investment could be price appreciation and/or dividend distribution.

While the former (share price appreciation ) happens when the company’s quoted price in the stock market increases as a result of demand outweighing supply, the latter is the proportion of the profit earned for the period which is payable on a quarterly or annual basis.

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Accounting Treatment For Credit Card Transactions

Accounting Treatment For Credit Card Transactions – This Tip Contains Guide On How To Use QuickBooks Journal Entries For Credit Card Sales, Merchant Fees, Payments And Expenses

Unlike a normal business transaction carried out face to face, a credit card transaction involves the use of a payment card number, and pin issued by a provider to make payment online. For instance, you can order a product from merchants’ store using MasterCard or Visa Card to make payment.

As a business owner, it is important for you to treat credit card transactions the way you record your banking transactions. But, you need to be sure that the card is not attached to a bank already tracked in a separate account for the transaction.

Here are accounting treatment of Credit Card transactions:

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Accounting Treatment For Disposal Of Fixed Assets

Accounting Treatment For Disposal Of Fixed Assets – Find Tips to Record Sale of Fixed Assets With Entries On Gain or Loss in Income Statement Using QuickBooks UK, US or Canada.

When an asset is disposed of, there are standard accounting entries you should follow, especially when you are using an accounting software. To explain this, I will be sharing a typical scenario of an asset disposal for a hypothetical company, let’s call it ABC Health Ltd.

An asset was bought on 1st, January 2017 for N100,000 with an estimated useful life of 10 years expected to be depreciated using straight-line method. At the end of 5th year, the asset was sold for N75,000 to another firm. What is the accounting treatment for disposal of fixed assets in QuickBooks?

Here are steps to treat this transaction in QuickBooks:

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QuickBooks for Non-Profits – NGO’s Accounting Software in Nigeria

QuickBooks for Non-Profits – Learn how NGO’s Accounting Software works for an organisation in Nigeria with typical tips on how to track revenue, manage expenditures and ascertain surplus or deficit.

We understand that, as a non-profit making organization whose core objective is not to make profits but extend social benefits to your immediate environment, one major area you will definitely want to get right is financial management; a sub-part of your operation that focuses on accurate recording of inflows and outflows of cash in order to a good grasp on how your organization’s positions are, for effective decision making.

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