Medical Centres, Business Analytics and the QuickBooks.

Medical centers still rank high in the corporate environment with the busiest staff. This is a clear discovery that is not unconnected to the steady influx of patients who are looking for a lasting solution to their health challenges. At times, medical directors get so busy that they pay less attention to finance, cash flow, and the overall performance of the company. While some use excel spreadsheet to record and track payments made by their patients, others use the same file containing the history of patients’ health status to record the amount due, amount deposited and balances. I even noticed that only less than 1% of accounting officers in medical centres can accurately generate a receivable report due to unorganised transactions’ history.

This definitely explains why medical centres, as a matter of urgency, need to quickly upgrade their accounting system to a better platform like the QuickBooks for efficient and effective transaction recording. There are different areas where accounting software can improve the operation of a medical centre; this ranges from the receivable side which I have earlier explained to more complex areas such as inventory management, invoicing, payments, banking, reporting and timely decision making.

Starting from the Inventory side, records prove that medical centers are big time buyers of pharmaceutical products which they often use in treating patients, and as such, they need to supervise and monitor the flow of goods, medical products, its’ usage and quantity on hand at any given time such that when the accountant or store keeper is being called to present a detailed and updated report of inventory activities, it would be available in lesser time than when the conventional accounting method is used.

For drugs or products purchased from local or foreign vendors, there is a simple workflow that takes you from the point of sending “POs” to receiving inventory into the store and making final payment in Naira or US dollars. And as these products are used, QuickBooks has a material adjustment window for recording every usage on a daily, weekly or monthly basis along with a corresponding cost of sales account to track their value on the profit or loss account.

Another vital part of your account is the Invoicing Window which is designed to track all income earned from medical services rendered to patients, while using “Receive Payment” to record payment progress so far. This will greatly improve the way report on patients and their outstanding balances are prepared and presented.

The Banking Section lets you monitor all cheque payments, customer deposit/transfers from/to your bank account with a “Use Register Window” serving as a bank transactions summary statement for you to make comparison of your actual bank balances. If there is any difference, you can initiate a reconciliation via the “Reconcile Window” to track missing figures like bank charges, interest income, un-presented cheques, uncredited cheques or transaction commissions.

The above are some of the deliverables of the QuickBooks Accounting Software customized for medical centers. You can also connect with our client support team, on 08105090001, 08084219399, for more questions about getting your accounting system right and improving the accuracy of your financial report.

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How QuickBooks Is Helping Churches To Track Their Cash Flow!

Whether you are a small, a growing or a multinational assembly; one important factor you must not ignore, and which you must pay apt attention to as a general overseer or church finance officer, is the overall financial and cash flow position of your church. A number of times, I hear church admins tell me that they really do not need strict accounting policies or documentations as everybody is spiritual; hence they are expected to exhibit a great level of financial discipline and honesty towards the church finance. That’s quite interesting! But for me, I believe as much as there was a Judas among the twelve disciples, there stands to be more of such persons in the church considering the number of crimes church people commit since they are less likely to be caught.

Back to the aim of this guide – deploying accounting software for churches; I’d like to share key reasons why tracking cash flows in churches is very important:

  • You plan the church budget on a weekly, monthly or annual basis based on cash flow trend and how can you plan when you don’t know how much you are expecting or cash on hand?
  • You incur expenses and would like to channel fund to vital projects that will drive church growth, with accounting software, allocating resources based on data presented seems easy. You also see the possibility of expanding the church’s presence to areas that are not currently covered.
  • Church also pay workers, hence, they need to track salaries and allowances.
  • Plus more

How QuickBooks Can Help Churches Track Cash flow

Members

Every church accounting must start from membership record; you need to have details of your members so that income categories like ‘Tithe, or Special Donations” can easily be traced to a particular member.

Revenue

The key sources of revenue for churches are ‘offerings’,tithes‘, and ‘special donationsseed offering, thanksgiving etc.’.  In QuickBooks, you can create each of these revenue categories as an “item under service” and map it to an income account.

Expenses

It’s not only profit-organizations that incurs expenses, churches also do. Besides, the church is one of the top spenders as they embark on several community developments, life transforming projects, building projects, etc., within or across the border. At least, if I do not know how other churches spend, I can confidently say that the church where I worship spends heavily on local and international projects including outreach events worldwide.

With QuickBooks, you will not only track daily, weekly or monthly expenses, but will also have a feature that makes it flexible for you to map them to a specific project or event for accountability purpose.

While these areas are updated on the front end, executives can explore the reporting side to view the overall report of statement of asset and liabilities, revenue and expenditure, membership collections, tithe, etc.

For more details on how we can deploy and improve your church accounting system using QuickBooks, call our instant report centre: 08084219399, 08105090001 or email us at info@accountingsoftware.com.ng

Tracking Cash-flow In Restaurant Businesses With Quickbooks Software.

Accounting Software For Restaurant & Fast Food Business – See Why QuickBooks Is The Best Software For Managing Small Bar, Big Restaurant & Fast Food Business!

I recently had a conversation with a client who was expanding his business and wanted to know if QuickBooks can accommodate his new restaurant business without a hitch. As we began to chat on phone in the early hours of today, he pointed out key areas of the business he wouldn’t want to be left out. He said,

 

  • I want to be able to send invoice from QuickBooks to my corporate customers.
  • I’d like to track all inventory purchases such as food items – down to the unit of measures For instance, if I buy a bag of rice, I don’t want to write it off as a one-off expense but monitor the usage in Kgs and know what my inventory balances are on a real time.
  • I also want to see how much I have spent on the business and compare that with the prior month or prior year’s expenses.
  • I want to incorporate my bank transactions too, so that the system can help me reconcile the differences.
  • I have over 50 + customers whom I supply food in packs every day – I really want to know how much I make in sales, those who paid me and those  customers that are owning me so I can track and recover my money. This is because I sometimes forgot that some customers are yet to pay which is a bad one for my business.
  • I don’t even know what my actual profit or loss level is right now as all daily transactions are documented in a paper and I think my food business has outgrown that level.

Then, he concluded by asking, “Can QuickBooks do all these?”

If I want to quickly respond without explaining the process, I would probably say “YES”, but I will still leave him in the dark because he wants to know more. I had to take my time to address each of the challenges he expressed, and then explain the different features of Quickbooks that make all the requests possible and seamless. Lest I forget, the version I recommended for this line of business was QuickBooks Premier because of its’ numerous unit of measures; as my client was interested in tracking all foods stuff, actual quantity purchases, usages and balances on hand to monitor questionable activities among his staff.

QuickBooks is very flexible and can adapt to any kind of business if you understand all the features as a consultant. The “invoice and sales” window lets you record credit and cash sales while “purchases order, receive inventory, and pay bill” are workflows that track the processes involved in refilling your store with food supplies up till the final payment on actual goods received.

I am sure that how I customised the software, to track food sold in packs to individuals or corporate customers, is of great concern and interest to you! With QuickBooks assembly under the “inventory section”, I showed my client how to add new stock whenever they have fresh food in the store.

You need to track expenses incurred such as payment of service providers’ bills and other relevant payables, before you can accurately view all cumulative business expenses, QuickBooks has a “write a cheque and enter bill” feature designed to help you enter details of transactions, including amount, date and descriptions.

The ‘banking window’ mimics your actual bank transactions as it also monitors cheque issued, deposit, transfers, charges with a ‘reconcile window’ available for end of the month reconciliations.

For management report, you can explore the company’s snapshot – a very interactive reporting feature that tells you how your business is doing in less than ten (10) minutes. It shows all account heads and their balances, customers who owe you, top selling products, income & expense trend and expenses breakdown for quick decision making.

While these are some of the features available for food and restaurant business owners, I also understand that there might be peculiar challenges in your food business that you might be interested in addressing. Why not send a mail to info@accountingsoftware.com.ng or call 08105090001 so that we can help improve your accounting system.

Accounting Software For Cooperative Societies; What To Look For!

This review of the QuickBooks accounting software, customised for Cooperative Societies will help you understand how to manage operations, automate transactions, as well as how to generate reports.

We have been deploying accounting software for growing businesses in Nigeria, both in premise and remotely, which has exposed us to the diverse cash flow challenges confronting SMEs and how to rightly provide the best solution using a combination of accounting skill and financial software customization. One striking thing in this industry is that every client/business has a unique problem. Today, I will be sharing tips on how Cooperative Societies can run their finance effectively using the QuickBooks.

In deploying QuickBooks for Cooperative Societies, I have discovered that there are core things finance managers of Cooperative Societies need to get right in order to accurately track cash flows, generate a reliable financial report and to ensure an on time decision.

Continue reading “Accounting Software For Cooperative Societies; What To Look For!”

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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:

Continue reading “How Serviced Apartment Owners Can Use QuickBooks To Manage Cashflow”

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 the exceptional skills in understanding clients’ IT needs and customizing an existing low-cost off the shelf software that will deliver the right solution. This is the reason BigResources Solutions is the leading accounting software partner in Nigeria – we have deployed more QuickBooks compared to other accounting software.

QuickBooks is not only simple to use, it is flexible in building a custom chart of accounts, tweaking certain account types and redesigning windows. Also, seeing the result of your customization instantly makes it one of the best accounting software used in Nigeria.  One sector where we have demonstrated a high level of competence in QuickBooks customization is in financial service – currency exchange business popularly 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.

Bureau de change, even though they are into foreign currency transaction, should be treated like a retail based business in other to get your accounting software setup right. This is based on the premise that they buy products too (currencies), and resell to customers. But, if you do not follow the steps outlined here, you might not only end up generating wrong financial report but also experience multiple problems caused by dual accounts that mimic your bank and inventory account respectively where in actual sense, what you have in your domiciliary account (which is where you sell currencies), should be the same as your stock balance (currency on hand).

So in your statement of financial position (balance sheet), you are expected to treat your bank balance as currency stock on hand.

Setting up QuickBooks for BDCs:

  • To load all currencies (USD, EUR or Pounds), create an item for each of these foreign currencies, enter quantity on hand (or at bank) and map it to “their individual bank account under asset account”; this is the field that merges the stock and bank account feature in one account head.  The advantage of following this tip is that when you buy more currencies, your bank balances will increase and the quantity on hand will as well increase by units added. Also, when you sell via bank transfer to SMEs or individual customers, your bank balance is debited and stock on hand falls by the same sales value.
  • Talking about buying and selling more currencies, I activated exchange rate (used Naira as the home currency) and added normal current account (Naira) and domiciliary accounts (USD, EURO & GBP); this makes it easy for clients to buy currencies from CBN or other BDCs, using the Naira account at official or parallel market rates, into their domiciliary accounts. On sales, the invoice and receipts are there to track credit and cash transactions.
  • On inventory report, you can always refer to different reports; stock valuation (currency on hand and their value), stock activities (transaction details of each foreign currency), physical stock count (to check what you have in the bank and the value reported in QuickBooks for reconciliation purposes).
  • Adding to sales, you can view account receivables and transaction history of your top customers.
  • Also note that you need to update your rate for USD, EURO, GBP manually as exchange rate fluctuates. This gives rise to exchange rate gain/loss or unrealised gain or loss.
  • The banking features in QuickBooks let you transfer fund between accounts and also reconcile bank statements.

Finally, the overall report section shows the actual profit or loss position of your bureau de change with trend analysis.

While these will help you get started, faster and in the right way, you can also contact us if you have questions or want us to implement QuickBooks for your BDC.

Send a mail to info@accountingsoftware.com.ng or call 08105090001

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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.

Continue reading “What Setting Up QuickBooks For Poultry Farmers Looks Like”

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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)”

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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.

Continue reading “Implementing Accounting Software For Your Fitness Centre”

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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.

Continue reading “What QuickBooks Software Will Do For Your Business”

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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.

Continue reading “Accounting Software For Courier Company”

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

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.

Continue reading “QuickBooks for Non-Profits – NGO’s Accounting Software in Nigeria”

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Accounting Software For Shopping Mall In Nigeria

A shopping mall is a large retail complex containing a variety of stores and often restaurants and other merchandise housed in a series of a connected building. It is characterised by a constant influx of customers, parking spaces, segments where similar businesses with operating activities are cited together. For instance, in Nigeria, we have the Ikeja shopping mall where merchandise like ShopRite, chicken republic, Remmy Martins and other retail outlets are situated including Silverbird cinemas.

Managing malls with an accounting software are the best decision a real estate developer or facility manager can take except they are ready to go through the rigorous processes involved managing account documents and generating a financial report.

Here is a guide on what a typical accounting software setup for a facility manager to manage shopping mall will do:

  • You can setup each of the segments of the shopping mall by creating a class.
  • You can track your customer’s account (retail or wholesale business owners), names, and account receivable balances as at a conversion date.
  • A very important part of the shopping mall is facility management, tracking inventories on hand, transfers, sales and purchases.
  • You can also track rental income and receivables from different shop owners.
  • For service charges paid, and expenses incurred on maintenance, the software has a cheque payment window that records actual amount paid.
  • When you receive payment from shop owners as rent renewal or from balance due, the software has a feature that matches actual amount received and invoiced figure.
  • For service providers or maintenance fees, the software tracks all payment made to respective contractors from bank accounts.
  • You can also set your bank balances up as at the same conversion date selected earlier and reconcile any differences with your bank statement.
  • Using the company snapshot, you can view all account balances at a glance, and relevant financial report.

For more inquiries on how to setup an accounting software for your shopping mall, request for a free consultation – 08084219399

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How To Integrate Amadeus Selling Platform To Work With QuickBooks

“Amadeus LinkHotel is a multi-GDS services company which distribute your inventory and content to the world’s global distribution systems. GDS or Global Distribution System refers to the reservation tool travel agents use when making an air, hotel, car or other travel service booking.” Source

Most travel agents connect and rely on the Amadeus selling platform to issue local or domestic airline ticket to their customers globally and transactions on it can span from 100-700 air files daily which are equivalent to 3000 – 21,000 air files monthly. The challenge with this platform is that it doesn’t organise your sales record in an easily understandable format.

On several occasions, clients in this airline sector call us to know whether there is a way one can integrate Amadeus airline & ticket reservation software to work with QuickBooks Pro, Premier or Enterprise Edition accounting software so that they can easily cut down hours required to sort tickets, find successful bookings, separate void tickets and cancelled. Initially, we thought this was a straightforward process since most financial software the general export format; CSV, XML or Database. But that is not really the case here, Amadeus GDS reservation system is not straightforward, it’s output file is a notepad and can only be interpreted by a professional airline ticketing agency staff.

Here is how the Amadeus ticket air file looks like in a notepad format:

Integrating Amadeus With QuickBooks Software

This is a raw air file that took me few days to interpret; thanks to a staff at our client site who explained what each of the red labels means before my colleague could write a background application that picks all the required parameters and feed into relevant field in QuickBooks invoice.

The key parameters we picked from this ticket are:

  • Transaction date
  • Airline vendor
  • Ticket type; domestic or international ticket
  • Airline fare charge (including cost of tickets, and tax charges)
  • Commission per ticket based on percentage.
  • Ticket number

Integrate Amadeus Selling Platform With QuickBooks

Here is a typical air file ticket sample we imported from Amadeus GDS into QuickBooks Pro:

  • Travel ticket sales: N454, 438
  • Base cost of ticket: N279,072
  • Total tax charges: N175,366
  • Percentage commission: 9%

The following are the transaction entries our applications will run in QuickBooks using the information extracted from the ticket file.

  1. For ticket sold to customers, here is how our integration will process the transactions in QuickBooks:

Integrate Amadeus Selling Platform With QuickBooks

Explanation of each of the labels:

A: This is the customer or passenger’s name

B: This is the ticket number (Air75744)

C: This contains the details of the ticket, international ticket fee and commission earned per ticket

D: This fee covers all tax charges, an amount payable to airline and commission.

E: Total value of the invoice.

The accounting entries:

Cr Income account (Ticket )

Dr Account Receivable

With N454, 438, being the amount receivable from the passenger or customer.

2. Tracking all cost of sales ( ticket issued & tax deductions from invoices figure)

Integrate Amadeus Selling Platform With QuickBooks

The snapshot above describes how the cost elements of the ticket issued will be tracked:

A: The N429, 321.52 represent the amount payable to the airline: all tax charges plus net ticket cost less commission.

The accounting entries are:

Cr Account payable  (Airline)

Dr Cost of ticket sales

With the N1, 190,009, being cost of sales on ticket booking

3. Viewing the profit or loss report on the ticket issued:

Integrate Amadeus Selling Platform With QuickBooks.png

A: This is the invoice figure of N454, 438

B: N429, 321.52 represent the total cost of ticket issue to the customer which comprises both tax charges and the amount payable to the airline.

C: This the gross profit on ticket issue which also doubles as the commission earned per transaction.

4. Apply customer/passenger payments via banking transaction import

Since there are possibilities that the name on a customer/passenger’s ticket (invoice) may be different from what is stated on the bank statement, which could lead to multiple errors like advance payment or pending invoices, we propose that the ticket number will be a reference point when validating an invoice payment.

Here is how the sales transactions from the sample transactions described earlier will be settled in QuickBooks.

Integrate Amadeus Selling Platform With QuickBooks

The accounting entries:

Dr bank account

Cr Account receivable account

With the N450, 438, being the part payment of ticket fee.

Find a detailed explanation of how the ticket sales transactions imported from Amadeus file will be matched with all relevant receipts into the bank statement via the “Customer Payment Feature”

A: Received From: The system will use the “ticket no” on the payment detail to find and select the customers’ name in this field.

B: This is the most important column we will match your bank transactions with. Here are

  • Date: This is the date payment was sent to your bank account
  • Number: This is the ticket number that will match with label “B” on the ticket invoicing in “Air75744”. Since no two tickets carry the same number, it’s correct to assume that every payment is attributable to the invoice with the same ticket number.
  • Original amount: This is what the customer is expected to pay, as shown by label “E” on the invoice.
  • Amount Due: This is the net balance on the customer’s account after making initial or series of payments.
  • Payment: This is the actual amount paid into the bank account which is less than the invoiced figure.

For more details on how to integrate Amadeus ticket selling platform with QuickBooks Pro, Premier or Enterprise accounting software, send a mail to info@accountingsoftware.com.ng

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Accounting Software For Bookstores

Reading is an age long activities we love –  it helps us know more, and learn a specific subject. Do you own a bookstore or bookshop and are looking for the best bookstore inventory and management software for your business? this guide will you understand how we deployed QuickBooks to manage a client’s business, track sales, inventory and generate financial report real time.

Are you a publisher, do you own an online or offline bookstore or bookshop and are looking for the best bookstore inventory and management software for your small or large business? this guide will you understand how we deployed QuickBooks to manage a client’s business, track sales, inventory and generate financial report real time.

One key area bookstore owners are concerned about is how they can accurately monitor their inventories which could be further split into categories – business, management, finance, family, Christian, relationship, technology, etc – They are always too keen to know what their sales figure is, how many books are in each of these sessions, their cost and total value at specific intervals.

Here is how I implemented QuickBooks Pro 2017 for a bookstore:

  • I requested a list of account heads and their various balances as at a specific conversion date. These are account receivables, VAT, payables, banks, an organised list of all the books stating the quantity available, cost and their respective sessions, fixed assets, other receivable and payable.
  • After confirming that these requirements are available, I installed QuickBooks on their network since they wanted a multi-user setups that will give different staff simultaneous access to the data file.
  • The next step is the implementation where I had to bring in all the balances into the software while checking the statement of financial position, also known as the balance sheet, to verify the accuracy of my entries.
  • On the stock side, I had to create categories for the book and entered each book by its title and descriptions with their respective cost, selling prices and quantity available in store as the conversion date.
  • Other payables like rent owed, utility bills, salaries due for the month and expenses were also entered appropriately.
  • Since every business owners are mandated to deduct VAT or sales tax on all sales transactions, payable to relevant tax authorities, I also attached VAT to all product sales during setup for base calculations.
  • For the receivable and payable balances, I requested for a breakdown of all customers name, vendor or book suppliers details with the amount expected to be received and paid to these key businesses as the selected date. This will be added together to give you what is generally known as debtors and creditors balance.
  • I explored the banking section to record all payment for expenses incurred, track cash deposit from sales made into my client’s bank account, transfer funds from one bank to account and view bank transaction details.
  • The type of reports you should see in this type of accounting software implementation for bookstores are profit or loss, balance sheet, cash flow, stock report, sales report, purchases report, petty cash and banking reports which could further be drilled down to daily, weekly or monthly.
  • To avoid discrepancies between your QuickBooks balance and bank statement figure, there is a reconciliation window built to track all omitted or missing transactions in either your bank transactions in the book or on the statement as at the end of the month.

If you want to me to set you up on QuickBooks, send a mail to info@accountingsoftware.com.ng

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How to fix error H505 issues in QuickBooks

Sometimes this QuickBooks Errors can be confusing if you are not used to this accounting software installations and implementation processes. Two days ago, I was at a clients site to setup QuickBooks Pro in a multi-user environment where each user are in different countries and are expected to access the central data file on the server. They are the most popular travel agency in Nigeria

If you understand the setup, you should know that in such environment, you don’t just go ahead without asking basic questions or else you will be stuck. So, here is what I did;

  • I requested for the server capacity or if they have a cloud folder accessible to everyone anywhere, anytime.
  • Then, I asked if each user will be working concurrently on a data file; this will help me advise them properly on how many licenses they need to work seamlessly.
  • The last is to request for their financial statement as at an agreed conversion date.

After collecting and confirming that these requirements are intact, I quickly started the installation processes which took roughly 20 minutes to conclude – no hitch.

Continue reading “How to fix error H505 issues in QuickBooks”

Buy Quickbooks In Nigeria & Kenya – Software Sales & Price

As at when I posted this article, I clocked four years in Accounting and financial software industry in Nigeria with over 100 + QuickBooks training and implementation for small, medium and large business across various industries ; Hotel, Property Management, Retail and Distribution, Financial Services, Manufacturing, Engineering and Technicals, Real Estate and Property Management, Medicals Outfits, etc.

Based on my experience, I can confidently say that QuickBooks is one of the best accounting software any small business can use here in Nigeria (Though there are other financial software too). The software doesn’t only give you much flexibility in sales tracking, expense management, inventory control, VAT deductions and reporting but the UK version is compliance with Nigerian’s accounting and book keeping.

From the initial account balance setups to live transactions and reporting, QuickBooks makes it easy for SMEs to organise their finance in one place. With the online version, you can monitor all transactions from anywhere, and take quick decision.

If you are looking for QuickBooks software in Nigeria, here are different versions available and their price range in Nigeria Naira.

Buy Quickbooks In Nigeria & Kenya

QuickBooks Price In Nigeria & Kenya

  1. QuickBooks Pro Price
    1. 1 User Licence (N90,000 – N110,000)/ from Ksh 3,000
    2. 2 User License (N170,000 – N190,000)/ from Ksh 6,000
    3.  3 User License ( N255,000 – N280,000)/ from Ksh 9,000
    4.  4 User License (N300,000 – N320,000)/ from Ksh 10,000
    5. 5 User License (N390,000 – 415,000)/ from Ksh 13,000
  2. QuickBooks Premier Price
    1. 1 User License (N100,000 – N120,000)/ from Ksh 3,500
    2.  2 User License (195,000 – 220,000)/ from Kag 7,000
    3.  3 User License (270,000 – 310,000)/ from Ksh 9,000
    4.  4 User License (360,000 – N400,000)/ from Ksh 12,000
    5.  5 User License ( N450,000 – N500,000)/ from Ksh 13,500
  3. QuickBooks Enterprise Price
    1.  1 User License (N450,000 – N500,000)/ from Ksh 13,500
    2.  2 User License (N589,500 – N720,000)/ from Ksh 19,000
    3.  4 User License (N980,000 – N1,020,000)/ from Ksh 32,000
    4.  5 User License (N1,200,000 – N1,300,000)/ from Kah 40,000
    5.  7 User License (N1,520,000 – N1,550,000)/ from Ksh 50,000
    6. 10 User License (2,500,000 – N2, 530,000)/ from Ksh 70,000

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The price of these QuickBooks version varies and may change from time to time due exchange. I only shared what you should expect when looking for a genuine package here in Nigeria.

The version you select depends on the industry your business is;

  • for businesses that only buy products and resell, QuickBooks Pro is what you should install.
  • for SMEs that does manufacturing, QuickBooks Premier
  • for outfits with multiple locations and warehouses (with combination of the first and/or second) QuickBooks Enterprise is the best.
  • for auditors who manage their clients’s book, QuickBooks Accountant Edition is the best.

For more inquiries on which of the software version is suitable, send a brief information about your business to info@accountingsoftware.com or call 08084219399 for quick advice.

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Accounting Software For Accounting Firms or CPAs

In the last 3 years of implementing accounting software for small businesses, I have always been amazed when  I met my clients’ auditors using a manual system to manage their audit practices; though, there is an audit software in town but how do they run the adjustments, and correct errors required to clean up accounting transactions that were entered wrongly? Well, that’s actually the focus of this post: how auditors and accounting firms can take advantage of the features of QuickBooks Premier Accountants Edition to manage their operations, save time and become more productivity.

With QuickBooks software designed for accounting firms (CPA’s), you can save time on complex transaction checks while giving advice on what matters and are useful for your client’s growth.

Basic Features of QuickBooks Accountants Edition:

  • Access your client’s book on the ‘Client Dashboard’
  • Manage clients’ book with Accountant Toolbox
  • Manage employees access with permissions
  • and lots more

Find more functionalities of QuickBooks software for accounting firms and CPAs.

There are two platforms available; the one in the cloud for onsite access or desktop for in-premise. While the former is suitable for accounting firms that work directly at client’s site with multiple users the former is recommended for accountants that collect data and work from home or private office.

For more inquiries on how we can set your accounting firm on QuickBooks and give you seamless access to flexibilities, you need to manage your clients’ financial data, connect with us at info@accountingsoftware.com.ng

Best Accounting Software for Bakery Business – Retail or Wholesale Software

One big mistake accounting software consultant makes when setting up a system for bakery businesses is to classify them as just a retail business; hence, leaving a whole room for production and accurate inventory management.

This is what I mean; When you buy raw materials like Flour in bags (measured in Kgs), you need to track this item from scratch, including all the materials consumed during productions and resources left for further production. Also, the actual production quantity should be accounted for in the stock report.

In this guide, I will be introducing you to QuickBooks Premier and Enterprise Solutions; the best software and management system for a wholesale or retail bakery business.

While the latter is recommended for bakery businesses with multiple stores or locations, the former is suitable for outfits with single location

Purchases &  Costing; In QuickBooks, you can add all the raw materials used for baking pieces of bread, cakes, and other snacks. This can be entered in Kg, bags or whatever unit you’ve been used so that you can easily track the quantity left after production processes.

Productions Setup; There is a room for you to enter a unit of material (and cost per unit) required to produce certain products; by that, you connect all the production of a final product to the raw materials so that as the unit produce increases, raw materials in store decrease proportionately.

Stock Recording: There are inventory reports and valuation analysis showing all the raw materials available in store, quantity available for sale and expected sales price for a specified period.

Bakery Sales & Expenses; For every sale made, QuickBooks has a receipt and invoice window designed to track all the daily, weekly, monthly or periodic sales of cakes, bread, and other snacks. All the cost of goods produced and sold is also monitored against the income earned; this will help you view your profit or loss position real time.

VAT on Sales: By law, every business is mandated to charge a sales tax on every product sold which vary from country to country. As at when this post was published, the tax rate in Nigeria was 5%, though, it’s still at that same rate but rumors reaching us reveals that the government may likely review VAT rate.QuickBooks has a VAT/Sales Tax feature that tracks all charges on sales and generates a payable reporting showing the balance remittable to tax authority.

QuickBooks has a VAT/Sales Tax feature that tracks all charges on sales and generates a payable reporting showing the balance remittable to tax authority.

Customers & Suppliers Summary: You can also record all your customers and suppliers transaction; products bought and sold, cash received from a customer, cash paid to suppliers with outstanding balance receivable or payable respectively. On a real time, you have glance your customers and receivable report or suppliers nd receivable to see who owes and who you owe.

Store: If you run in multiple locations, QuickBooks Enterprise via Advanced Stock Feature, tracks all inventory transfers from one sales store to another with quantity available at the respective stores.

Reporting: You can view and customize over 20 financial reports for your bakery business in QuickBooks including, profit or loss, statement of financial position (balance sheet), cash flow, sales summary (daily, weekly, monthly, annual or by quarters), expense report, bank registers, stock report, company snapshot, budget vs actual, etc

For more inquiries on how QuuckBooks can be customized further to work for a bakery business, connect with us on info@accountingsoftware.com.ng

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