Access to finance: Bookkeeping software unveiled for MSMEs
By Yinka Kolawole
A BOOKKEEPING software has been launched for micro, small and medium enterprises, MSMEs, to overcome challenges encountered due to poor knowledge of bookkeeping and thus facilitate easy access to funding.
Investigations have shown that small business owners have not been able to access the N220 billion Micro Small and Medium Enterprises Development Fund, MSMEDF, set as aside by the Central Bank of Nigeria, CBN, mainly due to a poor or lack of understanding of basic bookkeeping procedure. The Fund was established to address the financing gap in the sub-sector.
To tackle the problem, DEQNA International Limited unveiled MSME-BK, an online bookkeeping software designed to manage business accounting records for MSMEs.
Speaking at the launching ceremony, Managing Director/CEO, DEQNA, Femi Abimbolu, said having examined the problems being encountered in accessing MSMEDF, his firm sought a way of deploying technology to solve the problem.
He stated: “We at Deqna looked at every system and how we could deploy technology to solve the problem. The major problem identified as to why people are not accessing the CBN fund is lack of organisation of the individuals and companies, especially the micro sub-sector of the MSMEs. They are not organised and they don’t have the wherewithal to keep financial records.
“Even where they want to do, they cannot afford to employ a bookkeeper, hire an accountant or an auditor. So when we looked at all these problems and we noted that all the accounting softwares in the market are beyond their reach. As a company established with the focus of driving the MSME sub-sector with technology, we looked at how we could deploy affordable bookkeeping software for which you don’t need to have the knowledge of accounting or bookkeeping, all that is required of you is discipline.
“So MSME-BK is made available today as an online bookkeeping system. This means you don’t even need to buy any hardware. The MSME-BK is made available on Android, it’s cloud-based. So once you subscribe to it, you can use it to do your business on a daily basis, and can use it to generate your primary documents on the go.
“With the software, you can generate your invoices, issue receipts and way bills. Those are the primary records that any business will need. And once you do this. It is saved and posted into the background – into the cash book and all the necessary ledgers. It’s also called an e-accountant. So you don’t need to do anything, just enter it. Then when you get a job, be disciplined to enter the finances and once you do this, it posts into left and right, balancing your books.”
The post Access to finance: Bookkeeping software unveiled for MSMEs appeared first on Vanguard News.
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