Really, you’ve been keeping your records manually in this digital era?
Have you ever thought of digitalizing your financial data?
Do you feel uncomfortable when asked to present financial data of your business operations?
Are you intimidated by Government tax officials?
Finding answers to these questions and more has led a team of young revolutionists to work on a platform to empower the over forty million (40m) businesses across Africa to digitalize their financial processes. There are lots of digital solutions in the market, however, this platform comes in handy with a competitive edge in aligning their output to the needs and challenges of the African market. At the time I was putting this article together, I couldn’t find a platform with comprehensive accounting and bookkeeping solutions that suits the business landscape of Africa.
On a critical note, this platform is one that has been diagnosed with a proven result of a commitment to continually improve itself in serving the needs of its customers and maintaining consistency in service delivery.
Let’s take a brief tour around its features to decide if it matches our needs as a business operating in Sierra Leone:
You can create quotes/pro forma/estimates to indicate the pricing of your services and products for your customers and this document can be sent to customers automatically.
You can have a database on your customers and categorize them based on your business operations.
You can create invoices for sales provided on a credit term.
You can also use the POS to enter cash sales transactions and the platform can link the entry to their appropriate ledgers.
You can post expenses and attach supporting documents of a transaction to the platform.
You can create bills to record purchases made on credit and this can be done using the currency of the supplier (multi-currency facilities)
You can record tax payment; Goods and Services Tax (GST), Withholding tax (WHT), and income tax payments to National Revenue Authority (NRA)
You can have a database of your suppliers.
Product & Services
The feature allows the creation of a list of products (categorize them into raw materials and finished products) and services.
The platform gives access for bank transfers (from cash to bank, bank to bank)
You can also post journal entries and customize charts of accounts applicable for your business operations.
The platform gives facilities to create a database of your employees, easily run monthly payroll and employees can also access their payslips from the employee’s portal without access to business financial data.
The platform provides several reports including financial statements (Income statement, Cash flow statement, and Statement of Financial Position), Tax reports (GST and WHT), and other reports (Trial balance, General ledgers, and Exchange gain/loss)
The platform with all these facilities is Built, (https://my.builtaccounting.com/auth/signup) a cloud based comprehensive accounting and finance software for SMEs in Sierra Leone. Built Accounting is designed and developed by Built Accounting, a fintech company in Africa that is helping businesses grow and run their operations using their comprehensive accounting and finance software.
Focus: Start-ups & Small Enterprise