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The advantages of online accounting software for Nigerian SMEs

The advantages of online accounting software for Nigerian SMEs

With over 37 million small and medium enterprises Nigeria has the highest number of entrepreneurs of any African country. Despite the entrepreneurial spirit, many businesses are hampered in their growth. Access to capital is limited, and many business owners lack the right data to manage their activities properly. Online accounting software is the solution for those problems.

Be in control of your finances

Using cloud based accounting software business owners themselves can be in control of their professional finances. Even without accounting knowledge, you can register invoices and track expenses with ease. At any point in time, you have an accurate view of how your business is performing. You can access your data and reports from anywhere and from any device.

Improve your cash flow

By using an online service such as Accounteer, you can improve the liquidity of your company. Enterprises that use digital invoices get paid on average 25% faster than those who only use paper documents. Plus, the number of unpaid invoices reduces significantly. Automated invoice reminders make sure that every invoice gets paid on time and that there is a swift follow up in case an invoice goes overdue. Bad debt is one of the main challenges for many businesses.

Focus on your business

We know, accounting isn’t a sexy topic. And for many business owners managing their accounts is a burden. It is an essential tool to manage your business. The great advantage of internet based software is that it can connect with numerous of other services, such as your bank, e-commerce platforms and payment gateways automating your financial workflows. Manually entering data from one system into the other is a thing of the past. Let Accounteer take care of all the record keeping in the background so that you have more time available to focus on growing your business.

Easier access to capital

Access to growth capital is one of the main challenges for SMEs. This is caused by a lack of trust between businesses and credit providers. By using online accounting software and keeping track of your records daily, you can prove to a bank that your business is creditworthy and growing. Those businesses who can back up their story with accurate number get easier access to funds and at much cheaper rates than those who stick to paper record keeping or Excel sheets.