With the debut of the BMAC in the cloud accounting software market, the country’s business environment is set to change for the better.
Sam A. Afemikhe Jr, Project Director, ikooba Technologies, who spoke during the media launch of BMAC in Lagos, stated that the cloud accounting solution was developed to promote collaboration among businesses and financial institutions, enhance business measurement, reporting and assurance and foster transparency, integrity, openness and trust in the nation’s business outlook.
“You are aware of our unfortunate situation as a nation where most businesses don’t keep accounting records and owners of such businesses for that reason are not able to manage and grow them sustainably. This is a situation we must change if our economy is to grow, reduce unemployment and enhance the standard of living of our people. Furthermore, we are aware of the situation in which corruption has taken centre stage in many facets of life. This has invariably created persistent suspicion in most of our economic activities. The business environment in particular now operates in absolute and unhealthy distrust, arising from total lack of transparency.
“These challenges are not helping business development in the country. Finance institutions are reluctant to lend to businesses for fear of not getting their money back. This is particularly bad for business growth. Even with all the SME funding programmes instituted by the Federal Government, SME financing is still very limited because of the high cost and risk of finance houses to fund businesses. Billions of naira given out by financial institutions, which in the past heeded such government calls, policies and initiatives accumulated only bad and doubtful debts and inflicted so much pain and losses on the fund providers.
“This situation can only improve when SMEs in particular are able to keep records of their transactions by maintaining accounting books that generate the right information for them to track their performance and properly manage their businesses. Finance providers will not give money to any SME without a good accounting profile and business track record that would ascertain their integrity, financial discipline, and general performance.
“As accountants, we have taken up the challenge of assisting businesses to keep records and to advise them on how best to grow their business sustainably by ensuring that they keep accounting records that enable them to understand the language of their business. Accounting, as accountants would say, is the Language of Business. As a business owner, therefore, you must understand the language of your business, if you are to survive and grow,” Sam A. Afemikhe Jr, remarked, stating that his firm in the quest for a solution to the problem has developed BMAC, a “proudly Nigerian” collaborative cloud-based accounting solution of international application conceived and designed by an all Nigerian dedicated team of accountants, developers, business analysts, quality assurance and UI/UX experts.
The BMAC, which he said, will bring hope and restore confidence by promoting collaboration and growth in business, according to him, willdemocratise and “bring accounting and reporting to the corner shop,” using the efficient and effective “Assembly line concept.”
The Ikooba Project Director said BMAC is designed for business owners, their accountants and influencers, including finance providers such as SME Development Funds, banks, angel financiers, FMCGs and other Funding institutions of government or development charities, among others, stating that while business owners are able to record and analyse their business transactions securely and quickly with the BMAC, the Solution enables the influencers to work more closely with SMEs, provide them with real time insight into the businesses that they fund to make them less of a black box and instil more confidence in both parties to develop and grow the business more sustainably.
The BMAC, he further explained, is designed also for easy use by Accountants, including accounting assistants or any other person, who has reasonable knowledge of accounting to assist business owners with their bookkeeping and accounting. Stating that these three groups collaborate on BMAC to deliver accounting information that is accurate, timely and complete, Sam AfemikheJr noted that by collaborating on the BMAC, trust and confidence grow, stakeholders are encouraged to go into more business transactions for the benefit of all the parties, pointing out that the accounting software for now possesses such features asCore accounting, Notebook, Dashboard, Collaborator tool, Inventory Management System (IMS) and the HR-Payroll.
According to him, the Notebook helps business owners with little or no accounting knowledge to record transactions of their businesses for someone with adequate knowledge to login and posts to the relevant account at a later date, the Dashboard, employing Charts, Gauges and tables with which it helps in determining the performance of the business, bank balances and its financial summaries it displays at a glance, shows real time measurement and performance of any business through its early warning mechanism of triggers and alerts for quick decisions and actions, the Collaborator tool, on the other hand, allows business owners to invite either financial influencers, accountants (or any other person) to the platform to assist in the posting of his transactions to the relevant ledger account and review the performance of the business through different mechanisms and the Inventory Management System (IMS), a real-time inventory database capable of connecting multiple stores, tracks the inventory of a single store, or manages the distribution of stocks between several branches of a larger enterprise.