With the launch of the BMAC (Business Measurement Accuracy and Collaboration) in the online accounting software market. The state work is set to change for the improvement.
Sam A. Afemikhe Jr, Project Director, ikooba Technologies, who talked amid the media debut of BMAC in Lagos, expressed that the online accounting system was produced to advance collaboration among organizations and financial foundations, upgrade business estimation, revealing and affirmation and cultivate transparency, integrity, receptiveness and trust in the country’s business outlook.
“You know about our deplorable circumstance as a country where most organizations don’t continue accounting records and partners of such organizations thus are not ready to manage and develop them economically. This is a circumstance we should change if our economy is to develop, decrease joblessness and upgrade the way of life of our people. Besides, we know about the circumstance in which fraud has become the dominant center point in numerous features of life. This has perpetually made constant doubt in a large of our financial activities. The business condition specifically now works in total and unfortunate doubt, emerging from add up to absence of transparency.
“These difficulties are not helping business improvement in the state. Fund organizations are hesitated to loan the organizations because of fear of not recovering their cash. This is especially terrible for business development. Indeed, even with all the SME funding agenda initiated by the Federal Government, SME financing is still exceptionally restricted on account of the high cost and danger finance houses to fund organizations. Billions of naira given out by financial institutions, which in the past paid attention to such government calls, arrangements and activities aggregated just terrible and far-fetched obligations and incurred so much pain and misfortunes on the fund suppliers.
“This circumstance can just enhance when SMEs, specifically, can keep records of their transactions by keeping up accounting books that create the correct data for them to track their performance and appropriately manage with their organizations. Fund suppliers won’t offer cash to any SME without the best accounting profile and business track record that would learn their general performance, financial discipline, and integrity.
“As accountants, we have responded to the call of helping organizations to keep records and to exhort them on how best to develop their business economically by guaranteeing that they continue accounting records that empower them to comprehend the language of their business. Accounting, as accountants would be said, it is the Language of Business. As an entrepreneur, therefore, you should comprehend the language of your business, if you want to survive and develop,” Sam A. Afemikhe Jr, commented, expressing that his firm in the journey for an answer for the issue has created BMAC, a “gladly Nigerian” collaborative cloud-based accounting software of global application considered and planned by an all Nigerian dedicated group of business analysts, UI/UX experts, accountants, quality assurance and developers.
The BMAC, which he said, will bring trust and reestablish confidence by encouraging collaboration and development in business, as indicated by him, will democratize and “convey accounting and reporting to the corner shop,” using the proficient and viable “Mechanical production system idea.”
The Ikooba Project Director said BMAC is intended for entrepreneurs, their accountants, and influencers, including account suppliers such as SME Development Funds, banks, agents, FMCGs and other Funding institutions of government or development charities, among others, expressing that while entrepreneurs can record and analyze their business transactions safely and rapidly with the BMAC. The Solution empowers the influencers to work all the more closely with SMEs. Give them with real-time knowledge into the organizations that they fund to make them to a lesser extent a black box and impart more trust in two parties to create and develop the business all the more economically.
The BMAC, he additionally clarified, it is developed for easy to use by Accountants, including accounting assistance or whatever other people, who have a sensible information of accounting to help entrepreneurs with their accounting and bookkeeping. Expressing that these three team on BMAC to convey accounting data that is exact, convenient and complete, Sam AfemikheJr noticed that by working together on the BMAC, trust, and certainty develop, partners are urged to go into more business transactions for the advantage of whole parties, calling attention to that the accounting solution, for now, notice some features as basic accounting, Notebook, Dashboard, HR-Payroll, Inventory Management Solution.
As indicated by him, the Notebook assists entrepreneurs with no accounting knowledge to record transactions of their organizations for somebody with sufficient information to log in and presents on the suitable account at a later date. The Dashboard, Charts, Gauges, and tables with which it helps in deciding the performance of the business, bank balances and its financial synopses it shows initially, demonstrates real-time estimation and performance of any business through its initial cautioning instrument of triggers and alerts for speedy choices and activities. The Inventory Management Solution, a real-time stock database fit for associating different stores, tracks the stock of one store or manages with the conveyance of stocks between a few branches of a big enterprise.