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Accounting

Did you struggle with your business in 2022? Do these 5 things and watch your business grow in 2023!

Accounting /

Did you struggle to grow your business in 2022?Did you notice that there were a lot of areas in your business where success and failure rates were higher or lower? It’s that time of year again when business owners and accountants sit down with their books to carefully analyze and document the expenses they incurred throughout the course of the year while also wondering where all the money went. As you round up your business operations for the year, track your annual spending, analyze your income, and calculate your debts. Did you notice multiple areas in your business that had ups and downs? Figuring this out will pave the way for future growth and allow you to return to your vision board to rebrand if necessary. We have highlighted five crucial areas of your business that can be focused on in 2023 for your business to experience growth. To watch your business grow in 2023, focus on these five areas below: Quality in a product or service is not what the supplier puts in; it is what the customer gets out and is willing to pay for. What makes a “quality” product is not based on how hard it is to make or whether or not it costs a lot of money, as manufacturers typically believe—this is incompetence. Customers pay only for what is of use to them and gives them value. Nothing else constitutes quality. – Peter F. Drucker. 1. PROVIDE QUALITY PRODUCTS/SERVICESProviding quality products and services at every level is essential for your business to grow. A business should check the value or potential of any service, activity, choice, or action and offer quality products or services; it is important to do proper research. Your product or service must be of good quality; if not, it can be rebranded. In 2023, you should focus on improving the brand and reputation of your business through quality management, which can also protect it from hazards, raise productivity, increase revenues, reduce waste, and put it in a position to expand further. When this is settled, it results in confident employees and happy clients. 2. CUSTOMER EXPERIENCE Creating a great customer experience for your business is an important element for any business to grow. The customer experience is greatly enhanced by providing exceptional delivery services. “Customer experience” refers to the entire interaction a customer has with your brand, from the time they first contact you until they make a purchase. The question to ask yourself is, “How do customers perceive my brand?” and “What impressions do I leave in their minds?” Once this is clearly answered, you need to figure out what you want your customers to experience once they contact your brand. If a customer is pleased and you are able to win their trust, you can be sure that they will recommend you, and recommendations can spur growth. 3. AUTOMATE YOUR BUSINESS PROCESSESIntroducing business automation to your business makes your business processes seamless. Nowadays, managing business operations manually can be stressful, and the results are prone to errors. With the rise of business automation, your routine activities are taken care of, freeing you up to concentrate on other, more difficult jobs. Business automation is important for various parts of your business operations, such as supply chain management, HR and marketing, or every unit or department of your business. As you carry out a review of how the year 2022 went, you can decide which areas of your business can be automated in 2023. This step will help elevate your business organically, as you will be able to view all your business operations with the click of a button. 4. KEEP YOUR STAFF MOTIVATED “Teamwork makes the dream work”Recognition and feedback are key to motivating employees in an organization. The secret to a highly motivated team is having a solid grasp on each staff member; understanding their strengths and weaknesses, and giving them tasks with that in mind while customizing feedback and praise to suit their specific needs. Once your staff stays motivated, they will be the first evangelists for your business. Motivating your staff makes it easy for the company to meet its goals; it leads to increased productivity in the workplace and also allows the organization to achieve great revenue. 5. OUTSHINE YOUR COMPETITORS Standing out among your competitors means you must be offering something unique compared to what they do. This implies having excellent customer service, high-quality goods at reasonable costs, and access to goods and services. Everything should be done in a unique way to make your brand stand out. Let your brand speak for itself. From deciding on the colors for your brand to the unique difference in your product or services, let it be a defining moment for your company/business. Discover your unique selling point and outshine your competitors. And more importantly… As the year 2023 approaches, it is important to remember to work smart, not hard! I am certain you are wondering how one does that, but this simply means introducing software solutions to your business processes, which help reduce the workload of having to handle multiple business operations all at once. There are several areas of your business that may be improved with the right accounting software tailored to suit your needs, and with all the points listed above, you can be sure that your business will experience growth. Are you willing to make your business grow in 2023 after making these observations, this year? To take the next step to grow your business in 2023, you can send us a message, our consultants are willing to assist you.

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5 Areas of your business you can improve NOW

Accounting /

I am certain you are asking yourself, “Why the need for accounting software?” to improve my business?” Improving your business processes with automation is a smart move to make as a business owner. It frees up your time so you can concentrate on other time-consuming duties, ensures accuracy, and helps you manage the repetitive tasks that crop up frequently. In addition to helping your business develop, it is also accessible. Automate these 5 areas of your business using Sage Business Cloud Accounting.1. Budget. 2. Customer transactions—quotes, invoices, receipts, reports, etc. 3. Tracking inventory items 4. Project (Analysis Codes) 5. Vendor ManagementAssets.  5 folders and 5 icons for areas 1. BudgetBudgeting by hand rarely results in success. The tedious process of manually creating, disbursing, gathering, and merging records results in mistakes and omissions and will not improve your business. Budgeting is vital, particularly if you’re just starting up a new business, and it’s difficult to do manually. The accounting software allows you to compare how much you’ve spent against your original budget. On Sage Business Cloud Accounting software, you can view your budgets using the Budget Report provided by Sage’s budgeting tool, compare actual business results to your budgeted results, and swiftly create and manage budgets, which gives small businesses far more planning flexibility.  2. Customer Transactions Manually creating quotes, invoices, receipts, and reports is a relic of the past, but with the SBCA (Sage Business Cloud Accounting) software, you can easily raise quotes and invoices, issue receipts, and get insightful reporting on all transactions that are carried out in your business.  3. Tracking Inventory Items With the SBCA (Sage Business Cloud Accounting) software, you can manage your inventory and track it using serial numbers. Avoid running out of stock. By replenishing inventory automatically with Sage Business Cloud Accounting, accounting automation systems will help your business perfect its inventory levels.  4. Project (Analysis Codes) In your business, you can track revenue and expense transactions based on specific criteria, such as business units or locations. With the Sage Business Cloud Accounting software solution, you can analyze the performance of your business at every project level.  With others like; 5. Assets: It helps you categorize your assets. You get a comprehensive list of your assets and where they are situated. Your fixed asset management will process more quickly and with greater accuracy, if it is automated. Sage Business Cloud keeps records to enable scope-to-scope comparisons and year-to-year comparisons. And with the SBCA (Sage Business Cloud Accounting) software, you can be rest assured that your assets are registered. 

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7 Reasons why you should apply business automation to your business now!

Accounting /

As the world digitally evolves, you should stay away from manually handling your business operations. This is your signal to set up business automation for your business to help it grow and deliver the best results.   With business automation, you are able to streamline your business operations to drive business growth accurately. We’ve listed seven reasons why your business should be automated below;  Cost-effectiveness: This is one of the reasons why business automation should be applied to your business. It helps reduce repetitive and time-consuming tasks since they would be done automatically. This could save your business money by ending costly errors and organizing your processes to help employees complete them more efficiently. Accuracy: With business automation, you are confident of accuracy as all your business processes will be handled automatically. With customized software solutions, your activities and tasks can be controlled to produce an accurate result, automatically.  Reduces Manual Stress: Why struggle with handling your business operations manually when they can be automatically run? With automation in place, repetitive tasks are handled automatically, reducing the time you spend on them. The fatigue that comes with manually figuring out your profit, debts, and losses is taken off you. Now, you can sit and watch your business processes handled from start to finish.  Boosts Productivity: You no longer need to spend time focusing on a task that would take the entire day! Now, you can introduce software solutions to take tasks off your hands, g you to focus on highly demanding jobs. This helps you to easily handle a lot of functions and activities at the same time, leading to productivity.  Better Client Satisfaction: When the quality of your business or service is great, customers are satisfied. When your business process is automated, productivity and accuracy are assured, leading to happy customers for a job well done or service, well delivered!  Better Business Insights: No more hassle trying to find feedback or results With business automation, you can easily track. With automated and digitalized processes, your system knows exactly the time, effort, and resources needed to carry out a specific task. Using the right tools, you can get valuable business insights that will help you make it better.  Decisions based on facts are better than ones based on guesses. With business automation, rest assured that it can be achieved.  Increases Accountability: When a business process is digitalized and automated, it is simple to determine who is in charge of what task and when they must deliver. Business automation can be customized to fit a business’s needs, and having this clear responsibility distribution, the staff’s accountability, and seamless quality control makes it possible.  All these reasons and many more have been given just to show you that your gfgfgfbusiness can grow again with the right business automation at your disposal. To begin your journey using business automation for your business, you can click on the “contact support” icon on the website. Our seasoned and certified consultants are there to assist you. There are various areas of your business that can be automated, you can learn more about that here.

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I am Tired…

Accounting /

Rita, my old friend from secondary school almost burst out in tears as we were speaking on the phone. “Chi, I can’t keep track of my finances and I keep losing track of time to do other important things, what do I do?” As the CEO of a medium-scale fashion industry business, Rita knows she needs help managing her finances. From invoicing, to calculating taxes, to reporting, she is saddled with a lot and desperately needs help figuring out how to manage her finances and business processes but prefers to handle her business operations manually. This came as a surprise to me; the Rita that I knew back in the day did not look like she could be overwhelmed with work. To me, she had everything figured out, but now, it hurt me to listen to her breakdown over the phone, and I was determined to ensure that a solution was proffered for her concerns. I thought long and hard about what to do… Alas! It struck me! I remember attending to a young patient of mine who was rushed into the hospital due to High Blood Pressure. It was a concern for me as a medical doctor because she is young. I knew something was wrong so, during the routine consultation, I probed further to know how she got there. She explained how she lost a huge amount of money in her business because there was no structure in place to help manage her business’s accounting. She could not easily raise and track invoices, track cash flow, accept payments, record transactions, automate business operations, and capture expenses. It was a big issue for her. As a business owner with a staff strength of 10, handling these operations was difficult, and it kept her late at night. Trying to manually record transactions in her businesses and constantly thinking about it affected her health. We talked for a while, she was treated, and she went home, only for her to show up for her next appointment looking fresher and prettier than the last time I saw her. I needed to know the secret, so I asked how she was fairing. She answered me smiling, “I am better now, Doctor Chi. I came across an online ad made by a company called Excellium. The advert was about a software solution, this solution helped my business and gave it structure.” I listened to her talk about all the interesting details this solution had, and I was glad that she felt better but I wanted to know more about this solution. The thought that the problems of businesses could weigh an individual down gave me so much reason to ask more questions. Then she mentioned the name of the solution, Sage Business Cloud Accounting. This affordable solution helped her easily create and track invoices, track cash flow, accept payments, record transactions, automate admin operations, and capture expenses. It was a game changer for her business, she said. Imagine going through the hassle of manually capturing expenses, and invoices, calculating taxes, reporting, monitoring cash flow, and budgets, and handling paper folders that house the names of suppliers, items, budgets, etc., only for them to be lost. Miss Shade spoke about this solution with so much trust and appreciation. Sage Business Cloud Accounting regularized her blood pressure and brought smiles to her face; She told me. I wanted that for Rita, my old school friend, and so I decided to give her a call at once to tell her all I had learned about this Solution. With the Sage Accounting Business Cloud Software Solution… You can: capture expenses as they happen take care of invoicing on the road bank at the office and manage cash flow from your home. perform insightful reporting calculate taxes easily check your cash flow capture the right quantity of inventory in and out keep track of your company’s performance against predefined targets keep fixed assets registered Check foreign exchange swings on items bought, and sold and their impact To prepare for the future, Miss shade says business owners should take into consideration unavoidable occurrences. “It is important to be set up with the right software solution from on-set, so you are not caught up in a challenging situation with your finances later”, she said. She talked about how many businesses in Nigeria do not outlive the owner and how businesses don’t last in Nigeria because most of them lack structure. Miss Shade has made up her mind to ensure her business has structure and lasts for generations. She is particular about setting the pace for structured business in Nigeria and would like other businesses to follow suit by adopting the right solutions like Sage business cloud, to suit her needs. She expresses her gratitude to Excellium, the company that introduced her to Sage Business Cloud Accounting Software. Now, Miss Shade can sleep peacefully because she rests assured that the right solution has been put in place to help her business processes. I would like you to enjoy comfort like Miss Shade and Rita and so I have decided to share this. To know more about and start your free trial with the Sage Business Cloud Accounting Software Solution. Please go to our product page on the website to learn more and click on the free trial link to begin.

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Wondering where all your money goes.

Accounting /

Ever wondered what keeps consuming the bulk of your finances in your business? Have you been able to find the culprit? Are you a business owner, and do you wonder on a daily basis how to keep track of your expenses? Are you always trying to figure out how funds invested in your business have frittered away, but you keep coming up with nothing? As a business owner, your company finances and operations should occasionally be reviewed to sustain your whole organization. You should be able to ask yourself where and how your finances are spent. This will help you identify if you need to cut down on some expenses, cut some payrolls or stop using outdated processes. I know you are wondering how this is possible but not to worry, we are here to help you no matter the size and type of your business. Here are 4 reasons why your business needs accounting software. · Manage inventory · Automate Manual Operations · Compute Tax easily · Work Faster Manage Inventory Accounting software helps you to put your inventory into an organized platform so that you can manage your business growth effectively. It has the capacity to combine multiple inventory factors without any error. Information such as item name, quantity, unit of measure, color variations, sizes, batches, and expiry dates are easily calculated and stored using accounting software. This can lead to efficiency and productivity in operations. Automate Manual Operations Accounting software helps businesses to track their accounting processes in an automated manner. It helps to eliminate manual tasks while operating your business and also assists your business to make its process delivery easier leading to the satisfaction of your stakeholders. Compute Tax Easily Accounting software helps businesses to manage tax liabilities. With accounting software, you can calculate your Value Added Tax (VAT) & Withholding Tax(WHT) payments and deductions. Accounting software helps you to manage your tax payments and prevents unnecessary delays and penalties. Work Faster Accounting software is built to help reduce your work time. Bookkeeping can take time when you manually track costs and revenue using a spreadsheet. Using spreadsheets like Microsoft Excel, require that you enter lots of information manually. Accounting software helps you save valuable time, so you can invest your time to grow your business. Here at Excellium, an authorized partner with Sage, Microsoft & Zoho, we have the right software solutions that can make your business operations easy and breezy. We help you develop effective corporate structures using the best software solutions tailored to suit your needs. These software solutions allow you to check things on the go. Need help handling your business operations, contact us now! We are readily waiting on you.

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4 signs that show you need to change your accounting software

Accounting /

As a smartphone user, has it ever crossed your mind to change your phone? Yes! Your camera might be outdated, you want a bigger phone, or the latest Android operating system or IOS is not supported on your phone. Just as changing your phones occasionally comes to us as a priority, business owners must regularly check whether their accounting software is performing their business tasks as it ought to. You might ask, how do I know if I need to change my accounting software? We have provided four signs to help you make your decision. Level of manual operations As a business owner, it is important to always check the tasks you spend most of your time. Are you spending much time daily on your accounting tasks? For example, if as a business owner you issue your invoices manually, then you need an accounting software pronto. Reconciliations can be a big headache for small businesses. If you constantly perform manual operations, you would be spending time trying to reconcile your figures to your accounting system. For example, Cakequeen, a small baking business sells products on their website, Instagram, WhatsApp, and in-store. The business usually records their sales orders on Excel. This causes problems in reconciling their sales orders, leading to stockouts. This can occur when Cakequeen’s different sales channels are not integrated with their accounting software. Do you have to constantly reconcile your accounting figures manually? Then you might need a software upgrade. Growing size of business operations When your business operations begin to expand, your current accounting software might be unable to accommodate some of your new business processes. This makes you spend more time trying to capture these processes manually. For example, you run a biscuit manufacturing company. As a startup, you might have outsourced your production. Alternatively, you were running your production schedules using a manual stock card. This could have allowed for your business to use a small online software to capture your invoices and pay your expenses. However, as your business grows, you are unable to capture your raw materials and finished inventory on your accounting system. This makes you to start losing track of your inventory, leading to multiple theft cases from your staff. You are also unable to get accurate reports making it difficult for your business to take important decisions. Integration of external applications Business usually require multiple applications to function effectively. These can include customer relations management (CRM) software, inventory management software, payroll software, manufacturing software, expense tracker, and other industry custom software applications. However, when the applications are connected, business processes are performed faster and seamlessly. A typical example is when a customer fills a form to purchase an item on your website, the form automatically inputs the customer’s name into your CRM, while also creating an invoice on your accounting software. This eliminates the process of tracking the customer’s order manually. Your accounting software should have integrations into your other applications to enable your business process flow seamlessly. Otherwise, you might need a switch. Multiple support issues Software applications help businesses to function effectively. Sometimes, these applications can have errors or bugs while trying to access a feature. Some other applications are too complicated. It takes some time to find where a feature is located. If you have a situation where your software application has too many support issues, then you might need to reconsider the application. Your accounting software should allow for ease and not delay of transactions. In Nigeria, many small businesses opt to substandard developers to make accounting software for them. After a period of using the software, problems begin to occur in accessing the software data. Your accounting software should provide your business with easy access to constantly monitoring your financial progress. This means that the software application should be up and running and possess an easy-to-use framework and process.

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5 Bookkeeping tips for your small businesses

Accounting /

#Tips: 5 Bookkeeping tips for your small businesses Every business needs to record its finances. This can be done by a process called bookkeeping. For small business owners, bookkeeping can look complicated when starting. However, it would help you to check how your business is performing. Here are some tips on how to start proper bookkeeping for your small business. Have a good accounting software system If you want to maintain proper records for your business, an accounting software is necessary for your business. An accounting software would help you manage your customer records, supplier records, bank records, and other relevant records. Most accounting software applications come with financial report templates. This allows you to preview how well your business is faring at any point applicable. Review your books Accounting software and spreadsheets help to capture your business information and financial records. However, it is important that you regularly review your software records, to check for irregularities, errors, or wrong postings. Reviewing your records also help to prevent unplanned tax readjustments from the tax authorities. You can engage an external accountant to help review your records. Monitor your Expenses Track every expense you spend. As a small business owner, you must be mindful of your expenses. If you pay for expenses by cash or by bank, ensure you collect receipt or invoices for every expense incurred. To know if you are on track with your records, confirm the balance of your cash and bank accounts against your expenses regularly- weekly or monthly. Separate business from personal expenses For sole proprietors or small business enterprises, spending from your business purse can be a very tempting experience. Small business owners are usually poised to manage their business finances themselves. This allows some owners to mix their business and personal expenses together. If you are seeking to grow and manage your business properly, you must learn to separate business from personal expenses. You can do this by drawing up separate accounts for both expenses. Personal expenses can be tracked using an expense app. You can then use an accounting software to track your business expenses. Separating business and personal expenses helps you to create financial discipline for your business. Understand your monthly bookkeeping reports It is important to know how and where your business is growing or whether it is not growing. This can be done by tracking your bookkeeping reports. Bookkeeping reports show various business metrics such as how much profit you are generating, your sales value, debt value, or whether your operating expense are high, amongst other indicators. There are various bookkeeping reports that can help you to determine how your business is faring. The most important reports include your income statement and your statement of financial position (also known as Balance Sheet). You can get your accountant to explain what the reports mean so you can have a first-hand knowledge of how your business is faring. Looking for someone to discuss about your small business, shoot us a mail to info@excellium.biz or call us on +2348038023199, +2347018588691 +2348057696213. Recent Posts

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Why every business needs an accounting software

Accounting /

#Tips: Why every business needs an accounting software Every business owner wants to grow their operations. However, growing your business can make your operations become complex. You are puzzled with managing customer and supplier data, invoices, payments, loans, and staff salary. This can be stressful when using spreadsheets or paper accounting. An accounting software helps you to put your business data into an organized platform so that you can manage your business growth effectively. An accounting software is a software application that helps businesses to track their accounting processes in an automated manner. An accounting software enables you to manage your revenues, costs, profits, assets, and liabilities. An accounting software can be used either in the cloud (internet-based) or on-premise (office-based). Your accounting software helps your business to manage growth and track costs properly. Here are ten reasons why your business needs an accounting software. Manage your inventory Accounting software, cloud or on-premise, are better and more accurate than spreadsheets in the management of inventory database. An accounting software has the capacity to combine multiple inventory factors without any error. Information such as item name, quantity, unit of measure, colour variations, sizes, batches, and expiry dates are easily calculated and stored using an accounting software. This can lead to efficiency and productivity in operations. Depending on the accounting software, you can also manage production batches and expiry dates. Automate manual operations Tunde places an order for a pair of shoes from Molu’s shoe business. With an accounting software, Molu can easily provide pricing, calculate inventory reduction, and process delivery to Tunde. An accounting software helps to eliminate manual tasks while operating their businesses.  An accounting software can assist a business to make its process delivery easier, and thereby satisfying your stakeholders. Compute tax easily Legislative compliance is a priority for most businesses. The government can restrain your business and impose liabilities if you don’t pay your taxes. An accounting software helps businesses to manage tax liabilities. With your software, you can calculate your Value Added Tax (VAT) payments and deductions, Corporate Income Taxes (CIT), and employee Personal Income Taxes (PIT). An accounting software helps you to manage your tax payments and prevent unnecessary delays and penalties. Store Management An accounting software helps businesses to manage their warehouses or stores. When goods are brought into a warehouse, it is important to have a method of accounting for the stock. An accounting software assists businesses manage stock by classifying inventory location and using technology to monitor stock movements. A record gap can lead to pilferage by staff. Managing stock locations can be daunting when done manually. An accounting software helps businesses to properly track stock movements. Obtains Loans Faster When a financial institution wants to provide a loan to a business, they would access the business status to see if they can repay the loan. A financial statement is usually a primary source for financial institutions. An accounting software helps businesses to track and process financial information. Your accounting software can help your business to present the right information to facilitate the loan processing. Prepare financial reports As a business owner or accountant, it is important to know the health status of your company. How sustainable is your business in the next 6 months to 2 years? Will I default on my creditor and staff salary payments? These questions can be monitored with an accounting software. With your software, you can determine how much profits you are making within a period. You can check how much you need to save into the business or pay-out to investors. An accounting software helps businesses to provide financial information regarding a business’ welfare. Work faster An accounting software would help you work faster. Bookkeeping can take time when you manually track your costs and revenue using a spreadsheet. Spreadsheets like Microsoft Excel, require that you enter lots of information manually, making you to lose time that can be spent in other valuable parts of the business. An accounting software helps you save valuable time, so you can invest your time to grow your business. Payroll Management Your staff is an essential part of your business. As a business owner, you must plan how much each staff would earn every month. This process can take time if done manually. An accounting software can help businesses to manage their payroll costs and process staff payments promptly. Your staff are more engaged when they know that their salaries are made promptly. An accounting software helps businesses to achieve that.   Recent Posts

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