BOI Strengthens SME Financial Management with SAAPP
One of the major weaknesses of SMEs is poor record keeping and weak financial management, which makes it difficult to evaluate their financial performance and invariably inhibits their ability to access loans from banks or attract investors.
To address this deficiency, Kinesis Consulting Limited in partnership with BOI, has developed an SME Accounting Application (SAAPP). The Application has been tested to ensure that it enables users keep proper records of transactions as well as generate requisite financial statements. SAAPP is a user friendly, simplified and menu-driven accounting tool that does not require formal accounting knowledge by the entrepreneur. In fact, with this software, our SME customers will be empowered with business information on their mobile phones.
Features and Benefits of SAAPP
SAAPP will enable BOI SME customers to easily generate basic financial statements such as: v Balance Sheets which report on the SME’s assets, liabilities and ownership equity.v Profit & Loss Accounts, which report on the SME’s operation in terms of income (sales), expenses and profit or loss.v Cash Flows such as SME’s operating, investing and financing activities. One important feature of SAAPP is the integrity of the financial statements generated on it. Once financial statements have been prepared, they cannot be altered at will. Consequently, it is the same statements that will be produced for submission to the tax authorities, statutory government agencies and financial institutions. The App also contains a link that enables the SME mail the financial statements directly to BOI. SAAPP is being deployed to our SME customers via BOI branded, licensed and secured flash drives. The App is programmed for installation on a maximum of three devices per business entity and is available at a pocket-friendly price of N20,000.00.
How can SAAPP be used The simplified nature of the App makes it easy to use by SMEs. Structured financial statements can be generated simply by inputing data in respect of their daily transactions such as sales, expenditures as well as other sundry payments and receipts. Easily understood user manuals are provided alongside the App and a 24/7 support platform has been created to assist users who might require such service