Many SMEs are still on manual accounting system. Not only has it taken up many valuable executive hours, but companies are also not able to extract accurate and timely financial information for trend monitoring and targets achieving purposes. Finding and checking some numbers sometimes may take a few days (for the staff are only willing to search for them when they are free).
We have done an Enterprise Development Grant (EDG) project on converting from manual practices to a software-aided system, scope of this EDG project is as follows:
- Coach top executives on key accounting and financial principles.
- Review Chart of Accounts for ease of operation and basic financial analysis.
- Assist in configurating the software to suit company's needs.
- Advise on smooth adoption of new accounting practices.
- Handhold the accounts executives on best practices.
- Resolve teething issues encountered during implementation.
- Consult on the compilation of the first financial statement using the new software.
After the project, not only did the accounts manager position remain vacant, but the account executive also left. However, we had trained a young executive to take over the whole process. Directors of the company could now extract its primary financial data within their fingertips for decision-making purposes. We have also updated the companies Chart of Accounts and found the best way for data entry to save time and make life easier for the executives.
This module is best conducted together with financial capabilities improvement EDG project.
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