Accounting Software for small and medium scale businesses is one of the most important emerging issues in accounting development across Nigeria and globaly dating back from 2023 and now to 2024. According to a recent report compiled by Cloud Accounting Platform – Xero™ titled “Make or Break? An investigation into what separates successful entrepreneurs from those who fail”, 14% of small businesses who did not use accounting software to manage their finances failed.
Also online accounting platform, Sage One, has hinged on the high rate of failure of small businesses especially before the second year of startup, on poor book-keeping as well as inadequate researches and lack of insight by business owners.
With the advent of computer and digital technology, businesses do no longer have to burden themselves or their accountants with endless manual systems of recording their daily financial operations. Accounting software for small businesses in Nigeria and indeed Africa have become affordable and many of them are available for effective and timely reporting to aid quality management decision making and prevent unecessary business failures.
What Is Accounting Software?
Many accounting software companies majoring in implementation and training of company’s staff have sprung up in Nigeria. Accounting Software is a computer program that allows the automation of financial records and processes and assists accountants, store managers, consultants, and business owners in maintaining, posting, reporting, and monitoring an organization’s financial transactions within a functional system. With the evolution of technology, there are many cheap and reputable accounting software for small businesses in Nigeria available. Some of them are even free even though they are limited in functionality.
What is a good accounting software?
A good accounting software solution contains menus such as customers, vendors/suppliers, sales ledger, purchases ledger, accounts receivable, accounts payable, journal, payroll, fixed asset, direct cost (cost of sales) and indirect cost (administrative expenses), assets, liability, general ledger, trial balance, income statement, media expenses, and income, advertising expenses, PR Expenses, etc, balance sheet, etc. which simplify the processes of accounting record entries and reporting.
A good accounting software, therefore, functions as a complete accounting information system. With it, you can maintain and manage sales/customers and purchases/vendors, generate and post ledger accounts of daily business transactions, generate reports, manage and track stock levels, bill customers, complete inventory management and monitor cash and bank account movement and balances.
One of the top 10 best accounting software company in Nigeria is Skytrend Consulting Limited, incorporated in 2013. When it comes to implementing budget friendly, affordable, and effective accounting software for small businesses in Nigeria, they are a top expert! Many small businesses in Nigeria fail in the first 5 years due to improper financial recording processes.
With an accounting software customized for your small or medium scale business, you do not have to suffer this failure anymore, you can easily then focus on the strategic aspect of building your business.
Digital Evolution And Accounting Software Development In Nigeria
No matter how small or big your business is, managing its financial side can be frustrating. Thanks to the digital evolution, you can overcome that stress and have the best accounting software solution for your business to do all the heavy financial recording and tasks for you. And thanks to digital development in Africa and of course development of accounting software for small businesses in Nigeria that have become prevalent.
Once you find your top accounting software among all that’s out there, you will be able to do away with Excel and Google spreadsheets and get into the world of proper accounting and double entry principles. Many accounting software for small businesses in Nigeria will definitely turn around the fortune of your organization for good and you will be able to prepare proper financial accounting accounting and digitalize your business procedures for effective internal control processes.
Best 12 Accounting Software for Small Businesses In Nigeria 2024
There are many different types of accounting software for small businesses in Nigeria, with varying capabilities and price tags. Generally, the type of industry and number of employees are two factors that can help a small business owner begin to choose the accounting software that is appropriate.
The most popular accounting software for small businesses in Nigeria include Sage 50, QuickBooks, FreshBooks, SAP, Xero, Zoho Books, AccountEdge Pro, Wave, ZipBooks, Sage Business Cloud, Tally and Busy Software.
These software are easily customizable for any organization, have cloud and desktop version and can be used by different categories of businesses such as manufacturing, hospitality, consulting and other services, buying and selling, large retail and schools among others.
1. Sage 50 Accounting Software
Sage 50 is one of the best accounting software for small businesses in Nigeria. Whether small or medium scale organizations, Sage 50 has become industry standard in the evolving business of accounting software implementation and training. It’s easy to understand, very simplified to use, and can be easily learnt by both accountants and non-accountants within a short period of time.
Sage 50 is easily customizable for many types of business organizations such as hotels, restaurants, bar, manufacturing, consultancy businesses, service businesses, trading businesses, hospitals, schools etc. Sage 50 accounting software helps organizations achieve more by simplifying everyday tasks so you can get more work done, helps you get to your data faster, and provides tools to help increase organizational efficiency and financial recording accuracy.
If you own or manage a hotel or an hospitality business, Sage 50 robust accounting and inventory management modules will simply help analyze sales in your room, restaurant, bar, lounge, swimming pool and any other line of income such as gym, and laundry available. This will let you easily determine if your hotel is making a profit or not and how much.
Do you need an afordable and effective accounting software for your organization?
Skytrend Consulting Limited is one of the best accounting software implementation and training companies, with specialty in implementing accounting software for small amd medium scale businesses in Nigeria. When it comes to setting up suitable and cost effective accounting software solutions for your business, Skytrend Consulting takes the lead!
The organization have been in the business of accounting software solutions since 2013. Skytrend implements and trains corporate organizations, hospitality business, big and small supermarkets, service business and individuals, fresh and existing graduates and job seekers on how accounting software can improve the productivity, data accuracy and reporting capacity of their businesses and facilitate their real time reporting of accounting information. They have expertise in hotel accounting, manufacturing businesses, merchandizing, services, schools and other categories of business operations.
To book a call or make inquiries with their Sage 50 Accounting Software Implementation and Training experts in Nigeria, (Skytrend Consulting Ltd), call 0803 385 7245 for free consultancy today.
2. FreshBooks Accounting Software
FreshBooks is another highly rated accounting software for small businesses in Nigeria and beyond. With FreshBooks, you can manage all the financial operations from a single dashboard.
You will definitely like the user-friendly interface of this solution. To take the functionality to another level, they prioritized integrations. You can use it with platforms including PayPal, WordPress, Mailchimp, Zendesk, and more.
3. QuickBooks Accounting Software
QuickBooks was developed and marketed by Intuit and is a very effective accounting software for small businesses in Nigeria.
Its latest cloud-based release was in 2019, but it also offers separate desktop options you can purchase and download. Its products are typically geared toward small and medium-sized businesses, whether in Nigeria or elsewhere and over seven million businesses use this software globally.
Not only do the majority of small business accounting professionals use QuickBooks Online, but there are also endless online training resources and forums to get support when needed. All accounting features can be conveniently accessed on one main dashboard, making bookkeeping more fluid and efficient.
4. Xero Accounting Software
Xero is a very efficiant accounting software for many small businesses in Nigeria and elsewhere. It has a clean interface and also fully integrates with a third-party payroll service. Businesses can collect payment online from customers through Xero’s integration with Stripe and GoCardless.
The solution is a cloud-based mobile app with payroll integration with Gusto, Third-party app marketplace, Simple inventory management
Xero was founded in 2006 in New Zealand and now has over two million users worldwide. This accounting software is popular in New Zealand, Australia, and the United Kingdom. Xero has over 3,000 employees and is growing rapidly in the U.S., as well.
5. Zoho Books Accounting Software
Zoho Books is simple yet scalable accounting software for small businesses in Nigeria. It is mostly used by those who are self-employed and those who want to start a small organization. Zoho Books offers excellent cloud accounting for micro-businesses.
It is easy to use and budget-friendly. Features are limited, but you can use additional Zoho tools (like Zoho CRM) to boost the functionality as your business grows. Or, you can opt for the complete, all-in-one solution called Zoho One.
6. AccountEdge Pro Accounting Software
AccountEdge Pro is a desktop solution founded in 1989 and has developed new features and enhancements over the years. If you need to access your finances on the go or from your smartphone, you can use their cloud-based app or their hosting platform. It’s geared toward small to medium-sized businesses, and many small businesses in Nigeria are using it.
7. Wave Accounting Software
Wave accounting software was founded in Toronto in 2009 and provides software and financial services for small businesses, including many in Nigeria.
It’s an invoicing and accounting software that also has credit card processing and payroll services. It’s cloud-based, easy to use, and can be used by business owners with no accounting or bookkeeping experience. All of your data is backed up for extra security, and you can connect your bank accounts to sync your expenses at any time from anywhere.
8. ZipBooks Accounting Software
ZipBooks is a free cloud accounting software for small businesses in Nigeria. You can use it for free if you’re okay with the limitations. But the good news is that the paid plans are quite affordable as well.
With the free version, you can send invoices, manage suppliers/customers and accept digital payments. They have sophisticated features in the premium version for small and mid-sized business owners.
9. Tally Accounting Software
Tally, an Indian-made solution is one of the accounting software for small businesses in Nigeria. It comes with great error detection and correction capabilities. Other functionalities provided by tally include accounting, finance, inventory, sales, purchase, point-of-sales, manufacturing, payroll, Inventory control, discount, collection reports generated, and branch management. Many businesses in Nigeria are using this business solution.
10. Busy Accounting Software
Busy Accounting software, manufactured by and in India, but equally used by small businesses in Nigeria and across the globe, helps your accounting team to work with great precision and order.
The solution also supports accounting processes such as configurable Invoicing, Financial Accounting (Multi-Currency), multi-Company Accounting, Payroll Management Sales / Purchase Quotations, multi-branch management, and more. Tax management is one of its key functionalities.
11. Busy Accounting Software
Busy Accounting software helps your accounting team to work with great precision and order. It is best suited for small and medium businesses especially those in FMCG, Retail, Trading, Manufacturing, Distribution, and Service as it helps them manage their business efficiently.
The solution also supports accounting processes such as configurable Invoicing, Financial Accounting (Multi-Currency), multi-Company Accounting, Payroll Management Sales / Purchase Quotations, multi-branch management, and more. Tax management is one of its key functionalities.
12. Godaddy accounting Software
Established in Baltimore, Maryland, in 1997, GoDaddy is a big name in the web hosting and website creation space, but it also offers accounting software for small businesses. It has tools to automate and organize your bookkeeping and accounting solutions and requires no prior accounting knowledge. You can automatically create and send invoices, accept online payments, and view business reports.
GoDaddy accounting software is purpose-made for e-commerce businesses, so you can get started in a few minutes, and it syncs to Amazon, Etsy, eBay, PayPal, and more. Keep in mind that GoDaddy is great for online sellers, but may fall short if you’re a small business looking for comprehensive accounting solutions including automation, tax forms, and payroll.
Do You Need Accounting Software For Small Businesses In Nigeria?
Need accounting software for your business anywhere in Nigeria? Hotline to Call or Whatsapp Our recommended and reputable Accounting Software Experts/Consultants 0803 385 7245.
How Does Accounting Software Works?
Once a business’ bank accounts and credit cards are synced with the accounting software, transactions will appear in a queue and can be classified into the categories found on the business’ chart of accounts. After selecting the proper category, transactions begin to populate the business’ financial statements.
Small business owners can run a financial report in seconds to review profitability, compare revenue and costs, check bank and loan balances, and predict tax liabilities. Having quick access to this financial information gives business owners the power to make important decisions.
Additionally, many accounting software allows third-party application integrations. For example, if a business owner uses a point of sale (POS) system to capture sales transactions, the POS system could potentially integrate with the accounting software to record specific transactions, sales tax liabilities, sales by subcategories, and more.
What is the most popular software for accounting?
The most popular software for accounting is Sage 50 Accounting Software. Sage 50 Accounting Software has become industry standard in the evolving business of accounting software solution implementation. This is because it’s very simplified, easy to learn and use even by accountants and non accountants, business owners and senior executives who may never have had any background in accounting.
What is an accounting software company?
Acccounting Software Companies are financial services organizations that specialize in acquisition, implementation and customization of accounting software for different categories of companies and at the same time involve in training staff and users in handling the newly installed software solution for ease of daily recording of financial transactions and processes. There are many accounting software companies in Nigeria which include:
- Skytrend Consulting Limited (08033857245)
- Microware Solutions Limited
- Gems Consulting
- Excellium Consulting Services
What software do financial accountants use?
There are many different types of accounting software that financial accountants use for small and medium scale businesses in Nigeria, with varying capabilities and price tags. Generally, the type of industry and number of employees are two factors that can help a financial account or business owner begin to choose the accounting software that is appropriate.
The following a typical list of software that financial accountants use:
- Sage 50 Accounting Software
- FreshBooks Accounting Software
- QuickBooks Accounting Software
- SAP Accounting Software
- Xero Accounting Software
- Zoho Books Accounting Software
- AccountEdge Pro Accounting Software
- Wave Accounting Software
- ZipBooks Accounting Software
- Sage Business Cloud Accounting Software
- Tally Accounting Software
- Busy Accounting Software
- Godaddy Accounting Software
What software should accountants know?
At Skytrend Consulting Ltd, we recommend that accountants and business owners know and understand how to use Sage 50 Accounting Software because it is the most popular accounting software for small businesses in Nigeria. It has become industry standard in the evolving business of accounting solution implementation. This is because it’s very simplified, easy to learn, and use even by accountants and nonaccountants in Nigeria and all across the globe.
Sage 50 solution is easily customizable for many types of business organizations such as hotels, restaurants, bar, manufacturing, consultancy businesses, service businesses, trading businesses, schools etc.
You can call 0803 385 7245 for our expert consultants free advice.
