IPSAS Implementation Challenges

ABC Toolkit—Financial & Business Solution for SMEs

About ABC Toolkit

ABC Financial & Business Toolkit is IFRS-compliant accounting software, designed and built for Small and Medium Enterprises (SMEs), and offered at a price they can easily afford. Apart from the issue of price, the software has been made simple enough to bring accounting to the level of anyone who can read and write, irrespective of whether or not the person has ever heard of the word “accounting.” This is predicated on our belief that accounting ought to be intuitive and spontaneous—should be our default mode. Afterall, our daily activities revolve around making and spending money, and not keeping proper record of our financial transactions does not make sense.

Accounting Software for Small Businesses

ABC Toolkit is ideal solution for all categories of Small and Medium Enterprises (SMEs). Apart from being full-featured accounting software that complies fully with the provisions of the International Financial Reporting Standards (IFRS), it is loaded with special tools and utilities to address the peculiar needs of SMEs. Some of these tools include:

  • Customer Information Management and Control (CIMAC) is a special tool that allows you to profile your customers and keep track of their transactions, just in the same way banks do. Nobody toys around with customers anymore. Fashion Designers and Tailors will find a special template that allows them to store and retrieve their customers’ measurements with ease.Accounting Software for Fashion Designers
  • Job/Sales Order Processing and Control is a standard tool that brings order and sanity into the way you handle your customers’ jobs. It allows you to pass each job through the standard process of Order Entry and Confirmation, Receipt of Payment, Quality Check, and Job Release/Delivery. Dry Cleaners, Fashion Designers, Tailors, Printers, and all those who provide goods or services that may take more than a day to deliver, need this.
  • Who told you that manufacturing accounting is only meant for big companies? With our manufacturing Bill of Materials Processing & Control (BOMPAC) you are a guru in this field. BOMPAC provides you with tools that allow you to collate all the cost components of what you want to manufacture int Bill of Materials, put them through Work-in-Progress and deliver the finished goods to Inventory automatically. And with all the the accounting entries perfectly in place. It will even allow you to fix your selling price based on a percentage mark up.
  • Quick Transaction Access Panel (QTAP) allows just anybody to record transactions in double-entry format, like a professional accountant, without knowing anything about accounting. Well, ABC Toolkit, however, expects you to know these familiar words: Cash, Income, Expense. Nothing more!

ABC Toolkit Transaction MenuABC Toolkit owes its uniqueness and simplicity to the fact that the system is designed based on Income and Expense only—unlike the conventional ledger-based accounting software that is modelled after the classical books of accounts. ABC Toolkit has only three principal modules, namely, Cash, Income and Expense—every other thing is packaged either as special utility or an optional tool. With this model of bookkeeping, people do not need to go to school or spend days learning before they can master the technique of keeping their books using accounting software.

The system comes packaged in the following editions: Basic, Standard, Professional and Custom Editions. While the first three editions contain pre-determined features, the Custom Edition, on the other hand, allows you to add features you need to the standard offering by choosing from a pool of optional tools. It also allows you to specify any other feature you may want built specifically for you.

The system comes pre-loaded with standard defaults parameters (including the Chart of Accounts) so that you don’t have to worry about setting up anything before you begin to use the software. All you need is your company’s name.

ABC Toolkit implements most of the features in the book, IFRS Accounting Manual for Small Businesses (one of the publications under our ABC Financial Education Series). The book is available on the Amazon Kindle platform, and we encourage you to embrace it as part of your financial literacy programme. However, you get the book free in electronic format for every copy of ABC Toolkit you purchase.

ABC BakerMITS is a special edition of ABC Toolkit customized for Bread Production Costing and Accounting.

Reports

The system has provided several reports options, including IFRS regulatory reports that must meet specific IFRS disclosure requirements. Apart from the regulatory reports, each module of the program carry additional reports relevant to that module. Reports can be exported in various formats.

Automated VAT Collection and Remittance

We have given Value-Added Tax (VAT) a special treatment because of its importance to our economy. It is this importance that informs our inclusion of VAT Administration module in all editions of ABC Toolkit.

An independent study we carried out had revealed that 80% of small businesses either do not charge or remit VAT, due to one of the following reasons, or both:
a)    Ignorance
b)    Lack of proper accounting and reporting system

These are part of the reasons we had to put so much into the design and implementation of the VAT module. Standard VAT Controls enable automatic VAT computation and easy accounting for different aspects of VAT (VAT Payable, VAT Receivable and VAT taken at source). A few key strokes are all that is required to generate and print VAT Returns. Beyond that, there are tools to take care of all the accounting entries associated with VAT remittance.

To enable automatic computation, accounting and reporting, the following standard VAT accounts have been defined:
a)    VAT Output – Sales
b)    VAT Input – VAT Paid on Goods
c)    VAT Taken at Source
d)    VAT Expense – VAT Paid on Overhead Expenses

All that users need to do during data entry is to select appropriate VAT option from the list and all other things will fall in place neatly. VAT Form 002 is automatically produced for remittance.

Value-Added Tax (VAT) Form

ABC Toolkit is not only an ideal solution for small businesses; it is also a recommended tool for individuals and families to manage their finances.

Standard Features

These are the base features available in the Standard, Professional and Custom Editions of the sotware. Note that the Custom Edition allows you to select any module or feature of your choice, in addition to the standard ones. Included as part of the standard offering (available in all the editions) is the System Control module, which allows you to set up your accounts, services, goods and other control parameters required for effective operations. However, the system comes loaded with several defaults parameters (including standard Chart of ccounts) to reduce the set up time.

Special & Optional Features

These are tools and utilities not commonly used, or are only required only by those with special tasks. It can also be required by those who want to extend their accounting functions beyond cash, income and expense. Users of the Basic and Standard Editions can also buy any of the optional tools not available in the their package. They include:

  • Bill of Materials Processing & Control (BOMPAC)
  • Customers’ Loyalty Programme
  • Fixed Assets Management
  • Payroll

You can get the Basic Edition of ABC Toolkit for as little as 25,000 Naira (including one year support).

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