The management of IkOOba Technologies through its Business, Management, Assurance and Collaboration (BMAC), has urged business owners, especially Small and Medium Scale Enterprises (SMEs), to key into its new accounting software -collaborative accounting to boost their record-keeping and financial management culture.

According to the company, IkOOba BMAC is a simple, innovative cloud accounting solution that provides real-time financial information in an easy-to-understand format on any device. The software was said to have been designed to bring SMEs closer to their clients offering a collaborative platform to help analyse business performance and provide new business insights.

Project Director, IkOOba Technologies, Sam Afemikhe Jr, in a short presentation, said SME funding programmes instituted by successive governments have barely made impact on the overall economic well-being of businesses because of the high cost and risk incurred by finance houses in lending to businesses.

According to him, most SMEs in Nigeria struggle to keep details of their business transactions and account records, as such the SMEs sector is unable to grow sustainably or hit their full potential. “This is a situation we must change if we are to grow this economy, reduce unemployment and enhance the standard of living of our people,” Afemikhe said.

“Due to lack of requisite finance, our businesses have staunched growth. Sadly, billions of naira given out by financial institutions, accumulated only and doubtful debts and inflicted so much pain and financial loss on these fund providers.

This situation can improve only when businesses particularly SMEs are able to keep records of their transactions by maintaining accounting books that generate the right information for them to track their performance thereby equipping them to manage their businesses better,” said Afemikhe as he posits that financial providers will not fund SMEs without basic verifiable accounting records.

Over the years, records have it that SMEs struggle to keep their financials and accounting information, which are key indices for decent business track record that ensure funding and enables them ascertain their integrity discipline and general performance.

Chairman, ikOOba Technologies, Sam Afemikhe, in his remarks said the company’s mission is to assist businesses become better at keeping records, and to advise SMEs on how best to grow their business sustainably.

“We have a mantra in our organisation that, ‘Every business is speaking to its owner or owners and accounting is the language needed to understand what that business is saying.’ In other words, accounting is the language of business and as a business owner you must understand the language of your business if you are to survive and grow,” he stated.