W/African firms must adopt IT to grow

March 11, 2016 12:12 pm0 commentsViews: 15

ITLAGOS – COMPANIES have been encouraged to integrate business processes and systems to achieve higher levels of automation, save time and gain more visibility into their performance.

This, according to experts, can be achieved by integrating the called golden triangle of accounting, payroll & HR and payments.

Dr Rutendo Hwindingwi, the expert, said the fully integrated payments, accounting, and payroll solutions meant companies spend less time on admin and more on running their businesses.

“Many Nigerian companies are still using legacy business software or even manual processes,” Hwindingwi, who is also Divisional Director for Sage SEast and West Africa.

He pointed out the result was that they lacked visibility into business performance and need to capture certain transactions and information multiple times.

“Implementing modern, integrated solutions can help African organisations comply more easily with tax and labour laws, increase efficiencies, and gain more control over their business processes,” said Hwindingwi.

He said an integrated solution that brought payment, payroll and accounting functionality together eliminated the need to recapture or manually import payroll data into the accounting system each month and reconcile financial data with bank statements.

“That can save hours of work each month for the accounting and payroll teams, while also ensuring that the business always has up-to-date payroll information reflected in its financial systems,” said Hwindingwi.

He executive said a modern, integrated business system that drew together payments, payroll & HR, and accounting was also a platform for more efficient ways of working.

“With accurate and up-to-date payroll and HR data available, employees can use employee self-service to access information about benefits, payroll, leave, and expenses.”

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