Enhance SME funding with clearer accounting processes.
30 Aug

Enhance SME funding with clearer accounting processes.

Small and medium size companies all over the world face many similar issues. Probably the most important and one that can make or break progress, is the process to find additional finance. Being able to present your company financial data is vital. Controlling and knowing cashflow is paramount. Failure to have your finger on the pulse with this information is the reason, regrettably, most often recorded for company failure.

This problem is not helped when the internal bookkeeping methods are poor or at worse not accurate and or lacking in detail. This can block a potentially interested third party that could offer finance and raise their doubts on the credibility of the entire venture.

When meeting banks or venture capital companies it is vital you have all your financial records ready to present so you can show forecasts or prove cash flow, budgets, debtors and creditors etc.

We use Xero accounting software both internally and for our clients. This online solution voted for by Forbes allows secure, reliable, online accounting with solutions for e-commerce, legal, retail, industrial, manufacturing, indeed the full range of commercial activity. With bank reconciliations, payroll and all the other company accounting records that are required, we know that we can be sure and so can our client, that there are real time views of accounts available instantly and they are accurate and fully compliant.

Indeed we find that when detailed pages and “views” are on show i.e. ability to predict different financial scenarios, the bank or financier you are meeting is more likely not only to offer finance but also increase the amount on offer.

Once you are trading and with this solution, you can let us handle the data entry and day to day tasks and you still have total control and ability to view in real time your financial data. Also, days of being “in the dark” once you have handed over your year-end accounts and original copies to your historical accountant, are history.

Within all of the trading centres of the world there are lists and lists of accountants available. Myanmar is by contrast lacking in these services. With the huge changes and ramp up of commercial activity since 2012 the support services have not caught up. This is why we opened our offices, to cater for corporate demands, to provide world class corporate solutions so you can focus on your core business.

Global banks have recognised the potential in Myanmar. For example, Standard Chartered Bank together with The British Council have developed a micro, small and medium enterprises education programme for companies throughout Myanmar.

These training programmes allow you to send your selected staff so they can interpret with understanding the financial reports we can provide and with training the reports they themselves can select online. This “financial education” is clearly of value to you and your staff, which also adds to their skills competences and company loyalty.

For clarity, we should also add that our Xero solution offers world class IT security, confidentiality and back up data copies, so your information is safe; indeed probably safer than when on a PC in a conventional office without the latest safeguards.

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