This was one of the key takeaways from the Cloud Based Accounting Practice Workshop held recently in Port Moresby.
The workshop aims to help local accounting and financial management services to better their client service using cloud-based accounting systems.
The workshop held on December 4th aims to offer solutions specifically for MSME businesses’ budget by alleviating an increasing administrative burden and giving business owners the necessary insights to run their businesses more successfully.
For many MSMEs, a cloud-based accounting system provides them professional accounting advice which is critical for their businesses to grow and develop.
“SMEs tend to fall in that area with their tax returns and that’s accounting and there are other regulatory requirements that they don’t need,” said Managing Director of StratComm, Andrew Runawery.
“Trying to meet those requirements requires someone to do it for you and there are fees that you are supposed to pay and it’s pretty out of reach for SMEs to pay a fully-fledged accounting firm to take care of that.”
Akae Beach of Beach Accounting & Advisory says they need professional business advice, technical assistance, training and mentoring to unlock their growth potential.
Through platforms such as the cloud based accounting system, MSMEs are able to access professional assistance significantly lower than the usual cost.
“I noticed that every time we offer our fees the clients are usually very surprised that the fees are very low and that we are three times a lot less because we are using the cloud-base service,” said Beach.
The workshop was delivered by the Certified Practicing Accountants of PNG (CPA PNG) in association with Business Link Pacific.
Business Link Pacific (BLP) is a New Zealand government funded, multi-country program operating in the Pacific Island countries.
Since 2017, BLP has been supporting the local market of business advisory services in PNG, empowering the SME sector to access the right services to help their businesses develop and grow.
The full day workshop covered the following key areas:
• Driving efficiencies in your accounting practice
• Benefits of moving to the cloud
• Deep-dive into Xero, MYOB and Quickbooks online platforms
• How to train your clients on Xero, MYOB or Quickbooks Online
(Participants during the workshop in Port Moresby)