Increasing business confidence in Uganda means the future is bright for local accounting practices. Since October 2015, Uganda’s Business Confidence Index has increased from 52.3 to its current figure of 57.9.
Internet penetration continues to grow in the region, connecting more citizens in both urban and rural areas.
This, coupled with the government’s considerable investment in the development of information and communications technology (ICT) infrastructure and networks will stimulate business and increase the need for additional accounting businesses.
While running your own accounting practice can offer the benefits of being self-employed, which can include a better work/life balance and growing earning power, there are pitfalls.
Many accountants have a keen grasp on finance, but often lack specialist experience in areas such as information technology, marketing and human resource management.
“When you’re in a business on your own, you can quickly run into a range of operational challenges. From a computer hard drive that fails during tax filing season, clients that haven’t paid for services, to changing deadlines- it’s hard to stay afloat – especially when you also need to balance all of this with seeking new business,” says Nikki Summers, Director, Sage One in East and West Africa.
Luckily, things can be made a lot easier for accountants who use the latest modern, Practice Management Software, which provides all the core features they need to run their businesses in an easy-to-use affordable way. “With software moving to the cloud, accountants can access their clients’ as well as their practice’s books with integrated practice management on any device, anywhere across the internet,” says Summers.
The software should offer project tracking and timesheets, invoicing and debtor management, management reporting, security and customer relationship management.
Summers adds that the biggest benefit of running an accounting practice on cloud software is that both the practice as well as its clients can use the same solution to run their operations, in real-time. In the past, accounting practices often needed to run on different software to the solution they used to run their clients’ businesses.
“You also no longer need to worry about installing software on your PCs or backing up your data. You can access the data and the application from nearly every modern Web browser or from a mobile app,” she says.
“You and your clients can be logged in at the same time processing transactions - and you’ll always know you’ll have access to the latest live data from your clients’ accounts. Moving to the cloud is an opportunity to get closer to your clients’ businesses and transform your own working practices and succeed in Uganda’s growing economy”, concludes Summers.