Software slows Kenyan company reporting
SOFTWARE| Sept. 28, 2012, 11:48 a.m.
Kenya companies are lagging behind in their investment into systems intended to improve consolidation and financial reporting processes.
An online survey which was carried out among 82 companies by Oracle Corporation shows that 51.2% of these companies miss reporting deadlines due to over-reliance on spreadsheets.
“The report suggests that a lack of investment in consolidation software in particular and financial software in general results into ineffectual financial reporting and missed key deadlines,” said Oracle Regional Director for Turkey, Central Asia, West and East Africa Gurhan Kalelioglu.
The research also revealed that 23% of companies had invested in financial software in 2012, 35.36% in the past three years, and 41.46% more than three years ago.
“Kenya is a vibrant market with many companies growing steadily. Their financial software should be up to date if they are to produce reports to the satisfaction of shareholders and other stakeholders, as well as comply with global standards,” added Kalelioglu.
“With businesses still looking to invest, our advice is clear. Take the time to find a truly effective solution that can address data integrity issues and optimize processes. By doing so, finance organizations can be more efficient, while accuracy can improve and reports are more likely to be completed on time,” he added.
MORE SOFTWARE NEWS
New Sage ERP X3 version helps Nigerian enterprises power their growth into the futureSage ERP Africa has announced that Sage ERP X3 version 7 is now available in Nigeria. Read More
Micros SA supports an industry that never sleeps with Sage CRMMicros South Africa, a specialist provider of point of sale and reservation systems to the hospitality industry, is depending on the Sage CRM business solution from Sage ERP Africa to manage customer service for nearly 3,500 clients. Read More
Choosing the right Microsoft Office product to suit your needsMicrosoft Office is the most widely used productivity software packages in the world, and is available in several different versions for different users. For consumers, however, these different suites can cause confusion. Read More
Gartner: Beware of the Data Lake fallacyThe growing hype surrounding data lakes is causing substantial confusion in the information management space, says Gartner. Read More
VMware reports second quarter 2014 resultsVMware, the global leader in virtualization and cloud infrastructure, today announced financial results for the second quarter of 2014. Read More
New Sage ERP X3 version puts business information at your fingertipsSage ERP Africa has announced the availability of Sage ERP X3 version 7, the latest version of its global business management solution for midsized companies. Read More
Lagos: Oracle partnership addresses skills shortageThe Lagos State government said it partnered with technology giant Oracle Corporation to address a dearth of ICT skills. Read More
Marval Africa appoints CEO to bolster growthMarval South Africa, a specialist provider of Service Management (SM) solutions, education and consultancy, has announced the appointment of David Anderson as Chief Executive Officer. Read More
Is VUCA the answer to a rapidly changing global market?The VUCA concept is very helpful in closing the gaps between business and IT, says SAP Africa. Read More
FEATURED STORYNigeria’s VAS providers ‘on brink of extinction’
WASPAN chief Simon Aderinlola says unless the regulator intervenes, WASPAN may not have anything left to regulate. Kokumo Goodie reports.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.