Software slows Kenyan company reporting

SOFTWARE

-
Image: Gurhan Kalelioglu. By Oracle
Gurhan Kalelioglu

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.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE SOFTWARE NEWS

Gartner: Beware of the Data Lake fallacy

The growing hype surrounding data lakes is causing substantial confusion in the information management space, says Gartner. Read More

VMware reports second quarter 2014 results

VMware, 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 fingertips

Sage 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 shortage

The 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 growth

Marval 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

SA Mint enhances SAP with Decision Inc.

Nick Bell Decision Inc., a SAP BusinessObjects partner, has assisted the SA Mint Company in developing a data warehouse with analytics and reporting capabilities that integrates with its existing SAP environment. Read More

SAP Fiori apps rapid-deployment solutions quickly enable world-class user experience

SAP Africa has announced four new user experience (UX) rapid-deployment solutions that enable businesses to adopt the latest user UX innovations from SAP, including SAP® Fiori® and SAP Screen Personas software.  Read More

Huge opportunities for African software developers

Enterprises across the continent are in desperate need of good software developers, says Petr Havlik, Managing Director of SA-based CyberPro Consulting. Read More

VMware expands validated vertical solutions across multiple industries

Education, financial services, healthcare, government and manufacturing sectors will benefit from specialised offerings of VMware Horizon to address their needs. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

Widening ICT skills gap: Cause for concernWidening ICT skills gap: Cause for concern

Nigeria's FDI gains could be eroded by the widening gap in indigenous skilled ICT manpower, writes Kokumo Goodie.

IN DEPTH

Kenya rolls out e-extension to improve agricultureKenya 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.