FNB tackles bookkeeping woes

By Staff Writer for FNB
Johannesburg, 11 Mar 2009

Poor financial IT systems and processes are hailed as one of the major reasons small businesses do not meet their tax deadlines. This is according to John Botha, head of FNB Qwill Instant Accounting.

FNB has developed Qwill Instant Accounting, an integrated and instant accounting solution that uses an FNB electronic bank statement to do a company's bookkeeping automatically. Botha says bookkeeping systems that are able to integrate with the bank statements of that business can eliminate processing duplication and time wasted while searching for documentation.

“Smaller businesses do not always have the required information readily available to be able to submit their tax returns. They often burden their bookkeepers with boxes of receipts and supporting documents, and the bookkeeper has to try and produce a set of financials in a short space of time.”

FNB Qwill Instant Accounting is a Web-based accounting solution that enables business managers to view financial reports at any place or time. Another benefit is that all the company's data is stored on FNB's servers, where regular backup procedures are undertaken. This means the accounting information is secure should a company's computer crash.

Botha concludes: “We are approaching an era where more businesses will look for systems that are able to automate all or most of their bookkeeping, thus saving them time and money while ensuring they are able to see how their business is performing at any time.”