Economy
Sage Launches Payroll, Invoicing Software in Nigeria
By Modupe Gbadeyanka
Market and technology leader for integrated accounting, payroll & HR and payment systems, Sage, has released software products to aid simple and secure online payroll solution for start-up and small businesses.
The products are called Sage One Payroll and Sage One Invoicing, which have been released in the Nigerian market.
Designed to help small businesses focus on what really matters, these software solutions give business builders the freedom to run their businesses anywhere, anytime.
Sage One Payroll seamlessly integrates with Sage One Accounting, offering a complete business solution for start-up and small businesses.
On the other hand, the Sage One Invoicing is an entry-level version of Sage One Accounting that makes it easy for sole traders, self-employed consultants and other micro-business owners to produce professional quotes and invoices.
Speaking on the release, the Regional Director for Sage in West Africa, Mr Magnus Nmonwu, stated that, “We aim to make tasks such as admin and red tape invisible by 2020 so that businesses of all sizes can focus on their business strategy, their customers and following their dreams.
“This is why we place a huge emphasis on automating those tasks that business builders enjoy the least.”
It was gathered that the Sage One Payroll is a smart online payroll solution that can be accessed 24/7 and caters for local tax and legal requirements.
It allows unlimited earnings (owed to employees) and deductions (what the employee owes). The software makes it easy to calculate employees’ net salaries or wages, as well as deductions such as Pay-as-You-Earn (PAYE) and contributions to National Housing Fund (NHF), National Health Insurance Scheme (NHIS), pension and life insurance.
For as little as N600 for two employees per month, Sage One Payroll streamlines the capturing of transactions, automates payroll calculations and brings visibility to the business.
It also makes it simpler to keep track of annual changes to tax regulations that impact on payroll tax calculations.
“Sage One Payroll complies with all statutory requirements in Nigeria and is priced in local currency, yet it also has the full backing of a global software giant – Sage,” says Mr Nmonwu. “That means our customers enjoy the benefits of a cloud payroll solution which is designed for the local market and yet is built on the latest global best practices and technologies.”
Core features in Sage One Payroll include:
Easy to use: With easy-to-use templates and no payroll jargon, the solution allows employers to simply sign up, add employees and start processing within 5 minutes.
Available anywhere, anytime: Organisations can access data from the cloud which means that their data is available online, anywhere, anytime. All they need is an internet connection.
Tax submissions made easy: With Sage One Payroll, payroll legislation is taken care of. Employers can comply with Personal Income Tax Act requirements and generate tax certificates in one simple step.
Unlimited companies, employees and users: With this smart online payroll solution, the payroll expands and shrinks as a business grows, enabling it to add as many employees or pay cycles as it would like to.
Flexible pricing: The pricing plan, based on different brackets of employee count, won’t break the bank. Companies can pay per month or per year.
Combating fraud and user error: Sage One Payroll software delivers better visibility into transactions, provides an audit trail, reconciles input and output and offers a set of controls, checks and balances that help to prevent errors and fraud.
For the Sage Invoicing software, it enables sole traders and micro-business owners to quote and invoice on-the-go from their PC or mobile device, as long as they have access to an Internet connection, from only N27,840 a year and N2,900 a month.
Customers don’t need accounting software training or financial experience to use the software.
It also provides real-time reports and dashboards so customers can monitor the outcome of quotes, track due and overdue invoices, monitor gross profits and identify popular and fast-selling items. Providing a secure view of their finances on-the-go so they are ready to respond to business opportunities anytime, anywhere.
“Business builders can save hours of paperwork each month, so they don’t spend their weekends compiling invoices, issuing quotes or doing reconciliation,” Mr Nmonwu said.
“When a business outgrows Sage One Invoicing, it can easily upgrade to Sage One Accounting — the complete Sage solution for small businesses that require more accounting, cash flow management and business insights,” he added.
By Dipo Olowookere
A 1.08 per cent growth was further printed by the Nigerian Exchange (NGX) Limited on Friday on improved appetite for Nigerian stocks.
Data showed that the insurance sector lost 0.61 per cent yesterday due to profit-taking as the energy space gave up 0.08 per cent, while the commodity counter closed flat.
However, the industrial goods landscape appreciated by 2.06 per cent, the banking index improved by 1.31 per cent, and the consumer goods sector expanded by 0.83 per cent.
At the close of business on Customs Street, the All-Share Index (ASI) increased by 1,563.92 points to 147,040.07 points from 145,476.15 points and the market capitalisation went up by N996 billion to N93.722 trillion from N92.726 trillion.
UAC Nigeria led the advancers’ log yesterday after it grew by 10.00 per cent to N96.80, Transcorp Hotels jumped by 9.71 per cent to N172.80, Royal Exchange appreciated by 8.89 per cent to N1.96, Ikeja Hotel soared by 8.74 per cent to N31.10, and Veritas Kapital leapt by 8.07 per cent to N1.74.
On the flip side, Union Dicon declined by 10.00 per cent to N6.30, ABC Transport slipped by 9.88 per cent to N3.10, AXA Mansard depreciated by 7.19 per cent to N12.90, FTN Cocoa lost 4.62 per cent to trade at N4.75, and Guinea Insurance dropped 3.36 per cent to finish at N1.15.
A total of 38 stocks ended on the gainers’ table and 17 stocks finished on the losers’ table, representing a positive market breadth index and strong investor sentiment.
Traders transacted 361.6 million equities for N14.8 billion in 21,051 deals yesterday versus the 1.9 billion equities worth N19.2 billion traded in 23,369 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 80.97 per cent, 22.92 per cent, and 14.20 per cent, respectively.
The busiest stock for the session was Zenith Bank with 59.5 million units worth N3.6 billion, Access Holdings traded 46.1 million units valued at N973.0 million, Fidelity Bank exchanged 29.4 million units for N560.4 million, FCMB transacted 27.9 million units worth N293.9 million, and Tantalizers sold 13.0 million units valued at N29.8 million.
By Adedapo Adesanya
Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.
The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.
Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.
The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.
Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.
During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.
InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Adedapo Adesanya
The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.
The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.
Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.
Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.
As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.
However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.
As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.
With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.
Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.
Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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