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 Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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