Outsourcing management accounting functions could boost SMEs productivity

Abimbola Bamigboye, Founder/Principal, The SME Champion & Co which runs the Audeo brand, a multi-disciplinary professional services firm, in this interview with Caleb Ojewale, speaks about the importance of effective management accounting functions in enabling businesses (especially SMEs) monitor finances, manage it, plan adequately, and avoid running into problems with the law.

What is Audeo all about?

The SME Champion & Co (trading as “Audeo”) is a multi-disciplinary professional services Firm that provides back-office and decision support services to Startups, Small and Medium Scale Businesses in Nigeria. Using the information obtained through management accounting, we are able to proffer initiatives to improve efficiency, reduce costs and wastages, create capabilities and optimize capacity to our clients.

What informed your decision to set up the Company?

I started my career as a telesales officer at a Small Business in Lagos when I graduated from University in 2006. Although this business was well funded, it started to face significant difficulties that later led to its demise. I realized at the time that it was because the business lacked the right team to drive its success and delving further, it followed that most small business that didn’t grow past the 3rd or 5th year failed because of this. And so I developed a keen interest in creating a simple solution to solve SME problems that was scalable and at price points that the businesses could meet at every stage in their life-cycle. That was the idea that I would later give the name Audeo (latin for “Venture”).

What services are rendered by the company?

Following our conviction that Management Accounting lies at the core of improved business performance, Audeo provides Accounting and Business Performance Services ranging from basic book-keeping and month-end reporting to more robust and complex management accounting and monitoring. Using amazing technology, we provide bespoke accounting services to Small and Medium scale enterprises spanning across all sectors of the economy to deliver financial statements that provide useful, relevant information in a simplified, consistent, cost-effective way.

To Companies that have achieved scale, we offer our Pro Services to meet their more sophisticated requirements. We assess gaps in their Accounting and Internal Controls and help to bridge that gap on a continuing basis.

We offer a variety of bookkeeping and accounting packages to our clients which affords them the flexibility to choose only what is relevant for their business. Our reporting framework ensures that our clients and other users of financial information such as banks and investors, receive the information they need without unnecessary disclosures that increase the time and expense of preparation

Our weekly activity reports, month – end statements and quarterly business performance reviews help our clients to confirm their assessments of performance and affords them the opportunity to access high-level business performance improvement initiatives. Our monthly and quarterly business performance reports are detailed and insightful, incorporating traditional profit and loss, abridged financial position and cash flow statements with more analytical reporting methods such as trend analysis, variance analysis and resource consumption costing.

We also offer our tax and compliance services as add-ons to Accounting Services packages or as stand-alone engagements on a retainer basis. Our Tax services are typically agency services where we offer professional assistance with registrations with Federal and State Internal Revenue Services as well as Tax Computation and Filing Services.

How would you describe your difference from competition?

There are 2 things that stand at our core.

The first is our people and our commitment to competence. Our team is made up of vibrant cross industry professionals who are passionate about helping small businesses succeed. Our formal training paths that span a period of 6 years are based on the Chartered Global Management Accountant (CGMA) designation, the Chartered Institute of Taxation of Nigeria (CITN) certification and the International Association for Six Sigma Certification. These ensure that we are constantly building exceptional capabilities within our people, enabling us to be able to meet the needs of our clients at every point along the business lifecycle.

The second is our culture of innovation, creativity, care and competence which consistently permeates through to how we serve our clients.

You have a service called the Audeo Mall Accountant, what is it all about?

Audeo Mall Accountant is a new category for Accounting Services designed and developed by Audeo that allows us to be closer to our clients so that we can provide more focused services to them. The point is to provide accounting, tax, and performance services to businesses situated inside shopping malls. Essentially, those that are typically not owner managed and don’t have accountants or keep their books and following that, are not able to make more informed business decisions or get in trouble with revenue for tax.

By “placing accountant within the mall”, those businesses have access to professional services at a fraction of the cost not to mention the assurance that their books are well kept, that they have access to performance initiatives, informed analyses and reporting for decision making. Businesses will be educated and encouraged to be compliant as required not to mention all the experience, knowledge, technical knowhow and most importantly care that comes from a business being “loved by Audeo”.

On the average, what would it cost a business to sign up for your services?

Our services are priced based on a number of factors; the age of the business, its size and requirement in terms of skill, expertise and level of work to be done. All our clients get a team comprising a Bookkeeper/Management Accountant, a Tax Practitioner and an Analyst. However, all our clients would agree that our professional fees are lower than the cost of hiring a full-time Accountant and that the value added by our training means you wouldn’t have to do it yourself.

Based on this, in your own estimation, what will make it a better decision for a business to choose Audeo?

You get a multi-disciplinary team of experienced, professionally trained individuals who are passionate about small businesses for a fraction of the cost of retaining an in-house team full time, yet delivering better results.