By Tobenna Okoli

Lagos. Wednesday May 7, 2008: The Sheraton Hotel, Lagos today played host to launch of eagerly anticipated accounting solution software, Figurro. The software which is marketed and distributed in the country by Maycom Technologies Limited was labelled as the “missing link” for emerging Small and Medium Enterprises (SMEs).

Maycom described the Figurro as an affordable, easy-to-use accounting solution for businesses of all types and sizes particularly SMEs. Other advantages offered include security (full password protection), in-built tracking system, Microsoft Excel and Word integration, departmentization capability and human resource information feature.

Explaining the need for Figurro, the Managing Director of Maycom, Musbahu El-Yakub stated in his welcome address that “all over the world, SMEs are recognised as the engine of growth of the economy and the means of improvement of the lives of people.”

“Our research has revealed further that, most unfortunately, most SMEs do not have necessary accounting systems and processes. This makes it difficult for owners, managers and discerning financers and investors to know the true state of affairs of these companies and their potentials” he adds.

El-Yakub set the tone for the Chairman of the product launch, Hafiz Wali, a distinguished member of the Board of Trustees, Education Trust Fund (ETF) to present his speech titled “The Role of IT in the Development of SMEs”.

He put his point across using the analogy of the average local entrepreneur who commits all financial records to memory and dies with such information thereby leading to the demise of the business. Wali, a Systems Science Engineer from the University of California, Los Angeles, described the software as one of the most user-friendly he had encountered.

 “With just three clicks [of the mouse], you can get on your way to inputting or accessing information”, he remarked.

 The product introduction proper was overseen by Maycom Technologies’ Technical Officer. Figurro software, according to his illustration, employs an array of user-friendly colour-coded modules to carry out several accounting tasks that include Accounts Receivable, Accounts Payable, Inventory control, Invoicing Control, Tax Setting and Human Resources Control.

The Technical Officer further stated that every purchase of Figurro comes with free training and installation.

The product was also endorsed by IT and accounting stakeholders and professionals as well as businesses that carried out test-runs.

Chief Launcher of the occasion, Chris Akinwolemiwa, first indigenous KPMG Training partner and former Institute of Chartered Accountants of Nigeria (ICAN) Council member, enunciated the usefulness of Figurro for professional accountants and non-professionals alike.

Having being an accountant for thirty-six years and married to the Accountant General of Lagos, Akinwolemiwa emphasised that the software has been certified by ICAN and that it meets international accounting standards as being suitable for SME accounting requirements.

“I encourage companies to embrace this software and figure it out with Figurro” he adds.

With 95 percent of new businesses in the country failing within the first five years of operation, largely due to insufficient accounting record keeping, the advent Figurro poses a welcome development for Nigerian SMEs.

Figurro, according to Maycom, can be purchased in retail outlets across the country including the major cities of Lagos, Abuja, Kaduna and Kano.