Leading the financial technological revolution for SMEs in Vanuatu
Business Link Pacific (BLP) has partnered with AJC Chartered Professional Accountants & Business Advisors to offer SMEs affordable service for the setup, migration and training component of Xero accounting software.
Damien Mullins, Senior Manager Accounting and Audit at AJC explains how SMEs in Vanuatu can benefit from migrating to cloud-based accounting.
When AJC Chartered Professional Accountants & Business Advisors was first approached by Business Link Pacific (BLP) in mid-2017 to provide suggestions for ways that BLP could help service providers assist current and potential SME clients, the answer for us was easy – help us convince more businesses to move away from their inefficient, obsolete (or even non-existent) accounting and business systems and reap the benefits of the latest in cloud-based technology.
AJC was one of the first accounting firms in Vanuatu to embrace Xero, and over the past few years migrated most of its client base on to the platform, as well as having assisted many new clients either transition to Xero or setup their new business from scratch. Migrating to a new accounting system is not a decision taken lightly by most business owners, as it has the potential to disrupt day-to-day operations and requires the re-training of staff on the new system. AJC staff utilise various conversion tools and follow a carefully thought out, methodical migration and training program to ensure that the transition to Xero is as painless as possible.
Some clients are initially reluctant to switch to a cloud-based solution, citing the unreliability of internet services and data security as potential stumbling blocks. With the launch of the Vanuatu – Fiji submarine cable in 2014, the plan for a second submarine cable to the Solomon Islands by 2020, and the launch of Kacific Broadband Satellite (which covers the entire country), internet speeds and reliability have improved immensely while also driving down bandwidth costs.
While it is true that some rural and remote areas of Vanuatu are still poorly served when it comes to telecommunication services, the main commercial and population centres of Port Vila, Luganville and Lenakel have access to 4G (and in some cases optical fiber) from several providers, meaning that extended network outages are a thing of the past.
When it comes to data security, with Xero there is no need to perform regular backups of your data file or worry about potential theft or hardware crashes and corrupt files. Everything is stored on redundant servers in numerous locations around the world, meaning it is constantly backed up every minute of every day.
With the explosion in popularity of Xero among small to medium enterprises around the world, we are also seeing a lot of other software providers either adapting their products to integrate with Xero, or developing them specifically with Xero in mind.
AJC is now assisting its clients with the implementation of automated point of sale systems such as Vend, or inventory management systems such as Unleashed, so that transaction data is captured and sent automatically to Xero without the need for manual, labour intensive data entry. We also use applications such as Receipt Bank, which will automatically scan and input invoices and other documentation directly into Xero.
AJC is extremely proud and excited to be at the forefront of this “technological revolution” in Vanuatu, and the benefits it brings to local businesses and the economy.
AJC is an advisory and accounting firm established in Vanuatu since 2003. AJC offers a diverse range of services, including Audit and Accounting, incorporation of local and offshore companies, corporate secretariat and support to investors seeking to obtain different kinds of licences issued by Vanuatu authorities.
For more information on how your business can benefit from switching to Xero and other cloud-based solutions, please contact Damien Mullins, Senior Manager Accounting and Audit at AJC at [email protected]
Business Link Pacific’s subsidy scheme allows eligible small and medium enterprises to access high quality business development services at a subsidized price. The subsidy scheme is prioritized for advisory services which will effectively help small and medium enterprises in innovating, scaling up and franchising, as well as exporting and assessing the ability to repay a loan.
Business Link Pacific’s subsidy scheme is reviewed and approved based on identified business skills, flexibility of services and creative business ideas.