New cost-effective accounting software promises great savings

The Minister of Information and Communication Technology Dr Ham Mukasa-Mulira launched the software, an information management system that operates company financial records and members' registers, on February 17.

Local ICT firm Future Link Technologies Limited (FTL) developed the bookkeeping innovation to make available easy to use and cheap accounting software to microfinance institutions (MFIs) and saving and credit cooperatives (Saccos), as opposed to imported and expensive software.

Vincent Tumwijukye, FLT's CEO, said: “Savings Plus was developed with a very intuitive interface, and this makes it so easy to use… [making] …it even more relevant to its market (Uganda and Africa) … the majority of whom are not very computer literate.”

Tumwijukye added that sophisticated processes in the financial transactions that often wear down the user are handled in the background, enabling the user to become more efficient. According to FLT, the product can replace at least three auditors and do their work in half the time.

This means that MFIs and Saccos in Uganda and Africa will be able to save revenue that is currently being spent on salaries. According to the authorities, Uganda alone has more than 3,155 MFIs and Saccos, providing employment to at least 9,000 workers, most of whom are in their finance departments.

At the ceremony, the Minister of ICT, Dr Ham Mukasa-Mulira said the new product would increase the efficiency and transparency of MFIs and Saccos, “hence improving the livelihood of our ordinary citizens.”

The product comes in two versions: the single user license for a single computer and the network-based multi-user license. The single-user license costs $770 plus an annual renewal license of $150. The initial one-year license for the Multi-user is $1,200 with a renewal of $250.