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Using accounting technology like QuickBooks was very tricky at the beginning. However, with time I mastered its functionalities. Accounting is not only about data entry; it is also about keeping hard copy records of your transactions. I discovered early on that I was not particularly the best at keeping track of paperwork or organizing it appropriately. QuickBooks taught me the importance of this because whatever transaction I recorded in this programme had to be a reflection of the paperwork stored in the department files.

Nandie (left) and Reagan (right)

Speaking of accounting software, we held a meeting to discuss the merits and demerits of an alternative to QuickBooks called SAGE Evolution ERP. I got exposed to its components, user friendly interface and the cost of software. At the end of the meeting I was able to write a memo on its pros and cons, as well as analyse the presentation made by the seller of the software.

Interning at Interface introduced me first hand to the real work environment. There was a clear structure and friendly hard working staff who made accomplishing my tasks easier. Some of the people I worked with included; Emmanuel Mambo – the financial accountant, Louise Kiddu – the Human Resources an Administrative Assistant, Reagan Muyanja – the Marketing and Sales intern and Eng. Victor Male – the Managing Director. They taught me about project administration, the importance of organisation and facilitated my learning experience.  I am grateful for the support passed on.

Consultancy was not new to me. I had heard about this kind of work before; about the long hours and the time invested into building a practice, whether it was in research or training development. At Interface, I got the hands on practice of consultancy and project management. It was different; larger in both the income generated and the knowledge and expertise invested into the project. I contributed to preparing the budget for an invitation to tender and it was surprising to see how much effort, planning and money went into bidding for the project.

Interface has been a good foundation from which I have gained experience and learned a lot about the engineering and project management sector. I have harnessed my accounting skills and learnt more in practice in the last two months than in my first year at University.

The post Out of Class and into the Real World by Nandie Mirembe first appeared on Interface Consulting LTD.

Marketing should be one of the major objectives for the success of any individual or organizational firm. One might even say that marketing is the heart of success for any business.

Many people in our country and around the world have different views and ideas toward what the terminology of marketing means to them. In broad terms, marketing can be defined as a way through which business firms or organizations and companies interact with customers to create relationships that are beneficial to both parties.

From a social point of view, marketing is the link between a society’s material requirements and its economic pattern for response. The overall marketing umbrella covers advertising, public relations, promotions and sales which all help to create awareness of a company’s products or services. Without this, your business may offer the best products or services in your industry, but none of your potential customers would know about it resulting in low sales turn out. Creating awareness towards the existence of a given product or company is vital towards building the brand image of the company.

In order to achieve all the above, the marketing department needs to carry out a market research. This is the process or set of processes that link the consumer, customers and end users to the marketer through obtaining information This information is used to identify and define marketing opportunities and problems, as well as generate, refine and evaluate marketing actions alongside performance monitoring.

Eventually, the company will be able to identify consumer needs and wants,  as well as come up with a plan to satisfy the customer which in turn will help the company yield  profits.

The post Marketing Through A Looking Glass – by Reagan Muyanja first appeared on Interface Consulting LTD.

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Emmanuel Mambo

It is with great pleasure that we congratulate Emmanuel Mambo, our Financial Accountant for scoring the best marks Nationally on his ACCA exams, particularly paper F8 – Audit and Assurance. He credits hard work and determination as the major attributes to achieving a high score. In fact, Emmanuel has been interviewed by OpenTuition.com, a free online resource for students pursuing ACCA accredition. On his approach to studying, this is what he had to say:

“The most important thing in F8 is understanding the concepts which entails reading widely which you’ll agree with me can be so daunting. I did 100% self study so I focused more on reading the study text and watching support videos which helped me in my exams but also question practice is important because it highlights how questions can possibly be set. I also read the examiners report to understand the type of answers expected for a particular question.” Read more on his interview here.

Juliet Mutesi

Also bringing cheer to Interface, is a former workmate who since moved on to advance her career. Juliet Stella Mutesi was ranked among the top 10 ACCA affiliates Nationally. She was among the best performers for Uganda on the December 2014 sitting, coming in as the ninth. She currently works at the Office of the Auditor General. In her own words this is what she had to say about her secret of success:

“A combination of God a the center of everything, my family’s inspiration, my employer, tutors, all my friends that contributed to my performance in various ways, the great combination of discussion groups topped with focus and determination to achieve.”

The post Celebrating Excellence first appeared on Interface Consulting LTD.

CMA with support from KPMG, Stanbic Bank, ICEA and ICPAU organized a top 100 SME’s seminar on Building sustainable and competitive Businesses in Africa. The seminar brought together different business owners across various industries. The seminar proceedings were held at Serena Hotel on 25th September, 2014 and sponsored by Capital Markets Authority (CMA).

The specific objectives of seminar were; to discuss the road to listing on the Growth Enterprise Market Segment (GEMS) and to discuss Financial Reporting as driver of business.

Debt Vs. Equity

CMA brought to table the two major sources of financing for Small and Medium Entrprises (SME’s) i.e. debt and equity. Where “Debt Financing” involves borrowing money, typically in the form of a loan from a bank or other financial institution to fund a business and “Equity Financing” involves bringing in investors or partners to provide capital in exchange for a share of ownership of the business.

Generally it was emphasized that for business seeking growth, they required long-term capital through equity financing. However this type of financing comes with it’s shortfalls namely; reduction in direct management control, formalization and visibility where there has to be formality in everything and the company needs to develop a budget and a strategic plan and an increase in business complexity i.e.the business is exposed to more risks.

The Uganda Security Exchange (USE) focused on its role and prospectus requirements for listing. Their presentation covered the different investment marketing segments for businesses which include;

• Main Investment Market Segment (MIMS) for companies relatively established with a minimum authorized, issued and fully paid up capital of 1 billion Ushs.
• Growth Enterprise Markets Segment suitable for medium sized companies.
• Fixed income Market Segment (FMS) for companies limited by shares, minimum net assets of Ushs 2billion, positive profits in at least 2 of the last 3 years preceding issue etc.

The seminar was wrapped up with Institute of Certified Public Accountants (ICPAU) addressing financial reporting as a driver for (of) a Business. Financial reporting involves preparing accounting records in accordance with applicable accounting framework which in our case are the IFRS’s for SME’s and IAS.

The purpose of financial reporting is to deliver this information to the lenders and share-owners (the stakeholders) of the business. If someone else is supporting part of your business, financial reporting must be part of the essential contract between you and them. So business owners should ensure that their business transactions are fairly stated to enable share holders make informed decisions. It also helps in resolving disputes with tax authorities like Uganda Revenue Authority (URA).

In conclusion, business owners need to acknowledge that in order for the business to grow, they should adopt equity over debt financing as the former does not have to be repaid, risks and liabilities are shared with new investors and the cash flow generated can be used for diversification. More to the same, a low debt-to-equity ratio puts owners in a better position to get a loan in the future when the need arises.

Written by Emmanuel Mambo

The post Choosing the Right Financing for your Business first appeared on Interface Consulting LTD.

Picture depicting the extent of water scarcity in surveyed areas

Background and Methodology

The Government of Uganda through the Ministry of Water and Environment is collaborating with Interface Consulting by holding a socio-economic survey that will determine whether people would be willing to pay for new water schemes in their communities. The Ministry aims at improving their service delivery in the water and sanitation department by expanding and increasing the provision of clean and safe water to emerging towns found in the districts of Nakaseke, Nakasongola and Wakiiso. The socio-economic survey team comprised of  a team of 12 individuals who partook in this field study and focused on collecting and compiling raw data and information from households, institutions, focus group discussions and key informant interviews with water vendors. This survey took place within an extended three week period covering 8 small towns namely; Butalangu and Kiwoko, Katuugo, Migeera, Kakooge, Kiwenda, Busiika and Namulonge.

Our team applied both quantitative and qualitative methodology that included customized household and institutional questionnaires, focused group discussions among community members and key informant interviews with water vendors from all the towns. Additionally, the team was trained on how to use a designed mobile software – Magpi, that handled all the questionnaire tools. Our job was to ensure that a true reflection of answers was portrayed by participants during the entire process.

Key Findings

Team training session on data collection prior to field work

Majority of the research findings gathered stated that people were experiencing a severe water crisis comprised of scarcity, high demands, exorbitant prices and hazardous water which in all affected the wholesome well-being of the communities. In continuation, the majority opted for private line connections commonly known as taps and the issue concerning payment was addressed through a bidding process which determined the amount a person would contribute willingly in order to access the new water schemes. This Socio-economic survey demonstrated that people would be willing to contribute money towards accessing the new water schemes in order to solve the on-going water crises’ that were recurrent in their communities. People frequently affirmed to the common cliché that Water is life because after experiencing a crisis that severe, they learned the value of a utility people took for granted and momentously appreciated the Ministry for getting involved and promising to assist them. Finally, people also argued that private lines would easily be regulated, monitored and mostly less expensive than the average cost of a 20 liter jerrycan selling at 500 Uganda shillings.

Challenges and recommendations going forward

Like any research, the team faced a number of challenges including time constraints, inaccurate narrations from respondents and poor sanitation in areas surveyed. However, some of these were solved through cautious probing, team discussions and continuous meetings to solve queries. Nevertheless, going forward it is imperative for research supervisors to plan futuristically, and allocate adequate time for training of the select team on the use of any technology dedicated to the data collection exercise, in order to minimize delay in adaptation and improve accurate reporting.

Written by Louise Kiddu

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