Meet “Full Hedge Audit Professional Services Ltd”-A Vibrant BMAC Partner (1/2)
It was a BMAC customer experience week some couple of weeks ago. The entire week was dedicated to acknowledging our customers and professional partners through visitations and shout outs. In that cause, we secured an invite to have a full flesh discussion with Full Hedge Audit Professional Services Ltd, Lagos Nigeria, A BMAC Professional Partner to the core. They are into management consulting, tax and financial advisory as well as capacity building for Small, Medium businesses. The topic addressed was the “Impact of the Cloud on Accounting Profession”. On the seat was Mrs. Hamman-Obels Oyinlola, the Managing Partner and Mrs. Rufai Fatimat, the –Chief Operating Officer.
Tell us about your career journey, how has it been?
Mrs. Rufai– We can’t say so far so good because the economy has not been encouraging entrepreneurs. The way we thought it will be is not how it is. But we're very hopeful, we cannot be discouraged! And we know that with more tenacity we will be able to get there. It is usually difficult getting new clients especially when you don't want to compromise quality. A lot of chartered accountants within the industry are always willing to undercut by offering inferior services at a lower cost but we’re getting quite a number of them and we hope it gets better.
How has your career influenced SMEs?
Mrs. Rufai -Ummmm, well, when we do an audit, it is more like examining the whole system of the company. What we do is to try to improve on whatever system of doing things that we meet. SMEs are usually not that organized, we work on getting them more organized, more transparent and better than we met them, at least in terms of record keeping.
What's the effect of technology on the accounting profession?
Mrs. Rufai -I will leave it to my partner to take that… (Handing over to Mrs. Obels).
Mrs. Obels– prior to now, the majority of things are done manually; but in recent times, we now use technology and it keeps improving. The application we use now does beyond accounting, it digs down into HR & payroll, making work a lot easier than the way it used to be.
Most businesses are quite afraid of cloud accounting due to the fear of security and the likes, what is your advice for such businesses?
Mrs. Obels– Our work surrounds Integrity, we believe clients can entrust us with the majority of their information and this goes down to the technology that we use. Several other packages are in the cloud now, everybody is now going the cloud way and if you choose not to go that route, probably you will not be where they are. Look at it now, I can work with BMAC from home, whereas I can remember when we want to use the system we use then at home, we can't. You must have some sort of authorization and some sort of things that are very complex, probably drag office server home for you to work. Fast forward to where we are now, the cloud is “anywhere you go”.
Mrs. Rufai joining in the conversation- Cloud is, even more, cost-effective because it has eliminated the issues of having servers. The cloud enables us to store information and send emails, files, etc. All these things are encrypted, if you are not given permission, you can’t access it because there will be protocols, access control and all. Almost everything can be stored in the cloud. Anyone who doesn’t want cloud-based solutions might get left behind because even those who have a server like the banks and co, still back up mostly in the cloud for disaster recovery purposes.
To be continued…