Name: Finora
Rating: 4.8 (120 reviews)
Author: Finora

Bookkeeping is the foundation of every successful business, but it doesn't have to be complicated. Finora transforms the way Nigerian businesses handle their accounting—automating the tedious parts while giving you complete control and visibility. This guide shows you how.

The Bookkeeping Challenge

Nigerian businesses face multiple bookkeeping challenges:

Challenge	Impact
Manual data entry	Time-consuming, error-prone
Complex tax rules	VAT, WHT, CIT calculations
Double-entry mechanics	Debits and credits confusion
Multiple transactions	High volume processing
Compliance requirements	NRS, CAC, statutory filings
Report generation	Hours compiling spreadsheets

Finora addresses every challenge with intelligent automation.

Automatic Double-Entry

No Debit/Credit Knowledge Needed

Finora handles double-entry automatically:

When you create an invoice:

System debits Accounts Receivable
Credits Sales Revenue
Calculates and credits VAT Output
All automatic

When you record a payment:

System debits Cash/Bank
Credits Accounts Receivable
Handles WHT if applicable
All automatic

Always Balanced

Your books are always in balance:

Every transaction creates both entries
Errors are prevented, not detected
Trial balance balances—every time

Nigerian Chart of Accounts

Pre-Built Template

Finora includes Nigerian-specific chart of accounts:

Assets:

Cash and bank accounts (Naira, USD)
Accounts receivable
Inventory categories
Fixed asset categories
VAT Input, WHT Receivable

Liabilities:

Accounts payable
VAT Output
WHT Payable
PAYE, Pension, NHF Payable

Revenue and Expenses:

Nigerian-standard categories
Tax-compliant structure

Easy Customization

Add or modify accounts:

Create new accounts as needed
Rename to match your business
Maintain proper structure

Invoicing Made Simple

Professional Invoices

Create invoices in seconds:

Select customer
Add products/services
VAT calculated automatically
Send by email instantly

All Nigerian Requirements

Every invoice includes:

Your VAT registration number
Proper VAT breakdown
Sequential numbering
All statutory requirements

Track Outstanding

See who owes you:

Outstanding invoices list
Aging analysis
Payment reminders
Collection tracking

Expense Management

Record Expenses Easily

Enter supplier bills:

Upload invoice image
Enter details
VAT input captured
WHT calculated if applicable

Categorization

Smart expense categorization:

Pre-configured categories
Tax treatment applied
Cost center allocation

Payment Tracking

Manage payables:

What you owe
When it's due
Payment scheduling
Track what's paid

Bank Integration

Connect Your Accounts

Link your bank accounts:

Automatic transaction import
Daily updates
Multiple accounts supported

Easy Reconciliation

Match transactions quickly:

Auto-matching suggestions
One-click confirmation
Identify discrepancies

Cash Position

Always know your cash:

Real-time balances
Across all accounts
Cash flow visibility

Inventory Management

Track Your Stock

For product-based businesses:

Stock levels
Cost tracking
Reorder alerts
Movement history

Cost of Goods Sold

Automatic COGS calculation:

Average cost method
Updates with purchases
Reduces with sales

Fixed Asset Tracking

Complete Asset Register

Manage your fixed assets:

Record all assets
Track locations
Assign custodians
Movement history

Automatic Depreciation

Depreciation calculated automatically:

Multiple methods supported
Monthly journal entries
Accumulated depreciation tracked

Capital Allowances

Tax depreciation ready:

Nigerian rates applied
IA and AA calculated
Tax schedules generated

Transaction Management

High-Volume Processing

Handle large transaction volumes:

Bulk transaction import
Batch processing
Quick data entry
Efficient categorization

Supplier/Customer Tracking

Manage your business relationships:

Complete contact records
Transaction history
Balance tracking
Payment status visibility

Note: Multi-currency support is planned for a future release.

Financial Statements

One-Click Reports

Generate statements instantly:

Statement of Financial Position:

Assets, liabilities, equity
Current and comparative
IFRS format

Statement of Profit or Loss:

Revenue and expenses
Gross and net profit
Period comparisons

Statement of Cash Flows:

Operating, investing, financing
Cash movement analysis

Trial Balance:

All accounts
Debit and credit totals
Always balanced

Real-Time Data

Reports reflect current data:

No waiting for month-end
Decision-ready information
Drill down to details

Tax Compliance Built In

VAT Management

Output VAT on sales
Input VAT on purchases
Net VAT calculation
Return preparation

WHT Handling

Automatic calculation
Certificate generation
Monthly returns
Credit tracking

PAYE and Payroll Taxes

Tax table calculations
Pension, NHF, NHIS
Payslip generation
Returns preparation

CIT Support

Revenue classification
Expense deductibility
Capital allowances
Tax computation

Audit Trail

Complete History

Every change is recorded:

Who made it
When it was made
What was changed
Original values

Document Attachment

Attach supporting documents:

Invoices
Receipts
Contracts
Bank statements

Audit-Ready

When auditors arrive:

Complete transaction history
Supporting documentation
Clear audit trail

User Management

Multiple Users

Add your team:

Bookkeeper access
Manager review
Owner oversight

Role-Based Permissions

Control who does what:

Data entry roles
Approval roles
View-only access
Admin controls

Getting Started

Step 1: Set Up Company

Enter your business details:

Company information
Tax registration numbers
Accounting preferences

Step 2: Connect Bank (Optional)

Link your bank accounts:

Automatic transaction import
Faster data entry

Step 3: Add Customers and Suppliers

Set up your contacts:

Customer details
Supplier information
Tax settings for each

Step 4: Create Products/Services

Define what you sell:

Names and descriptions
Prices and tax treatment
Categories

Step 5: Start Transacting

Begin recording:

Create invoices
Record expenses
Process payments

Step 6: Review Reports

See your financial position:

Instant reports
Real-time data
Make informed decisions

Real Results

Finora users report:

Metric	Improvement
Bookkeeping time	70% reduction
Data entry errors	Near elimination
Report generation	Instant vs hours
Tax compliance	Significantly improved
Financial visibility	Real-time vs monthly

Security

Data Protection

Your data is secure:

Encryption at rest and in transit
Secure cloud infrastructure
Regular backups
Access controls

Compliance

NDPR compliant
Data residency options
Audit logging

Frequently Asked Questions

Do I need accounting knowledge?

Basic understanding helps, but Finora handles the technical accounting automatically. You enter business transactions; we create proper accounting entries.

Can I migrate from spreadsheets?

Yes. Import your existing data or start fresh. We provide migration support.

What about my existing accountant?

Give your accountant access. They'll love the organized data and automated reports.

Is my data safe in the cloud?

Yes. We use bank-level encryption and security practices. Your data is safer than on a local computer.

Can I access from anywhere?

Yes. Finora works on any device with internet access—computer, tablet, or phone.

Conclusion

Bookkeeping doesn't have to be a burden. Finora:

Automates double-entry accounting
Handles Nigerian tax requirements
Generates reports instantly
Tracks everything from invoices to fixed assets
Keeps you compliant with all regulations

Stop wrestling with spreadsheets and manual processes. Let Finora handle the complexity while you focus on growing your business.

Ready for effortless bookkeeping?

Get started for free today. See how simple Nigerian business accounting can be.

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