Tax audits in Nigeria are usually carried out by the Federal Inland Revenue Service (FIRS) and the state tax authorities. These audits are aimed at ensuring that individuals and companies are paying the correct amount of taxes and complying with tax laws. Some common tax audit issues in Nigeria include: Under-declaration of income: This …
Introduction: Small and Medium Enterprises (SMEs) have a critical role to play in driving the economy, generating employment, and improving social welfare. They contribute significantly to the Gross Domestic Product (GDP) and create job opportunities. However, they are often challenged by a shortage of skilled professionals in various areas, including accounting, finance, and taxation. Outsourcing …
How Accounting Outsourcing Can Help SMEs Reduce Talent Gap Read More »
Inventory management is a critical aspect of any business that involves the purchase, storage, and sale of goods. Without proper controls in place, inventory management can quickly spiral out of control, leading to stockouts, overstocking, and theft. An effective internal control system can help businesses manage their inventory more efficiently, reduce costs, and prevent fraud. …
Introduction Recruitment is a critical process for any company, as it directly affects the quality and productivity of the workforce. It is essential to establish proper internal controls to ensure that the recruitment process is transparent, fair, and effective. In this article, I will discuss a step-by-step guide on how to set up internal controls on …
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Hiring an in-house accountant can be a crucial decision for any business, but it is also a decision that comes with significant costs. Understanding the comprehensive costs of hiring an in-house accountant is essential for businesses to make an informed decision on whether hiring an in-house accountant is the best solution for their accounting needs. …
What is double taxation? Double taxation occurs when a company or individual is taxed twice on the same income or profit by the same or different tax authorities. Well, I quite understand that there are issues of double taxation in Nigeria but the most painful ones are those that are self-inflicted. From my experience, I …
Liquidity and profitability are two of the most important financial concepts for businesses. Both are critical to the success of any organization, and they are closely related to each other. In this article, I will explore these two concepts in detail and examine the relationship between them. Liquidity Liquidity is a measure of a …
Working capital refers to the current assets and current liabilities of a business. It is a crucial component of a company’s financial health, as it represents the cash and other liquid resources that are available for day-to-day operations. Effective working capital management is essential for business success, as it ensures that a company has sufficient …
Establishing credit policies is a crucial aspect of managing a business, regardless of its size or industry. Credit policies are the guidelines and procedures that a company uses to assess the creditworthiness of its customers and determine the terms and conditions of extending credit. In this article, we will discuss the reasons why businesses need …
Migrating from one accounting software to another can be a daunting task for businesses, particularly for those with complex financial processes. However, it is an essential step to take when the current software no longer meets the business’s needs or when switching to a better software provider. In this article, we will provide a guide …
A Guide to Migrating from One Accounting Software to Another Read More »
