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The main reason for setting up any business is to make profit. Businesses can only make profit when they consistently meets the demands of their customers. Administration and compliance are essential parts of a business that attention should be paid ... Read More
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Payroll is a company's records of its employee's wages, bonuses, and withholding's. Payroll is a major expense for businesses. How does payroll work? Employees keep a record of the number of hours, days, or weeks that they have worked, depending on the ... Read More
It is common knowledge that companies that do not take auditing records seriously are positioning themselves for ominous compliance implications. Truly, servicing clients and managing employees can be tasking, yet, good records management should not be taken granted. With Audit Management ... Read More
  The Federal Executive Council, the highest Executive decision making organ in Nigeria just approved a new National Tax Policy for the country. The policy will now be endorsed by the National Economic Council to recognize the Federal System of Government given ... Read More
With the current economic realities in Nigeria, it is evident that most organizations cannot withstand regulatory punches - yet, myriads are incessantly falling victims of such. In 2015/2016 alone, regulatory tides were against large corporations that were fined over N1billion due to ... Read More
FEDERAL INLAND REVENUE TAX AUDIT- How to Prepare For It Did you get one of those scary audit notices from the FIRS in your mailbox? Do not fret because you are not alone. It is a yearly practice for the Federal ... Read More
The Capital Gains Tax Act contains comprehensive guidelines on how Capital Gains should be taxed. It also included the terms, conditions, and clauses attached to their taxation. It is made up of 47 sections, with subsections embedded in them. It is however ... Read More
  An auditor, whether outsourced or internal must possess massive potential to be able to stand head and shoulder above his counterparts in terms of value provision. For auditors who do not possess these qualities, they cannot ride the wave of inefficiency for ... Read More
In plain terms, taxation has been described as a way of making persons, individuals and companies contribute to growth and development of a country, through payment of money via legalized levies according to their level of income or any other ... Read More

CLOUD ACCOUNTING SOFTWARE-How SMEs Can Benefit

It has been 6 months of demanding work for most Auditors and Accountants. Most Companies in Nigeria are 31 December financial year-end. Some companies are 31 December due to:

For those that are mandated to have their financial year-end as 31 December, it is understandable but why do you choose 31 December when it is not mandatory for your company.

With 31 December being year-end for most companies in Nigeria, auditors and accountants work very hard to meet up with the reporting deadline. What you experience, is that Clients with fat cheques get the attention of the Auditors, and most time, they meet the reporting deadline earlier compare with smaller companies.

It is also a common occurrence to experience regulatory filing difficulties on the last day of filing of 30 June for 31 December year-end client. The heavy internet traffic on the Tax Authority website crashes the website on such date and usually difficult to file returns.

Instead of selecting 31 December as your financial year-end, you can also align your year-end with your business cycle. A school can choose 30 September year-end as it aligns with the Student Academic calendar.

Our suggestion is always if you are not mandated to be a 31 December year-end client, please choose another month for your financial year-end. You will receive better service and attention from your auditors and tax authority because work pressure will be less. March, June, or September is a good alternative financial year-end to choose.

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