You are welcome to the New Year and I pray that all our expectations will come to reality. An average graduate in Nigeria no longer dream of working for 20 to 35 years in paid employment and retire to be at the mercy of government or employer to survive as before. We all want to run our own business which is the best decision one can take.
However, different reasons can account for why a person is going into a business and most times we are not prepared as expected. Business is the ability to manage your scarce resource effectively.
Over the years, we have worked for a number of SME (Small and Medium Scale Enterprises) and I have these to say about them;
1. Records or Financials are not been properly kept
2. No separation between the owner and the business (Entity Concept).
3. Inability to differentiate between the actual profit and cash inflow thereby spending capital as well as reserve and not profit.
4. Inability of the Owner to determine the actual amount invests in the business so far.
5. Owner of such businesses can not even tell how much they have withdrawn from the business so far.
6. Setting of price for product is usually very difficult as breakeven point is not known.
The above and many more can be avoided if a professional accountant is engaged but unfortunately not all small companies can pay for such services.
Penuelway & Associates has therefore seen the need for Business owners to be financially literate and we are offering FREE training and Mentorship programs for new and existing business owners which include FREE advisory services, FREE preparation of Account, FREE Accounting System Setup and more.
If interested, send an email to penuelwayassociates@gmail.com and we will handle the preparation of your company’s account FREE of charge for the next 3 months as well as FREE advice and training for your staffs. This is part of our Social Responsibility in year 2015.
Penuelway & Associates is a Financial Consulting Firm formed by a group of Qualified Chartered Accountants with many years of experience in Audit, Tax, Banking, Investment and other sectors. You can also call 08125782220