In the year 2022. I learnt a lot of lessons from my immediate environment and from afar.

These five stand out. I thought I should share

1. God is the same. Then, now, and He will be forever! Whether we hold on to him or not. It won't change Him.

2. Good Family is the best gift God and life can give us. The way you carry them is the way the world would too.

3. Build career, business, friendship etc with God and family in mind.

4. Take very good care of all aspects of your life. Whatever the situation, the world would adjust.

5. There is no manual for living a good life, business, career, marriage, etc except the words of God.

What works for "A", may not be for "B". Know what is peculiar to you, your life, business, career, and apply.

Happy new year. 2023 will be good!

A BIT MORE ON TAX AUDIT REPRESENTATION

Tax audit defense is not financial statements audit. Tax audit defense is not financial Accounting. Tax audit defense is law and advocacy with an Accountancy flavour. The normal rules don't apply. You don't need to be "independent". You're not an auditor. You need to as close in proximity to your client as you can manage. You're the advocate.

Once the tax audit notice is received, immediately file for extension of time. There's always a need for more time for most tax defaulters. Chances are, their books are a mess.

If a BOJ Assessment is issued before the audit, object to it for arbitrariness. The assessment is standing on weak foundations as it is based on nothing.

A pre- audit meeting ensues. As much as possible, answers the questions plainly. If the agenda includes agreeing date for audit proper, once again choose the latest possible date. More time is good.

Audit proper commences. Supply all requested information. Nothing more, nothing less.

Challenge all queries the best that you can. Q: Why wasn't withholding tax deducted from the invoice of these vendors? A: Transactions were consummated in the Open Market and so are exempt from WHT.

Q:- Director's PIT Assessment? A:- Was in Nigeria for less than 183 days and so was not resident for tax purposes.

Consider the facts and check the law. Try whatever you can use to reduce the final assessment. You're an advocate for your client.

Final tax bill is received. Open negotiations. Explain the strengths of your own position and clarify with the authorities that you would prefer not to continue on to Tax Appeal Tribunal. Like your client, the state doesn't want to waste money and time on litigation.

They may settle somewhere close to what your client offers. Close the audit and audit proof your client better to ensure a better outcome next time.

There are two ways to teach someone how to swim:

1. Showing them YouTube videos and telling them about the concept of swimming.

2. Putting them in the pool and helping them try it.

I think about business the same way.

Too many leaders believe that “trust is earned.”

They let their egos get in the way, and they micromanage their employees.

There are a few things wrong with that mindset:

- It makes you go slower in a world where speed is way more important than perfection.

- Empowering your people to make decisions is the only way to scale.

- Someone doing an “86%” compared to your “subjective 100%” is better than not doing it at all.

- There’s no way to know whether someone is capable without giving them a chance.

Eventually, you have to let your kid swim.

Too many leaders operate from a place of fear or insecurity, so they don’t give their employees “rope” to do their job.

They don’t want their direct reports to be better at something than them or they hold their people to an arbitrary standard.

I wish more leaders understood that giving trust easily is the quickest way to scale in business!

Curious on your thoughts, LinkedIn - What do YOU wish more leaders knew? Leave your answer in the comments.

3 lessons I learned yesterday about persuasive selling.

When you try to get another person to do or allow something - you are selling to them. It doesn't matter the kind of relationship you have with the person - romantic partner, business partner, employer, employee, investor, customer/client, a panel/judges . . .

We sell every. single. day. without realizing it.

Yesterday, I was the 257th person on the ATM queue at the new bank on Marina road, Lagos Island. 🙄 After making it into the ATM gallery, my bank's card was rejected by the ATM - apparently due to connectivity issues from my banker's end. 😅

I made up my mind that there was no way in hell I was leaving that gallery without getting cash. (The cash scarcity in Naija is no longer news.)

I started shamelessly asking individuals in the gallery if they had more than one card, so I transfer money to them and they withdraw cash of equal value & hand to me.

I kept getting nos. I then paused and wondered why? I decided to put myself in their shoes and think from the perspective of whoever I'm asking.

If a total stranger asks me if I have more than one card, my inner first thought would likely be - "it's none of your damned business". So, I realized that I needed to start my ask with why.

In the next ask (which turned out to be the final ask for which I got a "yes" I did the following:

1. (After a greeting) I explained the challenge I had - the problem which was the reason for my ask. Then the solution I needed help with.

Lesson - In your pitch/ask, start with why. Lay a foundation showing your basis for even asking.

2. After the ask, I answered the person's questions about some fears they had. The primary fear was failure of e-transfer. I acknowledged the fear as a real one, explained that I have two apps I could transfer from, and that they won't withdraw for me until they receive evidence of transaction success. ✅

Lesson - Be ready to patiently & cogently supply convincing answers to all queries raised by your prospect. Never dismiss their concerns, and impose your view.

3. I kept my mouth shut to give the person space to mull over my proposal with an acquaintance, before coming to a decision.

Lesson - Don't be unduly pushy. When you are, the prospect may become extra wary of why you're so all over them, (and they may resent you even if they do what you asked). I can be that way too - don't respond well to undue pressure. I usually don't get dragged into stuff - I've got to choose to get involved, if you'll get the best out of me.

Bonus lesson - when you keep getting nos, don't just keep trying. It's okay - in fact, crucial - to pause, reflect on your process, and tweak things a bit before trying again.

There you have it. Go try it, and let me know how it goes. If these lessons resonate with you, feel free to engage.

Happy Weekend

Owning a small business is no easy feat.

From managing employees to marketing strategies, there's always something on the to-do list.

But what about the finance department? It's an integral part of any business, big or small. Unfortunately, small businesses often face unique financial challenges.

Let's dive into some of the biggest problems small business owners face in their finance departments:

1. Limited Resources - As a small business owner, you might have a tight budget for hiring and training financial staff. You might also be limited in the technology available to support financial operations. These challenges can make it difficult to manage finances effectively and can impede growth.

2. Lack of Expertise - Managing complex financial operations like tax compliance, financial analysis, and financial planning can be overwhelming for small business owners who lack financial expertise. This can lead to costly errors, missed opportunities, and even legal issues.

3. Cash Flow Management - Small businesses often struggle with inconsistent revenue streams, making it challenging to plan for expenses and manage debt. This can lead to a cash flow crisis, causing unnecessary stress and hindering growth.

4. Inadequate Financial Reporting - Robust financial reporting is essential for making informed decisions. Small businesses generally have inaccurate or incomplete financial statements. This leads to bad decision making.

5. Fraud and Theft - Small businesses can be vulnerable to fraudulent activity, particularly if they lack the resources to implement robust internal controls. This can result in significant financial losses and damage the business's reputation.

But don't let these challenges discourage you!

The first step is recognising the problem. Once you do, it is then easy to craft a solution.

Remember, there are a lot of tools and support to help overcome these problems.

Seeking outside expertise can help!

It's tough

𝐒𝐈𝐌𝐏𝐋𝐄 𝗪𝐀𝐘 𝐓𝐎 𝐌𝐈𝐍𝐈𝐌𝐈𝐙𝐄 𝐘𝐎𝐔𝐑 𝐓𝐀𝐗 𝐏𝐄𝐍𝐀𝐋𝐓𝐘 𝐀𝐒 𝐀 𝐒𝐓𝐀𝐑𝐓𝐔𝐏 𝐁𝐔𝐒𝐈𝐍𝐄𝐒𝐒 𝐈𝐍 𝐍𝐈𝐆𝐄𝐑𝐈𝐀.⁣
SIMPLE WAY TO MINIMIZE YOUR TAX PENALTY AS A STARTUP BUISNESS IN NIGERIA

Are you a startup business?

Registered with the corporate affairs commission (CAC) to legitimately operate in Nigeria?

Then pay attention to this, cos this may be the single reason why your tax penalties has compiled to an outrageous sum.

Most business owners always mistake the date on their CAC certificates as the commencement date for their business.

This is a common practice with business owner’s themselves or inexperienced consultants they higher to handle their tax matters.

While the date on your CAC certificate can be your business commencement date, most times that’s not the case.

While registering your company for tax at your designated tax office, most business owners make the mistake of writing the date of incorporation on their CAC certificate as their business commencement date making them incure tax penalties even before they actually commence business.

For instance; Mr Agbado called in yesterday to get a clearer understanding of the over 500,000 naira penalty sum incurred by his company PDAPC Limited that officially commenced operation in January 2022.

After due review, we discovered that his company was registered with the CAC on 13th January 2019 and had been filled as the commencement date of the business at the tax office when registering for tax by his consultant.

This means PDAPC Limited has defaulted in tax filing for 2020 and 2021 years of assessment.

According to the tax laws, failure to file tax returns attracts a penalty of 25,000 for the first month and 5,000 for each subsequent month of default until filing is done. And Late payment attracts a 10% penalty and interest at the commercial rate.

You see? It’s that simple.

Always ensure to get an experienced consultant, that will help you keep track of your business activities and avoid unnecessary lost of money in your business.

I hope this was helpful?

All of a sudden transport fare has dropped

Yes diversification is the way to go in Nigeria. Interested?
Send me a mail

It's not easy at all

It's been tough but we Thank God

Happy New Month!

I seek an auditor for a statutory audit
Kindly send in your proposal letter to kemiadeshinaoyindamola@gmail.com

R Carlos, a Mexican farmer, owns San Carlos Farms. A company that started with banana plantation somewhere in the area of Tacotalpa, the southeast of Mexico.

Currently, San Carlos is the key leading player in the production and exporting of pineapples in Nigeria with a farmland close to 5000 hectares. This success can be attributed to a strategic partnership with local investors in Nigeria and also locally sell and export the remaining overseas.

San Carlos Farms is currently located in 3 states namely Benue, in the North Central of Nigeria, Enugu and Rivers both in the South East of Nigeria. In Enugu alone, the farm occupies the land area of 3,400. however, about 250 hectares are currently in use. Its production capacity is about 40 metric tonnes per hectare.

San Carlos Farms took advantage of Nigeria’s favourable terms of trade with its trading partners. Nigeria enjoys excellent terms of trade with the U.S and Europe, So San Carlos took advantage of being located in Nigeria and its Agricultural produce enjoying Nigerian status to export to Europe and the U.S.

Steal my Online Content Strategy

I post every weekday at 8.15 am and at 3.00 pm (WAT).

I aim to use my knowledge of accounting and finance to create helpful content.

8.15am
I share discussions about accounting and finance to pique interest. It also demonstrates my understanding of the subjects.

Here's a quick run-through of my weekly content plan:

• Mondays: I share general CFO content for small businesses.
• Tuesdays: I delve into financial topics for small businesses.
• Wednesdays: I post carousels for a fun and engaging experience.
• Thursdays: I explore accounting topics, simplifying complicated concepts.
• Fridays: I promote my business, products, services or events.

3.00pm
I switch to more casual topics, discussing mentorship, personal growth, and work-life balance.

This shows I'm not just about numbers - I'm a versatile individual with varied interests.

I share my experiences to inspire others, particularly younger people.

I also have a "Good evening..." series on Fridays where I discuss current issues light-heartedly - you won't want to miss it!

In addition to my social media content, I write two blog posts weekly on my website, mycfong(dot)com. I focus on one topic each month - this May, for example, I'm writing about Cash Flow.

As a writer, I also release a new eBook every two months. So far in 2023, I've published
• Digital finance transformation for small businesses. (February)
• How to transform from a young accountant to a CFO. (April)
Keep an eye out for the next one in June!

I plan to branch out into videos and podcasts in the future, but for now, writing is my main form of content.

My content strategy might seem overwhelming, but it's a fun adventure when you break it down:

1. Focus: I use only LinkedIn and my website to reach my audience.
2. Planning: I plan my posts in advance rather than rushing. I have a journal for ideas.
3. Inspiration: I draw inspiration from my daily experiences and self-reflection.
4. Automation: I use AI and technology to help with writing and scheduling posts. I sometimes forget that a post has gone live until I get notification for comments. This ensures that I don't write everyday even though I publish everyday.
5. Passion: My love for sharing knowledge is what drives me.

While this isn't a money-making venture or my full-time job, it's something I enjoy and helps me build my brand.

I hope my strategy inspires you to find your own unique path.

Remember, no two journeys are the same, so find what you love and pursue it with determination.

I'm rooting for you!

Everything seems easy from a distance.

▪️

But, the fact is, nothing is easy.

▪️

But it appears so!

There is a difference between appearance and reality.

That which appears to be a cakewalk, is actually the result of years of practice, uncountable failures, frustration, and again asking self to stand up and do it again.

These people are far more resilient than you can imagine.

▪️

Never lose hope.

Try, try, and try, untill you can soar high like an eagle 🦅

▪️

No difficulty could defeat Charlie Chaplin. Poverty, working at a very early age, his mother's struggle, or her mental health issue -- nothing could stop him.
▪️
A winner is not that person, who gets help from every where, and grabs the first position.

A winner is that person, who has indomitable spirit, and never stops till they're bound to stop. Only death (or an incurable disease that sabotages with a person's activity) is a full stop for them.
▪️
Never stop.
Constant, and consistent practice will help you reach that position, which you aimed.
▪️
Success is not the result of your intention only. It results from the clear picture of your goal in your mind, and consistently working for that.

https://www.youtube.com/watch?v=-GpO8ISzU_8

I want to start trading, but my biggest drawback is how to pick stocks to trade and also how to find a stock to trade on and how to follow up with their news and understand what the news might translate to

.

Besides diversification is key, be invested in Money Mutual fund
Fixed Income Fund
FG savings bond
T-bills
Stock Market this way their risk is reduced but first, they need to determine their risk appetite.

Leave Nigeria while you can, it not getting any better. Let stop deceiving ourselves. If you are in your 20's the time is now to leave Nigeria. I don talk my own


If you studied Physics as a course you can travel to the UK by January next year if you are interested in teaching Physics.

The UK is looking for Physics Teachers. Whether you studied it under Education or normal BSc. You can apply.

The UK 🇬🇧 government needs trainee Language and Physics teachers and offering £10k relocation allowance.

The payment will cover visa, IHS, etc.

Application opens in September.

This link explains it all:
https://www.gov.uk/government/publications/international-relocation-payments/international-relocation-payments

Happy New Year