₦airaland Forum

Jonathan:
Who doesn’t know before

The fact that you know something does not mean everybody knows. Personally, I didn't know not I stumbled on this fact. If you throw this to the public, you will be surprised that many people don't even know about the currency at all let alone its value.

If I should ask you, "which currency is the most expensive currency in the world?" Many people will mention British Pound Sterling. But this is very far from the answer. The screenshot here shows you the the value of the Kuwaiti dinar compared to Nigerian Naira. If you have just, 1,000 KWD, you are already a millionaire in Nigeria.
Source: https://converteurostodollars.com

ddd

This is pathetic. I think with history, we can trace our steps back to know where we got it wrong. I just checked the recent exchange rate in the link below, it is well.
https://converteurostodollars.com/dollar-to-naira/

If your company is in Lagos, OTN Consulting will help you process your Tax Clearance Certificate (TCC). You can contact them
http://otnconsultinglimited.com/index.php/2012-04-19-16-56-55/tax-consultancy

Dollarchap:
Melange and Adult catfish centre

Catfish available for sale

We have large stock of 700 grams to 1 kg catfish available. Contact 08024768668. 08028196013

Quickbooks and Sage 50 (Peachtree) still remains the most popular two accounting software in Nigeria. And they are relatively cheap. To make the best use of the software, you need a professional accountant to help you setup your chart of accounts and make other necessary customization. http://otnconsultinglimited.com

OTN Consulting has a comprehensive sage 50 training manual. Check here for details:
http://otnconsultinglimited.com/index.php/software/manual

Contact us for your melange and adult catfish

Melange and Adult catfish centre

Large quantity of Melange and adult catfish for sale in Alimosho LGA, Lagos: Contact 08024768668, 08028196013

Two popular accounting software in Nigeria are Sage 50(formerly Peachtree) and QuickBooks. Details in http://otnconsultinglimited.com/

http://otnconsultinglimited.com sells and implements peachtree (Sage 50) and quickbooks. They seem to be experts in this line of business.

That is nice. This is contrary to what a South African Undergraduates did.
https://www.nairaland.com/4025957/student-mistakenly-paid-850000-instead

The last week of the month of August was somehow bearish due to profit taking by investors especially those who are daily traders. This made the prices of major stocks to tend downward. This can be another opportunity to buy stocks before the prices start to rise. Nevertheless, don't forget that fundamental analysis of the stocks you want to buy is very important.

A South Africa Student (named withheld) who is currently studying accountancy at the Walter Sisulu University in Mthatha, South Africa was mistakenly paid 850,000 Pounds instead of 85 Pounds she usually receives as grants on a monthly basis. See what she did thereafter.
http://myfinancekits.com/student-spending-spree-receiving-1m-error/

The best time to invest is when the market is down

It seems that stock market is picking up again. People are rushing back to the market with the hope that the stock prices will rise the more so that they can sell at a profit. However, this has to be done carefully so that you don't get your fingers burnt. Get some tips on how penny stocks can actually increase your net worth through intelligent investing.
http://myfinancekits.com/penny-stocks/

You can comb through this link. You may find one that interest you.
http://legitsmallbusiness.com/110-small-business-ideas-with-low-capital-investment/

Unfortunately, some of these cars may not have proper insurance. I think Nigeria should start thinking in line with what is being practised in USA where each State has its own minimum car insurance requirements in place.
http://myfinancekits.com/minimum-car-insurance-coverage/

Accounting outsourcing is still relatively new in Nigeria. Business owners and entrepreneurs are used to traditional ways of recruiting. Therefore, they believe that they need to hire a full time accountant before they can have access to accounting services. On the other hand, because of the cost involved in hiring a professional accountant to help keep the accounting records in accordance with relevant rules and regulations, some organization may end up hiring a person who is not qualified to do the job. The end result of this is frustration. At the extreme, some business owners may even decide not to have an accountant. They wait for the time when their business will grow big enough to hire a professional accountant. This is a mistake in highest order.



No matter the size of your business, you need the services of a professional accountant. The good news is that you don’t need to hire a full time professional accountant before you can enjoy good accounting services. You can decide to engage an accounting outsourcing firm. An accounting outsourcing firm will not only provide you with reliable accounting services. You will have access to these accounting services at fractional costs. However, you need to make sure that you engage the right accounting outsourcing firm. How do you determine which accounting outsourcing firm that is right for you? This article will throw light on how you can engage the right accounting outsourcing firm. Below are some of the crucial points you need to consider when choosing an accounting outsourcing firm:

Certification

If you want to hire an accounting outsourcing firm, it is important that you hire a firm of chartered accountants. Having certifications in other relevant areas such as taxation will be of immense benefits for you. In Nigeria here, the industry is regulated to certain degree. It is not every Dick and Harry that can set up an accounting outsourcing firm. It is expected that before anyone can start an accounting outsourcing firm, such person must belong to an accounting body. However, on your own part, you still need to double check that the accounting outsourcing firm you want to engage has professional accountant as its member.

Industry Experience

When you speak with a prospective accounting outsourcing firm, you may do well by asking about their current clients. Are their clients’ businesses similar to you? Ideally, you want to find an accounting outsourcing firm that is familiar with your industry or individual situation, as this means they will have the experience necessary to provide you with the right advice.

For instance, different industries have differing ‘standards’ regarding what you can claim on your tax return. Therefore, if your accounting outsourcing firm has a strong understanding of the industry, they are better positioned to maximise your return.

Availability

How often do you like to meet your accounting outsourcing firm? Some clients are content to meet with their accounting firm once a year for tax-filing purposes. Others clients have frequent business questions that require timely answers. Find out if your accountant will be available when needed. Would he be willing to come to your office so that you can talk face to face? If not, will he be available in his office if you'll have to schedule a meeting with him. How responsive is the firm? When you call or e-mail, how long does it take them to get back to you? If you have an emergency, are they reachable? You want a firm that cares about your business just as much as you do.

Personal Connection

Hmmm! I see a lot of business owners making mistake in this area. You need to define your objective for outsourcing clearly. What do you actually needs? Do you need accounting firm with big name? Big accounting firm are well reputed for the services they offer but in some situations, jobs are usually delegated to junior staff or trainees. It is important you find out who will be working with you? At the point of initial negotiation, you will meet the partners and managers, but once you start working with the firm, you may discover that you don’t have access to the higher level staff members. Many services performed by accounting firms will be done by juniors and trainees. You need to ensure that you have adequate access to the upper level people that can provide you real insight into helping you to grow your business.

Advice

Some accounting firms are quick to offer advice on when to purchase equipment and how to keep financial records, while other accounting firms compile the necessary financial reports but offer little feedback. What separates a good accountant from a great accountant is the ability to think like a business advisor. You want to work with accounting firm that is going to be your partner, provide proactive advice, help drive better results and improve your bottom-line, be able to make connections for you, and introduce you to ideas and concepts that will make you and your company more productive. The amount of advice you need or want depends upon your financial knowledge and experience. If you need a lot of help, select a firm that offers in-depth financial advice. It's a good idea to meet with your accountant every month. Review financial statements and go over any problems so you know where your money is going. This is where your accountant should go beyond number-crunching to suggest alternative ways of cutting costs and act as a sounding board for any ideas or questions you have.

Other Services

For businesses in particular, you want an accounting firm that offers a range of services – such as financial management, auditing/reporting, cash flow analysis, and tax consultancy.

This type of firm will do far more than complete your tax return; they’ll be able to provide you with advice regarding your business’s financial situation. It’s also far more efficient to be dealing with one firm for all your financial needs. You will find this to be cost saving.

Fees

Accounting outsourcing companies have different ways of charging their fees. Some accountants charge a set rate for each financial task they perform while other firms may charge per hour. We understand that fees are important, but so is value. A cheap accountant is often much more expensive than a good one. A good accountant will provide you with ideas on how to improve your bottom line that should more than make up for their additional cost. Your primary factor in choosing an accountant should be the value he or she can bring to the relationship. Why would clients underestimate their Accountant's value, unless they can't identify the value the accountant brings to a relationship?

Audit Support

When the Federal Inland Revenue Service (FIRS) comes knocking, it’s reassuring to know that your accountant will be right by your side to offer necessary supports. FIRS audits are a way of life for some small-business owners and individual taxpayers, but facing an audit is a stressful situation. Your accounting firm should be able to represent you fully in case of any tax audit or investigation. However, you need to agree this with the accounting firm that such services will be require of him

Conclusion

When hiring an accountant, remember that they’ll have access to sensitive information regarding your finances. Therefore, it’s important that you partner with one of the most trustworthy accounting firms Melbourne has to offer. After you have made your choice, spell out the terms of the agreement in an "engagement letter" that details the returns and statements to be prepared and the fees to be charged. This ensures you and your accountant have the same expectations and helps prevent misunderstandings and hard feelings.


OTN Consulting is a firm of chartered accountants pioneering accounting outsourcing in Nigeria. We help our clients succeed by providing expert, timely and dependable accounting services and financial insight. Outsourcing your accounting needs to our firm allows you to achieve cost savings through reduced need for internal bookkeeping staff, helps you make informed business decisions and gives you time to focus on your core business.

Contact us for more information:

Tel: 2348024768668; 2348155554892

Website: http://www.otnconsultinglimited.com; email: info@otnconsultinglimited.com
Source: http://otnconsultinglimited.com/index.php/list-of-resources/85-right-accounting-firm

I believe more in divine election

That amount alone is enough to establish small businesses to minimum of 100 unemployed graduates. Well, he knows why he needed to pay that much.

Devaluation of currency cannot in any way help our economy. Nigerian economy is import driven. Until we shift our focus from oil and begin to export non-oil products and still maintain positive balance of payments, devaluation will continue to kill our economy. I think the problem is that our government considered only our external reserves when they devalued the currency. But what of the other macro economic variables?
Government should please reverse this policy for the sake of small and medium scale enterprises.

Nigeria, we hail thee!