₦airaland Forum

Timothy Here Again,

In our previous post, we discussed how the NRS will use BOJ if you don't keep proper books of accounts.

Frankly, you don't know when they will show up at your doorstep.

This is why it is important you use an accounting software, a cloud one to be precise.

The reasons are:

1. It is Unquestionable Evidence:
Software records cannot be torn or edited without a log. When NRS says you made N20m, you print your Profit or Loss from your software in 2 minutes and say "Sir, here is my account, my profit is N3.2m." BOJ dies.

2. It Separates Turnover From Profit:
NRS sees N10M enter your account. Software shows:
Sales N10m, Purchases N6m, Expenses N2m, etc Real Profit = N2m. Without software, they'll tax you on N10M.

3. It Stores Receipts Forever:
Every expense you snap into the software is saved in the cloud forever. NRS asks for 2027 receipt in 2030? You print it.

4. It Files Your Tax Automatically:
Good software gives you your Annual Financial Statements, VAT report, and Tax Computation at one click. No more guesswork.

5. It Costs Less Than One BOJ Bill:
Accounting software is N15k - N75k per month, depending on the size of your business. One BOJ assessment is N500k - N5m, or more plus penalty and interest. Which one is cheaper?

Keep proper BOOKS - Let Platinum Stream Int'l help you with an accounting software that suits your business today.

https://platinumstreamintl.com/acct

Your Partner in Business Growth,
Tim Jibodu, FCA