EMPLOY AN ACCOUNTANT AND PAY LESS TAX:
I marvel most times when I see SME and even big companies operating for years without a qualified Accountant. Surprisingly, these companies file accounts every year but never do so through certified auditors, rather they obtain roadside financial statements from professional hustlers and pay their way through the tax authorities and obtain Tax Clearance Certificates. Well, you have been doing this and think it’s right but you must know today that you are sitting on a keg of gun powder that may soon explode. Hear it now, it is very cheaper to employ and maintain a qualified accountant than to keep paying your way through.
Reasons are:

1) With the present Nigerian economic situation, you can only excel through government eagle tax eyes and arrows when you have the right people handling your finance and accounts.

2) A qualified accountant helps you to keep and maintain a clean record of transactions which positions the company on a better ground to pay less tax.

3) Starting a company with a qualified accountant helps the company to keep and up to date books and accounts which can always take care of tax investigations years after.

4) Employing an accountant helps the company to maintain maximum secrecy of the company’s dealings and information. Some people do believe that Accountants would expose them, no, it is even your accountant that will handle your affairs with maximum confidentiality unlike those road-siders and fraudulent tax officials that will solve one problem for you only to end up creating a bigger one, you may not know this, but we know it.

5) Paying your way through tax officials is like telling them that you are not doing the right thing and of which they will keep milking you dry after which they will still report your company for investigation any day you fall out with them, by then you would know that it is really costlier not to have an accountant.

6) With an improved banking system on ground now, it is very easy to protect your money against fraudulent employees not just account staff. So you have nothing to fear about that because with the right policies on ground, your money will always be intact. Gone are the days when “accountants” commit frauds easily. Technology and greater awareness cannot allow that now.

7) You must not employ a chartered accountant if your company is a small one, but you can employ intelligent accounting graduates and I bet you with a little on the job training, they will give you results.
They are audit firms that will collect a small amount of money and train your finance staff on the appropriate way of managing your accounts. These firms are at your door step.

You can also make do with a part-time engagement of an accountant. This comes in when your company is so small that you cannot take care of one more extra staff.

9) If you have already employed an accountant that is good, fine! then proceed and plan your tax very well and this starts from the time you are taking a decision to transact down to the time of review of decisions. Always carry him/her along so as to classify your expenses appropriately and avoid unnecessary tax on your profit.

10) This is the difference between a traditional CEO and the 21st century CEO, the later starts with an accountant and ends with them, unlike traditional CEOs that think there is no need for an accountant since they can easily know how the company is performing through the traditional plus and minus of revenue and expenditure.

11) Even as a small enterprise that do not pay tax in its business name, there is nothing wrong in having an accountant that can always help you to plan your finances even if it is not on permanent basis.

12) What about churches and other worship centres, I advice that you start preparing for the unknown because government is really out to make more money. Start by having a accounting specialist that regularly looks into your financial affairs and ensure that you keep a comprehensive record and book keeping.

13) Having an accountant that protects you from heavy government taxes and at the same time charts a way forward in your establishment through proper analysis and recommendation of profitable alternatives is a preventive and corrective choice you have to make today in order to ensure a constant return on investment.

Employ one now! and pay less tax later!