Over the years, many businesses in this part of the world struggle with financial challenges and regulatory issues. These identified challenges push businesses into losing focus and struggling to find their footing because these issues were not properly handled during the early start-up stages.
The following are some of the challenges you need to resolve;

1. Resolve all tax matters –FIRS & State IRS
2. Resolve all non-compliant regulatory issues
3. Call in all receivables ( this includes hidden receivables)
4. Straighten records management;
5. Improve on the skill set of finance & tax handling employees;
6. Redraw your accounting systems and controls to align with compliance requirements;
7. Recover excess charges among others

It is our responsibility to be of immediate assistance to any Organization to advise them on how best to manage all their business issues with little or no disruption to their business operations.

Contact on +234 (0) 803 876 7883 to get expert help because we are the best business support service partner you can get.

It is our responsibility to be of immediate assistance to any Organization to advise them on how best to manage all their business issues with little or no disruption to their business operations.

Contact on
+234 (0) 803 876 7883 to get expert help because we are the best business support service partner you can get.

The IESBA approved revisions to the IESBA Code to address the professional accountant’s responsibility in relation to NOCLAR at its April 2016 teleconference. The changes to the IESBA Code become effective on July 15, 2017 and would be adopted by the Accounting and Auditiing professional bodies across the world.

The International Ethics Standards Board for Accountants (IESBA) has recently released an amending standard to the Code of Ethics for Professional Accountants (the Code) to redefine the accountants’ role when laws or regulations are broken i.e to address the professional accountant’s responsibility in relation to Non-compliance with Laws and Regulations (NOCLAR). This standard sets out a basis to guide auditors and other professional accountants in what actions to take in the public interest when they become aware of a potential illegal act, committed by a Client or their Employer.

NOCLAR is any acts of omission or commission, intentional or unintentional, committed by a client, or by those charged with governance, by management or by other individuals working for or under the direction of a client who are contrary to the prevailing laws and regulations.

The non-compliance which the standard addresses is concerned with laws and regulations which are generally recognised to have a direct effect on the determination of material amounts and disclosures in the client’s financial statements. It also addresses other laws and regulations which may be fundamental to the operating aspects of the client’s business, to its ability to continue its business or to avoid material penalties. It is worth noting that the standard does not include within its scope any matters that are clearly inconsequential or any personal misconduct which is unrelated to the business activities of the client or employer.

APPLICATION OF THE STANDARD

The standard applies to all professional accountants, including auditors, other professional accountants in public practice, and professional accountants in organizations, including those in businesses, government, education, and the not-for-profit sector. It addresses breaches of laws and regulations that deal with matters such as fraud, corruption and bribery, money laundering, tax payments, financial products and services, environmental protection, and public health and safety.

NOCLAR provides a clear pathway for auditors and other professional accountants to disclose potential non-compliance situations to appropriate public authorities in certain situations without being constrained by the ethical duty of confidentiality. It also places renewed emphasis on the role of senior-level accountants in business in promoting a culture of compliance with laws and regulations and prevention of non-compliance within their organizations.

IMPLICATIONS;

Any business with a history of Non-compliance with Laws and Regulations (NOCLAR) is likely to suffer someday for the contravention of any Laws and Regulations of their host Countries for as long as their every day dealings involve Accountants and Auditors whether as employees or not.

THE WAY FORWARD;

Every business should engage only experienced professionals to work with either as employees or consultants so that any issue of NOCLAR can be corrected before its too late.

One of the best ways to achieve success in business is to manage and maximize the resources at your disposal. Business resources are anything or everything that keeps your business in operation. They are materials or personnel and intellectual Property that you use to achieve your business objectives. They include human resources, financial resources, physical resources, intangible resources such as brand image and knowledge. As a business owner you need to handle, direct, be in control of your resources and make use of them to the fullest capacity. In other words, get value for every penny. Keeping a close eye on your business resources – this will maximize the efficiency of the resources, as well as minimizing any waste. Here are some tips on how to manage the four major resources needed in business;

HUMAN RESOURCES: Human as one of the resources is the people who make up the workforce of the business organization. Managing this workforce efficiently is important in running a successful business. As a business owner you should be ready and have what it takes to manage your workforce. Human are the most productive resources that create the largest and longest lasting advantage for an organization. In managing your workforce, you need to;

Create a good working atmosphere where people will enjoy positive morale and recognition.
Build an effective interpersonal relationship
Keep the line of communication opened.
Assist in developing the work force skill through on the job training.

FINANCIAL RESOURCES: As a business owner, it is important to know that the key to business success is not just the number of sales or customer transaction but also the way you manage your finance – you need to be equipped with good money management abilities.

Separate personal finance from business finance.
Cut your cost.
Keep tab on the movement of your money.

PHYSICAL RESOURCES: Business resources also include physical resources that are necessary and available for a business to function. They are tangible goods such as property, machinery, automobiles that helps the business to operate and add value. In managing your physical resources you need to keep track of them to know where they are allocated and to identify any loss. As a business owner, you need to be aware of the entire assets you own, if they need to be replaced, if any are being unused and where the best investment would be for your company in terms of operation.

INTANGIBLE RESOURCES: Financial and physical resources are not just the only value drive of a business. Many business owners often overlook intangible resources as part of their business resources forgetting that those resources might not have the obvious physical value like the other resources but they can prove valuable to the business and can be critical to its long term success or failure. Resources such as brand image or patent can help the business enjoy competitive advantage and survive in the market.

Contact us at info@inceconsulting.com or +234 (0) 803 876 7883 to get expert help because we are the best business support service partner you can get. It is our responsibility to be of immediate assistance to any Organization to advise them on how best to manage all their business issues with little or no disruption to their business operations.

Just like any living human, an existing business also has a life. This means that there are times when a business isn’t feeling too well and may require a very quick intervention to nip in the bud a very small problem that has actually at sometimes in the past destroyed many great businesses founded by very adventurous people. The best way to find out about your business health problems before it’s too late is to carry out a Business Health Check (BHC) and this should be carried out periodically using an independent party.

If you are running a business and you start to fail on one or more of your obligations to one or more parties be it staff, customers, supplier etc. it is a sign of a business health problem and if you start to feel all is well with your business, that is also a good time to actually pause for a review of your business because some situations may not be as they seem.

Benefits of a Business Health Check (BHC)

It identifies key areas of needing improvement;
It prioritises the areas of needing improvement into measurable projects with clearly defined and desired outcomes;
It gives a snap shoot of all your business operations.
It helps improve your business health
It serves as an assurance to suppliers, banks and insurance companies
What kind of business requires the Business Health Check (BHC)?

All businesses require the business health check.



How regular should Business Health Check (BHC) be carried out?

A Business Health Check should be carried out annually.



Who should carry out the Business Health Check (BHC)?

Any knowledgeable and objective party can be used to carry out a Business Health Check (BHC). An independent party like a Management Consultant can be used to carry out a Business Health Check (BHC) for objectivity.

How expensive is a Business Health Check (BHC)?

You would be surprise that it is not expensive as you think.



Who can you contact to do a Business Health Check (BHC) for your Business?

You can contact us at INCE Consulting Limited



Contact us on +234 (0) 803 876 7883, +234-818 233 7740 to get expert help because we are the best business support service partner you can get.

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