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Accounting Services to Start-ups, Small and Medium sized enterprises (SSMEs)
Starting a small business can be a challenge. For over 20 years, we’ve been helping small and medium sized businesses get on their feet. Basically we give financial accounting support to SSMEs so they can focus on more important things like winning new clients and building the business. We help SSMEs as follows:

  • Registration of their companies with CAC, providing advice on company formation and guidance on appropriate management structures
  • Registration of their companies with the Federal Inland Revenues Service (FIRS) and your local tax office (e.g. LIRS)
  • Accounting and Control processes
  • Company secretarial services

Our experienced team gives SSMEs maximum attention without obstructing or hindering their day-to-day business activities. We also show our clients how to make use of new technologies so that their business processes are quicker, safer and cheaper to operate.

Our services are set out below

Below are brief insights into a few of our services;

Design and Implementation of an Accounting System Manual
We will design a suitable accounting system to serve as a standard to carry out financial and accounting processes. This will ensure that a satisfactory level of financial and management reporting is guaranteed and accounts are prepared on a timely basis to meet the organizational needs.
In this context the following will be undertaken:

The purpose of the accounting manual that will be constructed is to provide simple practical information about how to keep the company’s books and create internal controls for financial operations.  Choosing the right internal controls and ensuring that they are consistently applied to ensure that the company’s assets are used efficiently and are safeguarded against loss, waste and abuse. These along with ensuring that internal governance rules are established and are complied with is a major challenge to SSMEs.

Financial and Management Advisory
Small businesses fail because key business decisions are not properly evaluated before they are acted upon. Also business owners fail to seek professional advice at the right time and from the right source. We stand by our SSMEs clients to ensure that they get the best financial and business management advice -- such as internal business structures, processes, systems etc -- which will enable their businesses make profit, become cash rich and grow.

Audit of Financial Statements
Our associate can express opinion on your financial statement in accordance with Nigerian Standards on Auditing (NSA) and Companies and Allied Matter Act 2004.

Human Resource Management
It is important that SSMEs are able to attract the right people. We offer advice on staff recruitment, organisational structure, installation of performance driven systems and rewards and the institution of an organisational culture that creates shared values such as trust, integrity, innovation and commitment. We advise our SSMEs on succession planning.

Taxation Support
Businesses usually struggle with agreeing their taxes with the relevant authorities. This has been compounded by the FIRS directives that all businesses including SSMEs must file their direct tax assessments not later than 6 months after their accounting year end. We support SSMEs to meet their tax obligations in the following areas:

  • PAYE compliance with State Internal Revenue Service and obtaining staff tax clearance
  • Filing Annual Tax Returns with Federal Inland Revenue Service (FIRS)
  • Withholding Tax and Value Added Tax
  • Obtaining corporate tax clearance
  • Liaising with tax authorities as may be necessary
  • General tax planning.

Bank Reconciliation and Bank Charges Verification
We regularly review SSMEs’ cash book to bank statements to ensure that only authorised transactions and Central Bank of Nigeria approved charges are applied thereto.

 

Corporate Secretarial Services
In association with our company secretarial services SBU, we assist SSMEs in the following areas:

  • Attendance at Annual General Meetings or Extraordinary meeting and taking minutes
  • Filing documents with CAC including annual returns.
  • Share capital restructuring.

Accounting System Technology
In association with our partners, we help SSMEs implement accounting systems that are cost effective, scalable, secure and customizable to the SSMEs’ peculiar business need. With this system in place, accounting information can be seamlessly generated for management decisions.

IFRS Conversion
We provide support to SSMEs on IFRS Conversion which was mandatorily adopted as at January 1, 2014. This means that all Small and Medium-sized Entities in Nigeria will statutorily be required to issue IFRS based financial statements for the year ended December 31, 2014.

SSAC’s SSME Strategic Alliance Service
The SSAC SSME Strategic Alliance Service© (SSSAS) is a new approach to Risk Management for financial institutions. The SSSAS ultimate goals are

  • Building a strategic alliance with financial institutions to help them better manage SSME risk
  • Assisting financial institutions develop a "Win-Win" approach to SSME lending
  • Assisting financial institutions to overcome the historical  high credit default risk and cost to serve SSMEs
  • Helping   financial institutions understand the particular needs and preferences of SSMEs
  • Build SSME capacity to survive and grow their business