Accounting Systems Advisory

Complexity in the business environment today has made financial reporting become such a daunting task to handle by small and medium scale institutions. This challenge is majorly attributed to significant changes manifested in the financial reporting standards in many jurisdictions. Many companies are therefore seeking to improve their processes to achieve timely and accurate financial reporting.

Significant time-savings and an improvement in the quality of the financial statements could be achieved if the accounting or financial reporting systems were properly attuned to the reporting and legal requirements.

Our Approach

Therefore, with over 10+ years in Accounting Advisory Services practice, our dedicated team will provide your firm with the accounting and financial reporting advice and support which includes; adherence to new or revised accounting standards and effective management of the financial reporting processes, to support through an IPO process.

Our teams have a variety of skills including technical knowledge and experience, regulatory and standard setting experience, complex transaction and event understanding and process enhancement and project management capabilities.

Financial Advisory Services Offered

General bookkeeping, payroll and controllership services
Financial reporting to financial institutions, stakeholders, management and regulatory bodies.
Develop and implement accounting process and finance function effectiveness
Advisory on accounting system selection, evaluation and implementation of accounting system.
Business plan and projections for financial institutions and stakeholders

Your Advisory Checklist

We check the tax computations together with expense schedules to ensure that all expenses that are not allowable have been adjusted and that all capital deductions have been claimed.

We compare the income per computation with that declared in the returns. We also check the correctness and timeliness of submitting the returns and reconciliation of tax statement of account.

We examine all the payroll records including the staff files to ensure all emoluments are declared. We also recalculate the taxes to ensure correct tax rates have been used.

We ensure from the sample selected that the payroll agrees to the PAYE records and the employment contracts. We ensure that PAYE, NSSF and NHIF are correctly computed and paid on time. We also ensure that all the returns were submitted on time.

We ensure that withholding tax has been correctly deducted, accounted for and remitted on a timely basis to the tax authorities in respect of all eligible invoices and agreements entered into.

We review the purchases day book, cash book and other similar records to identify invoices or payments that are subject to withholding tax and ensure that the same has been done and paid on time.

We review the VAT control accounts to ensure that all output taxes have been declared and all eligible input tax has been claimed.

We compare sales per VAT returns with accounts for variances. We check the correctness and timeliness of VAT declaration.

We then prepare a report of findings and compute the outstanding taxes and penalties if any. We advice on how to resolve the matter and recommend the best way forward.