Bookkeeping has been an aged problem among entrepreneurs, even to date. The advancement in technology has not totally removed the problem but has offered a better solution to bookkeeping challenges.
The majority of entrepreneurs spend tons of hours a week struggling with the recording of their transactions. This work style impacts their health negatively. In addition to the impact on their health, hard-earned monies are lost through loss in inventory, forgotten debts due to lack of effective bookkeeping system, payment of charges and penalties that are avoidable, employees pilferages etc.
Bookkeeping is the act of recording transactions (dealing between two or more people with money as a consideration) on a day to day basis, either using notebooks or accounting software (online or offline).
At Countsystem, we set up bookkeeping systems, provide training for the use of accounting software both online and offline, customised paper bookkeeping systems for business owners who are yet to make their bookkeeping digital.
With a proper bookkeeping system in place. It is stress-free and less time is spent on bookkeeping to allow the business owners to focus on their core business areas. And when it is online bookkeeping, the job gets done with a click of the mouse.
When businesses find themselves facing a backlog of financial and operational data that requires entry into their accounting system, data entry services can provide an efficient solution.
By availing themselves of these services, businesses can effectively address their data entry tasks and ensure that their financial records are brought up to date. This, in turn, enables them to generate timely reports, conduct meaningful analysis, and make informed decisions based on accurate and reliable financial information.
As entrepreneurs find themselves increasingly occupied with managing multiple businesses simultaneously, many have opted to enlist the services of bookkeepers to maintain their records.
However, it has become evident that bookkeepers often limit their role to merely keeping records. Entrepreneurs require more than just records; they need comprehensive and meaningful reports that contribute to informed decision-making.
At Countsystem, we go beyond mere record-keeping. We specialise in transforming your captured transactions into insightful reports that empower you to make informed business decisions, ultimately leading to increased profitability.
Our range of services includes strategic planning, setup, and organization of your accounting activities. We excel at creating clear and concise flowcharts that visually depict your accounting processes, ensuring transparency and efficiency.
Additionally, we provide professional assistance in writing and documenting your accounting procedures, tailored to meet your business’s specific needs.
Furthermore, we specialise in helping businesses effectively implement and utilise the QuickBooks Online accounting software, leveraging its powerful features to streamline their accounting operations.
The challenges surrounding taxes among entrepreneurs primarily stem from a lack of awareness rather than a deliberate refusal to fulfil their obligations promptly. However, it’s important to note that ignorance is not a valid excuse under the law.
It’s crucial to distinguish between the taxes imposed on a company and those imposed on a business name. Countsystem recognises this as an opportunity to assist entrepreneurs with their tax-related concerns.
For instance, we educate entrepreneurs about the fact that all goods and services, whether produced domestically or imported into the country, are subject to taxation, unless explicitly exempted by the VAT Act.
Value Added Tax (VAT) is a consumption tax that is levied when goods are purchased or services are rendered. The current VAT rate stands at 7.5%. VAT payments are due on a monthly basis and should be remitted no later than the 21st day following the month of the transaction.
Failure to fulfil VAT obligations incurs significant penalties, along with interest on the outstanding amount for each month that a business fails to remit payment.
At Countsystem, we are equipped to assist you with filing your VAT returns, ensuring compliance with tax regulations.
Payroll services involve the efficient administration and management of employee compensation, which includes the deduction of Pay As You Earn (PAYE), pensions, and the National Housing Fund from employees’ salaries, if applicable. These services also encompass the timely remittance of the PAYE to the State Internal Revenue Service, ensuring it is submitted before the 10th of the following month.
Additionally, payroll services involve the contribution of employer-pensions and prompt remittance to the respective pension funds of employees within a maximum of 7 days from the salary payment date. On an annual basis, businesses are responsible for paying 1% of the payroll gross figure to the Industrial Training Fund, as well as 1% to the Nigeria Social Insurance Trust Fund.
Furthermore, between January 1st and 31st of each year, the payroll service provider performs the necessary annual filing to the State Internal Revenue Service, covering the previous year’s payroll activities.
These comprehensive services include tasks such as calculating employee earnings, accurately withholding taxes, generating pay stubs, and ensuring strict compliance with payroll laws and regulations.
The payroll service provider may also offer convenient online portals where employees can access important information, such as tax forms and other relevant payroll details.
By outsourcing payroll services, businesses can benefit from significant time and resource savings while minimising the risk of errors and penalties.
This allows entrepreneurs to focus on their core business activities while ensuring accurate and timely payments to their employees.
Every incorporated company is required annually to submit its audited accounts to the Federal Inland Revenue Service for the purpose of filing company income tax. This external audit ensures compliance with regulations.
Additionally, organisations may conduct internal audits for management purposes, applicable to both companies and business names.
Audit services play a crucial role in fostering trust in the financial information presented by organisations. They provide stakeholders with the necessary assurance to make informed decisions and assess the financial health of a business. Through thorough examination and verification, audits contribute to the credibility and reliability of financial statements.
External audits, mandated by regulatory bodies, ensure that companies meet their legal obligations and accurately report their financial position. On the other hand, internal audits serve as a valuable tool for management, helping identify areas for improvement, assessing internal controls, and enhancing operational efficiency.
Overall, audit services are instrumental in establishing transparency, accountability, and confidence in the financial reporting of organisations.
By conducting audits, businesses demonstrate their commitment to adhering to regulatory requirements and providing stakeholders with reliable financial information for decision-making purposes.