Accountancy Services

The Society of Women Accountants of Nigeria (SWAN) has trained students of Nasarawa State University, Keffi (NSUK) on basic accounting skills in order to help them become successful entrepreneurs. The workshop featured paper presentations on the Institute of Chartered Accountants of Nigeria (ICAN) professional examination, Effects of Drug Abuse on the Youth and motivational interactive session with students. Chairperson of SWAN, Mrs Ijeoma Ugwunebo, who spoke in Keffi recently during the workshop themed: “Catch Them Young,” said the programme was aimed at catching students who have dreams in the accounting profession at a young age to grow the respect to their chosen career and their attitudes towards their career so that they can make positive impacts to their lives and become responsible members of the Nigerian society. She charged the undergraduates in the accounting discipline to take advantage of the opportunity while still in school and to enroll in the professional examinations and the accounting technician skill so that upon their graduation they might have already become members of the accounting profession. According to her, the workshop became necessary in order to equip students with the basic skills of becoming successful entrepreneurs. “We educate the students on the need to start pursuing their professional qualifications early and choose ICAN because of the value of the certificate.” She noted that earning ICAN certificate would opens doors to a wide range of career opportunities in all areas of industry, commerce, finance and manufacturing sectors both locally and internationally and also allows them to specialise in a technical aspect of accountancy such as corporate recovery, forensic accountancy, corporate finance or taxation.   Source: Leadership

The President of the Institute of Chartered Accountants of Nigeria (ICAN), Mr Razak Jaiyeola, FCA and the MD/CEO Ecobank Nigeria Mr Patrick Akinwuntan believe digital technology will transform the Accounting profession.  They both made this comment in separate interviews with Proshare WebTV on the sidelines of the maiden Accounteks summit in Lagos, organized by ICAN.  The President of the Institute, Jaiyeola,  said that the objective of the summit was to create awareness of the impact of technology in the accounting profession.  According to him “Business models are changing, and  because we account for those businesses it means that the way and manner of the accounts has to change but more than just accounting;  it is  creating another level of responsibility for accountants in the sense that we must start to create value in whatever we do”. Jaiyeola stressed that the summit focused on how the accounting profession can create value through technology and reposition the profession to be more strategic and pragmatic in the digital age.  With emerging technologies like Artificial Intelligence, Robotics, Big Data and Machine learning, the ICAN President was of the view that accountants have to adapt to disruptive innovations  that will help them be more efficient at their tasks.  He was happy that ICAN members got the message, he mentioned that the Institute would be announcing further  programmes to consolidate on the knowledge of the deployment of technology to enhance the accounting practice.  The MD/CEO of Ecobank Nigeria, Akinwuntan, on his part believed the summit exposed the accountants to the reality of technical issues, security issues and business issues surrounding digital platforms and the use of technology.  Akinwuntan observed that the maiden Accounteks summit, provided an opportunity for the ICAN members to be classified more as ‘Thinking Accountants’, providing solutions to challenges in the financial services industry and economy.  Speaking further he said “A lot of financial outcomes now depend on digital platforms both for transacting, for controls and for reporting activities because most of accounting entries now are generated using technology”.  “Through technology  Accountants can create value, drive efficiency which would continue to improve investor confidence and the credibility of the financial information provided for timely  business and investment decisions” Akinwuntan said.   Source: Proshare

Prof Muhammad Mainoma has been inaugurated as the 11th president of the Association of National Accountants of Nigeria. During his inauguration as the association’s president and unveiling of new logos of ANAN and its training arm, the Nigerian College of Accountancy, Jos, Mainoma said he was determined to consolidate on the attainments by making accountancy in Nigeria more attractive. In a statement, he commended the founding fathers, past presidents, fellows and members of the association for their commitment and resilience in building a strong professional accounting organisation in the country. The new president said that the membership of ANAN as individuals must build professionalism comprising proficiency, respect, objectivity, fairness, education, selflessness, service and integrity. He also mentioned the relevance of organisation, networking, ability, learning, image, and standardisation. He said, “Under my leadership as the 11th president and chairman of council, the association shall work on ‘accounting,’ advancing the profession, college development, capacity building, opportunity creation and unity of purpose. “It will focus on networking globally, technical support, innovation and consolidation, new knowledge and technology and global brand building. “Greater collaboration is required among professional accounting organisations in Nigeria on national issues. “The council shall be working with other PAOs to form a joint accounting body as formidable platform for advancing government.” He said that the Federal Government’s national Anti-Corruption Strategy needed the support of PAOs in Nigeria. “PAOs must work alongside government, regulators, law enforcement and international bodies to combat corruption, tax evasion, money laundering and to strengthen transparency and accountability programmes,’’ Mainoma said. On the economy, Mainoma said the macroeconomic performance of the Nigerian economy had largely reflected the role of the global economy. Nigeria’s economic recovery from recession benefitted from Federal Government’s commitment to the implementation of the Economic Recovery and Growth Plan, he stated.   Source: Punch

When you are starting out as a business owner, banking charges might be the furthest thing from your mind — until they start to add up! Get ahead of the game with these cost-saving tips, before you even open your business bank account. Take control of your business finances today by choosing the most useful type of bank account, opting for cost-saving features and making full use of the benefits available through your bank. These practical tips will give you a head start and help you to optimize your savings as your business grows, according to /discover.rbcroyalbank.com. Save on business banking accounts Open a business banking account that offers flexible transaction limits and low, tax-deductible fees charged only when you use the services. Streamline your accounting and keep your banking costs down by choosing an account that helps you track your business expenses. Find out whether you require a minimum balance to avoid fees, and maintain that amount in your account. Sign up for online banking Online banking and electing to receive electronic statements from your bank is not only more environmentally friendly, but it can also save you fees if your bank charges for paper statements. Additionally, some banks offer financial incentives for changing to paperless billing. A banking association had reported that 83 per cent of consumers feel online banking adds value for them. Pay your bills electronically A report showed that 68.3 per cent of a community now use electronic payment options. This growing trend can help save you time and the hassle of paying manually. Using your bank’s online bill payment solutions will help you pay on time, building both your business’s credit rating and your reputation. Make the most of payment discounts for on-time or early payments, set up alerts to ensure you have funds available when payments are due, and consider getting overdraft protection to avoid cash flow challenges. Accept electronic payments Offering your customers ways to pay you electronically can save you time and money on reconciliation. Receiving payments electronically means your will receive (and can use) the funds sooner. If you need payment processing or e-commerce options, you can obtain access to these additional services through your bank. Use a business credit card to track expenses With a business credit card, you can track company expenses and earn points or get cashback for your purchases. Pay your credit card balance in full within a week or two, to avoid accruing interest. Take advantage of any rewards programs available for the credit card you choose. You’ll accumulate points that you can use as a payment towards your credit card balance, or for benefits such as airline miles. Search for a business bank Searching for a business bank account is an exciting yet crucial step that every small business owner ought to take—ideally sooner in their business’s timeline rather than later. Whether you are a new business that is just starting up and you need a business debit card, or you are a well-established business looking for a way to earn for your savings, you’ve got quite a few decisions ahead of you. Because this is such a vital decision for your business is finances, it is crucial to know what you are doing when you are sifting through all of your business bank account options. Before you open a business bank account, make this initial decision; First thing is first, you will need to decide which kind of business bank account you want to prioritise in this search. Do you want a business current account or a business savings account? Though these two types of business bank accounts are certainly not mutually exclusive—in fact, they work wonderfully together—you will need to decide which type of business bank account you want to look for at this very moment. If you are looking for a home for your business’s working capital cash flow that allows your money to be easily accessible, then you are looking for a business current account. On the other hand, if you are looking for a way to store your business’s money away to save and even earn for it, then you will want to look into your business savings account options. Generally speaking, newer businesses that are just starting up will likely be in more need of a business current account, while businesses which are well-established with a lot of cash on hand will likely be in search of savings accounts. Plus, a business current account is a business fundamental, while a business savings account can often be taken care of leisurely. That said, there are both business savings and current accounts out there that can serve businesses of all shapes and sizes.   Source: Punch

In recognition for his contributions to the development of the accountancy profession in the country, the Institute of Chartered Accountants of Nigeria (ICAN) has nominated Otunba Lateef Owoyemi, for year 2019 ICAN Award in the Members’ Category. According to a letter personally signed by Alhaji Razak Jaiyeola, president of ICAN, the honour is for Owoyemi’s outstanding contributions to the ideals of the “institute, which include accountability, professionalism, integrity, exemplary leadership and nation building.” The president of the institute added that Owoyemi, who is a former president of the institute, was particularly being honoured for his selfless service towards the growth and development of the accountancy profession in Nigeria. Jaiyeola stated that the award ceremony would take place at Eko Hotels and Suites, Lagos, on April 13, 2019. The president of ICAN disclosed that nominations were received from members of the institute and were carefully reviewed by a committee of the council, which came up with the final recommendations.   Source: Independent

The Association of Chartered Certified Accountants (ACCA) has launched a campaign – supported by one of the largest ever global studies across the profession – on the skills accountants need as they head into the next decade. ACCA’s body of research shows there are diverse emerging issues where technical and communication skills will be vital by 2020–25. What topped the list of competencies expected to be most important over the next decade is the ability to communicate a more holistic view of corporate reporting. Thomas Isibor, head of ACCA Nigeria, said: ‘New hardware, software, economic threats, services and regulations are all arriving at a breakneck speed and all of these changes will have a significant impact on commerce. Mr  Isibor Added: ‘For FDs and CFOs, the trick is identifying what changes will have the most impact on business and how can best to prepare to meet—and take advantage of—these challenges now.’ According to the ACCA Business Forms report, business activities are an essential part of every society. Their success, especially when first starting up, depends on many social and economic variables, but one of the most important things is what legal form the business adopts. Sympathetic and pragmatic advice from experienced experts in the field can make a real difference to the success of the venture. Previous ACCA research has shown that the value ascribed to an accountant’s advice to small business comes not simply from the professional qualification but also from the client’s perception of the adviser as a peer, who has faced the same challenges and decisions in establishing their own business (Spence et al. 2012). ACCA’s report also noted that: ‘A detailed familiarity with local tax and capital movement laws and business practices will also be needed to work across (and with others in) multiple geographies’. Speaking on how to attract and retain these skills, Mr Isibor said: ‘Identifying these critical skills is one thing. Creating a workspace that attracts, rewards and amplifies them is something else entirely. It’s here where we must confront the much vaunted, and often maligned, generation known as millennials. But there is good news for the profession. The ACCA report clearly highlights that business success involves meeting, adapting and sometimes creating change. The pace of change has increased substantially over the past few years.   Source: Brandsprung