If you have a multimillion naira business. How much would you be willing to invest in accurate accounting and analytics to aid decisions?
There’s a need to minimize expenses. Yet, it’s imperative to always ensure accurate book keeping that provide insights for real time decision making process. When evaluating your options, it is important to bare the following in mind.
1- Should I outsource the accounting function to outside versatile professionals?
2- Should I keep the accounting functions in-house?
Information such as volume of work and complexity as well as cost benefits would help guide the decision making process. When thought through, one can also consider having both the option of an in-house accountant for day to day operations and outsource compliance and reporting to an experience team to handle and review such operations on a monthly basis to ensure compliance with all laws and regulations. This will help avoid the risk of tax penalties and/or control failures coming from government tax audits or statutory annual audits.
The following are important factors to consider in accounting function:
Management of liquidity to meet speculative, precautionary and transitionary motive of the business – Compliance with laws and regulations What kind of accountant would you have managing your multimillionaire naira setup?