SME Solution

SME Solution The first spot to get the latest financial info. We offered book keeping service which include reco

17/01/2023

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01/01/2023

Good day all,

Happy New Year to you all.

Have you ever thought of starting a business and don't have the skills it takes to starts.

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31/12/2022

Olumide was a talented software developer who had always dreamed of starting his own business. He had been working on his own for a few years, but he wanted to take his business to the next level. He decided to register his business with the CAC in Nigeria.

Olumide knew that registering his business would give him a number of benefits, including legal protection, access to business loans and credit, and the ability to hire employees. He also knew that it would give his company more credibility with customers and make it easier to do business with other companies.

Olumide spent some time researching the process of registering his business and gathered all of the necessary documents. He filled out the forms and submitted them to the CAC. It took a few weeks for his application to be processed, but eventually, he received confirmation that his business was officially registered in Nigeria.

With his business officially registered, Olumide was able to take advantage of all of the benefits that come with being a legitimate business. He was able to secure a business loan to expand his operation and hire some part-time employees to help with production. He also noticed that his customers were more confident in purchasing from him because they knew that he was a registered business.

Thanks to the process of registering his business, Olumide's company was able to grow and thrive. He was able to take on new opportunities and achieve his goals as a small business owner. So, it is always beneficial to register a business with the CAC in Nigeria.

To register your business with CAC in Nigeria for chinkini money, kindly dm me

30/12/2022

Sarah owned a small fashion boutique in Lagos, Nigeria. She was struggling to keep track of her sales, expenses, and inventory using pen and paper. She knew she needed to find a better solution to manage her finances and keep her business organized.

One day, Sarah's friend recommended QuickBooks, a bookkeeping software that was popular among small business owners. Sarah decided to give it a try and was amazed by how easy it was to use. She was able to create invoices, track expenses, and reconcile her bank accounts with just a few clicks.

Thanks to QuickBooks, Sarah was able to get a better handle on her finances and make more informed business decisions. She was able to streamline her account.

28/12/2022

Olu was a hardworking man with a dream of starting his own business. He had always been a bit of a "shark" (clever person) when it came to making money, so he was confident that his business would be a success.

However, as Olu soon learned, running a business was much harder than he thought. He had to juggle a million different tasks, from managing his employees to keeping track of his inventory. One thing that Olu quickly realized he needed to do was to keep good books of accounts.

At first, Olu was a bit intimidated by the idea of keeping a cash book, ledger, trial balance, and profit and loss statement. He wasn't exactly a "math whiz" (someone who is really good at math). But with the help of a trusted accountant, Olu was able to get the hang of it.

And boy, was it worth it! Olu's business was now running like a well-oiled machine. He knew exactly how much money he had coming in and going out, and he could see at a glance whether his business was making a profit or not.

Olu learned that keeping good books of accounts was essential for the success of any business. He was glad he had taken the time to learn how to do it right.

26/12/2022

Ada is a young, hard working entrepreneur. Ada owned a small clothing store. She worked hard every day to make a living and provide for her family, but she always struggled to keep up with the taxes that she was required to pay.

One day, Ada received a letter from the Federal Inland Revenue Service (FIRS) stating that she owed a large amount of back taxes. Ada was shocked and didn't know what to do. She had always tried to pay her taxes on time, but she had gotten so caught up in running her business that she had neglected to pay some of them.

Feeling overwhelmed and uncertain, Ada decided to seek the help of a tax professional. The tax professional explained to Ada the importance of paying taxes and how they support essential services such as schools, hospitals, and roads. Ada realized that she had a responsibility to contribute to the well-being of her community, and she made a plan to pay her back taxes and stay current on all of her future tax obligations.

With the help of the tax professional, Ada was able to catch up on her taxes and get back on track. She learned the importance of paying taxes and made sure to always stay up to date with her tax obligations. Ada's small business continued to thrive, and she was able to make a good living for herself and her family.

25/12/2022

Mr. Wale was a successful businessman based in Lagos, Nigeria. He owned a thriving import-export company that dealt with all sorts of goods, from electronics to textiles. However, Mr. Wale had one major flaw: he hated bookkeeping. Whenever it was time to balance the books at his office, he would procrastinate and make excuses until it was almost too late.

One day, Mr. Wale's accountant called him up with some bad news. "Mr. Wale, I'm sorry to say that your bookkeeping is a mess. You're in danger of being audited by the government if you don't get everything sorted out soon."

Mr. Wale panicked. He knew he had been neglecting his bookkeeping duties, but he had no idea how bad things had gotten. He decided to take matters into his own hands and try to fix the problem himself.

He sat down at his desk in his office in Lagos, surrounded by piles of receipts and invoices, and began to sort through the chaos. It was a daunting task, but Mr. Wale was determined. He worked tirelessly for days on end, trying to get everything in order.

As he was going through the receipts, he came across one from a supplier that seemed suspicious. Upon closer inspection, he realized that the supplier had been overcharging him for months. Mr. Wale couldn't believe it - he had been taken advantage of by someone he had trusted.

He immediately called up the supplier and confronted them about the issue. The supplier tried to deny the allegations at first, but Mr. Wale had all the evidence he needed thanks to his thorough bookkeeping. Eventually, the supplier admitted to the wrongdoing and agreed to reimburse Mr. Wale for the extra charges.

From that day on, Mr. Wale became a bookkeeping fanatic. He made sure to keep track of every single expense, no matter how small. He learned the importance of paying close attention to detail, and he never let his bookkeeping slide again.

And as for that pesky government audit? It never happened. Mr. Wale's impeccable bookkeeping saved him from a world of trouble, and he lived happily ever after, grateful for the lesson he had learned.

The moral of the story? Bookkeeping may not be the most exciting task, but it is crucial for any successful business. Don't be like Mr. Wale - stay on top of your finances and avoid any unnecessary headaches.

14/03/2022

In calculating the depreciable amount of an asset: the estimated useful life/lifespan of the asset needs to be ascertain objectively, the total cost of the asset including the costs incurred in getting the asset to its useful state must be known.
Assuming the asset is a techno phone: cost of techno phone = 60,000; cost of screen guard =1,000; cost of pouch=2,000; cost of installing antivirus=3000 and data to upload app before using the phone 3000. Total cost of the phone=69,000
Depreciable amount= total cost/lifespan of the asset.

12/03/2022

How to set a replacement cost for your business asset: as I wrote earlier, the depreciable amount should be included fixing the selling price. The depreciable amount should be recorded in a book of account and should have a separate saving bank account plan. The saving account plan should be only for the asset and it should not be tampered with throughout the estimated life of the asset.
Most times, the replacement cost will not be up to the market cost of the getting a new machine/equipment for your business but the cost to be added will be minimal and won't affect the business as such.

12/03/2022

As a Small Business Owner (SBO), selling price should include depreciable cost of the equipment used in cost of producing the product.
This depreciable amount should be set aside after every sales to replace those equipments used in production. The total amount set aside for the useful life of the assets adjusting for inflation would be enough to replace the asset when it exceed it useful life.
The amount set outside can be invested in a viable investment to generate more income in case of advancement in technology of some equipment.

17/01/2022

In 2022, try to separate your assets from your liabilities. It is necessary to be able to distinguish between the two. Try to have a plan of what you want to buy. It is IMPORTANT.

18/11/2020

Warehousing refers to the activities involving storage of goods on a large-scale in a systematic and orderly manner and making them available conveniently when needed. It involves preserving huge quantities from the time of purchase or production until their actual use or sale.

Small Medium Enterprise doesn't have a big structure for storage of inventories. Stocking of Inventories in an orderly manner and placement of inventories at strategic areas of the shop/warehouse in an attractive manner will aid customer patronages.

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Lagos

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