Why Does a Business Need Accounting and Bookkeeping Services?
Accounting and bookkeeping services speak for a company. Every transaction of business has its own importance in its books of accounts. Stakeholders and shareholders look at the accounting and bookkeeping records to know the real picture of a business. Systematic and well-structured accounting and bookkeeping services enhance the financial performance of your company.
Accounting and Bookkeeping Services in Nigeria
The Federal Republic of Nigeria is known to be the largest economy of South Africa. The Federal government mandates companies to prepare the books of accounts by entering day-to-day transactions and a complete record of assets and liabilities of the company.
The Financial Reporting Council (FRC) is the key rule-maker of accounting in Nigeria. In 2012, the FRC adopted the International Financial Reporting Standards (IFRS) for listed and significant public interest entities. The requirements for companies to adopt IFRS is listed below:
- Apply for IFRS 1 in its financial statements, and make explicit and unreserved statements
- Apply all mandatory exceptions and optional exceptions
Financial Reporting Council (FRC), Nigeria
The authority responsible for overseeing accounting in Nigeria is the Financial Reporting Council (FRC), formerly known as Nigerian Accounting Standards Board (NASB). The FRC is a federal government agency established and controlled by the Financial Reporting Council of Nigeria Act. The major functions of FRC include:
- Formulating and publishing accounting standards
- Promoting legislation, in order to ensure that prepared standards are observed and followed in the financial statements of companies
- Reviewing and improving the accounting standards in the light of changes in the socio-economic environment
Our Accounting Services in Nigeria
Business Setup Worldwide is a platform that helps business entities to be successful in their field. We provide entrepreneurs support services to establish or expand their business in a foreign land. Keeping the core essentials in mind, we provide a wide range of accounting services in Nigeria, that include:
- Preparing financial statements
- Tax planning and preparation
- Assistance in preparing and maintaining books of accounts
- Company secretarial services
- Performing internal and external auditing
Benefits of Availing Accounting and Bookkeeping Services
In Nigeria, most of the small business owners lack accounting and bookkeeping knowledge in business. Bookkeeping serves as the major function to serve both the owners as well as the stakeholders of a business. Thus, one of the most important financial decisions a business can take is to avail the accounting and bookkeeping services in Nigeria. The key benefits of availing accounting and bookkeeping services are:
- It helps a business to build goodwill
- Financial analysis helps a business in better decision-making
- Financial forecasting and budgeting become easier
- It acts as a cost and time saver
Business Setup Worldwide is a management and consulting firm that helps you to establish your business in the international market. Our expert team will assist you in legal procedures, accounting, finance, taxation in the business milieu of NIgeria.
At Business Setup Worldwide, we ascertain that you remain focused on your business objectives, while we tend to all the support functions. Our experts assist you in dealing with the financial norms of a foreign land. Business Setup Worldwide provides a variety of financial, accounting and bookkeeping services in Nigeria, including preparation of financial reports, accounts payable & receivable, planning and forecast.