Accounting

RGD extends deadline for filing of annual returns and renewals

The Registrar-General’s Department (RGD) has extended the deadlines for the filing of annual returns for companies limited by shares, companies limited by guarantee, external companies, and also for the renewals of partnership. The dates have been extended from 30th April, 2020 to 30th June, 2020. According to a letter from the regulatory body, dated 31st March, 2020, this has become…

Understanding the importance of inventory management

For many businesses, specifically in the manufacturing and distribution industry, companies such as manufacturing and distribution, inventory represents a large, if not the largest, portion of their assets. Therefore, it is important that management understands how to effectively manage their inventory. In this article,we will learn the importance of a good inventory management system. Inventory refers to goods that are…

How can the use of accounting software help my business to grow?

There are two ways that a business can account for its transactions: manually through the use of notebooks/exercise books or electronically through the use of accounting software. Each of these has its merits and demerits. However, the benefits the use of accounting software comes with is invaluable and far surpasses the manual approach. In this piece, I take you through…

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4 Keys to Effective Bookkeeping Practices

Effective financial record-keeping is essential for business survival and growth. It entails planning, organizing, controlling and monitoring your financial data to achieve the ultimate business objective.  Most small and medium business owners often neglect to follow through religiously, this sometimes may be due to either not having full knowledge of keeping appropriate records or having a hard time doing so.…