Is your business’ financial year-end 31 December?
While you get your team up to speed with the new Finance Act and how certain processes would change as a result, do not forget to finalise your 2019 year-end processes and get your financial statements, audited.
Here are some of the benefits of auditing your financial statements promptly:
1. If you have in-house finance function, you get to find out its areas of weaknesses so you can address it.
2. You would need audited accounts to file your Company’s Income Tax (CIT) or Personal Income Tax (PIT) returns.
- Filing your Company’s Income Tax (CIT) returns by the end of this month will fetch you tax bonus/ credit.
- Personal Income Tax (PIT) direct assessment filing (for business names and enterprises) is also due for filing by this month end.
3. You would be complying with the requirements of the Companies and Allied Matters Act and other Regulators in your industry.
4. Lenders and investors require your audited accounts for appraisals and due diligence, therefore, if you are planning to raise additional funds externally, you would need up-to-date audited financial statements.
5. Proper books of accounts/ financial statements help you make better business decisions and run the business better.
6. You satisfy the business stakeholders with complete and credible financials.
7. When your audited accounts are complete and accurate, you feel good about your work and business.
Share your external audit needs or requests with us by sending an email to clients@vi-m.com.