Making Sure You Choose The Right Accountant For Your Business | accounting

As a sole trader or small limited company, when you first start out you generally do everything yourself. This generally involves everything from answering the telephone and invoicing to cleaning the office not to mention actually doing the work that your clients pay you for.As your business grows you get to the point where you can’t do everything yourself and if you want to continuing growing you are going to have to employ the services of other people. An accountant should be the first professional that you consider hiring but choosing the right accountant for your business isn’t as straight forwards as you might think. Here are some tips to help your decision-making process.Make sure that you hire a qualified accountant for your business. There are many people who will offer to do your accounts for you and on the surface they may appear to carry out a good job but you don’t really know how good a job they are doing until the Inland Revenue ask to look in to your accounts in detail. If this happens then you really need the assurance that your books have been professionally prepared by a qualified person who is up-to-date with current tax laws and allowances.Choose an accountant that you feel that you can have a genuine professional relationship with. Once you start looking around for an accountant there is generally a divide between the big accounting firms and the smaller local accounting firms. If you are a small to medium-sized business then the greater personal attention that you receive from a smaller accounting firm will help in developing a productive long-term relationship. The service fees of a smaller accounting firm are also liable to be much more affordable.Choose and accountant that understands your business. Most smaller accountants tend not to be specialised in a certain area of business and have much more diverse accounting experience. Ensuring that your accountant knows how your business operates is essential to them being able to carry out a good job for you so make sure that your accountant understands your industry and business set-up.Choose an accountant that offers a comprehensive range of services. There is much more to accounting than just bookkeeping and at a basic level your accountant should be able to file your tax returns with the Inland Revenue, prepare your financial statements and if the need arises they should be able to present all of the relevant documentation for auditing. Many accountants will also measure your business performance, help with business and growth planning and support your management team.Make sure that you interview the accountant before choosing and don’t just interview one. Choose two or three accountants that you feel are the best options and compare their services, prices, their knowledge of your type of business and very importantly, how well you get along with them.

Ideas for Exploring Low Cost Feed Ingredients, When You Have No Laboratory On Your Farm | Livestock

In this article, I narrate 2 real-life “Success Stories” – that illustrate how resourcefulness, creative thinking, a little persistence, and a willingness to adapt, can help anyone succeed with an unconventional idea, even under difficult circumstances.I end by offering suggestions (based on the success stories), that you can follow to successfully explore using low-cost feed ingredients for making rations you feed your livestock, in order to record substantial savings.Two Case Studies You Can Relate ToIn both cases you are about to read, I had the unique privilege of being an insider, working as an actively involved employee.It is my hope, that you can take away enough insight, to help you develop and implement an action plan for your farm business.a. Wines Made From 100% Pawpaw Pulp in Matori, Lagos.Early in 1994, I worked for 6 months as a trainee Sales Coordinator in a medium-sized wine manufacturing company in Matori area of Lagos. Pawpaw fruits were processed – via simple brewing, fermentation, and aging – into a popular range of fruit-based wines distributed (by GB Ollivant) across the country.All we had in the small factory was a simple laboratory used to check key quality parameters at a basic level like color, sugar level etc. Uninhabited expanses of interstate land heavily populated with wild pawpaw plants, provided a seemingly endless supply of the factory’s major input – Pawpaw fruits.The enterprising owner also wisely got people to collect and supply the fruits to his factory for a fee.Here’s an interesting point: At the gate, we would negotiate a lower price for over ripe pawpaw fruit delivered to us. The suppliers had no way of knowing that the over ripe ones were the ones we preferred for our process. But since they knew no one would buy that from them anyway, they were glad to still earn income for supplying what would be considered “spoiled” fruit elsewhere.As a result, they always left happily, to return with another supply few days later. It’s not surprising that almost 2 decades after, this company is still going strong!b. Switching From 20% To 80% Sorghum – With Massive Cost Reductions (Lessons from Guinness Nigeria)As a young brewer in Guinness Nigeria, I participated in the amazing series of events (between 1995 and 1997) that led the company to gradually replace expensive and less available maize, with much cheaper (and more available) sorghum in the brewing process, following government’s ban on wheat importation.Apart from brewing plant (and process) modifications, the main thing done was to conduct a series of “trials”. Increased amounts of sorghum were added to the brews, to replace Maize, and the final product tested, with steps being taken to identify needed changes. Eventually they got it right. And the savings were enormous.You Need To Keep An Open MindThe case studies prove this can work. You could argue that you do not have the resources Guinness did. I would counter that the owner of the wine company started as a very small one-man operation in his office, based on this approach.What is crucial is your mental attitude. You have to be willing to give it a try, with an open mind. The alternative is to complain and wait endlessly, for the government or some other group to come up with a solution. That has not happened in decades. You need to take your destiny into your own hands.Suggestions You Can Put To Immediate Use1. Explore Strategic Partnerships: Approach private sector companies that own labs for possible use of their facilities. Explore ways to offer win-win relationship e.g. assure them of preferential supply at special rate. You’ll be amazed what people assured of useful benefits will agree to.2. Collaborate With Others: Consider exploring the use of the alternative ingredients as a group. You can do this alone, or get together with like minded farm business owners, and discuss ways to conduct real-life pilot scale trials on your farms.3. Approach Farm Service Centers: Getting support from Farm Service Centres towards pursuing this strategy could make it easier to implement 1 and 2 (above). A government operated centre could facilitate the process.4. Liaise With Research Publishers: You can also reach out to researchers who have published their findings on viable alternative feed ingredients that can be profitably used. I believe they’ll be excited to work with you, in implementing their findings on your farm.


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