WHAT TO DO WITH THE CASH YOU HAVE NOW!

I had the privilege of being one of the panelists at the #BNIOnline Business Leadership Session discussing Key Financial Considerations for your Business during this #CoronaVirus #COVID19 season.

Both my #MTN Mifi and #Airtel internet connections were not stable, I had to oscillate between the two and am now getting a 3rd internet service provider as a backup of the backup 😀. This is quite frustrating for us who #Zoom almost everyday! Anyway below is a summary of my presentation.

As fuel is to a car so is cash to a business. You can have a very posh or luxurious car, but without fuel how far can it take you? Nowhere

A business can be very profitable but without cash it's operations may come to a standstill.

Practically, we don't open our fuel tanks to check the fuel levels, we look at the fuel gauge..... unless it's a faulty gauge of course

The end of the accounting profession as we know it?

The accounting profession will face significant changes in the next three decades, and professional organizations, their members, and educational institutions should respond

Association of Chartered Certified Accountants (ACCA) research—Drivers of Change and Future Skills—has explored these important changes, expected to be encountered by the year 2025. I was privileged to have been part of the team from Uganda discussing the future of the Accounting profession. One of the highlights was on the need to have professional Quotients and below is an excerpt from the report.

PROFESSIONAL QUOTIENTS (PQ): This analysis suggests that to add value for their employers and clients, the professional accountant of the future will need an optimal and changing combination of professional competencies: a collection of technical knowledge, skills and abilities, combined with interpersonal behaviours and qualities. By 2020, all professional accountants will need to develop and balance the necessary professional quotients to fit their role and stage of career.

What to consider before Investing in Shares

To buy or not to buy Uganda Clay Limited (UCL) Shares has been the big debate. This came at the backdrop of Uganda Clays recently announcing that a dividend of 1 Ugx per share was declared. Only shareholders whose names appear as at close of business on 23 February will be eligible to payment of dividend.

Tax Planning Basics #Uganda

How you plan your business affairs can cause you or your employees to pay more taxes than necessary. The ability to understand the tax statues and how you structure your operations plays a key role in tax planning.

Tax planning is a process of looking at various tax options in order to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or considerably reduced.

Although tax avoidance planning is legal, tax evasion – the reduction of tax through deceit or concealment - is not.

#SMEs: Lack of Finance is not the Challenge!

One of the challenges businesses claim to face is access to finance. Sometimes this may not be the challenge because options and opportunities to access financing keep on coming. Many a times the challenge is the business is not adequately prepared to take advantage of the opportunities available to them.

For instance, on the 18th May 2015 I posted about the funding opportunity that was available to the tune of US100,000 by Matching Grant Facility (MGF) under the Competitiveness and Enterprise Development Project (CEDP) with The Private Sector Foundation Uganda (PSFU). Some entrepreneurs were not able to put in their proposal on time because they couldn’t put together all the documents required to meet the timeline given of15th June 2015. They didn’t have even some of the basics handy.