Basic compliance requirements for an #SME in Uganda

‘When it comes to a business and corporate management, compliance refers to the company obeying all of the legal laws and regulations in regards to how they manage the business, their staff, and their treatment towards their consumers. The concept of compliance is to make sure that corporations act responsibly’ writes Gary Trainor in an article Importance Of Compliance In Business. He highlights that the benefits compliance brings into any business include: avoidance of criminal charges, building positive reputation and higher productivity in the company.

For Every Business Owner Without An Accountant

 “I am told you can create financial statements for my business?” the client asked “No I can’t” was my response.
I said no because he had no records for the period for which he wanted the financial statements produced. Accountants are meant to help you organise your existing records in order to produce financial statements and not to conjure up figures. This means that you have to get into the habits of keeping records. If you cannot write them down somewhere then at least keep the source documents (receipts, vouchers, invoices, bills etc.) and someone can help you organise these into a report.

This client wanted the financial statement in order to file income tax returns. What one should know is that whatever you file with the revenue authority should be kept available to them for a period of at least five (5) years. When they come to audit you, they will need documentary evidence of how the financial statements were arrived at.