Daniel Omogi & Associates

Charting SUCCESS Together

[email protected]
www.danielomogi-associates.co.ke

Happy Madaraka Day

Our services:
▪︎Book Keeping
▪︎Tax Consultancy
▪︎ISO Certification
▪︎Audit & Assurance

Wish you a blessed Sabbath

New business processes

As you develop and grow your business, you'll face numerous challenges. That's where Daniel Omogi & Associates (DOA) comes in. Our interdisciplinary team of CPAs, with their extensive business experience, are here to guide you through managing risks, aligning your tax strategy with your business objectives, complying with changing regulations, and positioning your business for the future. Partnering with us means having expert help at every step of your new business journey.

Business registration process

Registering your business with the proper entities at the right time.

Complexity

Registration can be a complex and time-consuming task. However, with DOA's streamlined process and expert guidance, we can help you navigate this process efficiently, ensuring that your business is registered correctly and on time.

Entity selection can be a complex process

But with DOA’s business tax services, we aim to make it as smooth and hassle-free as possible. We will step in to help you make the hard decisions as you look to optimize your business's tax planning, providing you with the reassurance that you're in capable hands.

Tax incentives can be a maze to navigate

But with DOA's team, you can rest assured that we stay constantly updated on tax reforms, always one step ahead. We'll work to ensure your company makes the right decisions in our contemporary tax landscape, giving you the security and peace of mind that your tax strategy is in good hands.

Projections and forecasting

Our thorough cash flow and ROI analysis service will help you understand the growth of your investments. We achieve this by analyzing your historical financial data, market trends, and other relevant factors. DOA will also distinguish how your wealth can expand through our exhaustive budgeting and projection services, providing you with a clear financial picture of your business's future.

Looking to expand your business?

Timing and strategy are key. With our strategic assessment and planning services, Daniel Omogi & Associates (DOA) can help you expand your business at the right time and in the right way. Our team will identify and fully capitalize on available growth opportunities, all while maintaining your exceptional customer service.

Ownership issues

Ensuring the future of your company is a top priority. Please provide your company with the best possible succession solution with the help of our small business services team. We will guide you through the process of creating a comprehensive succession plan, considering factors such as leadership transition, estate planning, and tax implications. Death and taxes are inevitable, and DOA is here to help you navigate both for your company’s future.

Start your business the right way the first time. The foundational steps you take with your company at the beginning will help chart your success later, and DOA can help you along the way. For more information on our fast-growing enterprise services, contact us.

www.danielomogi-associates.co.ke
[email protected]

Daniel Omogi & Associates - #1 Financial and Management Consultant We are a Kenyan based financial and management advisory consultants based in Murang'a. Tax advisory, Risk advisory Financial advisory Management advisory Audit and Assurance

Pillars of Financial Literacy

Financial literacy is not just a skill, it's a superpower that empowers you to make informed decisions with your money. It's the ability to understand and effectively manage your finances, giving you control over your financial destiny. It's about mastering budgeting, saving, investing, managing credit, and financial products like credit cards, loans, and retirement funds. Whether you're a beginner or a money-savvy pro, paying attention to all the five pillars of financial literacy will help you improve your relationship with money and take charge of your financial future.

Pillar 1: Earn

Earnings are a crucial financial literacy pillar because they lay your financial plan's foundation. Building and maintaining a steady income stream is necessary to meet your daily needs, pay bills, and make investments for the future. Anyone can earn money, but achieving financial literacy requires figuring out how to use your knowledge, skills, and talents to find opportunities to maximize your earning potential. Starting a side hustle or other passive income stream is a great way to boost your earnings, especially if you are working toward a specific goal, like saving for a big purchase or paying off debt.

Pillar 2: Save

Every financial plan is complete with a money-saving strategy. A solid savings plan is not just about preparing for the future and working toward financial goals, it's about building a safety net that gives you peace of mind. People who save for the future have the financial security to deal with unexpected expenses without taking on debt. Putting money aside for essential purchases and meaningful experiences can also improve your quality of life and help you retire comfortably. Without savings, you may have to rely on credit cards or loans to cover expenses, leading to debt and financial stress. But with savings, you're prepared for whatever life throws at you.

Pillar 3: Invest

Investing money is a crucial financial literacy pillar because it is the most powerful way to grow wealth and reach long-term financial security. Investing is all about putting your money to work for you in ways that make it grow over time. Passive income is any income earned without requiring significant effort or ongoing involvement. It is sometimes called residual or investment income because it generates earnings after completing the initial work. This type of income can be generated from various sources, such as interest from savings or investment accounts, rental property, dividend-paying stocks, or royalties from creative work or patents.

Pillar 4: Spend

Budgeting is fundamental to financial literacy because it’s the best way to understand where your money is going and what changes you need to make to achieve your financial goals. Taking a few simple steps to track your expenses every month can help you identify areas where you need to tighten the purse strings. Regular budgeting and reviewing purchases will help you notice trends and see ways to make the most of your money. Budgeting also encourages disciplined saving by giving you the tools to prioritize. Once budgeting is a part of your routine, you'll be less likely to make impulsive purchases, overextend yourself, or take on unnecessary debts.

Pillar 5: Borrow

Being informed about borrowing is not just about understanding the various types of credit available, the conditions under which you can and should borrow, and the risks and costs involved in taking on debt. It's about arming yourself with knowledge that can protect your financial future. Debt is often viewed as a negative aspect of personal finance, but this is not always true. Good debt can be an effective tool for building wealth, while bad debt can be a significant barrier to financial success. Knowing the difference can help you make informed choices to set you up for long-term economic success. Your credit score affects your ability to borrow money and the interest rates you will be charged. Protecting your credit score means you can avoid high-interest debt and access better borrowing options when needed. Understanding borrowing is about being in control of your financial decisions and your future.

For more information about Financial Literacy, contact us

www.danielomogi-associates.co.ke
[email protected]

Daniel Omogi & Associates - #1 Financial and Management Consultant We are a Kenyan based financial and management advisory consultants based in Murang'a. Tax advisory, Risk advisory Financial advisory Management advisory Audit and Assurance

Contact us for financial and management consultancy services

www.danielomogi-associates.co.ke
[email protected]

Retirement Planning

You have worked hard and built a life full of dreams, achievements, and happiness for yourself and your family. Now, as you near retirement, you may have new dreams and goals in mind. Whether it's spending more time with your loved ones, traveling the world, or fulfilling commitments like your child's higher education or wedding, with a bit of retirement planning, you have the power to make it all happen while maintaining your financial independence. This article empowers you with approaches to saving for retirement.

Start saving, keep saving, and stick to your goals

If you are already saving, whether for retirement or another goal, keep going. If you're not saving, it's time to get started. Start small if you have to, and increase your monthly savings. The sooner you start saving, the more time your money has to grow due to the power of compounding interest. Make saving for retirement a priority. Devise a plan, stick to it, and set goals. Remember, it's always early enough to start saving.

Know your retirement needs

Retirement is expensive. Experts estimate that you will need 70 to 90 % of your pre-retirement income to maintain your standard of living when you stop working. This includes expenses such as housing, healthcare, and leisure activities. Take charge of your financial future.

Contribute to your employer’s retirement savings plan

If your employer offers a retirement savings plan, sign up and contribute all you can. By doing so, you can take advantage of potential employer matching contributions, which is essentially free money. Find out how much you would need to contribute to the total employer contribution and how long you would need to stay in the plan to get that money.

Learn about your employer's pension plan

If your employer has a traditional pension plan, check to see if it covers you and understand how it works. A traditional pension plan is a retirement plan that promises a specified monthly benefit at retirement. Ask for an individual benefits statement to see what your benefit is worth. Before you change jobs, determine what will happen to your pension benefit. Learn what benefits you may have from a previous employer.

Consider basic investment principles

How you save can be as important as how much you save. Inflation and the type of investments you make are significant in how much you'll have saved at retirement. For instance, you could consider investing in stocks, bonds, or real estate. Know how your savings or pension plan is invested. Learn about your plan's investment options and ask questions. Put your savings in different types of investments. By diversifying this way, you are more likely to reduce risk and improve return.

Don't touch your retirement savings

If you withdraw your retirement savings now, you'll lose principal and interest, and you may lose benefits or have to pay withdrawal penalties. This can significantly impact your retirement savings and delay your retirement plans. If you change jobs, leave your savings invested in your current retirement plan or roll them over to your new employer's plan. Consider building an emergency fund to cover unexpected expenses instead of relying on your retirement savings.

For more insights on retirement planning, visit our page

www.danielomogi-associates.co.ke
[email protected]

Daniel Omogi & Associates - #1 Financial and Management Consultant We are a Kenyan based financial and management advisory consultants based in Murang'a. Tax advisory, Risk advisory Financial advisory Management advisory Audit and Assurance

Benefits of joining a SACC0

Savings and Credit Cooperative Organizations (SACCOs) are a beacon of financial empowerment, offering a multitude of benefits to individuals seeking a secure and prosperous financial future. As cooperative financial institutions, SACCOs provide a range of financial services and opportunities for their members. In this article will explore the compelling advantages of joining a SACCO and how it can positively impact your financial well-being.

Access to Affordable Credit facilities. One of the key benefits of Sacco membership is gaining access to affordable loan facilities. SACCOS go beyond traditional banks and offer flexible loan options with competitive interest rates. Consequently, members have the chance to borrow at lower interest rates compared to commercial lenders, enabling them to meet their financial needs while minimizing the burden of debt. Additionally, SACCOS provide various repayment schemes and favorable terms, enhancing the affordability aspect.

Attractive Savings and Investment Opportunities. SACCOS foster a culture of regular saving, making it easier for members to build a strong financial foundation. With a range of tailored savings accounts designed for different needs and goals, Sacco membership presents attractive saving and investment opportunities. Members can earn competitive returns on their savings, which can be withdrawn annually or as needed.

Financial Inclusion. SACCOs welcome members from diverse backgrounds, including those who may have limited access to mainstream financial services. Joining a SACCO provides an opportunity for individuals to become part of the formal financial sector.

Dividend Payments and Interest Earnings. SACCO members share in the profits through dividends and interest earnings. As the SACCO’s financial performance improves, members receive a portion of the returns. This additional income can contribute to financial stability and growth.

Financial Education and Support. SACCOS are committed to empowering their members by offering resources, workshops, and seminars. Through these educational initiatives, members gain invaluable knowledge and insights on managing personal finances effectively. The guidance and personalized support provided by SACCOS enable members to make informed financial decisions and achieve long-term prosperity.

Community and Networking. Joining a SACCO is not just about financial transactions; it’s also about building a sense of community. Members have the opportunity to network with like-minded individuals, share experiences, and support each other’s financial goals.

Ownership and Decision-Making Power. Unlike traditional banking institutions, SACCOS are owned and controlled by their members. Joining a Sacco means becoming a part-owner and gaining decision-making power within the cooperative. As a result, members have the opportunity to influence policies, programs, and services offered by the Sacco through their voting rights at annual general meetings. Such ownership structure fosters a sense of community and ensures that member interests are prioritized.

Insurance Protection. Through collaborations with reputable insurance companies, SACCOS provide coverage for members’ savings and loans. This protection offers peace of mind, particularly during unexpected life events, thereby ensuring the stability and security of your financial well-being. Members can feel confident knowing that their assets are safeguarded against unforeseen circumstances.

Transparent and Accountable Operations. SACCOS follow strict regulations and guidelines set by the Commissioner of Co-operative Development to protect member interests. Regular audits and reporting ensure the financial health and stability of the Sacco, providing peace of mind that your savings and investments are in safe hands. In essence, the high level of transparency and accountability within SACCOS reinforces trust and confidence among members.

Joining a SACCO offers a myriad of benefits that go beyond just financial services. It opens doors to affordable credit, savings opportunities, financial education, and a supportive community. SACCOs empower individuals to take control of their financial futures and work toward financial prosperity. If you’re looking for a way to enhance your financial well-being and be part of a thriving financial community, joining a SACCO may be the perfect choice.
For more information on benefits of joining a SACCO, contact us through:
www.danielomogi-associates.co.ke
[email protected]

Daniel Omogi & Associates - #1 Financial and Management Consultant We are a Kenyan based financial and management advisory consultants based in Murang'a. Tax advisory, Risk advisory Financial advisory Management advisory Audit and Assurance

Everything you need to know about ISO Management Systems

Are you confused about and need to implement an ISO Management System into your business? It’s common for people to go through similar confusion when they are first confronted with the world of ISO Management Systems. But, don’t fret. So, what are Management Systems and why should I want one?

Management Systems ensure you have the right process in place, that your team are trained and fully aware of how to effectively carry out your service and meet targets. Management Systems ensure that you are consistent in what you do, progressing towards your goal destination, and doing so in a manner which is as safe as possible and minimises resource wastage.

Processes and Procedures
Formally speaking, a Management System consists of a number of processes and procedures which a business will follow as they go about providing their products and services. The function of Management System guidelines is to help businesses fulfil certain goals – the most common of which are:
▪︎The provision of consistent, high-quality services and products,
▪︎The minimisation of environmental impact, ▪︎The assurance of data protection from various informational security threats such as viruses and hackers,
▪︎The protection of the health and well-being of workers, the efficient use of energy, and; ▪︎Minimisation of food safety risks and spoilage.

For each of these goals, there is a Management System Standard, a topic that will be discussed in further detail later. Nevertheless, hopefully you’ve now grasped an idea of what Management Systems are and how they may benefit your business.

Who are ISO and what are ISO Standards?

ISO is the name given to International Organisation for Standardisation. If you’ve had a look into ISO you may have already learnt that ISO is derived from the Greek word isos which means equal. Basically, ISO is an organisation who aim to create consistency in the way businesses operate worldwide, providing the best quality services and products to consumers.

It is a non-governmental federation consisting of representatives from 164 national Standard bodies who meet at the headquarters in Geneva once a year to offer world-class expertise and develop consensus-based industrial Standards. These Standards, in turn, are published with the intention to help businesses introduce effective Management Systems into their operations.

ISO Standards are everywhere. To date, ISO has published over 22,000 international Standards and related documents which cover almost every industry – from food safety to computers, and health care to new technologies. So, the very phone, tablet or computer you’re using to view this article has probably been constructed following the guidance of ISO Standards.

ISO Standards themselves are the documentation that underlies Management Systems. They detail the requirements and specifications which enable businesses to ensure they have fully functional Management Systems.

ISO Families

ISO Standards are produced in series, also referred to as families. This means that they include different editions of the same Standard.

For instance; ISO 9000 is often referred to as the family name. ISO 9001 is the edition you would want to be certified to because it specifies the basic requirements you must fulfil to implement a Management System which demonstrates that you can consistently provide products and services that meet your customers’ needs, as well as the applicable statutory and regulatory requirements.

When implementing the 9001 Management System, you might then choose to adopt the practices described in ISO 9004 because it is designed to make your quality management system more efficient in achieving your business goals and objectives and it gives guidelines for enhancing an organisation’s ability to achieve sustained success.

There are then further supporting guidelines, such as ISO 19011 (guidelines for auditing Management Systems) which can be of value because it provides guidance on audit programmes, the conduct of internal or external audits, and information on auditor competence.

Updates

ISO continually review and update the contents of their ISO Standards and, on average, release a new version of a Standard once every 3-5 years. But it can be longer. The reason ISO Standards are represented with numbers is because numbers do not need to be translated from country to country. So, an interested party, regardless of location, can appreciate which Standards you conform to, simply by seeing the relevant ISO Number on your paperwork and marketing collateral. In the instance of the 9000 family, this number code represents Standards related to quality management.

ISO Certification

To use ISO Standards to your advantage, it is recommended that you become certified. To do this, a business must be able to demonstrate their adherence to the set requirements in the presence of a qualified auditor.

Businesses with certified ISO Management Systems in place not only receive the benefits discussed earlier but also appear more credible to clients as it shows that they have demonstrated an internationally recognised level of operation. This may, in turn, provide a competitive advantage for businesses who are looking to win tenders.

Examples of ISO Standards

You’ve likely come across these before, but just in case, here is a very brief outline of the most common ISO Standards.

Number one is the ISO 9001 Standard. This is the internationally recognised standard for quality management. ISO 9001 has been used by over 1 million business and ensures that they are consistently providing high-quality products and services.

Another popular ISO Standard is the 14001 – Environmental Management. With the very real threats caused by climate change, it is now more important than ever for businesses to limit their environmental impact, and this standard aims to achieve just that, reducing waste and improving resource efficiency.

In the modern world, the handling of data is common practice, and rife with opportunities for information security threats to corrupt or steal client’s data. ISO 27001 – Information Security Management helps ensure that this data is always protected whether online or offline.

ISO 45001 is the last one we’re going to cover. It is the international standard for occupational health and safety. Its implementation helps businesses reduce the likelihood of accidents and breaches of legislation.

ISO Consultants

ISO Standards are not the most user-friendly documents in the world if you aren’t familiar with the terminology. They contain a list of expectations that can be subject to misinterpretation. So, you probably don’t want the headache of implementing one of these systems yourself. It can be a laborious and trial-and-error exercise. After all, this time and energy would be better spent running your business.

So, here’s where the ISO Consultant comes into play. ISO Consultants are experts who help businesses to implement Management Systems and achieve subsequent certification. It is highly beneficial to have the support of an ISO Consultant to walk you through the process and offer practical advice at every step of the way.

A good ISO Consultant will assess the current position of your business and identify the exact steps you need to take in order to fulfil the requirements of the ISO Standards. They know the standards inside out and eliminate any guesswork. This massively speeds up your progression and streamlines the process of becoming ISO certified.

Trust in the experts

QMS international offers a professional, award-winning solution to ISO Management Systems.

Specialist consultants provide guidance every step of the way to ensure that the Management System is implemented as efficiently and effectively as possible. From the first consultation through to certification, this can take as little as 45 days.

Hopefully, this article has been insightful, and you now feel far more confident and informed about ISO management systems.

Incase of any further queries about anything ISO related, be sure to get in contact with us by email or website. We’re more than happy to help.

Get in touch
[email protected]

Daniel Omogi & Associates - #1 Financial and Management Consultant We are a Kenyan based financial and management advisory consultants based in Murang'a. Tax advisory, Risk advisory Financial advisory Management advisory Audit and Assurance

The Role of Auditing in Business Growth.

In the dynamic landscape of business, financial transparency and risk management are paramount. Organizations must navigate complex financial systems, regulatory requirements, and operational challenges. This is where auditing steps in as a critical tool for ensuring accuracy, accountability, and sustainable growth.
Auditing is the systematic examination of an organization’s financial records, processes, and controls. It involves assessing the reliability of financial statements, detecting errors, fraud, and inefficiencies, and providing valuable insights to decision-makers. Auditors, whether internal or external, play a pivotal role in maintaining trust and confidence in a company’s financial health.

The Importance of Regular Audits
In the intricate world of business operations, financial transparency and risk management are fundamental pillars. Organizations, regardless of size or industry, rely on accurate financial information to make informed decisions. Auditing, as a systematic process, plays a pivotal role in ensuring the integrity of financial records and safeguarding against potential risks.

Understanding Auditing
Auditing involves a thorough examination of an organization’s financial statements, internal controls, and operational processes. Here’s why it matters:

1. Financial Transparency
Audits serve as a critical mechanism for ensuring financial transparency within organizations. Here’s why it matters:
▪︎Investor Confidence: Audited financial statements provide assurance to investors and stakeholders. They rely on these reports to assess a company’s financial health and make informed decisions.
▪︎Stakeholder Trust: When financial records undergo rigorous scrutiny, stakeholders gain confidence in the accuracy and reliability of the information. This trust is essential for maintaining healthy relationships with shareholders, employees, and customers.
▪︎Legal Compliance: Regulatory bodies mandate audits for publicly traded companies. Compliance ensures adherence to accounting standards and legal requirements.

2. Risk Mitigation
Effective risk management is vital for sustainable business growth. Audits contribute to risk mitigation in several ways:
▪︎Fraud Detection: Auditors meticulously examine transactions, identifying irregularities or signs of fraud. Early detection prevents financial losses and protects the organization’s reputation.
▪︎Internal Controls: Audits evaluate internal control systems. By identifying weaknesses, auditors help companies strengthen controls, reducing operational risks.
▪︎External Threats: Audits assess external risks such as market volatility, economic downturns, and industry-specific challenges. These insights guide strategic decisions.

3. Compliance and Legal Requirements
Auditing isn’t optional—it’s a legal obligation with significant implications:
▪︎Legal Obligations: Companies must comply with laws and regulations. Audits ensure adherence to accounting standards and legal requirements.
▪︎Avoiding Penalties: Non-compliance can lead to fines, legal actions, and damage to the company’s reputation.
▪︎Ethical Responsibility: Auditors play a crucial role in promoting ethical practices. Their objective assessments contribute to fair business practices.

Regular audits go beyond mere compliance; they are strategic tools for maintaining financial integrity, managing risks, and fostering long-term business success.

For more information, Feel free to reach out to us at +254 715475134, send us an email at [email protected] or visit our website;

Daniel Omogi & Associates - #1 Financial and Management Consultant We are a Kenyan based financial and management advisory consultants based in Murang'a. Tax advisory, Risk advisory Financial advisory Management advisory Audit and Assurance

KRA pressure on landlords signals fresh rent increases

https://epaper.nation.africa

10 Lessons from The Millionaire Mind: Millionaire Set by Cotter Smith, Thomas J. Stanley Ph.D., et al:

1. Living Below Your Means: Contrary to popular belief, most millionaires don't flaunt their wealth. They prioritize frugality and live well below their means, consistently saving and investing even when their income increases.

2. Prioritizing Financial Education: Millionaires actively seek knowledge about personal finance and investing. They read books, attend seminars, and consult professionals to learn about wealth creation strategies.

3. Embracing Delayed Gratification: Millionaires understand that building wealth takes time and sacrifice. They prioritize long-term goals over immediate gratification and avoid impulsive spending or debt accumulation.

4. Developing Multiple Income Streams: Most millionaires have diversified income sources beyond their primary job. They invest in rental properties, start businesses, or explore other avenues to generate passive income.

5. Taking Calculated Risks: Calculated risk-taking is crucial for entrepreneurial success. Millionaires are willing to step outside their comfort zones, but they carefully assess risks and invest strategically.

6. Building Strong Work Ethic: Unsurprisingly, millionaires are known for their dedication and hard work. They put in long hours, prioritize efficiency, and consistently strive to improve their skills and knowledge.

7. Maintaining a Positive Mindset: Millionaires cultivate a positive outlook on life and believe in their ability to achieve their goals. They overcome setbacks with resilience and focus on finding solutions.

8. Fostering Strong Relationships: Building strong personal and professional relationships is essential for success. Millionaires surround themselves with supportive individuals who share their values and goals.

9. Giving Back and Contributing: Many millionaires prioritize giving back to their communities and supporting causes they care about. This sense of purpose adds meaning to their lives and strengthens their positive impact.

10. Continuous Learning and Growth: Millionaires recognize that personal and professional development is an ongoing journey. They actively seek new knowledge, embrace new challenges, and remain adaptable to changing circumstances.

Remember, "The Millionaire Mind" offers a framework for understanding the habits and mindsets of self-made millionaires. While these lessons are valuable, it's crucial to adapt them to your unique circumstances, values, and risk tolerance. Building wealth is a personal journey, and success requires dedication, perseverance, and a healthy dose of individualization.




For more insights follow
www.danielomogi-associates.co.ke
[email protected]

Daniel Omogi & Associates - #1 Financial and Management Consultant We are a Kenyan based financial and management advisory consultants based in Murang'a. Tax advisory, Risk advisory Financial advisory Management advisory Audit and Assurance