MidasTouch Consult

Wishing all our clients and partners a very Happy Prosperous New Year 2022!!

#2022

The Federal Inland Revenue Service has extended the date for penalties and interests on all late taxes including back years assessment which would lapse on the 31st of December 2021.

If you run a registered business, then you ought to file your annual tax returns with the FIRS as mandated by the law.
For businesses that have not been able to do so, they have till the 31st of December 2021 to file and pay their tax returns without attracting penalties and interests via the TaxPro Max portal.

The TaxPro Max is an e-filing system set up the FIRS for the electronic filing and payment of Tax returns.
Come January 1st 2022, all taxes including monthly obligations, will be filled via the TaxPro Max portal, as no manual copies will be collected any more. And any late tax fillings will attract penalties without human intervention.

Do well to consult your Accountant/Tax Consultant to get you started on preparing and filing your taxes. Or you can send us a DM for a free consultation as we have limited slots available.

Here at MidasTouch Consult, we take care of your business Bookkeeping, Accounting and Tax Management, while you focus on your business. 🤝📝👩‍💻💰

MidasTouch Consult now takes appointments on their Page.

Happy Customer Service Week.

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Quote of the day.

Business Management 101.

Business is about the profitable creation and delivery of valuable offers to paying customers.

Every successful business creates something of value. Business is about creation, and not competition.

Your business should create something of value that people want or need at a price they are willing to pay for, in a way that satisfies the customer's needs and expectations, so that the business brings in sufficient profit to make it worthwhile for the owners to continue operation.

Every successful businesses revolve around five core parts as defined above:

1. Creates & delivers something of value.
It is one thing to create a product or service, and it is another thing to deliver it just as it is said to be. 😊

2. Something that people want or need.
People should either need what you offer or they should basically just want them.

3. At a price they're willing to pay for.
You ever seen something that people truly want but they just couldn't get it cos of the price? Yeah. Statistically, products that are more affordable generally, are usually more patronized than products that are not. Did you know that Toyota cars earns more revenue annually than Bentley, Lamborghini, and Ferrari combined? 🚘

4. In a way that satisfies the customer's needs or wants.
It is one thing for people to have a need or want for your product, it is another thing that your said product or services satisfies the customer's needs. Satisfaction is key. It is one thing that will bring customers back.

5. So that the business brings in enough profit to make it worthwhile for the owners to continue operation.
If a business doesn't make profits, then there is no reward for labor. Profits makes efforts worthwhile. It is the reward for entrepreneurship. 💵
Kindly note that revenue is not the same thing as profit. You could be making sales and still be at a loss. So it is important for every business owner to keep an eye on it's profit margin. If you don't know how to calculate your profit, you can send us a dm, we'll be glad to help you walk through the process. 🤗

Never underestimate the power of having a powerful team.
A strong effective team goes a long way in accelerating the growth and success of any business.

🥂

Five smart choices that small business owners make that distinguishes them from other business owners in terms of financial management.

1. They separate business from personal accounts: smart business owners separate business accounts from personal accounts at an early stage of the business entrepreneurship. What comes to the business goes to the business account. And expenses made for business purposes are taken from the business account.

2. They have a good Cash flow management system: Cash flow management is the process of tracking how much money comes in and out of a business. Cash flow management helps in managing a business finance in terms of paying employees, contractors, suppliers etc. A good Accountant can help in preparing your business cash flow statement. And that's what we do here

3. They avoid debt as much as possible: Smart business owners know too much debt is bad for their business credibility and so they avoid debt as much as possible. Accumulating bills is unhealthy for any business.

4. They have monies set aside for emergencies: Money kept aside for emergencies is one of the reasons why we hold money - for precautionary motive. Smart business owners know this and they have cash kept in a separate account for emergency purpose. This way, they are not left stranded in the break of any crises.

5. They have business insurance. The need for business insurance cannot be overemphasized on. With so many uncertainties and risks in business environments, having a business insurance is a smart thing to do. Business Insurance helps mitigate financial risk in unforseen events. There are varieties of business insurance that small business owners can have, depending on the type of business they operate. You can consult an insurance broker/advisor for which insurance cover is best for your type of business.

Conclusion: Major challenges of Small Businesses is how to keep afloat financially. Irregularities in cash flow and cash liquidity possess a challenge to small business owners. Applying the above measures help to avoid financial hazards.

Meet Joyce , the CEO and Lead Accountant of MidasTouch Consult . Joyce started her career in Finance as a Financial Advisor with FirstBank Insurance for years. She then moved on to work with Ojewole Olufemi & Co. (Chartered Accountants), where she started as an audit trainee, before moving on to become the Assistant Manager for Tax Audit and Audit Senior for Statutory Audits. She has worked with various clients and projects ranging from Sole Proprietorships, to NGOs, to Limited Liability Companies (LLCs), to Public Liability Companies (PLCs) to State Government Tax Audits, and to a recently concluded Statutory Audit for a Federal Government Institution. When it comes to experience in Finance, Accounting, Tax and Audits, Joyce comes in handy.
She set up to solve the problems of small businesses access to professional accounting services. She understands that small businesses may not be able to afford the full time services of Accountants, despite how important it is to have professional financial advise, hence, she set up to bridge that gap, and meet the need of small, medium business owners.
She is passionate about accountability in the general business sphere, because she believes that accountability makes for better informed business decisions and growth.

To know more about the services and values she creates, kindly click on the linktree link in the bio, and click on the website link for more info.

Meanwhile, she is looking forward to setting up her own Lingerie line soon . I mean, what can she not do? A true definition of a boss lady, beauty and brains. ☺️☺️😍😍🥰🥰🥂🍷❤️❤️💞💞

Why you need a Profit and Loss Statement as a Business owner.

A Profit and Loss Statement also known as P&L Statement is a Financial Report that shows the amount of profit and Loss a business has experienced over a particular period of time. It could be monthly, quarterly, or yearly.

A P&L Statement shows the:
✓ Income generated by a business over a particular period of time.
✓ Cost of Goods Sold. i.e the cost of purchasing goods before they were sold. This could include cost of raw materials, & the cost of processing the raw materials into finished goods before being sold.
✓ Expenses incurred in running the business.
✓ Other Income & Expenses of the Business.
✓ Net Income or Net Loss of the Business. That is, the balance after expenses have been deducted from revenues. Positive balance shows Profit 😁, while negative balance shows Loss. ☹️

A P&L helps business owners know the amount of taxes to be made. And it helps in making informed financial decisions. Etc.

Success is not an entitlement, it has to be earned,and it has to earned everyday.

"Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients." - Richard Branson

For small business owners, it may seem like clients come first, but truth is, your clients will not love your business unless your employees do, and so, employees come first.

To take care of your business's outside reputation, you must first, take care of your business's reputation on the INSIDE.

Do your employees (full time or part time) love working with you? Are they happy with your work policies? Do you treat them as partners or tyres?

The answers to the above questions goes a long way in determining if your clients will love your services or not.

The difference between good and great is in the details. Pay attention to the intricate details of your craft, and you're on your way to being great.

Struggling with keeping your Financial records together? Guess who can do it without losing their balance? You got it right. Accountants! does it all without losing their balance.

Most small business owners confuse revenue for profits.
Making sales does not equate to making profits. You could actually be making sales/revenues and still be at a loss.
The only way to know if your business is making profits is by deducting the cost of goods sold, and other expenses incurred from the sales revenue. I.e, Sales revenue less cost of goods sold, and other expenses like transportation, phone bills, rent, utility bill, salaries and wages and every other expenses incurred in the process of running the business for the given particular period. You can determine for yourself if your business is making profits or you can consult an accountant to do it for you.

Bookkeeping 101.

Some of the frequently asked questions we get is: What is Bookkeeping and why should I have a Bookkeeping system in place? Some even go further to ask how they can do their own Bookkeeping for their businesses.

Bookkeeping is the act of keeping track of all your business's income and expenses.
The importance of bookkeeping cannot be overemphasized. If your business is a business that has come to stay and grow then you definitely need to have a Bookkeeping system in place. You can either do it yourself or outsource it to a Bookkeeping firm to do it for you while you focus on your business.
Having an experienced bookkeeper do your bookkeeping can save you a lot of time and the hassles of doing your bookkeeping yourself. Plus you can be rest assured that their trained eyes will help you flag out any financial errors.
But, you can start by doing it yourself.
Just make sure you separate your personal expenses from your business expenses.
Have a separate account for your business, and keep track of all your income and expenses.
And don't forget to pay yourself!
You can choose different plans on how to pay yourself. Either on a fixed sum or on a percentage basis. Either way works fine.
Most important thing is that you keep track of your income and expenses so you can make better informed decision with your business.
The benefits of bookkeeping are just too numerous to count. It is the foundation of every organization's financial growth. And we are here to help you achieve that.

To celebrate children's day, we decided to share with you all some of our favorite quotes on children. 👫

Children are the future!!

Happy Children's Day to all the children round the world. 🌎
Children are indeed the leaders of tomorrow. 👫

Budgeting continued.... How to create a Budget Plan.
Budgeting. Budgeting is financial planning, and it is an estimated list of all future income and expenses.
The bedrock of financial management starts with budgeting.
Budgeting helps to create consciousness and it gives a sense of responsibility to the planner in respect to how money is spent and earned. And it also creates a drive towards earning more money for profit maximization.
With a good budget template in place, one can always ascertain their income and expenses for the month end as well as their net income.
Here at MidasTouch Consult we create budget templates for clients to help them set their financial goals for the month or for a period of time or for an event/project.
To get a budget template that is suitable for your business, send us a DM or send us an email on [email protected] or WhatsApp us on 09036227720.

Budgeting. Budgeting is financial planning, and it is an estimated list of all future income and expenses.
The bedrock of financial management starts with budgeting.
Budgeting helps to create consciousness and it gives a sense of responsibility to the planner in respect to how money is spent and earned. And it also creates a drive towards earning more money for profit maximization.
With a good budget template in place, one can always ascertain their income and expenses for the month end as well as their net income.
Here at MidasTouch Consult we create budget templates for clients to help them set their financial goals for the month or for a period of time or for an event/project.
To get a budget template that is suitable for your business, send us a DM or send us an email on [email protected] or WhatsApp us on 09036227720.

How are you sure you aren't making more expenses than income in your business? They seem so "little, little" that you don't take note of them, but you should!
It's the little holes that makes a great ship sink.
Protect your business today and consult an accountant to get your records straight so you can make an informed decision about your business growth.

Know when to close the account.

MidasTouch Consult updated their phone number.

Do you know that as a business owner, it is mandatory for you to pay your taxes and that there are penalties involved in not paying your taxes? But do you also know that you can actually plan and pay your taxes in a cost effective way?
We just wrote an article on what tax planning is, various kinds of taxes, and how small business owners can take advantage of the various tax reliefs and allowances available to businesses.
Click on link in bio to read about it. https://www.midastouchconsult.com/tax-planning-and-the-various-kinds-of-taxes/
And you can send us a DM to help you in any tax related issues, we will love to help!

https://www.midastouchconsult.com/tax-planning-and-the-various-kinds-of-taxes/

Tax planning and the various kinds of taxes. - MidasTouch Consult Tax planning refers to conscious efforts taken to consider the taxes payable by a tax payer at a future date and how it can be minimized.

"When money finds out it's in good hands, it wants to stay and multiply in those hands" - Suze Orman.
The only way money can multiply in your hands is if you take good care of the ones in your hands.
Having difficulties in organizing your business' income and expenses? Can't seem to determine your net profit for the month? Send us a Dm now so we can get you started.

🥂! We know you love Fridays and so do we!.
Our take home for the weekend is a favorite quote from Henry Evan: "a culture of accountability makes a good organization great, and a great organization unstoppable"

Become unstoppable today by being accountable with your time, your finances and your resources.
See you at the other side of greatness.

Accounting is the measurement, processing and communication of financial information about the business activities of an organization.
https://www.midastouchconsult.com/what-is-accounting-and-the-branches-of-accounting/

What is accounting and the branches of accounting. - MidasTouch Consult Accounting is the measurement, processing and communication of financial information about the business activities of an organization.

Bookkeeping is the art of recording business financial transactions and it is the foundation of a business accounting process. It is the process of tracking all of a company’s financial transaction...
https://www.midastouchconsult.com/what-is-bookkeeping/

What is Bookkeeping? - MidasTouch Consult Bookkeeping is the art of recording business financial transactions and it is the foundation of a business accounting process.

We are now on Instagram! Contact for all your , and related issues, we are one dm away.
For more info, send us an enquiry on [email protected] or visit our website on www.midastouchconsult.com to know more about us and what we love doing!