Nectar Accounting Services

15/09/2025

https://www.facebook.com/share/17EU8ZehGN/

13/05/2025

L Some major points to consider before you register your business* :*

1. *Cost* 💰: To register under Business Name / Enterprise is cheaper than registering as a Limited Liability Company .
Cost Range :
Business Name/Enterprise: 15k - 30k
Private Limited Liability : 45- 200k

( cost depends on if you want to do it yourself or you want to engage a Professional or share capital )

2. *Tax Liability 🕵🏾‍♂️:* Tax obligations is more with Limited than Business Name.

3. *Decision Making /Formation* 🤔: Formation is easier and decision making is easier if you register as an Enterprise than Limited company.

4. *Contracts Bid & Long Term* 📃 : Corporations and Government gives more recognition to Limited Company than Business Name.There are some contracts that you might not be able to apply for except if your company is a Limited Liability Company.

5. *Type of Business🗃️:* For Some Profession i.e Chartered Accountants , Lawyers etc , It is mandatory to register as a Business name.

You want to register a business name? We are just a call away!

31/01/2025

Here is a reminder of our services and the training we have for the month of February 2025 :

We offer the following services :

Training, Book-Keeping & Accounting, Business Registration & Filing, Recruitment ,Referrals, Ethical & Tax Advisory Services.

Looking forward to your collaboration, referrals, and Patronage.

30/01/2025

For SMEs: Registering Business Name

Client: “Aya Hassan Ventures”

Me: “What’s that name all about?”

Client: “It’s for my business registration.”

Me: “Hmm, It’s a good name. Try another one.”

Client: “Okay, What about Umm Khayr International?”

Me: “Hmm, not bad. However, let us think of a name that will reflect what you do, attract customers, and stand out globally. The name of a business is key. Some company names spark curiosity, while others immediately tell you what they’re all about. For example:
• Alhaji Sanni & Sons Limited – You instantly know it’s a family-run business led by an Alhaji and his sons, but you might not be sure of their type of business.
• Nectar Accounting Services – The company is into accounting services.
• Ebiwa Enterprises – A name that resonates with the Yoruba-speaking community while others might find it attractive because it is short, it does not actually tell us what sort of services or goods they are selling.
• Habile Nursery and Primary School – A distinctive, easy-to-remember name which instantly tells that this is a school.”
Client: “Thank you, I will think of a better name and get back to you”
Me: “I will be waiting”.

When you are registering your business, choose a name that clearly represents what you do, the industry you’re in, and speaks to your target audience.

Also, don’t waste time registering your unique business name. The longer you wait, the higher the chance someone else will beat you to it.

Need help with registration? Why don’t you contact us now.
Your business name matters! What’s your business name, and how did you come up with it? Have you ever come across a name that made you want to do business with them instantly?

10/08/2024

Join us today.

09/07/2024

Basic guidelines for Small Business

Small businesses are somehow easy to establish in Nigeria, but they are challenging to maintain. Despite being touted to as the economy's backbone, estimates indicate that 80% of SMEs fail after five years of operations. Some of these issues are the inability to get finance to run or expand the company, multiple taxes, raw material price volatility, and customer acquisition.

Some business owners establish enterprises with little or no industry knowledge in order to supplement or increase their family's income. Hence; the company ceased to exist after a year or two. This write-up is prompted by two interactions I had this week with two small business owners to whom we provide advisory support. The following are basic guidelines to help your business:

1. Maintain accurate records: Effective record-keeping is crucial for corporate success. It assists you in monitoring the performance of your business, securing funds when necessary, keeping track of your finances, and complying with regulatory authorities.

2. Credit Exposure: Determine your business's net worth and ability to repay loans before applying for loans that may be unaffordable. Better still search for ethical means of financing.

3. Self-discipline: Sales and profit are distinct. You can be make sales but not make a profit. Don't deplete your capital in the process. Be mindful of your income and expenses.

4. Credit Facility: Before providing credit, consider the 5 C's: Capital, Capability, Character, Conditions, and Collateral.

5. Takaful: Secure ethical insurance for your stocks to safeguard against unexpected situation.

The aforementioned are basic guidelines to help your business; nevertheless, there are other aspects that have not been discussed here that can have an impact on its existence. Further reading, consulting, and attending seminars can be added to the list above.

16/05/2024

Some years ago, I participated in a background audit to verify whether the guarantors of a specific bank's employees still wanted to be their guarantors. The procedure entailed requesting the guarantee to fill out the form again to confirm that they were still the guarantor for the staff. During the exercise, some of the guarantors reiterated their faith in the staff, while others opted not to stand in for them again.

A background check is necessary in any organization. If you have employees who have completed or submitted a guarantor form, have you checked with those employees or the guarantor to ensure that he accepted to be your staff's guarantee? Do you know if he hasn't taken any loans and is planning to "japa" soon?

Last month, I heard in one of my WhatsApp groups about the plight of two people that the writer saw in prison during their annual visit. The writer claims that these inmates were imprisoned for crimes they did not commit. The first prisoner was imprisoned because he filled in for someone. The second prisoner did not fill out any forms, but her information and everything was submitted by her alleged lover, who took out a loan and never returned it. While they are in prison paying for something they have no idea about, the original criminals are out there chilling somewhere.

While it is vital for businesses to get a guarantor form soon after hiring employees, it is also critical to update personnel records and conduct background checks on a regular basis. Finally, “as the guarantor for every brother and sister”, I hope you maintain regular contact with the person you guarantee. Run your own background check!!
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Moreover, you can contact us for background audit assessment.

29/01/2024

Nectar SMEs Tips:*

Month's end check list:

👉 Stock Count
👉 Record update
👉 PAYE annual returns

02/01/2024

Dear Small Business Owners,

Have you done your stock count?

Do you know the value of the stock your business is carrying?

Are you sure you are not carrying obsolete goods?

Are you going to continue to sell without keeping tab of your inventory level?

Imbibe the culture of monthly stock count to avoid:

- Theft

- Wrong Valuation

-Obsolete items

- Incomplete records

- Stock out

The Importance of Inventory management cannot be overemphasized.

Click on the link below to read my previous post on this 👇

https://m.facebook.com/story.php?story_fbid=121116003676963&id=112613327860564&mibextid=Nif5oz

*It's the end of the month. - Have you been keeping records of your transactions?

When I was growing up, I used to help my Mum at the shop during the holidays or school strikes. She was a distributor for PZ & Global Soaps & Detergents.

My first introduction to record-keeping was during my time at her shop. Her recording books were invoice, receipt, a book for Sales, and a separate book for stock. It was always fun to stay at the shop because I was able to interact with a lot of people and spend time gisting with my siblings in their shops.

I was always happy when customers came in to buy from my mum's shop especially when she was not there because it allowed me to determine how much I was contributing to her business.

However, there were two things I didn't like: Going to the Bank and PZ. I dreaded going to the bank because there was no online payment or transfer, and there were always long queues. Occasionally, I would have to spend hours at the bank to make payments. As for PZ, it was because it disturbed my sleep.

At the beginning or end of the month, the distributors had to place their orders on time to not miss out on star or fast-selling products. So, my Mum would sometimes send me to PZ very early in the morning to take numbers and place orders for the products she needed. Apart from these two times, I didn't mind helping out at the shop.

Whenever she wanted to travel, she would count the items in the shop, give the list to me and the shopkeeper, tell us the prices and we would have to compare it with what she had in store.

Over the years, these actions helped her to keep tabs on her daily, weekly, and monthly sales and stocks before she retired. At the end of each month, it was easier for her to know which products were out of stock that needed replacement. She was also able to reinvest the funds, and detect missing goods without any difficulties. .........................................................
It is month-end; as a small business owner, have you been monitoring your sales record?
Are you able to specify how many products are in your shop and what needs replacing?

Get your primary books now, or design one on excel or better still use an accounting software if you don't have any?

Keeping records is key to the survival of your business. Start now!

Reach out to us! Our accounting specialists will be able to guide you on how to start.