How OCL can help you keep accurate and bias-free records.

No matter where your business is set up, maintaining comprehensive accounting records is vital to not only the efficient management of the business, but also to ensure that your regulatory filings are up to date.

Accurate accounting records start with thorough bookkeeping, prepared from detailed invoices, purchasing records and bank statements. Monthly bank reconciliations are an essential tool in monitoring your company’s cash flow, a vital aspect of any fledgeling company.

Outsource the very important task of maintaining your company’s financial records to OCL.

Depending on your needs, we can prepare monthly, quarterly or annual accounts. In many jurisdictions, monthly or quarterly reporting is required for either income tax or indirect tax (such as VAT, GST) reporting. There is a regulatory imperative to keep your accounting records up to date.

From those accounts, we can then prepare the comprehensive annual financial statements that most regulators in the region require to be presented at the annual general meeting of your company.

Our accounting services extend to management accounts which allow timely reporting to head office as well as up to the minute information to allow you to make fully informed decisions about your business. Needless to say, as your business expands and becomes more complicated, comprehensive accounting records are essential. Not to mention that on your ultimate exit from the business, the first thing that any prospective suitor wants to see is the accounts.

There are different rules in the jurisdictions around East Africa as to whether an audit is required. Many of the jurisdictions base their audit requirement on the size of the company. Some simply have a blanket requirement. OCL Business Associates can advise you if an audit of your accounts is required. If it is, not only will we suggest an appropriate audit firm for your business, but we will provide the auditors with all of the information that they need and answer any questions that they may have on the accounts, ensuring they stay out of your hair as much as possible.