Welcome to our first expert interview on the Raywhite Folorunsho Accounting Blog. This interview focuses on accounting tips for small business and joining us today is the CEO of Raywhite Folorunsho & Co.
Let’s get started.
Question 1: Tell us about yourself?
My name is Ladi Folorunsho, I am a graduate of Applied Accounting from Oxford Brookes University United Kingdom, and also Masters in Finance from Ladoke Akintola University, Ogbomosho. I am a Fellow Chartered Accountant as well as a member of The Chartered Institute of Taxation, Chartered Public Finance Accountant, United Kingdom. I have a talent for finding solutions and improving procedures. I am a goal oriented individual, a problem solver with a passion for success.
Question 2: Can you share insights into how you decided to become a chartered accountant?
Becoming a chartered accountant was a result of fate and destiny because I once thought of becoming a chartered accountant during the early stages of my life but later changed to becoming an Engineer.
After gaining admission to study Mining Engineering in 1994/5 at Kogi Polytechnic I later left the school for fear of course accreditation. I made up my mind not long after to becoming a Chartered Accountant. I registered for ICAN Accounting Technician Scheme in 1996/7, got inducted in 1998 after passing all the qualifying examinations and I never regretted making this choice.
Question 3: What is the driving force behind your passion for success?
The need to be on top of my game and also making sure that I am in tune with the happenings around me, most especially in my profession. Also the urge to be ahead and leave a positive impact on anybody I come across has always been my driving force.
Question 4: Recently, Raywhite Folorunsho was appointed as BOI SME auditor. Tell us more about this?
As BOI SME auditors, we have been licensed to audit the accounts of businesses willing to obtain loan from the Bank of Industry. This will enable small businesses obtain loans between one million naira and nine million naira at interest rates between 8% and 10%. Other medium scale manufacturer, inventors, entrepreneurs could benefit from the loan facility ranging from ten to five hundred million naira. This loan has been set aside to stimulate economic activities in our country Nigeria which is mostly import dependent.
Question 5: Tell us about your typical day?
My day is always about doing things and getting results, each day comes with a challenge and I always make sure I overcome those challenges. I start my day with prayer, and by setting an agenda of what to do and how to go about doing them. I make sure that I achieve what I have set for that day and look forward to the next day because I know it holds another opportunity for me to do something new. I always try to end it with prayer.
Question 6: Businesses makes a lot of mistakes when it comes to accounting, what are some of the top mistakes you see today business make and how can they overcome it?
Some of the mistakes businesses make when it comes to accounting are:
- They don’t keep proper and adequate financial records.
- They don’t employ qualified personnel to help them manage their financial records.
- They don’t have any form of control in place to check fraudulent activities of their workforce.
- There is no form of accountability of whatsoever.
The only way most businesses can overcome these mistakes is to make sure that professionals are engaged to help educate, enlighten and manage these businesses in the best interest of the stakeholders and solve their business related problems.
Question 7: Why is accounting important for small businesses.
Accounting is important for small businesses because it ensures accountability. Accounting helps small businesses in determining their tax liabilities at a glance. It also helps loan facilitation process for small businesses because banks and other financial institutions will require the business to present their financial records before any consideration for loan. Finally accounting enables the comparability of financial performance and financial position between several businesses.
Question 8: How should small businesses select a good accountant for their small businesses? What questions should I be asking?
The questions that should be asked are:
- Qualification: Is the accountant qualified?
- Experience: how many years of experience does the accountant have? Or does the accountant have a list of identifiable and verifiable clients’ base that can attest to the work of the accountant?
- Quality of service delivery: How good are the services of the accountant? Or I’m I going to get the value for my money?
Question 9: What are the most important things to do when starting a small business?
- Conduct a feasibility study report.
- Prepare a business plan if finance will be sourced externally.
- Ensure that there is a degree of control on the business activities.
- Employ qualified personnel to manage and help grow and move the business forward.
Question 10: Some people are at loss on the functions of an accounting firm, what can an accountant help with?
An accountant can help with the following:
- Tax and advisory services.
- Financial management and consulting services.
- Training of personnel.
- Loan facilitation.
- Preparation of Financial statements.
- Inventory management.
Thank you for taking time out to grant us this interview. Have a question? Then ask right way in the comment or you want o feature on our blog? Send an email to email@example.com