On Saturday 22nd September 2018, Cytonn Foundation hosted Mr. Michael Okinda, Business Manager, Consolidated Bank. The topic of the day was “Understanding and preparing financials for your business.” The session was aimed at helping the entrepreneurs understand financial statements so as to be able to plan, organize and run successful businesses.
Mr. Michael Okinda, Business Manager, Consolidated Bank, takes the participants through the day's highlights.
He began the session by emphasizing how important financial standing for one’s business is, by noting that, “If you do not take care of your money, your money won't take care of you.” He emphasized the importance of keeping records and maintaining original documentation for each transaction, while also ensuring they are comprehensive for future reference. “Book-keeping is essential in a business. Records containing amount, date and other information on sales must back up every sale and/or purchase. It is also important to choose a receipt filing system that best fits your business.”
Mr. Okinda also addressed the taxation aspects of a business, underscoring that, “Collection of taxes is a statutory obligation for the KRA to undertake, thus, payment of taxes is a statutory obligation of all persons living and operating within the country.” He added that, “A business must, therefore, be tax compliant to avoid the various punishments that may be brought about by tax evasion, such as imprisonment.”
Participants keenly following in during the session.
Most participants were also keen to know the various types of tax as well as the various tax compliance requirements according to the income tax laws, relating to their businesses and thus, asked questions around how to best prepare their financial statements while paying attention to the tax obligations.
The participants appreciated the practical mode of training Mr. Okinda applied and its relevance to their own business record-keeping challenges.
Group photo of the day's participants.
Cytonn Ehub Season 3 continues on Saturday 29th September 2018, with Mr Gitonga Mitugo, Senior Brand and Marketing Manager, Cytonn Investments, taking the participants through, “Building a brand for your business.”
