On 30th September 2017, Cytonn e-hub Season two was facilitated by Augustine Matata and Sam Ng’ang’a Senior Finance Associates at Cytonn Investments. The topic for the day was ‘Understanding and preparing financials for your business’, which was aimed at helping the entrepreneurs understand financial statements so as to plan, organize and run successful businesses.
Augustine Matata, the first speaker of the day, 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, and those who are not conversant with it should hire experts,” said Matata, insisting that the book-keeper hired should be legally registered under the Institute of Certified Public Accountants (ICPAK).” Matata explained.
Sam Ng’ang’a addressed the taxation aspects of a business, underscoring that each and every business must be tax compliant to avoid the various punishments that may be brought about by tax evasion, such as imprisonment. Most participants were also keen to know the various types of tax
Most participants were also keen to know the various types of tax regulations that apply to their specific businesses and asked questions on how to best prepare the financial statements while taking the tax implications into account.
Cytonn eHub Season 2 continues on Saturday 7th October 2017, with Mr. Dennis Shisia, Founder & CEO for The Campus Lady Magazine, guiding participants through the topic, ‘Business and Product Development’.
