Tax & Financial Services in Nigeria
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33TAX AND FINANCIAL SERVICES IN NIGERIA
Financial services are the monetary solutions delivered by the finance industry, which comprises a vast extent of businesses that regulate money, including credit unions, banks, credit-card companies, insurance companies, stock brokerages, investment funds, and individual finances. Other activities that involve levies are accounting services.
Finance
Finance involves the supervision of money and investments for individuals, corporations, and governments. Professionals in this industry work in investment banking, wealth management, and financial planning and analysis (FP&A). They are tasked with ensuring adequate funding is available for a situation. The funds are allocated as optimally as possible regardless of whether they work for individuals or businesses.
Accounting
Accounting involves documenting, maintaining, and reporting a company’s records. In this field, professionals work for individuals, in-house at corporations, or on behalf of other businesses at a general accounting firm. They are tasked with ensuring that all transactions are correctly entered into the general ledger, that account balances are accurate, and that all statements are precise.
Finance vs. Accounting
The differences between finance and accounting include:
Accounting | Finance | |
Clients | Individuals, businesses, and the government. | Individuals, businesses, and governments |
Main employers. | Public accounting firms and corporations. | Banks, corporations. |
Statements. | Prepare them. | Analyze them. |
Viewpoint. | Looks at the past | Look at the future. |
Business Purpose. | They are denoting economic positions. | They work out how to add value. |
Thought process | Based on rules. | Based on analysis. |
Both accounting and finance provisions have individuals, corporations (businesses), governments, and nonprofits. However, there are considerable discrepancies between their employers.
Finance employers include;
- Banks (retail, commercial, and investment)
- Insurance companies
- Research companies
- Operating companies (regular businesses)
Accounting employers include;
- Public accounting firms (that audit for large companies)
- Personal tax filing firm
- Operating companies (businesses)
Also, the role of monetary and accounting services with statements is different. With later, things such as tax and financial statements are created while the former analyzes them.
Types
There are various finance and accounting provisions, and they play specific roles to either individuals, businesses, or governmental organizations.
Some of these services in Nigeria include;
- Banking.
- Advisory.
- Wealth Management.
- Mutual Funds.
- Insurance.
Accounting facilities in Nigeria include;
- Bookkeeping
- Chartered accounting
- Forensic accounting
- Controller services
- Accounting audit
- Bank reconciliation
- Account payable
- Account receivable
- Payroll processing
Tax accounting is an essential provision offered in the country, too. It deals with income and other kinds of taxes that are attributed to the business. The accountant makes sure that they give good advice regarding claims and safeguards the company from paying excessive taxes. The accountants also help in fixing problems pertinent to the filing of returns.
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