Eben Joels, the general partner at Stransact Chartered Accountants has blamed the wrong business culture for the inability of accounting firms and financial managers to professionally help many small and medium entrepreneurs grow their businesses in Nigeria.
Joels made this known during a media parley organized to create communication channels of engagement with the media and provide necessary information about the operations of the firm to relevant stakeholders on Thursday, November 3, 2022, at 126 Primate Adejobi Crescent, Anthony-Lagos.
“Business culture in Nigeria impedes accounting services in Nigeria. Wealth without enterprise culture is a problem; SMEs should see the value of auditors in helping their businesses grow. A start-up business is an intentional company aimed to become big in the future, and this requires that the firm should have a solid foundation and structures, among which is accounting/auditing services,” he said.
He regretted the fact that many entrepreneurs are in business just for their selfish gains, and instead of seeking for avenues to grow and stabilise the business to become an institution, they mutilate the growth of such a business.
“SMEs are problems on their own. Business is not for everybody, some people have no business being in business. Many entrepreneurs do not keep proper financial records, and this is wrong. A good business is meant to become an institution, and to achieve this, firms must seek the services of accounting firms,” Joels said.
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He blamed the lack of enforcement of the law to part of the reasons business owners could go against laydown business rules.
“Nigeria has a system that does not punish lawbreakers, thereby encouraging undisciplined business culture,” he said.
He called on the mass media to join forces with the firm in educating business owners in the country about the need to uphold healthy business culture.
Yomi Salawu, the country partner in charge of people and regulatory services at Stransact Partners in his speech disclosed that the firm established in 2009 is professionally equipped to help businesses grow in Nigeria.
Salawu revealed that Stransact Partners in 2021 became the Nigerian correspondent firm of the RSM, the sixth largest network of independent audit, tax, and consulting firms worldwide because of its integrity and reputation as a credible accounting firm.
“We offer our clients the value, quality, and expertise of a big firm and the attention and diligence of a small firm,” he said.
Bola Mogaji, the partner in charge of audit services highlighted the numerous clientele services Stransact Partners offers in areas such as agriculture, energy, manufacturing, and transport/logistics among others.
“We assist companies in undertaking self-reviews of their compliance. No surprises, that is what we help our clients achieve before significant events such as audits, an acquisition or merger,” she said.
Victor Athe, the partner in charge of tax services reiterated the fact that business objectivity is key to its growth. He pointed out that objectivity enables firms to be focused on how to build a reputable organization in the future, and not just what to gain now. This, he said, entails having ideal financial records, and professionals to guide to avoid pitfalls. And this note is the reason for Stransact Partners’ existence in the business community.
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