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Business Accounting With Seyi Bukoye

We had a wonderful interview with Seyi Bukoye in the Start Up Corner last year. Below are excerpts from the session.

TTM:
Welcome Ms Bukoye. Please can you give us a brief introduction?

Seyi Bukoye (SB):
Good day everyone.
I am Seyi Bukoye, a graduate of Accounting from Olabisi Onabanjo University, Ogun State.

I have worked in various capacities in different companies before I decided to set up my own business.

I currently work as a consultant to Small and Medium Scale Enterprises (SMEs).

TTM:
Thanks for the brief introduction.

Tell us about Kejilad Enterprises and how you came about the decision to set up the business.

SB:
Kejilad Enterprises came up about 5 years ago when I saw the need to have something doing apart from my paid employment.

Then, I began the business trading in Pampers diapers and Unilever products

Along the line, the companies disrupted the business by selling directly to retailers and causing problem for the wholesalers.

After that, I diversified into cake materials which I am still selling till date.

The consultancy arm of the business came up after I left paid employment

TTM:

Thanks ma’am.

What challenges did you encounter in setting up the business and how did you address them?

SB:
After setting up the business, there were issues related to managing the business. The sales person I got was not supportive. I had to get someone that is ready to be accountable.

TTM:
Wow.
Can you explain this a bit more? How was the sales person unsupportive? Any examples you can share?

SB:
When I say supportive, I mean in the area of getting feedback and report on daily activities. Then, it was not forthcoming and issue of communication is another thing.

TTM:

As an accountant, how can you help me grow my business?

SB:

The consultancy arm of the business is involved with the SME right from the stage of writing business plans to settting up suitable accounting systems for their business.

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TTM:

Which taxes are small and medium scale businesses in Nigeria expected to pay?

SB:
The small businesses are expected to pay PAYEE which is “pay as you earn”.
This is payable to the state where the business is located.

Also, you are expected to remit your VAT (Value Added Tax) to the Federal Government as well as the Withholding Taxes (WHT).

WHT on the business activities of the enterprise is payable to state while WHT on activities of Limited Liability Companies is paid to the Federal Inland Revenue Service (FIRS).

All these are to be remitted monthly.

TTM:

What is a Cash Flow Analysis and how does performing one help my business?

SB:
Cash Flow Analysis helps businesses in planning to ensure liquidity. It is used in planning in such a way that cash will be readily available to run and meet the obligations of the business.

We have many businesses that are profitable but are not liquid because they do not have the cash to run the business or meet obligations as at when due.

Cash Flow Analysis helps you to plan in such a way that your inflow will always be able to meet your outflow.That is, matching what you are receiving with payments.

TTM:

What are the most common accounting mistakes small and medium scale businesses make?

SB:
A common mistake business owners make is not separating the business entity from the business owner. Many business owners muddle personal expenses with business expenses.

Any business, no matter how small it is, should have its records. This really helps in planning and decision making.

It also aids in determining the profitability of each product and the turnover of the business.

It ensures continuity. You don’t have to be there for your business to run.

TTM:
Can you explain this a bit, please?

SB:
Where there are proper record, delegation becomes easy because your employee can easily make decisions without waiting for the business owner.

What we see in many cases is that sales people have to consult the boss before making decisions.

TTM:

Tell us a bit about Bakers Village and how you made the decision to focus on selling baking confectionaries and mentor bakers.

SB:
Bakers village is a group set up with the sole objective of bringing bakers together to learn and share experiences.

Also, we see it as an avenue to promote the products we sell.

TTM:
Well done sis. Smart move.

How do you combine all you do without breaking down?

SB:
What I do is plan my activities in such a way that one does not clash with other.

For the cake business, I have someone that manages that. I just do the book keeping.

The Bakers Village is run with the help of my sister, who is the major contributor to the group.

I manage the business consultancy arm solely.

You can send your questions and enquiries in an email.

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