MGK Consulting | Newsletter

Beatrice Kamau
Business Solutions Manager

Beatrice is a qualified accountant with over 12 years experience. She oversees all Accounting and Payroll related services. She is a graduate from The University of Nairobi holding a bachelors degree in Commerce (Accounting). Beatrice is also a CPA and ACCA finalist and a member of ICPAK.

Like our newsletter? Subscribe here for your copy

Contact Us
Mayfair Business Centre, 2nd Floor , Off Parklands Road

P.O Box 6358-00100 Nairobi, Kenya
t: +254 20 3742166
m: +254 715 248882 +254 733 533449
e: info@mgkconsult.co.ke
w:www.mgkconsult.co.ke

Our comprehensive outsourced payroll administration and processing covers:
. Advice on Kenyan labor and tax laws
.Staff recruitment
.Company and employee registration with tax and statutory authorities
.Initial payroll set-up
.Pay computations
.Generation of payroll reports
.Payment distribution to employees and remittance of other deductions.
Read More

Contact us for more information about this service.

Greetings!
Welcome to our Newsletter. In this issue we discuss how to prepare a cashflow forecast. We also give you an update on iTax and Fringe Benefit Tax.

Managing Cashflow - Forecast

One tool that is very useful in effectively managing cash flow is a Cash Flow Forecast. A good forecast encourages you to think ahead and plan for ways to finance cash shortages or deploy surpluses before they occur. A cash flow forecast also helps in assessing the actual performance of the business against expectations.

The forecast is usually for a year or a quarter in advance broken down by week or month. Shorter term forecasts are likely to be more accurate than longer term forecasts. So how do you go about preparing a cash flow forecast?

STEP 1 – Opening Cash Position
Establish your current cash position. This is the money in the bank or in short-term deposits and forms the opening balance

STEP 2 – Cash Inflows
Estimate the money you expect to receive during the period. This includes payments from customers, money from cash sales, funds from disposal of assets, funds from shareholders and other cash inflows. It is important to note that the focus is on collections not sales. Historical customer payment trends are a good starting point in making the estimates.
Read More

For Business Advisory Services, contact Daniel Muhia on

dmuhia@mgkconsult.co.ke

KRA Rejects Manual Filing of NIL PAYE and VAT

Fringe Benefit Tax Update

This is tax payable by every employer in respect of a loan provided at an interest rate lower than the market interest rate, to an individual who is a director or an employee or is a relative of a director or an employee. (Sec 12B Income Tax Act)

The market interest rate is 9%. This rate is applicable for 3 months; April, May and June 2015.

For Tax Advisory Services, contact Beatrice Njambi on

bnjambi@mgkconsult.co.ke

Upgrade Your Outdated Quickbooks and SAVE 30%

Quickbooks is making it easy to upgrade to QuickBooks 2015. Due to continuous changes in hardware and operating systems, they cannot support QuickBooks versions older than the current version and one version back. To make your upgrade easier, take advantage of the 30% discount off the retail price. Offer runs for the month of April.

Contact Us for more information on this product offer.