Running a business in Nigeria goes far beyond providing products or services. To truly grow and stay competitive, you need the right financial strategy, compliance support, and professional advice. That’s where an accountant comes in.
At Faturoti Taiwo & Co., Chartered Accountants in Lagos, we work with entrepreneurs, SMEs, and large companies to help them grow profitably while staying compliant. Here’s how an accountant can play a vital role in your business success in Nigeria.
Strategic Business Planning
Accountants don’t just crunch numbers. A skilled accountant helps you:
- Analyze your business model
- Create realistic growth forecasts
- Develop budgeting strategies that align with your goals
- Advise on funding and investment decisions
This ensures your business is built on a solid financial foundation.
Tax Planning and Compliance
One of the biggest challenges for Nigerian businesses is navigating tax laws from FIRS and LIRS. Mistakes can lead to heavy fines. An accountant ensures you:
- Register correctly with CAC, FIRS, and LIRS
- Meet tax deadlines (CIT, VAT, WHT, PAYE, and PIT)
- Maximize available tax reliefs and incentives
- Avoid penalties through accurate filings
Learn more about FIRS tax compliance
Lagos State Internal Revenue Service – LIRS
Bookkeeping and Financial Management
Good bookkeeping is the backbone of business growth. Accountants help by:
- Recording and categorizing all transactions
- Preparing accurate financial statements
- Reconciling accounts to spot errors and fraud
- Providing insights into cash flow management
This gives you the clarity to make smarter business decisions.
Payroll and Employee Compliance
If you have staff, you’re required to remit:
- PAYE tax to LIRS by the 10th of each month
- Pension contributions under the Pension Reform Act
- NSITF and ITF contributions where applicable
An accountant ensures you stay compliant with all payroll obligations, protecting your business from penalties and employee disputes.
Business Advisory and Growth Support
An accountant also acts as a business advisor, helping you:
- Decide whether to operate as a sole proprietor, partnership, or limited liability company
- Access financing by preparing audited financial statements
- Attract investors with credible financial reports
- Scale operations with cost-saving strategies
Risk Management
Business growth comes with risks — from cash flow problems to regulatory audits. Accountants help you:
- Identify financial risks early
- Put controls in place to prevent fraud
- Stay audit-ready with proper documentation
Why Choose Faturoti Taiwo & Co.?
At Faturoti Taiwo & Co., we offer:
- Tax registration and compliance (FIRS & LIRS)
- Bookkeeping and payroll services
- Business growth advisory for SMEs
- Audit and assurance services
- Corporate governance support
Contact us today to discover how our accounting services can help your business thrive in Nigeria.
An accountant is more than a record-keeper — they are a strategic partner in your business growth. From tax compliance to financial planning, the right accountant helps Nigerian businesses reduce risks, cut costs, and scale confidently.
With Faturoti Taiwo & Co. as your trusted advisors, you don’t just stay compliant — you set your business on the path to long-term success.