The Financial Systems Every Growing SME Should Have

Five systems, in order

1. Separated accounts. Business money never mixes with personal money.
2. Recorded transactions. Every naira in and out captured within the week.
3. Monthly reporting. Profit and loss, cash position and receivables, reviewed monthly.
4. Tax compliance calendar. Registration, filings and remittances scheduled in advance.
5. Basic controls. Approval limits, dual signatures and monthly reconciliation.

Grow the finance function in stages

Start with a bookkeeper and outsourced review, add an accountant when transaction volume justifies it, and bring in advisory support for planning rather than a premature senior hire.

The compounding effect

Businesses with clean records raise finance faster, price better and sleep better. The system pays for itself long before it looks impressive.