The 20 Accounting Services Offered by US & CO. (Chartered Accountants)
US & CO. (Chartered Accountants), formally registered as UBOH SUNDAY & Co., is an ICAN-registered chartered accountancy and professional services firm based at 133 Okota Road, Okota, Lagos. This article sets out the 20 core accounting services the firm provides, how each service is delivered, why it matters to taxpayers, and its tax implications under current Nigerian legislation.
Why Professional Accounting Support Matters for Nigerian Businesses
Nigeria's tax and reporting framework changed materially with the passage of the Nigeria Tax Act 2025, the Nigeria Tax Administration Act 2025, and the Nigeria Revenue Service (Establishment) Act 2025 — collectively referred to as the 2025 tax reform package, effective from 1 January 2026. These laws consolidated over fifty previously fragmented tax statutes, renamed the FIRS to the NRS, introduced a unified 13-digit Tax Identification Number linked to NIN or CAC records, and changed reporting requirements for banks, SMEs, and large companies alike.
Business owners who handle accounting and tax filing without professional guidance run the risk of:
- Misapplying commencement or cessation rules for new businesses, which can result in incorrect tax assessments.
- Filing under outdated forms or references that no longer align with NRS requirements.
- Missing statutory deadlines for PAYE, VAT, Withholding Tax (WHT), and Companies Income Tax (CIT), which attract penalties and interest under the Nigeria Tax Administration Act 2025.
- Losing eligible WHT credits, capital allowances, or other reliefs due to poor documentation.
Engaging a chartered accountancy firm reduces these risks because errors are identified and corrected before returns are filed, records are maintained in a form the NRS and other regulators can rely on, and the business owner is free to focus on operations rather than compliance administration.
The 20 Accounting Services
1. Bookkeeping Services
Bookkeeping is the systematic recording of a business's financial transactions — sales, purchases, receipts, and payments — in a manner that produces an accurate and readily retrievable account of the business's affairs.
How US & CO. handles it: Transactions are recorded using cloud-based bookkeeping software, reconciled on a scheduled basis, and supported by source documents (invoices, receipts, vouchers) filed in an organised, auditable manner.
Steps: (1) Collection of source documents from the client, (2) classification of transactions by nature and account head, (3) posting to the general ledger, (4) periodic reconciliation, (5) production of a trial balance for management review.
Why it matters to taxpayers: Accurate bookkeeping is the foundation for every tax return. The NRS and LIRS may request supporting records during an audit or desk review, and incomplete books can lead to a best-of-judgment assessment, which is often higher than the actual liability.
Tax implication: Under the Companies Income Tax framework and the Nigeria Tax Administration Act 2025, a taxable person is required to keep records sufficient to determine its tax liability; failure to do so is itself a compliance breach.
2. Virtual Accounting Services
Virtual (off-site) accounting involves managing a client's accounting function remotely, without the accountant being physically stationed at the client's premises.
How US & CO. handles it: Records are maintained through shared cloud accounting platforms, with scheduled reporting cycles (weekly, monthly, or quarterly) agreed with the client in the engagement letter.
Steps: (1) Set-up of a shared accounting platform, (2) agreement on document submission channels, (3) periodic processing of transactions, (4) issuance of management reports, (5) year-end close.
Why it matters to taxpayers: This model suits businesses without a dedicated office for an accounts department, including online businesses and portfolio or holding entities, while still ensuring statutory records are maintained.
Tax implication: Timely virtual processing supports on-schedule filing of monthly VAT and PAYE returns, avoiding late-filing penalties under the Nigeria Tax Administration Act 2025.
3. On-Site Accounting Department Services
This service involves US & CO. personnel operating the accounting function from within the client's premises, applying methods suited to the specific industry.
How US & CO. handles it: Staff are assigned to supervise or run the accounts department on-site, applying internal control procedures and reporting formats agreed with management.
Steps: (1) Review of the client's existing processes, (2) assignment of qualified personnel, (3) implementation of standard operating procedures, (4) ongoing supervision and reporting, (5) periodic review with management.
Why it matters to taxpayers: On-site oversight strengthens the internal control environment and supports compliance with statutory and regulatory requirements while allowing management to concentrate on core business operations.
Tax implication: Well-supervised on-site accounting reduces the likelihood of misstatement in returns filed with the NRS or LIRS.
4. Design of Accounting Systems
This service involves structuring an accounting system — the processes, procedures, and chart of accounts — that fits the specific nature and scale of a business.
How US & CO. handles it: The firm assesses the business model and designs a system architecture (manual or software-based) appropriate to its transaction volume and reporting needs.
Steps: (1) Business process review, (2) design of chart of accounts and workflows, (3) documentation of procedures, (4) implementation, (5) staff training.
Why it matters to taxpayers: A properly designed system reduces irregularities and supports the smooth generation of statutory financial statements required for annual returns.
Tax implication: A sound accounting system architecture makes it easier to extract the figures needed for CIT, VAT, and PAYE computations accurately.
5. Design of Internal Control Systems
Internal control design involves establishing checks and balances that govern how transactions are authorised, recorded, and reviewed within an organisation.
How US & CO. handles it: Drawing on audit methodology, the firm identifies control gaps and designs or strengthens controls (segregation of duties, authorisation limits, reconciliation routines) to address them.
Steps: (1) Risk assessment, (2) control design, (3) documentation of control procedures, (4) implementation, (5) periodic testing.
Why it matters to taxpayers: Strong internal controls reduce the risk of fraud, error, and financial loss, and support the reliability of financial statements presented to regulators and other stakeholders.
Tax implication: Reliable controls reduce the risk of understatement or overstatement of taxable income arising from unrecorded or misclassified transactions.
6. Accounting Software Installation and Training
This service covers the selection, installation, and configuration of accounting software suited to a business's size and sector, along with user training.
How US & CO. handles it: The firm evaluates the client's operational needs and recommends software appropriate to the business type (retail, hospitality, professional services, etc.), then installs, configures, and trains users, with follow-up support.
Steps: (1) Needs assessment, (2) software selection, (3) installation and configuration, (4) user training, (5) post-implementation support.
Why it matters to taxpayers: Suitable software supports accurate tracking of inflows and outflows and produces the management reports needed for informed decision-making and tax computation.
Tax implication: Software-generated reports (trial balance, VAT ledgers, payroll registers) form part of the documentation the NRS may request during a tax audit.
7. Payroll Management Services
Payroll management covers the calculation, deduction, and remittance of statutory and voluntary deductions from employee compensation.
How US & CO. handles it: Payroll is processed through payroll software that calculates PAYE, pension, NSITF, ITF, and other deductions in line with current rates, with remittance schedules tracked against statutory due dates.
Steps: (1) Collection of payroll inputs, (2) computation of gross pay and deductions, (3) generation of payslips, (4) remittance to relevant agencies, (5) filing of related returns.
Why it matters to taxpayers: Correct payroll processing ensures employees' PAYE obligations under the Personal Income Tax framework are met, and that pension and NSITF contributions are remitted within statutory timelines.
Tax implication: Employers are agents of the state for PAYE collection; late or incorrect remittance of PAYE, pension, or ITF deductions attracts penalties under applicable legislation, including the Nigeria Tax Administration Act 2025.
8. Management Information System (MIS) Services
An MIS consolidates financial and operational data into structured reports that support management decision-making.
How US & CO. handles it: The firm designs reporting templates and dashboards drawing on the client's accounting and payroll data to present periodic performance information to management.
Steps: (1) Identification of key reporting needs, (2) data source mapping, (3) report design, (4) periodic generation, (5) review with management.
Why it matters to taxpayers: Reliable MIS reporting supports budget monitoring and informed business decisions, and provides a consistent data trail that aligns with figures reported to tax authorities.
Tax implication: Consistency between management reports and statutory returns reduces the risk of queries from the NRS arising from apparent discrepancies.
9. Inventory Management Services
Inventory management involves organising, tracking, and controlling stock from purchase through to sale, to avoid stock-outs or overstocking.
How US & CO. handles it: The firm applies inventory tracking methods, including lead-time analysis, to advise clients on ordering patterns and stock levels.
Steps: (1) Stock count and valuation, (2) system set-up for tracking, (3) reorder-point analysis, (4) periodic reconciliation of physical stock to records, (5) reporting to management.
Why it matters to taxpayers: Accurate inventory valuation directly affects the cost of goods sold and, in turn, taxable profit.
Tax implication: Inventory valuation method (e.g., FIFO) must be applied consistently, as it affects the computation of Companies Income Tax.
10. Warehouse Management Services
Warehouse management covers the day-to-day operations of receiving, storing, picking, packing, and shipping goods.
How US & CO. handles it: The firm applies recognised techniques such as First-In-First-Out (FIFO) and First-Expired-First-Out (FEFO) depending on the nature of goods held, to support efficient space use and timely order fulfilment.
Steps: (1) Review of warehouse layout and process, (2) selection of appropriate stock-rotation method, (3) implementation of receiving and put-away procedures, (4) picking and packing controls, (5) periodic stock audits.
Why it matters to taxpayers: Efficient warehouse management reduces stock obsolescence and wastage, which affects reported cost of sales.
Tax implication: Write-offs of obsolete or expired stock must be properly documented to be recognised as an allowable deduction for tax purposes.
11. Bank Reconciliation Services
Bank reconciliation is the process of matching the balances recorded in a business's cash book against its bank statement to identify and resolve discrepancies.
How US & CO. handles it: Reconciliations are performed on a scheduled basis using bank statement data and cash book records, with discrepancies investigated and adjusted.
Steps: (1) Retrieval of bank statements, (2) comparison with cash book entries, (3) identification of outstanding items, (4) adjustment entries, (5) sign-off and reporting.
Why it matters to taxpayers: Reconciled bank records support the accuracy of reported cash positions and reduce the risk of undetected errors or unauthorised transactions.
Tax implication: Reconciled records help verify that reported revenue aligns with actual bank inflows, which is relevant where the NRS cross-checks bank transaction data under current reporting obligations for financial institutions.
12. Cash Flow Analysis Services
Cash flow analysis tracks the movement of cash in and out of a business to assess its liquidity and solvency.
How US & CO. handles it: The firm prepares cash flow statements categorised into operating, investing, and financing activities, and reviews trends with the client.
Steps: (1) Collation of cash movements, (2) classification by activity type, (3) preparation of the cash flow statement, (4) trend analysis, (5) advisory discussion with management.
Why it matters to taxpayers: Understanding cash flow helps a business plan for tax payment dates and avoid liquidity shortfalls at filing deadlines.
Tax implication: Cash flow analysis supports realistic provisioning for tax liabilities as they fall due, reducing the risk of late payment penalties.
13. Asset Register Management Services
An asset register is a detailed record of a business's assets, including location, condition, cost, and ownership details.
How US & CO. handles it: The firm compiles and maintains an asset register covering acquisition, depreciation, and disposal, supporting both internal control and audit requirements.
Steps: (1) Physical verification of assets, (2) recording of asset details and cost, (3) application of depreciation policy, (4) periodic updates for additions and disposals, (5) reconciliation to the financial statements.
Why it matters to taxpayers: A properly maintained asset register supports insurance claims, audit processes, and replacement planning.
Tax implication: The asset register underpins the computation of capital allowances, which are deductible against assessable profit under the Companies Income Tax framework.
14. General and Special Purpose Financial Reporting Services
General purpose financial statements (statement of financial position, statement of profit or loss, cash flow statement, statement of changes in equity) serve the common information needs of users. Special purpose reports serve a specific audience, such as a bank or a regulator.
How US & CO. handles it: Financial statements are prepared in accordance with the applicable financial reporting framework, tailored to the intended user where a special purpose report is required.
Steps: (1) Trial balance review, (2) preparation of draft financial statements, (3) disclosure review, (4) client review and sign-off, (5) issuance of final statements.
Why it matters to taxpayers: Financial statements form the basis of the annual Companies Income Tax return filed with the NRS and the annual return filed with the Corporate Affairs Commission (CAC).
Tax implication: Errors or omissions in financial statements filed alongside a tax return can result in a reassessment by the NRS.
15. IFRS Conversion Services
IFRS conversion is the process of restating financial statements prepared under a previous accounting framework to comply with International Financial Reporting Standards.
How US & CO. handles it: The firm reviews existing financial statements, identifies areas of divergence from IFRS, and restates figures and disclosures accordingly.
Steps: (1) Gap analysis against IFRS, (2) restatement of opening balances, (3) adjustment of recognition and measurement policies, (4) restated financial statements, (5) disclosure notes.
Why it matters to taxpayers: IFRS adoption supports comparability of financial statements across periods and with other entities, which is relevant for investors, lenders, and regulators.
Tax implication: Where IFRS adjustments affect reported profit, the tax computation must reconcile accounting profit to taxable profit in line with applicable tax law.
16. Feasibility Report Services
A feasibility report assesses whether a proposed business idea, project, or investment is likely to be viable, considering market, technical, structural, and financial factors.
How US & CO. handles it: The firm reviews the proposed idea, market conditions, competitive landscape, and financial projections to produce a report supporting decision-making.
Steps: (1) Definition of the idea or project scope, (2) market and competitive analysis, (3) technical and structural assessment, (4) financial projections, (5) report compilation and presentation.
Why it matters to taxpayers: A feasibility report supports informed investment decisions and can be required by lenders or investors before funding is extended.
Tax implication: Financial projections in a feasibility report should account for applicable tax obligations to give a realistic picture of net returns.
17. Periodic and Management Reporting Services
Periodic reports disclose material updates on a company's operations, often to regulators; management reports keep internal stakeholders informed of business performance.
How US & CO. handles it: The firm prepares periodic reports aligned with regulatory timelines and management reports tailored to the client's internal review cycle.
Steps: (1) Identification of reporting requirements, (2) data collation, (3) report preparation, (4) review with stakeholders, (5) submission or distribution.
Why it matters to taxpayers: Regular reporting supports sound decision-making on cash flow, profitability, and efficiency, and keeps the business audit-ready.
Tax implication: Where periodic reports are required by a regulator (such as the Securities and Exchange Commission for public companies), late or inaccurate filing can attract sanctions.
18. Company Reorganisation Services
Company reorganisation covers changes to an organisation's structure, including mergers, acquisitions, recapitalisation, or changes in leadership, typically undertaken to address a change in circumstances or strategy.
How US & CO. handles it: The firm reviews the reasons for the proposed reorganisation and advises on the structure, sequencing, and documentation required.
Steps: (1) Diagnostic review of the current structure, (2) definition of reorganisation objectives, (3) structuring options, (4) implementation support, (5) post-reorganisation reporting.
Why it matters to taxpayers: Reorganisation can affect a company's registration status, shareholding, and reporting obligations with the CAC and the NRS.
Tax implication: Certain reorganisations (such as mergers or asset transfers) may have Companies Income Tax or stamp duty implications, which should be assessed before implementation. Note: this is general information only and specific tax treatment should be confirmed for each transaction.
19. Receivership Services
Receivership involves taking over the charged assets of an insolvent organisation to identify the causes of insolvency, recover outstanding debt, and, where possible, support the organisation's turnaround, before handing over to the owners.
How US & CO. handles it: Where engaged as receiver, the firm reviews the entity's financial position, manages the charged assets, and reports to the appointing creditor in accordance with the terms of appointment.
Steps: (1) Appointment and asset takeover, (2) diagnostic review of the entity's affairs, (3) asset management and debt recovery, (4) periodic reporting to the creditor, (5) handover or winding-up as applicable.
Why it matters to taxpayers: Receivership is a remedy available to secured creditors to recover amounts outstanding under a secured loan where a company defaults.
Tax implication: Income or gains arising during receivership may still carry tax reporting obligations, which the receiver should address alongside the recovery process.
20. Cost Accounting Services
Cost accounting involves assigning costs to a company's products, services, and business activities to determine where money is spent, earned, and lost.
How US & CO. handles it: The firm applies recognised costing methods (such as absorption or activity-based costing, as appropriate to the business) to allocate direct and indirect costs to products or services.
Steps: (1) Identification of cost centres, (2) classification of direct and indirect costs, (3) allocation of overheads, (4) computation of unit cost, (5) reporting to management.
Why it matters to taxpayers: Cost accounting supports pricing decisions and identifies areas of inefficiency, contributing to more accurate profit reporting.
Tax implication: Accurate cost allocation affects the computation of taxable profit, since only properly substantiated business expenses are deductible under the Nigeria Tax Act 2025.
Why Business Owners Should File Taxes Through a Professional Firm
Filing taxes without professional guidance exposes a business to preventable errors. A chartered accountancy firm brings:
- Technical knowledge of current legislation — including the Nigeria Tax Act 2025, the Nigeria Tax Administration Act 2025, and the Nigeria Revenue Service (Establishment) Act 2025, all effective from 1 January 2026.
- Accurate application of commencement, cessation, and basis-period rules, which are common sources of error for new and growing businesses.
- Proper documentation of allowable deductions and capital allowances, reducing the risk of an inflated assessment.
- Structured recovery of Withholding Tax credits, which are often left unclaimed where records are incomplete.
- Timely filing, avoiding the penalties and interest that apply under the Nigeria Tax Administration Act 2025 for late or non-filing.
Why Every Business Should Comply With Tax Regulation
Tax compliance is a statutory obligation, not an optional courtesy. Registered businesses in Nigeria are required to obtain a Tax Identification Number, file returns within prescribed timelines, and remit deducted taxes (PAYE, VAT, WHT) to the appropriate authority. Non-compliance can result in:
- Financial penalties and accruing interest on unpaid tax.
- Difficulty obtaining a Tax Clearance Certificate, which is required for government contracts, loan applications, and certain regulatory approvals.
- Increased likelihood of a detailed audit or investigation by the NRS or LIRS.
Beyond the legal obligation, consistent tax compliance supports a business's standing with banks, regulators, and potential investors.
Tax Credits and Reliefs Available to Nigerian Businesses
Under current Nigerian tax legislation, businesses may be eligible for reliefs including:
- Withholding Tax credit notes, which can be offset against a company's final tax liability where properly documented and remitted by the payer.
- Capital allowances on qualifying capital expenditure, computed in line with the applicable schedule of rates.
- Pioneer status incentives, available to companies in designated industries, subject to application to the Nigerian Investment Promotion Commission (NIPC).
- Small company exemptions, where a business meets the turnover thresholds defined under the Nigeria Tax Act 2025.
Eligibility for any specific relief depends on the facts of each business and should be confirmed with a professional adviser before it is relied upon.
Relevant Nigerian Tax Legislation
The following statutes are directly relevant to the services described above:
- The Nigeria Tax Act 2025, which consolidates and replaces prior tax statutes, including provisions previously found in the Companies Income Tax Act and the Value Added Tax Act.
- The Nigeria Tax Administration Act 2025, which sets out filing procedures, penalties, and enforcement mechanisms.
- The Nigeria Revenue Service (Establishment) Act 2025, which renamed the FIRS to the NRS and expanded its mandate to cover revenue accruing to the Federation more broadly.
- The Personal Income Tax Act, which governs PAYE obligations for employers.
- The Companies and Allied Matters Act, which governs statutory filings with the CAC.
Businesses should note that these reforms took effect from 1 January 2026 and introduced material changes to prior practice, including a unified Tax Identification Number system linked to NIN or CAC records.
Frequently Asked Questions
1. Is it mandatory for small businesses in Nigeria to keep accounting records? Yes. Registered businesses are required to keep records sufficient to determine their tax liability, regardless of size, though the level of detail required may vary.
2. What is the difference between virtual and on-site accounting services? Virtual accounting is delivered remotely, suited to businesses without office space for an accounts department. On-site accounting involves personnel working from the client's premises, applying industry-specific procedures under direct supervision.
3. Why does the FIRS name no longer appear in tax correspondence? The Federal Inland Revenue Service was renamed the Nigeria Revenue Service (NRS) under the Nigeria Revenue Service (Establishment) Act 2025, effective from 1 January 2026.
4. Can a business recover Withholding Tax already deducted? Yes, where the WHT was properly deducted and remitted, the business can apply the resulting credit note against its final tax liability, subject to documentation requirements.
5. What happens if a business fails to file its tax returns on time? Late filing typically attracts penalties and interest under the Nigeria Tax Administration Act 2025, and may also delay the issuance of a Tax Clearance Certificate.
6. Does US & CO. offer all 20 services to every client? Services are scoped individually based on the nature, size, and needs of each client, as set out in the letter of engagement.
7. How can a business get in touch with US & CO. for these services? Enquiries can be directed to US & CO. (Chartered Accountants) at 133 Okota Road, Okota, Lagos — WhatsApp/phone: 08056219998, email: info@usc.com.ng, website: https://www.usc.com.ng.
Disclaimer: This article is provided for general informational purposes and does not constitute complete investment, legal, or tax advice. Business owners should consult a qualified professional before making investment or tax-related decisions specific to their circumstances.
