Accounting, Bookkeeping & Tax Support for Growing Businesses in Kenya
Clear Answers to Common Accounting, Tax & Business Questions
Find practical answers to common questions about bookkeeping, tax compliance, payroll, financial reporting and working with Oswago & Associates. If your situation needs a more specific review, our team is available to discuss it with you.
General Accounting & Bookkeeping Questions
Answers to some of the most common questions business owners ask us about bookkeeping, accounting records, reconciliations and financial reporting.
Why does my business need regular bookkeeping?
Regular bookkeeping helps you maintain accurate financial records, understand income and expenses, monitor customer and supplier balances, reconcile bank and M-Pesa transactions and prepare reliable financial reports. It also makes tax compliance and management decision-making considerably easier.
How often should my accounting records be updated?
This depends on the volume and complexity of your transactions. Businesses with frequent sales, purchases or payment activity may need daily or weekly updates, while smaller businesses may operate effectively with a structured monthly process. The important thing is that your records remain current enough to support timely decisions.
What is a bank reconciliation and why is it important?
A bank reconciliation compares transactions recorded in your accounting system with the transactions appearing on your bank statement. It helps identify missing entries, duplicate transactions, bank charges, incorrect postings and other differences so that your accounting balance agrees with the actual bank position.
Can Oswago & Associates clean up old or incomplete accounting records?
Yes. We can review existing records, identify gaps, organise available supporting documents, reconcile accounts and correct bookkeeping issues where sufficient information is available. The scope depends on the condition of the records and the period that needs to be reconstructed.
Which financial reports should a growing business review regularly?
Most growing businesses should regularly review the Profit and Loss Statement, Balance Sheet, cash flow information, customer receivables and supplier payables. Depending on the business, management may also need project profitability, inventory, departmental or property-level reports.
Do you work with businesses that already use accounting software?
Yes. We can work with existing accounting systems and help improve how they are being used. This may include reviewing the chart of accounts, correcting classifications, improving reconciliations, cleaning up balances and establishing more reliable reporting processes.
Tax & Statutory Compliance Questions
Practical answers to common questions about KRA compliance, tax returns, VAT, PAYE, withholding tax, eTIMS and managing outstanding tax matters.
Which tax obligations may apply to my business?
The tax obligations applicable to a business depend on factors such as its structure, activities, employees, turnover and the nature of transactions it carries out. These may include income tax, VAT, PAYE, withholding tax and other statutory obligations. We review each business individually to determine which registrations and filing requirements apply.
Can Oswago & Associates help with KRA tax return filing?
Yes. We assist businesses with preparing and filing applicable tax returns based on the accounting records and supporting information provided. We also review the underlying records before filing so that returns are supported by reliable financial information rather than being prepared in isolation.
What happens if my business has missed previous tax returns?
Missed returns should be addressed as early as possible. We can review your KRA position, identify outstanding filing periods and help organise the accounting information required to bring the business up to date. Any penalties, interest or outstanding liabilities should also be reviewed as part of the compliance process.
Do you assist with VAT, PAYE and withholding tax?
Yes. We support businesses with VAT, PAYE, withholding tax and other applicable tax obligations. Our work includes helping ensure the accounting and payroll records supporting these filings are properly maintained and reconciled.
Can you help if my business has received a KRA notice or has outstanding liabilities?
Yes. We can review the notice, tax ledger, previous filings and available accounting records to understand the issue and determine the information required. Where necessary, we help organise supporting documentation and clarify the outstanding compliance position before the appropriate response is prepared.
Do you assist businesses with eTIMS compliance?
Yes. We can help businesses understand how eTIMS fits into their invoicing and accounting processes, review whether transaction records are being maintained consistently and support the organisation of records required for tax reporting and reconciliation.
Payroll & Employee Compliance Questions
Answers to common questions about payroll processing, PAYE, NSSF, SHA, Housing Levy and maintaining accurate employee records.
Can Oswago & Associates prepare payroll for my business?
Yes. We can prepare monthly payroll, calculate employee earnings and deductions, maintain payroll records and provide the information required for statutory filings and management reporting.
Which statutory deductions apply to employees in Kenya?
Employee and employer obligations may include PAYE, NSSF, SHA and the Affordable Housing Levy, depending on current legislation and the employee’s circumstances. We help businesses structure payroll records and calculate the applicable deductions correctly.
Can you help onboard employees for statutory compliance?
Yes. We can help organise employee information and support businesses with the records and registration processes required for payroll and statutory compliance.
What employee records should a business maintain?
Businesses should maintain reliable employee information including identification details, employment terms, salary information, statutory registration details, payroll records, deductions and supporting employment documentation.
What happens if payroll deductions have not been filed or paid correctly?
The first step is to review the affected periods, payroll records and statutory accounts. We can help identify outstanding obligations, organise the supporting information and determine what needs to be corrected or brought up to date.
Should payroll be reconciled with the accounting records?
Yes. Payroll expenses, employee deductions, employer obligations and salary payments should agree with the accounting records. Regular reconciliation helps ensure staff costs and statutory liabilities are accurately reported.
Questions About Working With Our Team
What to expect when engaging Oswago & Associates for bookkeeping, accounting, tax compliance, payroll and ongoing financial support.
What types of businesses do you work with?
We primarily support SMEs, growing businesses and owner-managed organisations across sectors such as construction, hospitality, property management, retail, agribusiness, professional services and education. Our accounting approach is adapted to the way each business operates.
Do I need to have organised accounting records before engaging you?
No. We work with businesses at different stages. If your records are incomplete or disorganised, we can first assess the current position, identify gaps and agree on the clean-up or catch-up work required before establishing an ongoing accounting process.
What information do you normally require when onboarding a new client?
The information required depends on the services needed, but may include bank and M-Pesa statements, previous financial reports, tax records, customer and supplier information, payroll records, invoices, receipts and access to any accounting software currently being used.
Can you support businesses remotely?
Yes. Much of our bookkeeping, reporting and compliance support can be provided remotely using cloud accounting systems, secure document sharing and regular online communication. Where necessary, we can also arrange physical meetings or site visits.
How are your accounting fees determined?
Our fees depend on factors such as transaction volume, number of accounts, complexity of the records, reporting requirements, payroll size, compliance responsibilities and whether historical clean-up work is required. We normally review the business first before recommending the appropriate scope and fee.
How do we get started with Oswago & Associates?
The first step is a discussion about your business, current accounting position and the areas where you need support. We then review the available information, identify priorities and recommend an appropriate accounting or compliance engagement.
Need an answer specific to your business?
Every business situation is different. Speak with us about your accounting, tax or financial reporting needs and we will help you determine the right next step.