NGO Financial Management Made Easy: Discover the Power of Xero
Financial management is crucial for Non-Governmental Organizations (NGOs). It ensures they can fulfill their missions while remaining compliant with legal regulations. At Ronalds LLP, we understand the unique challenges NGOs face. That’s why we encourage using Xero, a leading cloud-based accounting software that can simplify and improve financial processes for NGOs. Why Financial Management Matters […]
How to Safeguard Your Company Against Financial Fraud
Financial fraud is an intentional act of deception aimed at financial gain, often resulting in significant losses for organizations. With the rise of sophisticated cyberattacks and ever-evolving fraudulent schemes, companies in Kenya and worldwide face increasing challenges in protecting their assets and reputations. Understanding the different types of fraud, their impact, and actionable prevention strategies […]
Breaking Down Kenya’s MAP Rules: Opportunities and Challenges for Taxpayers
Resolving Tax Disputes in Kenya: Progress and Challenges Effective tax dispute resolution is a cornerstone of global tax cooperation and economic growth. Kenya has made notable progress in this area by embedding the Mutual Agreement Procedure (MAP) into its Double Tax Agreements (DTAs). MAP is a key mechanism under the OECD Base Erosion and Profit […]
Enhancing Pension Scheme Audits: Best Practices For Improved Governance
Pension schemes are a cornerstone of financial security for millions, but managing these schemes effectively presents complex challenges. From regulatory compliance to data management, investment strategies, and auditing, pension fund managers must navigate several pain points to ensure the integrity and growth of funds. In this blog, we’ll explore the common issues facing pension schemes […]
Why Residential Associations Need Automated Accounting Now
Residential associations often face significant accounting and management challenges that impede efficiency and decision-making. From invoicing to expense tracking, traditional manual methods can be time-consuming, error-prone, and costly. Fortunately, digitization offers a game-changing solution, and at Ronalds llp , we specialize in providing automated systems tailored to meet these needs. In this blog, we’ll explore […]
IFRS 9: How It’s Changing the Game for SACCO Financial Reporting
Implementing IFRS 9 (International Financial Reporting Standard 9) can significantly enhance the operations of Savings and Credit Cooperatives (SACCOs). This standard specifies how organizations should classify and measure financial assets and liabilities, emphasizing a forward-looking approach to financial reporting. Here are the key advantages of adopting IFRS 9 in SACCOs: 1. Improved Financial Transparency Adopting IFRS 9 enhances financial […]
Introduction of the Tax Laws Amendment Bill 2024: A Solution to the Rejected Finance Bill 2024
In a move to salvage some key fiscal reforms, the Tax Laws Amendment Bill 2024 was introduced in the National Assembly. Designed to go through the standard Money Bill process as per Article 114 of the Income Tax Act, this bill seeks to reintroduce beneficial proposals initially part of the Finance Bill 2024, which was […]
Understanding Kenya’s New Tax Laws: What You Need to Know about the Proposed 2024 Amendments
On September 17, 2024, Kenya’s National Treasury, acting under Articles 174 and 232 of the Constitution, invited citizens and stakeholders to voice their opinions on several critical legislative issues. This engagement highlights Kenya’s commitment to ensuring that legislative and economic reforms reflect the needs and concerns of its citizens. In this blog, we will break […]
