Consultants Engagment Hire Services.

Experts agree that when an organization does not know what it wants or the technical aspect of the service its intending to procure then it will have a challenge in selecting the right consultants for the job.

Organizations need to take an inside out approach before sending out request for expression of interest (IoE). This is very critical .A miss match is likely to occur when the consultant and the client do not agree on the challenge at hand and how they intend to solve it. Sadly when a project takes on this characteristic, it often comes with un recoverable costs. 

Ignorance about the service can cause unnecessary tension between the consultant and the organization(client) leading to fees disputes and probable legal battles.

As industry experts,at JW & PARTNERS we know this happens frequently especially in developing markets. We help organisations do their needs assessment and help them develop Expression of Interest (EoI) content. We also help in the selection process for the best consultant. In addition, we bridge the knowledge gap by providing support to the project so that the organization most especially gets value for money service from the consultant. 

….Contact us….                              

Online Accounting and Tax services.

We have developed a system which enables us to serve clients online. Clients will save time and money and avoid associated inconveniences. The following service products can be serviced online.

 1.  Accountancy services:-

• Preparing Budgets.
• Preparation of financial reports.
• Characterization, classification and posting of transactions. 
• Interpretation (Analysis) of financial Reports.
• Creating a chart of accounts
• Financial statement structure template design.

2.  Tax Accounting
3. Tax Advisory services
4.  Making Business plans and Budget preparation.
5.  Training accounting and financial management:-
6.  Recruitment in finance and Accounts department:-.

Contact us for how you can be serviced online.

Chart of Accounts Design Services.

The Chart of Accounts is a listing of a business’ entire ledger accounts used to classify all of the activity of that business. These accounts are categorized according to the business’ balance sheet and operating statement – asset accounts, liability accounts, stockholders’ (or owners’) equity accounts, income accounts, and expense accounts. All monies received and spent by the business must be classified (coded) to an existing account to be properly accounted for. Each account in the chart of accounts will have an account name and number to identify it. The name briefly describes the account, while the account number fosters accuracy…read classification of accounts...

Designing a chart of account for any organization requires a lot of skill in understanding first the organization and its operation.

Some organisations on having their chart of accounts review, will be surprised to find out a huge disparity of information that their current chart of account is capturing or was designed to capture and the organisations operations and size. It could be found that some information that should have been captured in its own ledger is being lamped up together in one account in addition to redundant accounts or accounts capturing unimportant or outdated information while leaving out useful information or wrongly capturing it. 

JW & PARTNERS can help you review your current chart of accounts and also re-design for you a brand new chart of accounts. This template will be useful when configuring your accounting software application.

Write to us or give us acall

Recruitment Services for Finance and Accounting Department.

HR – Recruitment structural development.

It has been proven that outsourcing recruitment services can result in significant savings in time and cost. It is a practice that has globally been embraced by most successful organizations. We help organization choose the best employees as well as an annual program of work driven by client HR strategies

Clients projects that can be outsourced include;

• Organizational restructures and re-engineering.

Along with financial restructuring, a company may need to restructure its operations to help eliminate             waste. For example, two divisions or departments of a company may perform related functions and in           some cases duplicate efforts. Rather than continue to use financial resources to fund the operation of             both departments, their efforts are combined. This helps reduce costs without impairing the ability of             the company to achieve the same ends in a timely manner.

• Support to mergers and acquisitions
• Change management
• HR Assessments and systems Audits of the HR function
• Human Resource Manual development.

Write  or Give us a call

Well Come to JW & PARTNERS.

What is JW & PARTNERS?

J W & Partners is a medium size Registered Public Accounting Firm in Uganda.It is registered by the Institute of Certified Public Accountants of Uganda (I.C.P.A.U).

JW & PARTNERS was established in 1984 by two partners all of them indigenous .It offers Accounting,Audit, Tax and a wide range of Management consulting services. The quality of our advisory services hinges on our detailed knowledge and understanding of local customs, regulations and requirements.

We have served a wide range of clients in the categories of Public entities, Private businesses,   community based organisations (CBOs) and Non-Governmental Organisations (NGO).

Our Goal;
Our goal is to offer development impact service to our clients and also grow the industry’s knowledge of the service that we offer.

Our strategy;

Being an Advisory firm, our strategy is to build credibility and increase clients and prospects confidence in the firm and its services. We do this by delivering quality service in addition to giving out FREE resources on organizational development in our blogs and we encourage our clients and prospects to subscribe to our newsletters and visit our site for free Resource that they can use to improve their management style in their organisations and businesses. 

We have also developed Online service platform for our services. Here a client can be served online for all or the greater part of the engagement. This will save both time, travel cost and any other inconveniences. It will also increase our coverage and capacity to service more clients with a small work force…Read more about our online services… 

Category of Services Offered are;-
Statutory services 
 1. Audit:-

• External Audits
• Management/Internal Audits
• Procurement management Audit
• Fixed Asset management Audits
• Store/Inventory management Audit
• Forensic/Investigative Audit.

2.  Taxation:-
3.  Company Secretarial:-
4.  Business Process Management Consultancies

Business Process Management systems are the key driving tools for a successful organization or enterprise there is unfortunately a misconception about what a management system is. Quite often a management system has been thought to mean a soft-ware application and the supporting hardware like computers and accessories. But this not correct a system is a structure of synchronized methods of achieving a particular objective. This involves people, processes, procedures and the technology or tools needed to help the people carry out processes using the laid down rules or procedures.

We major in the following management systems consultancy:-

• Accounting and financial management System:- 
• Procurement Management system 
• Fixed Assets Management system.
• Stock/Store/Inventory Management systems.
• Human Resource system.

5. Outsourced services(BPO).
Business Process Outsourcing services offered by JW & PARTNERS include;-

• Accountancy services:- 
• Making Business plans and Budget preparation.
• Training accounting and financial management:-
• Recruitments in finance and Accounts department.

6. Specialized Consultancies.
Our specialized consultancies are;-

• Industrial Analysis
• Market research
• Policy Research

Who is JW& PARTNERS?

JW & PARTNERS has Mr. John Charles Ochola as the engagement Partners and   Mr. Omony  Mooni Patrick who is charged with business development

....click here for more about John Ochola and Patrick Mooni Omony.

We recognize that as professionals we need to have specialized knowledge and skills in order to carry out the assurance function. It rests at the back of our mind that owners of organisations and businesses may depend on our independent report to evaluate the stewards ship of resources they have laid under the control of management.

The International Education Standards (IESs) which defines an Audit professional accountant as a professional accountant with responsibility for significant judgments in an audit of financial statements, forms our basis of setting our highest level of professional knowledge, skill, values, ethic and attitude towards our practice. 

Vision:
Our vision is to offer a holistic most affordable, customer focused and quality service in the        market.
Mission:
To continually Improve and expand our range of services to meet our client’s needs.
Goals:

• To tailor our services to suit clients individuals needs.
• To educate and continuously update our clients while serving them on policies.
• To develop good and long lasting professional relationships with our clients.
• To acquire and retain clients by employing a strategy that is customer focused

Building other people. 

The Partners of JW& PARTNERS have adopted the spirit of nation building. Jw & partners does this by offering opportunity for interns to gain skills and experience .The firm has a policy which demands that at least one intern or other persons gets a chance to acquire experience, to develop his/her carrier in the Audit and Accounting Industry in the firm. The policy creates a slot for people without exposure to gain much needed on job training and experience by including them as part of the work force in the projects running in the firm. The firm also offers free career guidance to students and other individuals.                                                                                                                                           

 Forming Consortium.

JW & PARTNERS's exceptional leadership skills birthed out of the spirit of equal distribution of wealth, has enabled the firm fully understand the concept of consortium formation and its benefits. The firm stands out as a trusted entity to spear head association with other firms of similar size. This guarantees the firm’s ability to successfully take on bigger projects that are usually reserved for the very big firms.

 Business Process Out sourcing (BPO)

Out sourcing core activities can give an entity considerable mileage in terms of cost cutting  and efficiency hence a competitive edge in its industry, and also, improve its quality of out put with   the extra time and man power availed as a result. BPO services offered by JW & PARTNERS include;-

1. Accountancy services:
2.  Recruitment
3. Management Meeting Facilitation
4. Hire of Consultants

Many organisations find it easy to outsource less technical services like cleaning services, catering, security services etc.. 

 However in UGANDA and many parts of Africa , a huge gap still remains about the BPO Management model amongst the local entities both profit making and not for profit(NGO).There exists a challenge   in outsourcing technical core activities or functions such as Marketing, Accounting, Fixed asset management, Store/stock management, HR management services, procurement etc.., because many of them (entities) have not properly understood this concept. Only Organisations with fairly good working Internal control systems can safely make decisions to have part of , or whole of    their core function outsourced, with good measurement of its benefits to the Organisation.

Though outsourcing brings in great benefits to an Organisation and gives it more time to focus on core issues that matter to the Organizations’ sustainability and growth, Many businesses/organisations have still been frustrated with PBO. An organization has to develop working systems upon which it can decide on which part of the process or activity to outsource.

 JW & PARTNERS’ business out sourcing experts understands the numerous challenges and Risks associated with outsourcing. We help entities build good internal systems, and advise, on how they can  gainfully  engage in outsourcing of technical core functions...more on Outsourcing services...

Accountancy Services in Uganda and East Africa

JW & PARTNERS is the fastest growing Accounting Firm in Uganda.

Our accountancy services include;-

• Tax accounting services
• Characterization, classification and posting of transaction.
• Budgets preparation.. read below.
• Preparation of financial reports.read below...
• Interpretation (Analysis) of financial Reports.
• Business plan and Budget preparation.read below.
• Training accounting and financial management.
• Recruitments in finance and Accounts department.

Preparation of financial Reports.

A financial report is what an organization relies on to asses it performance, and makes important decisions about the organization.

Financial statements provide information about the financial position, financial performance , cash-flows of an entity that is useful to a wide range of users in making economic decisions. They show results of management's stewardship of the resources entrusted to it. To meet these objectives, financial statements provide information about an entity's assets...read fixed assets mgt systems ..liabilities, equity, income and expense..read posting of transaction....,including gains and losses,  other changes in equity and cash flows.

The report presented will depend largely on the accuracy in characterization and classification of   transactions, accounting management information systems and quality of management...read management information....

There are many considerations to be made when one is preparing acceptable financial statements

 JW & PARTNERS is there for you if you wish to prepare financial statements and reports that agree with the International Financial Reporting Standards which management can present as Drafts for the External Auditor....contact us...

Budgets:-

A budget financial report is an important control tool. But in order to prepare a good performance report, an organization should have a detailed master budget.

 Most budgeting systems in Africa especial tend to follow the incremental budgeting approach,which is associated with costs control slacks and has severe implications for corporate financial management.

Efficient and effective financial management and reporting involves: preparation of budgets; periodic performance measurement and reporting; In most organization, the preparation of budget performance reports is largely the responsibility of management accounts. The budgeting process which includes Reporting period, Recipients (Head of Responsibility Unit).

Annual Budget, Current period budget, previous period actual; Same Period (previous year), Current period (previous year), Current Period Actual (A); Variance (A-B); Year to date performance, Remaining Budget allocation and Remarks/comments.

A number of errors are often made while preparing budgets and performance reports making them ineffective towards helping management understands the organisations successes.

These errors stem from committed expense, Flexing Budgets, Favorable and unfavorable variances, Human and machinery Capacity Utilization, Capital Budget performance report,Comparative performance figures, budgetary slacks, Non-value adding activities.Incremental Budgeting Approach and Report timing.

The benefits of running an organization on a well prepared and implemented budget plan are enormous and coming up with a good budget can pose a challenge to managers of organisations that's why you need JW & PARTNERS to help you. We have very experienced consultants to help you in this endeavor so …Contact us... now.

Business plan 

A sustainable business plan is an excellent tool to get your business started on the right track and for organizations that are already running it helps steer them towards their desired goals.What is interesting though is more often, you hear people say, 'Our business plan was professionally developed and very realistic!' Then comes the question, 'why then did you fail to translate it into a business?' There are a number of reasons why a sustainable business plan may fail to be translated in to action. These include:

• The business plan is not aligned with the strategic plan.
• The implementation process is flawed
• The implementation drivers are ignored during the launch.

We help organizations not only develop strategic plans but we walk with them through the implementation process to ensure its success... contact us... 

Human Resource Management System

Organisations are often faced with challenges of low or poor employee output.

It should be seriously NOTED that an organization without a good management system cannot ensure good human capital output.

An organization is where a pool of skills and talents are brought together to work towards the growth and economic success of the entity.

It should therefore be known or born in mind that even the greatest skills will always fail to perform in organisations with poor management structural systems.

An HR management system is not one that only deals with remunerations and benefits and other compensation to employees. It is one that properly describes what an employee is to do and directly draws he’s/her tasks to the economic success of the organization. A system would enable an employee work in a manner that would minimize loses, reduce costs and increase incomes directly or indirectly. 

A good system should have a reporting format on which an employee will be appraised. In other words it will enable an organization know how the employee was doing his work just by analyzing his tasks against his report and reports of his superiors and subordinates. If it’s a chain management then it will be seen how he/she deposed of assignments or work that was brought to he’s/her desk.

Unfortunately some human resource tools can deprive the organization of precious time. Their design engages an employee in tasks that do not add value to the organization or ensure economic gain. The useless tasks can make an employee appear busy but having no or very little impact on the push towards the organization success.

An organization with a well developed Human Resource system gets greater output from its employees, easily identifies deficiencies in its team and effectively generate solutions for them that may come in terms of training needs, restructuring, postings etc...

JW & PARTNERS is your trusted partner in developing Human Resource management style that will enable the organization realize greater output  from employees who enjoy working for the organization. This will not only enable managers display greater leadership that translates into increase output but most importantly ensure that the employees enjoy working for the organization. Leading experts in Human capital development unanimously agree that the greatest out put one can get from employees is not in creating better remuneration packages but in creating an enabling working environment.

 If a good HR-system cannot be obtained then high pay is what may ensure good output which  is temporal cause many good workers often leave the so called well paying jobs to go and work for organisations whose working environment will ensure their personal growth.

Do contact us if you would wish to revitalize your team of employees our HR- consultants will be ready to serve you. 

Store Stock Inventory Management System

Stock inventory management is the cornerstone of effective supply chain management. When proper inventory management methods and material management system are in place, enterprises can enjoy the benefits of strategic cost management.

People, process, procedures and automation infrastructure all play key roles in proper materials and inventory management. Without all of the three legs, you have an unstable foundation for your business.

Stock decrease occurs in four major ways; through sales, expiries or damages and theft.

Health (Hospitals) and construction (Hardware) industries are greatly faced with stock management issues.

Organisations who thought a software application such as Tally, Pastel, QuickBooks and others will solve their stock management problems are realizing after a stock Audit that their stock balances were terribly inaccurate as it was reflected in the reports generated by these software application.

Negative stock balances are indications of an ineffective stock/inventory management method. Quite often stock managers make forceful adjustment of stock quantities in the software application to agree with the physical balance of stock. This only causes more distortion of the stock positions and only escalates problems.

It can never overly be emphasized that a software is not a system, it is a tool that you use to help manage a system efficiently.

Making stock and inventory management a priority starts with an honest evaluation of the current state of your organization. Some implementations are simple and inexpensive. Other materials management systems require a significant commitment to hardware and software upgrades.

JW & PARTNERS experienced systems experts can re-vitalize material management systems for organisations. We help organisations design restructured plans for stock control points. …contact us…

Procurement Management Systems and Reviews

Company secretarial services help organization comply with their statutory obligations and procedures on how to run the company as stipulated in the Registration Service Bureau statute of the country to which the business or organization is incorporated for Uganda; it is the Uganda Registration Service Bureau. There’re procedural guidelines on how an entity is expected to manage its affairs ranging from company financing and equity management, Assets and liability management etc...

Directors and owners are expected to make important decisions in their AGM (Annual General Meeting) or extra-ordinary meetings about the organization. Some organisations have been penalized by the authorities for not following procedures when deciding on and implementing ventures.

Important decisions have a time frame for them to be accepted for instance the board of directors should meet soon after end of Audit to review their performance, appoint Auditors, agree on a restructuring plan of which ever form for the economic benefit to the organization. This and many other company procedures and documentation can overwhelm management and consume much of their time need for profit making activities.

JW & PARTNERS is your partner. We will manage your secretarial service consultancy for your organization…contact us… We help inform the directors of the next decision and prepare the necessary notification documents to be filed with the registrar for reference when defending the organizations assets in case of law suit or claim due to the organization. 

We also guide the implementation process of decisions arrived at the AGM to ensure that all the documentations as proof of actions taken are successfully done in a manner that meets the legal requirements.

Company sercretarial Services in Uganda

Company secretarial services help organization comply with their statutory obligations and procedures on how to run the company as stipulated in the Registration Service Bureau statute of the country to which the business or organization is incorporated for Uganda; it is the Uganda Registration Service Bureau. There’re procedural guidelines on how an entity is expected to manage its affairs ranging from company financing and equity management, Assets and liability management etc...

Directors and owners are expected to make important decisions in their AGM (Annual General Meeting) or extra-ordinary meetings about the organization. Some organisations have been penalized by the authorities for not following procedures when deciding on and implementing ventures.

Important decisions have a time frame for them to be accepted for instance the board of directors should meet soon after end of Audit to review their performance, appoint Auditors, agree on a restructuring plan of which ever form for the economic benefit to the organization. This and many other company procedures and documentation can overwhelm management and consume much of their time need for profit making activities.

JW & PARTNERS is your partner. We will manage your secretarial service consultancy for your organization…contact us… We help inform the directors of the next decision and prepare the necessary notification documents to be filed with the registrar for reference when defending the organizations assets in case of law suit or claim due to the organization. 

We also guide the implementation process of decisions arrived at the AGM to ensure that all the documentations as proof of actions taken are successfully done in a manner that meets the legal requirements.

Taxation In Uganda

Our Tax Accounting and Tax Advisory services perfected by Our long experience in the industry has enabled us build vast knowledge about the tax system in Uganda and the east African countries. We can easily identify the common mistakes made by organisations, businesses and individuals that gets them in serious tax problems.

We have the capacity to put together a team that will handle complex tax situations in all industry sectors in Uganda and East Africa.

Tax Accounting services;

Tax accounting are Accounting methods that focus on taxes rather than the appearance of public financial statements. Tax accounting is governed by the Internal Revenue Code which dictates the specific rules that companies and individuals must follow when preparing their tax returns. Tax principles often differ from Generally Accepted Accounting Principles

For example, Balance sheet items can be accounted for differently when preparing financial statements and tax payables. For example, companies can prepare their financial statements implementing the first-in-first-out (FIFO) method to record their inventory for financial purposes, yet they can implement the last-in-first-out (LIFO) approach for tax purposes. The latter procedure reduces the current year's taxes payable

Tax Advisory services;

Tax Advisory Services rendered by the firm include among others;-

1. Pre-transaction/Investments Tax advisory

2. Clients Representation during engagements with Tax authorities (URA)

3. Tax Planning for;

• Organisations
• Projects and 
• Individuals

Tax Planning services:

Tax planning refers to the efforts taken by tax payers (individuals, Organisations and Businesses) in structuring their business transactions in order to achieve the maximum tax benefits or savings within the boarders of the Tax laws.

Some  common mistakes made are that had serious tax implication are;

a.  Entering major business transactions without a prior tax due diligence and advice for fear of a small tax advisory fee. The emphasis for many finance directors at the moment is cost cutting. For tax, this is wrongly translated into concentrating on managing the cost of the tax function as opposed to managing the tax cost to the organization. This is similar to someone who avoids visiting the doctor even if he does not feel well, so that he minimizes his medical expense.

b.  Entering into agreements and contracts with out considering the contracts with out considering the tax implications.

c.  Buying a business with its unclear past tax compliance history and without a proper comprehensive tax due diligence review.

d.   Missing time lines in the calendar .This costs extra money in penalties, interests and fines.

e.   Voluntary compliance or non-compliance. Non compliance comes with additional tax costs inform of penalties fines and interest.

f.   Leaving tax issues unresolved in the hope that URA will not find them. This is like avoiding a doctor in fear that he will tell you that you have a life threatening disease.

g.  Choosing a tax adviser on the basis of the lower fees he’s willing to take without due regard to the quality of tax advice.

h.  Failure to keep proper records.

i.   Reactive as opposed to proactive tax management, which is common with SMEs that only contact a tax adviser when URA raises an assessment.

j.   Not having all taxes in view while designing a tax solution for one. The danger with this is that you may have a solution for one tax head, say value Added Tax, which will create a more significant tax exposure for another tax head, say income tax. A good tax solution must take into account all heads.

At JW & PARTNERS we offer this service to ensure that clients reduce their tax costs. We point out the pitfall and reveal areas of tax relief. We guide you on how to trade in your sectors of choice to maximize Tax benefits as well as avoid mistakes. ....Contact us...

Characterization and classification of transactions;

What organisations need to know is that an income statement presented as below denies decision makers vital information that would help them understand the performance of the entity and hence make better decisions.

Income Statement as at 31st Dec 2014
Income:
Sales	21,584,890
Expenditure:
Rent	240,000
Salary	400,088
medical	1,340,000
Transport	13,000,000
casual labor	269,000
Advertisement	340,000
Printing and Photocopy	900,800
Announcements	64,000
Audits	73,000
Accountancy	889,000
consultancy	50,000
Total Expense	17,565,888
Profit/loss	4,019,002

An income statement that breaks down the income and expense into categories will release a lot of information that would help decision makers properly asses its performance.                           The income statement would look like this;-

                                                                                      DETAILED

							Income Statement as at 31st Dec 2014
							Income:
								Category 1				20,000,000
								Category 2				1,350,000
	SUMMARY							Category 3				234,890
								Total				21,584,890
	STATEMENT OF COMPREHENSIVE INCOME									EXPENDITURE
										Administrative cost
	Income Statement as at 31st Dec 2014										Rent		13,000,000
								transport				234,000
	Income:							medical				560,000
	Category 1	20,000,000						Total				13,794,000
	Category 2	1,350,000
	Category 3	234,890					Marketing cost
		21,584,890						Transport				400,000
	Expenditure:							allowance				370,000
	Administrative cost	13,794,000						Photocopying				890,000
	Marketing cost	1,660,000						Total				1,660,000
	Operational cost	1,860,000
	TOTAL EXPENSE	17,314,000					Operational cost
	PROFIT/ LOSS	4,270,890						Transport				654,000
								casual labor				1,000,000
								Medical				206,000
								Total				1,860,000
							TOTAL EXPENDITURE					17,314,000
								PROFIR/LOSS				4,270,890

Take an expenditure like transport for example in the first statement it appears as a block figure. This can be broken down and redistributed in the various categories for example transport fare to pick and distribute brochures is a marketing expenditure to be posted as a sub expenditure under marketing category, while transport fare to pick a check from a client/donor is classified as an administrative transport expenditure.

There are however challenges with designing an income statement presentation as above. There is always a risk to false classification which is commonly done in expenditures like transport.

The nature of the organization must be clearly defined and its short and long term objectives well understood. This will determine the type of management system and the reporting format it should employ to effectively process its information.

A good reporting format will help put structure in the financial statement by creating categories. Other organisations will have employment cost as a category while others would have it put as a sub expenditure under Administrative cost. Again it all goes back to having a clear definition of what the organization is all about. This can pose a challenge even to an experienced manager. But JW & PARTNERS would help you overcome this hurdle so …contact us...

We also offer outsourced support to organization that may lack the competency or time to accurately post these transactions under the various categories. You can choose to be served online. 

False classification will not only distort the performance picture of the organization but also have serious Tax implication. A transaction can be disallowed by the Tax man due to wrong classification or characterization…Read Tax accounting...

We offer Accountancy services of designing Accounting documentations such as reports and source document formatting services.

This service can be accessed online…read more…

The approach;

1.  We help your organization come up with a format of a financial statement that is properly segmented with all the categories and subcategories well defined.
2. Then we provide you with an access a software template which you will use to enter your transaction with detailed narratives.

This access template comes with a small tutorial on how to enter your transactions in this template.

You will not have to worry about posting these transactions in the different categories and subcategories. We will do it for you all you have to do is just email this populated template to us. We will then characterize and post them for you in a detailed and later summarize it into a statement of comprehensive Income.

This will save you a lot of time to do other duties of running the organization but most importantly eliminate the risk of false posting that will lead to distortion of the financial report and eventually an inaccurate performance analytic Report.  

We will help you transform your financial statement from;

Categorized distorted income statement to a well formatted meaning full statement..Contact us.