Category Archives: TalkAccounting

5 reasons you need a Bank Account.

Five Reasons you need to have an
Account with a bank..
It might interest you to know that
some Nigerians still do not have an
Account with any bank even as it is
now as easy as ABC to open an
Account with banks.. Here are the 5
reasons you need a bank account:
1. Safe keep: this has usually been
part of the definition of a bank, the
safest place to put those “life savings”
is a bank.Your money are safe not
just from thieves but from reckless
spending.If you put your money at
home you might be moved to take a
little from for no sane reason but
once it is at the bank you start having
this thought if it make sense to go
and withdraw the money for what
you want but you don’t need.
2. Increase in the habit of saving: do
you know having an Account with a
bank will boost your habit of savings?
You wouldn’t want to leave the
account empty even it is, it means you
don’t enjoy the service of the bank
where you are an Account holder but
you have an Account elsewhere
where the service suits you,In short
having a bank account will boost your
savings pattern which is good for
you..
3. Easy transaction process: the bank
gives you easy means of transaction
without having to carry money
around and free of stress..example is
asking your bank to carry out a
standing order on your behalf this
means they pay on your behalf while
you face other pressing matters and
this can only be enjoyed by an
Account holder with the bank.
4. Statement of monthly spendings:
some people don’t know how they
spend money what they is know the
money comes and leaves.having an
Account with the bank will let you
know your monthly spendings and
incomes as the bank will always send
you a statement which you can use to
track how you spent your money and
this is possible if only you have a
bank account.
5. Investment purpose:if you put your
money in a bank it wi yield interest
even though it is not much it is
something you cannot get if you don’t
have a bank account ,therefore this is
a form of investment.

When your debt is more than your revenue.

When your debt is more than your revenue.

I have always wished to acquire in life but things i know would satisfy me and at the same time not run me of my money, most people live there lives to impress others and as such deep their hands into debt beyond what they can carry,some Nigerians are so badly informed that you start to hear words like ” even Nigeria is in debt,then who am I?” they use this statement as a proof that their act is right but is it really right ?
Mind you to the professionals reading this am taking this case from an individual view.
Why will your debt be more than your revenue?
The major reason is due to our act of extravagance,”oh yes I want to prove a point,I want to show the world I have got this money” your ego pushes you to fall into debt which leads to alot of debts then you start running from pillar to post seeking succour,some at this stage start having high blood pressure and before you know it something else happens.
But How do I overcome this act of careless spending?
Some people always have this urge to buy whatever they see even if it is not useful,once they have the money they will buy,some will not even have the money but will go ahead to buy on credit. To stop this careless buying you can follow this procedures:
1. When you go out especially to a market,write down the things you want to buy and their expected amounts.
2. Do a rough calculation of the exact money you need and just add a little amount to be on the safer side.
3. When the urge to buy what is not on your list comes,bring out your list and recite what you want to buy,in that process you have toyed with your brain and as such made it lose focus on its earlier thought by the time you will raise your head your mind will lead you to the exact location to buy what you are suppose to buy.
4. And finally have a record,yes record of your daily spendings this will help you monitor what you have and what you don’t.I have written something about this creating your record in the past,check my previous updates.

Ten Misconceptions About Accountants

Ten misconceptions about Accountants.

1. Accountants count money.
2. Accountants are misers.
3. Accountants only know money.
4. Accountants always use glasses.
5. Accountants only draw table.
6. Accountants only smile at the end of the month.
7. Accountants will never increase your money above the expected.
8. Accountants are always calculating and as such don’t have time for family affairs.
9. Accountants know nothing beyond Debit and Credit.
10. Accountants are extremely rich.

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Fight For Supremacy. Naira vs Dollar

Fight for Supremacy
featuring Naira vs Dollar
Host country: Nigeria
Naira Formation
Coach: The federal government
Fund: sales from crude oil
last game won: in the early 90’s
Number of time met: since
1960,estimated at 56times
Game won: approximately 3times
Game lost: 53times
Speculators:Nigerians
Weakness:No forex reserve,High rate
of corruption,over dependant on
imported goods,extravage
nt,Monoeconomy
Strength: cheerleaders,population,
Resources: Blessed with almost every
natural resources(untapped)
Source of Power: Food,Vodoo(Juju)
limited electricity.
Standard of living: citizens live below
one dollar (the way naira keeps falling)
Nuclear Power: Nil
Status: Self acclaim “Giant of Africa “