Tanzania Association of Accountants (TAA) has offered free accountant skills to the SMEs community in Dar es Salaam with the aim of mobilising them to professionally run businesses and pay taxes.
Terming the exercise, a kind of plough back to the community, TAA President Godvictor Lyimo said the free service to the traders would enlighten them on the importance of keeping records so that they can track whether they are making profits or losses, and then know what to address.
“Keeping accurate records is essential to the success of any business. This practice can make it easier to keep track of customers and suppliers, plan for tax payments and maximize tax deductions.
“In a nutshell, it’s also a good way to monitor the progress of your business and know where your income is coming from,” Mr Lyimo told the `Daily News’ yesterday.
The exercise ends today as another way for the association to show the public and business community the importance of working or hiring accountants in their business activities to grow professionally.
“Every trader should know that even the multi-million entrepreneurs started down in the hierarchy but managed to climb the ladders because professionals were monitoring their activities,” he said.
The Accountant Week covered Kariakoo Market, the main focal point and Kisutu Market and the campaign also comprised visits to orphanage centres to donate various goods to children with mental disorders.
One of the traders who turned up for the exercise, Aika Mohamed, said she realise that hiring an accountant has several benefits including understanding tax requirements and compliance, saving money, reducing risk, managing growth, and planning.
TAA is open to professionally qualified accountants, accounting firms, accountancy training institutions and students’ associations who are registered with the National Board of Accountants and Auditors (NBAA).