Recent Posts
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Guides AccountingHow transaction categorization can lead to smarter business decisions
Maintaining and tracking your finances can be a hassle, especially if you have a large amount of transactions. Let's say you're trying to reconcile your accounts, and your transactions are mixed together instead of being assigned to certain groups. This can cause confusion and frustration. That's where a key part…
5 mins read
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Articles AccountingWhere can your AR/AP process go wrong? Here’s how you can fix common problems
Your accounts receivable (AR) and accounts payable (AP) processes are a crucial part of your business. However, it's easy to slip up and make entry errors, omit data, or mismanage teams. While some mistakes in your AR and AP processes are common, failure to correct them can be detrimental to your…
7 mins read
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General-FAQ Accounting
FAQs on Value Added Tax: the Kenya edition
1. What is VAT? Value added tax or VAT is a tax applied to taxable goods or services at each level of the production chain. Right from when a supply is sourced and manufactured, to when it is sold to the final consumer, VAT is applied and carried forward to…
2 mins read
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General-FAQ Accounting
E-invoicing FAQ: All you need to know about e-invoicing in Kenya
Q. When did these electronic tax invoice regulations go into effect in Kenya, and who needs to comply with them? The electronic tax invoice regulations went into effect 1 August 2021. They are applicable for all VAT registered taxpayers in Kenya. Q. How long do organizations have to comply with…
4 mins read
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Articles AccountingWhat is electronic tax invoice in Kenya
The Kenya Revenue Agency (KRA) introduced the electronic tax invoice in an attempt to adopt the advances in technology and increase compliance from taxpayers. The main goal of introducing electronic tax invoices is to streamline VAT administration in Kenya through the Tax Invoice Management System (TIMS). Tax invoice management system…
4 mins read
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Guides Accounting
Kenya VAT: All you need to know to stay VAT compliant
Among the taxes administered in Kenya, the value added tax (VAT) is one of the prime taxes impacting business owners. This guide will take you through the basics of Kenya VAT—from its rates to registration and returns—so you can stay compliant and carry your business forward with ease! VAT in Kenya…
5 mins read
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Guides Accounting
What is open banking?
Open banking is a practice that allows financial institutions to share customer data with third-party service providers via APIs (Application Programming Interfaces), once the customer provides consent. By leveraging customer information from banks in a secure and standardized manner, the financial service providers score an opportunity to innovate suitable APIs for customers to…
4 mins read
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Articles Expense Management5 Essential Purchase Order Management Best Practices
Purchase orders are a pivotal part of procurement. They formalize orders and pricing, add structure to the purchasing process, and serve as legally binding documentation of a sale. A streamlined purchase order system keeps the purchasing process running smoothly, ensures successful transactions, and supports a healthy supply chain for your organization. However,…
4 mins read